14 Books You Must Read To Get An MBA Education At Home

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In 2015, I graduated with an MBA in Finance. My course program consisted of 20 classes on Accounting, Marketing, Human Resources, Finance (of course!) and some other things I’ve already forgotten. With tuition and the cost of books ringing in at $25,000 per year, I paid about $50,000 out of pocket for MBA. While $50,000 can hardly be considered “cheap”, it is a bargain as far as most MBAs go. But there is one way to get a business education for even less: a good book collection. I’ve been a voracious reader ever since I was a child, often burning through as many as 50 books per year. Throughout university, I read novels and non-fiction on top of what was assigned to my classes. I felt like reading always enhanced my education, and that was true through my masters degree as well. This list and its categories and contents are […]

The Key to Overcoming Financial Hardship

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More likely than not, you will experience some form of financial hardship in your lifetime. Some of these will be minor challenges like a layoff or a series of missed mortgage payments, others will be significant like divorce or declaring bankruptcy. Often one financial hardship begets another, so don’t be surprised if a layoff leads to divorce which ruins your credit and forces you into bankruptcy. If you think you’re too smart to ever have to deal with financial hardship, rest assured life will find something to hit you with at one point or another. What is financial hardship? Financial hardship is much more than having to live on a tight budget. Instead, it refers to the long-lasting and lingering consequences of a financial catastrophe. The very definition of financial hardship is being willing but unable to meet your obligations because of unexpected events or unforeseen changes that have compromised […]

Daycare is an Investment, Not an Expense

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When it comes to raising a family, childcare costs are a huge expense that can start to rival your mortgage payments. With daycare costs as high as $2,000 per month in major cities, many families opt out altogether, and instead choose to have one parent stay home. While this might seem economical at first glance, it has a catastrophic long-term negative impact of the lifetime income of the parent that gives up their career, even for only a few years, in order to care for their child. Childcare is not paid out of one partner’s income, it’s a household expense I hate when I hear a new mom say the reason she decided not to go back to work is that her monthly income would be a piddly few hundred dollars (if that) after childcare expenses. Many women do the math that if their take home pay is $2,500 per […]

How to Set Your Money On FIRE

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The title of this post might lead you to think it’s about wasting your hard-earned dollars, but it’s actually about the opposite. FIRE is about ultra-frugality and commitment to building long-term, sustainable wealth. What is Financial Independence Early Retirement (FIRE)? FIRE stands for Financial Independence and Early Retirement and refers to achieving a level of wealth that produces an income that will allow you to withdraw from the workforce and live entirely on your investment returns. Since it seems most people hate their work (which is simply not an ideal way to spend 40+ hours per week, but that is another post for another time), the idea of having a self-sustaining pile of money that let’s you do whatever you want all day is very, very attractive to most people. Fundamentally FIRE is less about having gobs of money and more about having complete freedom. Usually, the people that seek […]

Who Needs an RRSP?

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Spoiler alert: you probably do. Most Canadians aren’t big savers to begin with, so when you start throwing financial acronyms at them like RRSP, TFSA, ETF, HESG (that last one is made up), it’s no wonder they get confused. Even those with good intentions might partake of the investment vehicles these acronyms represent but lack an understanding of their potential leads to them being underutilized. The RRSP might be one of the least understood and most underutilized of all. Because contribution room is different for everyone, taxes matter, and it has more flexibility than most people think, it’s easy to get confused about how to make the most of it. What is the RRSP? RRSP stands for Registered Retirement Savings Plan and refers to a tax-advantaged account for Canadians to save for three big things: Retirement (obvs!) A down-payment on their first home (yay!) Post-secondary education (surprise!) Your individual contribution room […]