How bank deposits are costing you and what to do about it Thinking of saving a few bucks with your local bank? Forget it! The days of putting a little something aside in your “savings” account are long gone. That’s because these days, you’re earning just about nothing...
Not too much, not too little, but just right When it comes to financial advice, many people suffer from Gordon Ramsay syndrome. That’s my term for those who have far too many financial cooks in the kitchen, and who end up listening to the one who shouts the loudest....
Get adequate life and disability coverage first Critical illness insurance has become quite popular in the past few years. But do you really need it? I’m often asked this by younger professionals with high incomes and new families. What if something were to happen –...
It’s simply the single best (legal) way to beat the taxman If you don’t have a Tax-Free Savings Account (TFSA) yet, what’s holding you back? It’s quite possibly the best tax shelter now available to Canadians, and it will only get better over time. Almost everyone is...
Use RESPs and tax credits to offset high tuition costs Getting kids off to that first year of university or college is a big move in more ways than one. It’s exciting and stressful and emotional – and that’s just for the parents! As the universities like to remind us,...
Who are all those people and what do they do? I’m often asked why the financial services industry in Canada isn’t better regulated. After all, we frequently read about some unfortunate investors who were bilked of their life savings by an unscrupulous “advisor” who...
Remember this one key principle of investing When you’re relaxing at the beach or cottage, or doing the grand tour somewhere, you don’t want to spend much time fretting about your investments. If you’re continually worried that stock markets are on the verge of a...
Active versus passive investment styles A friend of mine says she invests in a “couch potato portfolio,” and her returns are higher than my portfolio of mutual funds, which the company says is actively managed! I’m not sure I understand what a “couch potato” portfolio...
Permanent life policies pitch savings growth... at a price If you’ve ever shopped for life insurance, you’ll know you can quickly get tangled up in a thicket of plans, policies, terms, exclusions, riders, benefits, and all the other paraphernalia that comes with...
5 questions you should ask yourself about your advisor Finding a financial advisor can be like choosing a flavor from the 56 listed at your local ice cream store. They all sound good, but some are better than others. To help you narrow down your search, here are five...
4 financial planning principles for the soon-to-be-married Many newlywed couples I talk to in my financial planning practice are of the high net worth variety. They are often professionals or executives and each brings to the marriage a fairly robust net worth and...
It’s not all piney woods and gorgeous sunsets The cabin in the woods or cottage by the lake can make a great retreat from the big smoke. But with vacation properties in prime areas pushing a million bucks or more, buying one has become a major financial planning...