Canadian Investors Keeping Cash Within Our Borders

Canadian Investors Keeping Cash Within Our BordersBlame it on Olympic fever. It seems nothing is immune to the wave of Canadian pride sweeping the nation, not even how we choose to invest our money. A new poll from CIBC Asset Management found the majority of Canadians, though primarily interested in long-term growth, remain reluctant to stray too far from home when it comes to investing our retirement portfolios. Indeed, 68 per cent of Canadians surveyed said…

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Retirement Saving Should Be Realistic Not Idealistic

Retirement Saving Should Be Realistic Not IdealisticPlanning for retirement can be overwhelming. It requires thinking about long-term goals and it forces consideration of a more sensitive subject — one’s own mortality. An RBC study reports that only 52% of Canadian boomers actually put a plan on paper despite understanding its importance. However, they worry about it. According to a recent Investors Group survey, financial concerns affect 32% of Canadian couples and 60% of them put retirement…

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5 Ways to Get Rid of Credit card Debt

5 Ways to Get Rid of Credit card DebtThe average credit card debt of a US household is over $15,000. That is a lot of money! Our neighbor to the north is in even worse shape in that an average Canadian household owes nearly $27,000 in credit card debt. Credit card debt can become an overwhelming problem if you don’t take care of it early because of the high interest rate. It’s best to avoid credit card debt…

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How we paid off our mortgage in 6 years

How we paid off our mortgage in 6 yearsIf you have ever heard the phrase “A day late and a dollar short,” it applies to me. After spending six years looking forward to the day when I could burn my mortgage, my final lump sum payment was $1 short of paying off the $1,979 balance. So instead of being mortgage-free on Oct 31 which had been our goal, the final $1 came out on November 1, which was…

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If You Have 10 Years Before Retirement

If You Have 10 Years Before RetirementThe November issue of Money magazine contains a bunch of retirement articles. It must be their retirement issue. I am planning to evaluate each article one at a time to see if I agree with their position. The first article is about preparing for retirement with a checklist for you to compare to at 10, 5, and 1 year out. Let’s do the 10 years out scenario today. Saving Money…

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Emergency Funds — The Key to Weathering Financial Storms

Emergency Funds -- The Key to Weathering Financial StormsOver the last few days, we have watched with horror as Hurricane Sandy has roared up the East Coast of the United States. We have seen the devastation that a storm can cause, both in a physical sense and in an emotional one. Some of America’s largest cities have been severely damaged. The power of nature is truly an awesome sight to behold. As with any big storm, scores of people decided either to…

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Credit Card Shopping

Credit Card ShoppingExcerpt courtesy of The Family Finances When was the last time you went credit card shopping? No, I don’t mean when was the last time you went shopping and paid for it with your credit card. I mean, when was the last time you went shopping for a credit card? If you’ve been using the same credit card for a number of years, it might pay to take a look…

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Retire Early Plan Has High Risk of Failure

Retire Early Plan Has High Risk of FailureMing and Li are exceptional savers. They have already paid for their $300,000 home in southwestern Ontario and saved nearly $330,000, without any help from parents since they graduated. They have built a solid financial base for themselves and their two young children. Now the 37-year-old software developer and 34-year-old consumer research analyst wonder whether socking away a further $50,000 a year from their $163,000 income would put them in…

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Want to Retire Early? Start Saving Now

Want to Retire Early? Start Saving NowIf you’re dreaming of an early retirement, you need to start saving at an early age, too. That can be difficult if you’re just stepping into your first full-time job, or if you’re also saving for a house or paying off a student loan. While it’s true that paying down debt and saving for a home are important, the earlier you start saving for retirement, the greater the benefits of…

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Why you’re earning less than you think

Why you're earning less than you thinkDo you know how much money you’re earning for the amount of time you work? Of course you know that your salary is “x” amount of dollars and your typical work week might be 35 to 40 hours. However, there’s a real trade-off in time, energy and money that’s directly associated with your job. Here are six reasons why you’re earning less than you think: 1. Transportation Getting to and…

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