Based on my understanding of them, the Baby Steps have two main problems. One, the Baby Steps encourage people to work longer than they might otherwise wish. Two, people will pay higher than necessary management expense ratios (MERs). One of the more controversial figures in the personal finance section of the Internet is Dave Ramsey. […]
As I’ve said before, you need not make every mistake yourself. You can learn from the mistakes of others and make better choices for yourself. Luckily for you, my hindsight is 20/20. If you’re facing the choice between paying off your debt or investing your money for growth, perhaps my experience can offer you some […]
Sometimes, I think that people procrastinate about starting their investment portfolios because they don’t understand every element of how various investment products work. They’re afraid to invest and to lose their money. I can understand that fear completely. Believe me when I say that I share that fear too! However, it’s a fear that can […]
Truth be told, it took me a very long time to realize that banks are a tool that will help me achieve my personal finance goals. Every three months, the Big Banks release their earnings. More often than not, those earnings are in the billions, if not the hundreds of millions. And people start frothing […]
The deadline to contribute to your Registered Retirement Savings Plan for the 2020 tax year is March 1, 2021. I would strongly suggest that you contribute a little something to your RRSP because the money will grow on a tax-deferred basis. Tax-deferred just means that the money will not be taxed by the Canada Revenue […]
Being bright isn’t a requirement to being successful with personal finance and investing. I speak from personal experience as I don’t consider myself to be overly bright. There are many people in my circle who are much smarter than me and who learn things much faster than I do. Their net worths are not necessarily […]
One of the cruel ironies of money is as follows: the less you have the more you need it. Take two people – Joe & Morty. Both of them have monthly expenses of $2,750 – rent, food, utilities, car payment, gasoline, and various other stuff. Joe has $500 to pay his bills this month. (His […]
Ever since I started learning about personal finance, I’ve noted that those who are successful at it have 5 traits in common. These 5 traits appear regardless of the path taken. Some people invested in the stock market, either through stock picking, mutual funds, or exchange-traded funds. Others became real estate investors and built a […]
A new year is right around the corner. In a few short days, we will usher in 2021 and 2020 will be in the history books! Can I get an “Amen”? I don’t know many who would argue that this year has not been trying for the vast majority of us, and on so many […]
When I was growing up, my parents always encouraged to be a professional. I was told to aim for dentistry, medicine, and law. My parents wanted me to be a professional so that I could always create a job for myself. They knew, and wanted me to understand, that working for someone else meant that […]