Overcoming Your Investing Fears

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I’ve always been a self-directed investor. This means I’ve never relied on a someone else to manage my money, and instead took the initiative to learn the basics of the stock market so I could start investing. I bought my first stock at age 25, and have been hooked ever since. For most young people, the thought of managing their own investment portfolio is intimidating, particularly on top of juggling other financial responsibilities like student loans or saving up for a down-payment on their first home. Nevertheless, investing should always be part of your financial plan. Despite what you might think, you don’t need a finance degree or a million dollars to get started in the stock market, and waiting until you do could be costing your dearly. Why you need to invest The truth is, you can’t afford not to invest. Most savings accounts are offering interest rates of 1% […]

How To Share Finances With Your Partner

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Mixing love and money isn’t easy. Couples cite sharing finances is as one of the biggest stressors in a relationship — it even comes out ahead of addiction or emotional abuse. Why is it so hard? Because differences in income, debt, savings, spending habits, and values can be rife with power struggles. Sometimes on partner is passionate about the family budget, and the other doesn’t care about money at all. Finding common ground can be extremely difficult but balancing a chequebook together doesn’t have to be a battle. Below are a few different ways to share finances with your partner: Split everything 50/50. Many couples choose to split costs halfway down the middle. These means each person contributes equally to fixed and variable expenses, regardless of income. The easiest way to do this is to add up all your regular costs each month, and divided it by two. This is how […]

The RRSP Explained in 3 Minutes

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Most Canadians are not making good use of their RRSP — especially when it comes to using it for things other than retirement, like going back to school or buying their first home! In this video, I explain how to get the most out of your RRSP… in less than 3 minutes 😉

Why You Should Practice Poverty For One Week This Year

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I wish I could take credit for this idea, but I first head about the idea of practicing poverty on the Tim Ferriss podcast. Tim says that, every so often, he’ll take a week to “practice poverty”, in which he actually lives out the worst-case scenario of life as though he had very little to no money. Unlike a shopping ban, he doesn’t just forego dining out and shopping. He also commits to wearing the very basics when it comes to clothing and even takes his meals down to cheap staples like rice and beans. Now, you might be wondering why a millionaire would try living like he has so much less, but Tim’s rationale is sound and its worth copying his practice yourself. Canada seems reluctant to call anyone “poor”, but there is the low-income cutoff (LICO) which seems to be the polite way of doing exactly that. The LICO is determined […]