Archive for December 2013
Net Worth Update: 2013 Year-End Review
As I put the numbers together for my 2013 year-end review and net worth update I realized that I made two critical errors in my financial plan this year: my financial goals were wildly optimistic – I wanted to achieve a net worth of $360,000 – and I got lazy and failed to properly execute…
Read MoreWeekend Reading: The Third Rail Edition
Attempts to enhance the Canada Pension Plan (CPP) failed this week as Ottawa decided to kick the can down the road and wait for the economy to improve before making any changes to contributions and benefits. Provinces are now looking into their own solutions, including a voluntary pension option. The current average CPP payment to…
Read MoreCPP’s Child Rearing Dropout Provision
One way you may be able to increase your CPP benefits is by taking advantage of the “Child Rearing Dropout Provision.” If you stopped working – or worked fewer hours – to care for your young children under the age of seven, that period could be excluded from your contributory period. It can also affect…
Read MoreHow An RRSP Loan Turned My $12,000 Contribution Into $20,000
I’ll admit I’ve never liked the idea of taking out an RRSP loan to boost contributions and generate a higher tax refund. If you can afford to pay back the RRSP loan over 12 months then you probably should have budgeted and saved for higher contributions in the first place instead of borrowing. However, after…
Read MoreNecessity Tetris: Retirement Income Edition
Let’s play a game of Necessity Tetris (Retirement Income Edition). Your screen is the amount of monthly income you’d like to have in retirement, and the tetrominos (yes, I looked it up) are the various sources of income you’re counting on to appear as a result of your hard work, diligent saving, employee benefits, and…
Read MoreWhy Holiday Shopping Is More Expensive Than You Think
In the last couple of months there have been a plethora of surveys on how much Canadians spend on Christmas shopping. Unlike our neighbours to the south (who are spending less), we apparently are more confident about our economy and plan to increase spending this year by 2 to 3.5 percent. Related: Saying, “I Can’t…
Read MoreFun With Calculators (And Other Online Financial Resources)
Many of our financial decisions involve complicated math that can be tough to decode on our own. Fortunately there are plenty of financial resources and tools available online that can help us make sense of even the most complex scenarios. I went looking for the best online financial resources, calculators, and tools to help Canadians…
Read MoreHow A Lucky Break Launched A Successful Career
I’d like to think I’m a fairly successful person. I have a beautiful family and a fulfilling career. I live in a nice house, spend less than I earn, and have put some money away for a rainy day. Things have turned out pretty good for me so far. Yet when I’m asked how I…
Read More10 Useless Kitchen Gadgets
I’ll begin by saying that I love kitchen gadgets and small appliances. Or, to be more accurate I love the idea of them. I want to be the person who makes their own cheese, slices meat in thin even strips, and cooks a succulent pot roast in less than 20 minutes. The reality is it’s…
Read More30-Something Hates Debt, Worries About Lack Of Savings
A former colleague stumbled upon this blog recently and sent an email asking for some guidance on his financial situation. David (name has been changed) works in the public sector in Alberta and is a married father of three young children. Here’s what he wrote: I am one of those folks who abhors debt of…
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