Posts by Robb Engen
Chilton, Lang And O’Leary On Mutual Fund Costs
I came across an interesting video on CBC News featuring David Chilton, Amanda Lang and Kevin O’Leary. They were discussing the high costs of Canadian mutual funds, as well as some of the pitfalls to avoid when using ETFs. It’s just over a year old, but well worth a look. Highest Mutual Fund Costs It…
Read MoreWhy Our Debt To Income Ratio Is Misleading
Much has been said about the current state of Canadian household debt. The latest numbers from Statistics Canada revealed our debt-to-income ratio is now a record 164.6%. But what does this number really mean? In simple terms, you add up everything you owe – your mortgage, line of credit, car loan, credit cards and student…
Read MoreNet Worth Update And Year-End Review
I like to review our finances at the end of the year so that I can update our goals and objectives and calculate our net worth. There was a lot going on in 2012. Here’s a quick recap: Expenses Owed additional taxes for the first time in my life which resulted in a $2,000 bill.…
Read MoreWhy Budgeting Is Not A Waste Of Time
The key to building a strong financial plan for the future is to understand how much money you’re currently spending and saving. Budgeting and tracking your expenses can give you the knowledge and control you need to get through the various financial changes in your life. We started budgeting and tracking our spending a few…
Read MoreShould You Pay Off Your Mortgage Early Or Invest?
One of top priorities for many Canadians is to pay off their mortgage early. A recent survey showed that current homeowners believe they’ll be mortgage free by the time they’re 55, which leaves a short window of opportunity to ramp up their savings before retirement. To reach mortgage freedom faster, you can capitalize on today’s…
Read MoreEmail Money Transfer: A Convenient Way To Send Cash
More and more Canadians are embracing the convenience of using an email money transfer to send money quickly and easily to friends and family: from splitting the bill at a dinner party to chipping in for birthday and Christmas presents. An email money transfer is a fast and secure way to send and receive money…
Read MoreWhy More Banks Are Extending Hours, Opening On Weekends
With the growing popularity of online and mobile banking, it stands to reason that branch banking hours should be on the decline. A decade ago, full service branches were being replaced by smaller satellite branches and ATM-only locations. But banks are staying open longer to meet the needs of our busy lives, offering extended weekday…
Read MoreWhy Do We Save?
This year is shaping up to be a great one, financially speaking. Our income is the highest it’s ever been, and we’ve managed to put about 25% of that away into savings and investments. We’ve also nearly doubled-up on our monthly mortgage payments and so we’re on track to pay off our house in 10 to 12 years.…
Read MoreScotia Momentum Visa Infinite: Cash Back King In Canada
I’m always looking for ways to maximize my rewards and earn cash back for my everyday spending. Recently I’ve discovered that the best cash back credit card in Canada is the Scotia Momentum Visa Infinite. Here’s why: Many of the top cash back credit cards try to entice you with a bonus offer – whether…
Read MoreBest Financial Tip: Make More Money
Most people only dream about making more money, but in reality it’s easier than you think. You can make more money by getting a raise or a promotion at work, or by changing careers to a more lucrative field. You can also get a second job, or start your own business on the side. The…
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