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In most households, one person takes responsibility for the household finances. This can work well as long as the person controlling the finances isn't the one with the problem. I think it makes sense that if you're living as a couple and you have joint bank accounts that both partners know what's going on.
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I always tell people that those who plan ahead stand a better chance than those who don't. Don't risk being blown off course by a sudden change in the wind. As sailors say, "plan for the worst and hope for the best."
Imagine that you found out tomorrow that your bank was going to start charging a storage fee on your cash. What would you do? I think most people would withdraw their money from those accounts and keep it in cash. It's unlikely they would spend or invest it, even though that's the purpose of imposing negative interest rates.
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If the government doesn't like the idea of removing withdrawal minimums, they should at least peg minimum RRIF withdrawals to current government bond yields. Forcing someone at age 72 to take out 7.48 per cent when they're only earning 2.5 per cent is simply not fair.
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If you're an average Canadian, you probably own a principal residence and have a few dollars invested or saved somewhere. If you have money invested in stocks, bonds or real estate, you may be concerned about losing your money. This is a reasonable thought; although, depending on what you're invested in, your concern (read: worry) is probably a waste of time.
Whenever I think about zombies, my mind immediately creates a picture of a group of blank face dead people walking around with no thoughts of their own. When you make an investment decision, are you basing that decision on facts gathered through a due-diligence process? Or are you mindlessly following the crowd?
Many people are unaware that "coercive tied selling" is illegal in Canada. According to the Financial Consumer Agency of Canada, "This means that banks are not allowed to unduly pressure or coerce you into a product or service from their affiliates as a condition for obtaining another product or service from them."
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If you like rants read on... I've had it with an industry that screws young people because of its own greed. Why is it that the government has absolutely no concern for the well-being of the next gene...
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Is our financial system broken or just designed to take advantage of the average person? When you go to the bank to make a deposit or pay a bill are you expecting to be sold? Probably not, but it happens all the time.
It is extremely easy to buy into private companies; they will be more than willing to use your money to fund their ideas and aspirations. It is very difficult for the average investor to successfully "invest" in private companies, since success requires some type of return. I'd rather sit back, enjoy a beer as a customer, and consider some other investment options.