Archive for July 2017
Why You Should Avoid Mortgage Life Insurance
If you own your home, chances are you were offered mortgage life insurance from your bank. This type of insurance is sold by the banks as a flexible, low-cost way to protect one of your largest financial obligations. If you die, get a terminal illness, or suffer an accident, your mortgage life insurance can pay…
Read MoreWeekend Reading: Vacation Staycation Edition
It’s vacation time for the next two weeks and while I’ll certainly enjoy the sunshine, and these record setting temperatures, we don’t have any plans to leave southwest Alberta. Yes, that means a staycation, which is perfectly fine with me. So, instead of venturing into B.C. for two weeks, this year we’ll make a few…
Read MoreFrom The Boomer & Echo Mailbag: Is Leasing A Vehicle A Smart Option For This Senior?
Q. I am 73 years old with a modest income consisting of a small pension and government benefits. I need a new vehicle and I’m considering leasing instead of dipping into my retirement savings to buy another car outright. Is this a good idea? One-off expenses such as a replacement vehicle should be part of…
Read MoreFinancial Conflicts: When A Spender Partners With A Saver
As part of my budgeting plan, I transfer a set amount every month into my chequing account to pay for the household bills and regular monthly spending. I have this figured out pretty accurately. This month, I was pleasantly surprised to see that I had almost $700 extra – money that wasn’t spent. I told…
Read MoreSteak Knives, Yes. Financial Advice, Maybe Not.
When I was younger I had the opportunity to work for Vector Marketing, the sales arm of Cutco Corporation and the maker of Cutco cutlery – speciality knives with a forever guarantee. The job listing said no experience necessary and it wasn’t all commission-based – you received a guaranteed base rate of pay every time…
Read MoreWeekend Reading: Income Sprinkling Edition
This week Federal Finance Minister Bill Morneau took aim at a tax strategy used by small businesses and private corporations called income sprinkling. Under current rules, anyone who owns shares in a private corporation can receive dividends without having to actual contribute to the business. Small business owners use dividend sprinkling to pay their lower…
Read MoreComparing Birthday Parties for Kids: Gymnastics Centre vs. McDonald’s
Like many parents of school-aged children, our kids regularly attend or get invited to birthday parties for their friends and classmates. We’ve noticed more and more of these birthday parties for kids are being held at an all-in-one facility such as a gymnastics centre, trampoline park, or other play centre. The children play run around…
Read MoreHow Much Do You Need To Save For Retirement?
In your 20’s and 30’s, retirement is so far away that you can barely see it on the horizon. The best way to get there is to save what you can afford – say 10 percent of your income – and then readjust your financial compass as you get closer and have more information. You…
Read MoreWeekend Reading: Rate Hike Drama Edition
As was widely predicted, the Bank of Canada raised its key interest rate by 0.25 percent last week, sparking interest rate drama across the nation about what this ‘means for you’, along with cries from mortgage professionals to ‘lock-in your rates’. I suppose it’s newsworthy considering the BoC hadn’t raised rates in seven years, but…
Read MorePersonal Banking Options For Seniors
When my husband turned 60 I was eager to have our banking switched to a seniors plan with all the accompanying benefits. When I worked at the bank that I currently deal with, customers were automatically enrolled into “Plan 60” on their 60th birthday. This meant all kinds of perks including no-fee chequing, drafts and money…
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