Little changes can make a big difference As this is Financial Literacy month, and the theme is “Take Charge of Your Finances!”, I want to talk about the very foundation of financial literacy, the building block of successful financial management: the budget. I can...
Precious metals, gems a risky way to hedge risk The headlines are hard to miss. There’s the seemingly endless tariff war between China and the U.S. Then there’s the truly endless sabre rattling in the Middle East, most recently between Turkey and the Kurds in...
Three basic RRSP maturity options Unlike a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) does not last forever. In fact, it has a specific date by which you must collapse the plan and choose one of three main options for what to do...
As stock markets gyrate alarmingly in this season of market volatility, novice investors often start to have second thoughts about their investment strategy, especially those novices who don’t have a financial plan, an investment strategy policy, or a clue about their real tolerance for risk.
The big business of life, mortgage, and critical illness insurance Insurance is a numbers game. Anyone who has ever purchased any kind of life or health insurance knows this firsthand. But here’s one number you won’t often hear about: $4.7 trillion (no mistake,...
Financial planning for lottery winnings, inheritances, gifts For those few who are lucky major lottery prize winners or for those who have inherited sudden wealth, the real question isn’t how to spend it…it’s how to keep it. For people in this rarefied group, my...
Are retirees playing with fire? They could be if they decide to use money borrowed through a mortgage to supplement their other sources of retirement income. The most common ways those at or close to retirement do this is to hold a mortgage through their Locked-in Retirement Account (LIRA) or to borrow money against their home through a so-called “reverse mortgage.” But retirees should think long and hard before entering into either of these arrangements.
Resist the urge to “do something” Unless you’ve been away on vacation in a secluded place, you’ll know that stock markets sank alarmingly earlier this month as the U.S. Treasury bond yield curve “inverted” – that is, the yield on short-term bonds climbed above the...
What’s in it, who can see it, and why it’s important We often hear financial experts advising people to check their “credit score.” It’s a good idea to do that every year. That will give you an idea of what kind of risk lenders think you are. It can also signal if...
How to cope with higher education’s sticker shock There’s no two ways around it: The cost of a post-secondary education is high. For some, it’s a real challenge to make ends meet while attending college or university. In fact, students can expect to pay a total of...
Financial planning for the suddenly single If you find you’re suddenly single again after many years of being part of a couple, the financial challenges can seem overwhelming. But there are some lifelines at hand if you feel like you’re teetering on the edge of...
Plans to keep both bosses and workers happy There are flexible alternatives to conventional pension plans for both employers and employees. For employers, offering a Group Registered Retirement Savings Plan (RRSP) as a benefit can be more attractive to potential...