I wouldn't claim that all of the big banks are caught up in scandals over high-pressure sales tactics. The people working at the big banks can tell you that. This breakdown of trust is a systemic problem. But it doesn't need to be this way.
Co-Founder and CEO, WealthBar
Tea Nicola is Co-Founder and CEO of WealthBar, Canada's only full service online financial advisor. Tea is passionate about personal finance and wants to help people understand how small changes can make a big difference. Originally a mechanical engineer, she later spent years working as a financial advisor and advisor trainer. Tea is excited about transforming the way Canadians get personal financial advice.
Keeping up with the Joneses is nothing new. But thanks to social media, our friends' lifestyles can be hard to ignore. The need to show off, the desire to have what others have, and the ease at which we can obtain credit, all contributes to the pressure we feel to keep up. It's a pressure felt globally, regardless of income bracket. Have you ever noticed how many celebrities have declared bankruptcy?
06/10/2016 05:37 EDT
Many financial institutions, books, and blogs recommend setting up a rainy day fund in liquid cash of 3 to 6 months salary to help you during times when your regular income is disrupted or major emergencies. Situations such as sudden job loss or unexpected home repairs can hit hard if you're unprepared.
05/17/2016 04:38 EDT
By treating your refund like free money you aren't unlocking its value. Your refund is part of your paycheque, and at the end of the day if you're receiving one it's because you've overpaid your taxes.
05/10/2016 11:21 EDT
Studies have shown that familiar investments underperform and most amateur investors would be better off buying index funds. An advisor will have more knowledge about which companies in a diversity of industries are right for you -- plus they will have done more research than what is available at the mall.
05/03/2016 01:11 EDT
Investment fees are talked about so much now a days, and there has been such strong downward pressure, that it is becoming increasingly harder for a company to justify their value for the fees they charge. Today, we look at four types of fees not very many people ask about when choosing their investments.
03/08/2016 03:07 EST
When people hear "savings account" they think of something safe that earns a little bit of interest. Or put another way, something boring, that's hardly worth it. When it comes to the Tax Free Savings Account, this couldn't be further from the truth. Don't get fooled into thinking that a savings account is your only choice. And that's why a name change might be in order.
02/24/2016 11:55 EST
With the deadline looming, you may wonder how much you can contribute to your RRSP. The simple answer is 18 per cent of your income, each year, but of course there are some additional details to understand.
01/29/2016 12:10 EST
Using your RRSP in a pinch may seem like a reasonable course of action, but in practice it can be a big mistake. There are costs to dipping into your RRSP that that make it particularly unattractive for this purpose.
01/06/2016 05:07 EST
Whatever you do, aim to create experiences and not just give 'stuff'. Stuff comes and goes, but experiences create emotional connections that stay with us for a lifetime. In the end not only will you be giving better gifts, but you might save some money in the long run as well.
12/14/2015 04:05 EST
We've all probably met a financial advisor who told us to buy a "balanced mutual fund," and hard sold their own company's "top performing" fund. They tell a good story, but do they really have our best interests at heart?
10/24/2015 08:38 EDT
Albert Einstein once said, "The hardest thing in the world to understand is income taxes." -- you can rest assured that it is not a simple subject. Taxpayers are expected to understand it well enough to be able to make good decisions about our own financial situation. But if understanding basic income tax isn't enough of a headache, the taxes on investment earnings (such as in your RRSP) represent a whole new territory.
09/25/2015 05:12 EDT
Buying a new home can be a daunting experience -- especially if it's your first time. One thing that banks love to do is tie mortgage insurance into your mortgage agreement, right along with a dangerous-looking checkbox you need to fill in if you choose to "recklessly" opt out. Here's why I want you walk into that mortgage broker's office, check that box, sign that line and opt out of it with total confidence.
09/10/2015 12:25 EDT
There's been much hype and commotion since the federal government rolled out its revamped Universal Child Care Benefit (UCCB) last month. Dubbed 'Christmas in July', the change distributed nearly $3 billion to Canadian families, regardless of income, with children aged 17 and under.
08/26/2015 08:19 EDT
If the term robo-advisor conjures up images of C-3PO controlling your money, you can relax; robo-advisors aren't really robots. They're simply an innovative way for wealth management firms to leverage technology to create a modern online experience for the benefit of their clients.
08/13/2015 12:15 EDT
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