The reality is most of us have no idea where our money goes, and because of this it feels like there is never enough. But the irony is taking control of our personal finances and allocating only one hour a week to it, has the power to make us feel more in control and confident about our personal financial situation and future.
If you remove money from that account, you're stripping tax-free compounding of some of its power. For example, you have $13,980 in your RRSP. Instead of letting it sit, you remove $5,000 for a trip to Vegas and some credit card debt, leaving a balance of $8,980. After 20 years you will have $16,220. That is (very basically) a difference of $9,000.
When I read my daughter's article about her "Cheap Week" it warmed my heart that she is as cheap as I was. It brought back memories of my own youthful financial desperation. It's good to know that she's inherited the family cheap streak. I, too, had to be cheap, so why did I get concerned when I realized my daughter was tippy toeing around the poverty line?
December is a time for reflection, especially when it comes to your finances. The expensive holiday season -- think gifts, party outfits, and festive drinks -- means you're probably thinking about how to stick to a budget and keep costs down in 2014. It's also a time to reflect on mistakes, which is why I've rounded up the top personal finance fails of 2014. The purchases that made me cringe, the examples of internet over-sharing that made me wonder how someone's identity wasn't stolen sooner. All so you can avoid their mistakes in 2015.
The pressure builds as everyone rushes around buying too much stuff that we know we don't really need before the Big Day. Here's how to realign your financial situation with a five-step holistic or 360 degree approach that takes into account every part of your life.
A new year brings excitement and anticipation of what's to come. It gives us the permission to make changes in our lives or not. With a little orchestration, we can map out 2015, set goals and accomplish more. This might be the best gift you could give yourself. Let me show you how.
A growing number of wealthy people have decided to pledge their fortunes to charity rather than leaving large inheritances to their children or extended family. Giving to charity isn't just a smart strategy for community-building: it provides tax benefits too.
This is a cautionary tale of what happens all over Canada during the previous holiday season and throughout the year: People opted to use credit cards to make purchases they could not afford, which ended up costing them more due to interest charges than they had anticipated and left them with bills they reluctantly had to pay.
Take a look at your most recent investment statement. Do you see the acronym DSC on any of the pages? If you do, you'll want to keep reading.
Generation Y Canadians, born between 1980 and 1995, are constantly portrayed in the media as a generation burdened with financial issues. Here are a few tips from my personal experiences to ward off the spend-fests and embrace the habit of saving to overcome student debt.
Regardless of what type of investment products you're using, you should always know what it's costing you to have your money managed. If nothing is done to reduce the fees institutions are charging for investment management services most Canadians are going to be poorer then they think.
Finding "the right one" these days can be very complicated, and by the one I mean the right financial advisor! Searching for an advisor that is the perfect match takes time, effort and plenty of research. Finding the right financial advisor is not necessarily a simple task but it can be straightforward if you follow some basic guidelines.
Finance, money, debt planning, retirement saving etc., there is sufficient reading material out there on these subjects and experts in the industry for advice. Yet we continue to see record debt levels, low savings rates and lifestyles being extended through borrowed money. Why haven't we been more successful in increasing financial literacy and promoting better financial behaviours?
Looking at our study, the percentage of women filing bankruptcy who were living on their own, either because they were single, divorced or widowed, increased over the four year study period. The largest growth occurred in women who were divorced or separated. We also saw an alarming increase in the percentage of female single parents declaring bankruptcy.
There are some serious concerns about household debt in Canada. But as families put the final touches on their Thanksgiving plans, I thought it would a great time to point out some things that are good about personal finances in Canada. Here are four bits of personal finance news we should be thankful for.
Did you know that not only did the overall number of women (especially single, divorced and widowed) who declared bankruptcy after the 2008 Recession go through the roof both in Canada and the U.S., but it's been on a steady rise ever since?