Here at Boomer & Echo we’re big fans of the robo-advisor model that gives investors the chance to build a low cost, diversified portfolio of ETFs and not worry about the hassle of buying, selling, and rebalancing on their own. Just set up regular contributions to your account and the robo-advisor allocates your dollars into a portfolio of ETFs built for you based on your risk tolerance. All of this for a tiny fraction of the cost of a managed portfolio of mutual funds at a big bank or advisory firm.
We have established partnerships with Wealthsimple and ModernAdvisor where Boomer & Echo readers get a $50 bonus just for opening an account. Now we’re pleased to add a third robo-advisor to our recommended list – Justwealth. What I love about Justwealth, and what sets it apart from the other robo’s in Canada, is its focus on RESPs – and specifically through target date portfolios, a unique solution that transforms itself automatically over time, eventually “maturing” in the year that your child will begin post-secondary education.
As with the other two robo-offers, Boomer & Echo readers who open a Justwealth account will receive a $50 bonus.
This Week’s Recap:
On Monday I attempted to explain to the anti-RRSP crowd why RRSPs are not a tax scam.
On Wednesday Marie cautioned readers to avoid costly add-ons and extras on housing and vehicles.
And on Friday Marie offered some advice to parents who are still providing financial help to their adult children.
Weekend Reading:
Greedy Rates lists 12 things credit card companies do that you ought to know about, but probably don’t.
Is it worth it? Squawkfox Kerry Taylor looks at the cost of premium gasoline, bottled water, and brand name over-the-counter medication.
A sensible mortgage broker says the new mortgage stress-test could be positive for Saskatoon home buyers:
“A smaller mortgage means smaller mortgage payments, so instead of being house poor you can enrich your life in other ways.”
A rebuttal to everyone who hates on new cars.
Million Dollar Journey compares the top prepaid wireless plans.
Michael James has a few concerns about Prime Harvesting, a strategy on how to handle your portfolio in retirement.
How does the TFSA benefit low income people as well as the wealthy? Rob Carrick breaks it down in this video:
Is it safe to get excited about investing again? A new U.S. service targets beginner investors with simple products and catchy names.
Meanwhile in Canada, Justin Bender explains how to build an ETF portfolio at TD Direct Investing.
How do indexers do better than average? Cullen Roche uses a fantasy football analogy to explain.
Can behavioural economics make winning strategies? Expert Richard Thaler explains how:
Finally, a cautionary tale about the taxman, the bank, and the lost $12,349.21.
Have a great weekend, everyone!
