The Best Posts of 2020

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2020 was… a year.

For many, it’s one marked by financial struggle due to income loss. Others saw major financial gains as the stock market soared. Regardless, I think we can all agree we’re eager to put 2020 behind us and see what 2021 has in store. But before we do, here’s a look back at what you read in 2020!

Amway is a Pyramid Scheme

I’m betting it’s more likely than not that someone you know has also gotten involved with Amway. The company is ubiquitous and seems to be infiltrating even the most rational social circles.

If someone has recently invited you to coffee because they’re looking for people to help them run a “business”, chances are you’re in danger of becoming an Amway target. There’s only one big problem: Amway is a pyramid scheme.

Your Gifting Circle is a Pyramid Scheme

I would list mocking MLMs within the top 10 of my favorite personal finance activities, but this new one takes the cake. It’s one thing to tell people they can earn a few hundred dollars a month selling toiletries to their friends and family. It’s quite another to promise a $40,000 payout.

Why is Investing Important?

Investing is essential to good money management because it ensures both present and future financial security. Not only do you end up with more money in the bank, but you also end up with another income stream. Investing is the only way to achieve both growing wealth and passive income.

FabFitFun Review

FabFitFun is a quarterly subscription box that delivers over $200 worth of beauty, wellness, and home decor products. Every 3 months, you’ll receive a seasonal box containing a mix of make-up, jewelry, clothing, fitness products, and household items.

Whether or not FabFitFun is worth it depends on your personal beauty spending budget. And if you don’t mind spending on surprises! But I know the only thing you really want in this FabFitFun review is the costs, so here we go.

The Income You Need to Purchase a Home in Canada’s 25 Largest Cities

Buying a home is a major financial accomplishment, but the hurdle is easier to clear in some markets compared to others. Where most young people will struggle to get a foothold in a real estate market in Toronto or Vancouver, young people in Ottawa or Montreal might find home ownership easily within their grasp. Here is the minimum down-payments and approximate household income you need to afford the average detached house in Canada’s 25 largest cities.

Is Tinder or Bumble Worth Paying For?

For the sake of research, I opted for the premium memberships on both apps. After a few weeks of using both (and going on more than a dozen dates),  I can tell you which options are worth paying for, and which are not.

Unfortunately, your Prince(ss) Charming probably isn’t hiding behind a paywall. Subscribing to the paid version of a dating app won’t guarantee you’ll meet someone you vibe with, but it could make the process of finding people to date much easier.

Maximizing Your Tax Refund With RRSP Contributions

How much the RRSP will reduce your taxes depends on what income tax bracket you’re in and how much you contribute to your RRSP. The higher your income and the more money you put away in an RRSP, the lower your income taxes will be.

You can expect to get 20% to 50% of your RRSP contributions back as an income tax refund. So if you put $1,000 in an RRSP, you’ll get an income tax refund of $200 to $500 because of those contributions.

How to Maximize Your Starbucks Rewards

If you’re fuelling a Starbucks addiction like me, you’re probably looking for the best way to get the most bang for your buck. Or at least Stars for your caffeine intake.

Here’s how to maximize your Starbucks Rewards points for the best value in your coffee budget!

Should You Use a Line of Credit to Pay Off Credit Card Debt?

It might seem contradictory to use debt to pay off debt, but taking out a line of credit to pay off credit card debt can be a great financial decision.

Because you can usually get a line of credit at a lower interest rate than your credit card, using a line of credit to pay off credit card debt can reduce your total interest costs and reduce the amount of time you’re in debt.

Wealthsimple Trade vs Questrade

When it comes to choosing Wealthsimple Trade vs Questrade for your self-directed investing, there’s a lot to consider. From account type to investor preferences, the best fit is up to you… but it’s probably Questrade.

Questrade has been the clear leader in Canada for online discount brokerages for years. Wealthsimple recently launched a no-commission, no minimum balance brokerage called Wealthsimple Trade. Is it enough to really compete? The short answer is unfortunately no.

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