Weekend Reading: Moonlight Run Edition

Today marks the 30th anniversary of one of the biggest running events in southern Alberta – the Moonlight Run – and I’m excited to say that I’ll be competing in the event for the first time along with my wife, who is an avid runner. I don’t have any aspirations of winning my age category or anything, but it’ll be nice to get the competitive juices flowing and to see if I can survive the dreaded hill that takes runners into and back out of the river valley.

Next up is the Calgary Marathon at the end of May (I’ll stick to the 10KM, but my wife will compete in her first half marathon).

Wish us luck!

Moonlight run edition

This Week(s) Recap:

Last Monday I wrote about why my four-minute portfolio is tough to beat.

Last Wednesday I checked in on Fraud Prevention Month and highlighted how easy it is to fall victim to an investment scam.

And last Friday Marie said good riddance to deferred sales charges on mutual funds.

This Monday I riffed on the CBC Go Public article that exposed the high pressure sales culture at Canada’s big banks.

On Wednesday I looked at the difference between tax credits and tax deductions.

And on Friday Marie offered her own take on banks behaving badly, based on her years of experience working in banking.

Weekend Reading:

Sticking with the banking theme, Rob Carrick says that if your bank is trying to upsell here is what you should (and shouldn’t) buy.

Canadians paid an average of $216 annually in bank service fees. Here are four money saving reasons to check your bank statements regularly.

The Financial Consumer Agency of Canada has a mandate to enforce federal financial consumer protection obligations and says it will look into complaints of misleading business practices. Colour me shocked if anything but a slap on the wrist comes from this ‘investigation’.

Do you have a complaint about your bank? Here’s where to go.

On to retirement topics where Ted Rechtshaffen says anxiety hits retirees when the paycheque stops. Don’t let the fear of spending ruin your retirement.

Michael James answers a reader question about retirement spending and in what order to tap into RRSPs, non-registered accounts, and TFSAs.

Another one from Michael James, who offers a smart case for delaying CPP and OAS to age 70.

That thinking is inline with Fred Vettese, author of The Essential Retirement Guide, who says delaying CPP until age 70 will make your money go further in retirement.

Rob Carrick discusses why some people should consider working past age 65 in order to have a better retirement.

A disheartening tale of 59-year-old Louise, a performance artist who wants to retire in five years but her investments have returned almost nothing in the last decade:

“Louise has been with her adviser for 10 years and has had a net return on her investments of only $1,500 after paying fees of $25,000 (about 2.5 per cent annually).”

The above story is all too common in Canada where the majority of investors would do well in a simple portfolio of ETFs or index funds. Mark Seed looks at what makes a great exchange traded fund.

Congrats to Desirae Odjick who just bought her first home! Des lists here the five things she did to prepare for home ownership.

One of those reasons Des was able to buy a home was because of her extremely high savings rate. Here’s how she’s able to save half of her income.

How do you talk to friends and family members that are bad with money? Bridget Casey says you can’t save your friend’s money.

Two of Canada’s big banks are raising the alarm over the Toronto housing bubble. Rob Carrick says it’s time to bring on the foreign-buyers housing tax in T.O.

Finally, a double-shot from Financial Uproar author Nelson Smith you first argues that realtors and traditional financial advisors will never go away (despite claims that these industries are ripe for automation and job loss). Second is a set of tips from a real millionaire next door and Financial Uproar blog reader.

Have a great weekend everyone! (keels over)

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  1. John on March 19, 2017 at 9:19 am

    Hi Robb,

    Did you survive the Moonlight Run? How did you and Mrs Engen do?

    • Echo on March 19, 2017 at 10:03 am

      Hi John, we survived (barely). I did the 6k and came in 14th in my age category (217th overall out of 2055). My wife did amazing as the 39th fastest female in the 10k.

      Thanks for asking!

  2. Bill gow on March 19, 2017 at 10:58 am

    In the last meeting with my financial advisor I was trying to move away from mutual funds to ETF. Over the years I’ve done some movement but there seems to be a resistance on my advisors part mainly because he believes that ETF’s when you take a hit in the market they suffer more than mutual funds and vice versa when the market is going up.

    I’m on a fee-for-service arrangement(manulife) with my advisor, but by the time you work out the fees for the mutual funds in the f series and his charge I’m basically back at square one with the original mer cost on the mutual funds. The only advantage I can see at this point is that all my transactions are free if I wish to trade a lot but I’m not doing a lot of that presently. Any thoughts in a direction I should take? Presently approaching 70 so that may be a major factor!!

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