Archive for August 2014
Mortgage Free At 31: Worth The Sacrifices
The following article is a guest post by Sean Cooper who blogs about personal finance at Sean Cooper Writer. According to a poll by CIBC, the average homeowner won’t pay off their mortgage until right before retirement – age 58. I plan to do it a lot sooner – by age 31. I bought my…
Read MoreWeekend Reading: Big Merger Edition
Earlier this week, two iconic fast-food chains decided to join forces when Burger King and Tim Hortons merged in a $12.5 billion deal. The news caused an uproar on both sides of the border, with Burger King facing criticism for moving its headquarters up north to reduce its corporate tax rate, and Tim Hortons “selling out”…
Read MoreDefined Contribution Plans: Why Opting Out Shouldn’t Be An Option
Many employers who provide pension plans have shifted from the traditional defined benefit (DB) plan, where the employer takes on most of the risk of providing fixed retirement benefits, to defined contribution (DC) plans, where the employee bears all of the risks. Related: Have we seen the last of the gold-plated pension? Although employers commonly…
Read MoreMore Ways The Investment Industry Is Screwing Canadians
A client reached out to me for advice after her financial advisor at BMO Nesbitt Burns dumped her earlier this summer. The advisor was looking to scale back his practice and she was one of the unfortunate investors he was “letting go”. The client, let’s call her Jane, shared the “transition” letter with me and…
Read MoreEnough With The Emergency Fund, Sort Of
The entire financial world wants you to believe that success with money is just math. It’s not. Well, it is, but – for most average, everyday people, anyway – it’s only about math eventually. First, it’s about behaviour. The idea that you can transition seamlessly from someone spending more than she makes to someone who…
Read MoreInvestor Home Country Bias
Many DIY investors have been accused of having home country bias when choosing their investments, especially those who are dividend-growth investors. What is home country bias? According to Investopedia, it is the tendency to overweight domestic holdings at the expense of foreign securities. These investors do not diversify their portfolios, which could have a negative…
Read MoreWhy Cheques Won’t Disappear Anytime Soon
Retailers stopped accepting cheques several years ago as consumer preferences shifted from paper to plastic. Many feared that the final nail in the coffin for cheques came when the federal government announced plans to phase out cheques for Canada Pension Plan payments and tax refunds by April 2016. After that it will be direct deposit…
Read MoreWeekend Reading: Contest Winners Edition
The financial blogging community is outstanding in the way it supports each other online. It was evident when reading the comments on our anniversary post this week that many of you came here for the first time after a mention on another blog. Our top referring sites over the last four years include Carrick on Money,…
Read MoreHaving That Difficult Money Conversation
Most people will talk about almost anything else before talking about their finances. The best way to teach your kids about money is to share your own financial management details, but who wants their 10-year old blabbing about their income and debts to everyone at school? And, unless you’re in a union-type job with a…
Read MoreCelebrating Four Years Of Boomer & Echo
When I clicked ‘publish’ for the first time four years ago I never thought this blog would have grown into something life changing. What started off as a mom and son blogging team trying to differentiate ourselves in the personal finance niche turned into so much more. Our articles have been featured in the Globe and Mail, MoneySense,…
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