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21 Ways to Get Smarter About Money in 2021

21 Ways to Get Smarter About Money in 2021

By Credit Canada

Depending on your financial situation, not all of these financial tips will necessarily apply to you. However, we’re sure you’ll find a few that you can benefit from. With that said, we have a lot of ground to cover, so let’s get on with the list!

1. Create a Budget and Track Expenses

This is number one on our list because of just how essential it is! Now, budgeting isn’t designed just to limit your spending – it also helps you reach your savings goals. To create a budget, it’s necessary to track your expenses. This lets you see how much you’re spending and what you’re spending it on. That way, you can cut back on wasteful spending to put more money towards the things that really matter. 

We’ve made financial planning even easier for you with our free, downloadable 

The Seven Deadly Sins

The Seven Deadly Sins

The Five Deadly Investment Sins start with the temptation to sell stocks too soon.

 

BY ADAM MAYERS 

 

November 12, 2019

 

The Seven Deadly Sins were once singled out as examples of human weakness to be avoided at all costs. But when it comes to investing, Peter Hodson says there are five that really matter.

Mr. Hodson, at one-time chairman of Sprott Asset Management LP, says he has seen these sins repeated many times. They play havoc with your returns, chip away at your nest egg and lead to plenty of sleepless nights.

“If I was to sum it up, keep your investments simple, because more complexity usually means more fees. And be aware.

The truth is that renting is a smart option

 

The truth is that renting is a smart option - A Refinery29 editor talks about home ownership and the stigma around renting

 

Why are readers hesitant to pull savings from big banks?

Why are readers hesitant to pull savings from .

The Psychology of Money

The Psychology of Money

By Robb Engen

 

September 26, 2020

 

I’ve been reading Morgan Housel’s work for years and sharing his thoughtful lessons about money and investing. He has the rare ability to tell stories that connect the past with the present, while unpacking all the useful tidbits that apply to our own lives and personal finances.

That’s why I was excited to read Mr. Housel’s new book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. This terrific piece of writing reads like a collection of stand-alone short stories, brilliantly woven together by Mr. Housel to explore our relationship with money and how that connects with life’s bigger picture.

I can’t do the book justice with a simple review. Instead, I’ll sa.

The Canada ‘stop wasting food’ guide

The Canada ‘stop wasting food’ guide

Rob Carrick

September 17, 2020

Household food waste is a huge problem, but my purpose here is not to nag. Digest this and then let’s move on to some practical solutions.

 

When should you open a RESP for your child

When should you open a RESP for your child?

By Rob Carrick

The Globe and Mail

25 Aug 2020

 

 

As I recall being a new parent, obtaining a social insurance card for your child would rank well down on the list of things that need doing.

 

Find time, anyway. You need a SIN card to open a registered education savings plan for a child. The sooner you get the RESP open, the more you’ll have when your child starts college or university.

 

A reader recently asked about the best age to start a RESP. How about 30 days old or something like that? Online brokers and robo-advisers offer self-directed RESPs, banks offer mutual-fund GICs and advisers can run them, too. Whomever you deal with, you’ll need that SIN to proceed.

 

The RESP calculator on Sun Life’s website clearly shows the benefit of getting the jump on RESPs early.

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Is Renting Throwing Away Money?

Is Renting Throwing Away Money?


By Robb Engen

July 29, 2020 

 

Young people face a lot of pressure from their parents and peers to own a home. Canadians in general have a high rate of home ownership at around 68%, and in many cases homeowners have seen tremendous growth in real estate prices for the past few decades. For these reasons many people believe home ownership is the ticket to wealth and renting is a waste of money.

But is renting throwing away money? Or, just ‘paying someone else’s mortgage’? We need to show a fair comparison of the rent vs. buy scenario to know for sure.

Is Renting Throwing Away Money?

Most people tackle the rent vs. buy problem incorrectly by framing it as the cost of monthly rent versus the cost of a monthly mortgage payment. The argument goes something like, &l.

The Case against Buying a Home

 

The Case against Buying a Home

Scott Barlow, Globe and Mail market strategist

February 3, 2020

The Wealth of Common Sense finance site effectively summarized the cases for and against buying a home in a January 24th post. The information focuses on U.S. investors but might be even more important for Canadians - the domestic real estate market is again surging higher from already-lofty levels in major centers.

Surprisingly, the author Ben Carlson doesn’t mention the most often cited reason for buying a home – you’re paying your own mortgage, not someone else’s – but the remainder of the pro-homebuying arguments are familiar. Stability, financial planning, the ‘psychic value’ of owning your own place and the potential for price appreciation are all mentioned.

The extended ra.

Kicking Debt Down the Road

 

Kicking Debt Down the Road

By Robb Engen

December 3, 2019

Canadians started piling on the debt after the financial crisis in 2008. Back then our household debt-to-income ratio was sitting around 150 percent ($1.50 owed for every dollar of disposable income). Today that number hovers around 177 percent. We are kicking debt down the road, instead of kicking it to the curb.

It can be reasonable to take on debt for big ticket items such as a mortgage, vehicle, education, or for an investment. We often do so because it’s easier to pay off a loan over time than it is to save enough to pay the full cost upfront. That’s life.

But the pain of debt can be masked by the cheap cost of borrowing. Low monthly payments, interest-only payments, and long amortization periods give the illusion that our debts are manageable. We think a long .

How To Trick Your Lizard Brain Into Saving More Money

How To Trick Your Lizard Brain Into Saving More Money

By Robb Engen

November 27, 2019

Humans aren’t wired to make rational decisions. Our lizard brain, responsible for satisfying all of our primitive survival needs – including safety, hunger and feeling as good as possible at all times – sabotages our behaviour every day. And it can sabotage our bottom line, too.

Lizard brain makes us do the same things – good or bad – over and over again so it’s the king of bad habits. If you’re chronically late to make payments on your credit card or always forget to transfer money to your savings account, your lizard brain could be to blame. That said, you can counter its reluctance to change its well-worn ways of doing things by 

What Makes People Charismatic

 

What Makes People Charismatic, and How You Can Be, Too 

Simple tips to break through your social anxieties and make real, genuine connections with others.

By Bryan Clark

August 15, 2019

Ask people to name someone they find charming and the answers are often predictable. There’s James Bond, the fictional spy with a penchant for shaken martinis. Maybe they’ll mention Oprah Winfrey, Bill Clinton or a historical figure, like the Rev. Dr. Martin Luther King Jr. or Mahatma Gandhi. Now ask the same people to describe, in just a few seconds, what makes these charmers so likable.

It’s here, in defining what exactly charisma is, that most hit a wall. Instinctually, we know that we’re drawn to certain people more than others. Quantifying why we like them is an entirely different exercise.

The ancient Greeks described charisma as a .

11 Ways to be Happier

Want to Be Happier? Science Says Do These 11 Things Every Single Day

Try them. They work. (If you can't trust science, what can you trust?)

 

By Jeff Haden

 

Obviously, we all want to be happier. But there's another reason to wish to be more lighthearted and content: Happiness is definitely a result, but happiness is also a driver.

 

While I'm definitely into finding ways to improve personal productivity (whether a one-day burst of output, or a lifetime of increased effectiveness, or 

4 Ways To Make The Most Out Of Networking

 

We have all heard the saying, it's not what you know, it’s who you know. And considering that, 70% or more of jobs are never posted online, there is one superpower that will help you secure your dream job or build connections for the future: networking.

I am not saying to forget about your technical skill set (it counts!), but be aware of the value interpersonal skills plays in building a solid community.  

As a career coach who helps clients find jobs, I am surprised to learn how many opt out of networking. I once had a client, we can call her Sarah, come to me for help with making a job transition from sales .

Protect your personal information

October 20, 2017

10 ways to protect your personal information

By Joy Blenman

 

When it comes to identity theft and the damage it can do, using your common sense along with smart tech tips can help you stay safe.

 

Having your wallet stolen is an unnerving experience that can leave you feeling panicked, violated and anxious. And as more of our personal and financial information moves online, hackers have new opportunities to steal our virtual wallets – which can be as bad or even worse than a physical theft.

 

In September 2017, the credit bureau Equifax revealed that the files of 145.5 million American consumers had been compromised. These files contained clients’ personal information such as their names, addresses, social security numbers and, in some cases, driver’s licence numbers. In Canada, the breach affected around 8,000 people, according to the firm’s

5 Financial Resolutions for 2017

 

5 Financial Resolutions for 2017

Dec 22, 2016

 

Written by Kevin O'Leary

 

1.    Pay Your Debts

Nobody will be surprised that this is at the top of my recommended resolutions. It’s common sense - everybody knows that debt is the enemy, right? You’d think so, yet every single day my inbox is flooded with dozens of people asking me questions like “should I use my Christmas bonus to pay my credit card bill or should I use it to buy x, y, z?”

My answer is always the same! As long as you have debt, you should be using every penny of your paycheck to repay it (after your other bills and necessities are accounted for of course). You can’t find financial freedom when you owe somebody else money, it’s simple.

 

2.    Calculate Your 90-Day Number

Your 90-day n.

Seven steps toward financial security

 

Seven steps toward financial security

To be ‘wealthy,’ you just have to insulate from shocks that could send you down the economic ladder

Toronto Star

21 Nov 2016

LIZ WESTON THE ASSOCIATED PRESS

Financial security isn’t a number or a threshold. It has to do with what you spend, and save, relative to your income.

Nothing proves that quite like research on millionaires by wealth management firm UBS. Sixty per cent of those with more than $5 million (U.S.) defined themselves as wealthy, compared with 28 per cent of those worth $1 million to $5 million. Yet what millionaires mean by “wealthy” is not necessarily financial independence: Only 10 per cent defined wealthy as not having to work. It’s not even a number; only 16 per cent said surpassing a certain asset threshold automatically mad.

Gender wage gap sits at 35-cent disparity in Canada

 

Canadian women equal men in skills but wage gap persists, study finds

Rachelle Younglai

The Globe and Mail

Wednesday, Oct. 26, 2016

 

Women in Canada earn 65 cents for every dollar men are paid even though they have the same skills, says a report released on Wednesday.

Women are on par with men in education, literacy and skills, according to the World Economic Forum’s annual study on the gender gap. That is showing up in white-collar jobs, where there are now more women than men in high-skilled positions.

“There is equality in the types of skills women are acquiring,” said Saadia Zahidi, a member of the forum’s executive committee.

The report looked at who was employed in professional and technical positions, such as medicine and computer.

Women & Money: How to take charge

 

Women & Money:  How to take charge

Five ways for women to help overcome a lack of confidence about money and investing.

By Fidelity Investments

APRIL 2016

 

Here are five ways that may help you to become more financially engaged.

1.   Learn at your own pace. It is not as hard as many women think. Once you have an understanding of investment basics, you’ll feel much more comfortable making decisions. The good news: It is never too late – even small adjustments to savings rates or investment plans can have a big impact over time. To help get you started, there are numerous tools, tips, and articles that can help you take your financial knowledge to the next level. Your financial advisor can provide guidance on sourcing these materials.

For basics about mutual funds, visit “Learning about mutual funds” on fidelity.ca.

A target date fund ma.

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TFSA or RRSP: Which should a 27-year-old homebuyer use for the down payment? - The answer lies in the Feds' Home Buyers' Plan

 

August 18, 2020

 

by Rob Carrick