Posts by Robb Engen
Weekend Reading: Mad At Money Milestones Edition
How much should you have saved for retirement by age 30 or 35? This MarketWatch article drove Millennials wild last week (read the comments) when it suggested 30-year-olds should have one year’s salary put away for their future, while those aged 35 should already have twice their salary saved for retirement. I’ve written before about…
Read MoreDear Generation X: Here’s How To Fix Your Finances
The number of financial responsibilities facing Generation X – those ages 37 to 52 today – seems overwhelming. Getting married, having kids, and raising a family can be expensive enough. Now factor in building an emergency fund, paying down the mortgage, setting aside money for retirement, saving for your child’s education, and everything else that…
Read MoreWeekend Reading: Gen X Squeezed Edition
Generation X, those born between 1966 and 1981, are feeling the financial squeeze. A Franklin Templeton survey made headlines this week as it revealed that many Gen Xers are being stretched beyond their financial limits. One quarter of Generation X have saved nothing for retirement, with many citing too low of income and/or too high…
Read MoreDebt Avalanche vs. Debt Snowball: When Math Trumps Behaviour
John and Erica Mullen are in their mid-thirties and have two young children at home. Together they earn well over $100,000 per year, but a combination of poor choices and unlucky circumstances have left them buried in debt. Their substantial income affords them the luxury of not having to turn their life upside down by…
Read MoreWeekend Reading: Kelowna Getaway Edition
A work conference had me off to Kelowna for two days of meetings. Trouble is, I’d miss my daughter’s birthday. Not cool. The solution: Bring the whole family out for a bit of a getaway prior to the conference. We love to escape to the Okanagan once every year or so. What’s not to love?…
Read MoreShould You Use An Online Mortgage Broker?
When I wrote about my mortgage renewal strategy last week a reader asked if it was a good idea to visit a rate comparison website and simply select the lender with the lowest rate. No doubt if you frequent these sites you’ll have noticed the lowest mortgage rates tend to come from online mortgage brokers…
Read MoreWeekend Reading: Financial Literacy Progress Edition
Financial literacy leader Jane Rooney released a two-year progress report on the advancements in financial literacy research in Canada. The National Strategy was created to mobilize and engage public, private and non-profit sectors to strengthen the financial literacy of Canadians and empower them to manage money and debt wisely; plan and save for the future; and…
Read MoreMy Mortgage Renewal Strategy
Our mortgage comes up for renewal on September 1st. When we bought our home in 2011 I went with a five-year discounted variable rate mortgage at prime minus 0.80 percent. Such a steep discount wasn’t available when it was time to renew in 2016, so I chose a 2-year fixed rate mortgage at 2.19 percent.…
Read MoreWeekend Reading: Aeroplan Woes Edition
My wife and I are saving for a big trip next year – our dream vacation to Ireland. While we’re light on trip details right now I’m busy thinking about the best way to get us there. One option is to use Aeroplan miles. We have approximately 160,000 Aeroplan miles right now and we could…
Read MoreSimpleTax vs. TurboTax: Free Tax Software Comparison
Canadian taxpayers have until April 30th to submit their personal taxes for the previous year. Despite that deadline fast approaching many wait until the last minute to prepare and file their taxes. The good news for do-it-yourself tax filers is that basic tax preparation software can be free and rather intuitive to use. While some…
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