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Tax Refund

How to spend your tax refund wisely

A great day has arrived; your tax refund is here!   Good on you, because you took advantage of tax credits, you contributed more money to your Registered Retirement Savings Plan (RRSP) and you claimed the GST/HST rebate this year. Now the vexing question – what on earth do you do with the money?  Instead of rushing out and buying that expensive new tech toy or blowing everything and maybe a bit more on a vacation, consider these alternatives or any combination of them to spend your tax refund wisely. Pay off credit card debt  Yes, maybe boring, ...

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25 ways to be a cheapass

I suppose I could have named this list-post 25 ways to save more money but cheapass sounds much better.  Add your favourite ways to be a cheapass in a comment below or Tweet me. Turn off lights when you leave a room. Walk or bike as much as you can. Do your own housekeeping. Don’t pay bank fees. Use vinegar and water for a household cleaner. Price match for groceries when you can. Quit or never smoke. Don’t drink (very much). Always do your laundry in off-peak hours. Buy in bulk when you find a good deal. Use glass containers to preserve food ...

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Alternatives to some pricy monthly income funds

After this blogpost on my site, you can retire comfortably with less than $1 million in the bank, a few readers seemed a bit shocked by the money management fees charged by monthly income funds referenced in Gary’s article: “Interesting “wake-up” point about fees. In the example of investing the principal of $500K in a monthly income fund, and paying $7.500 per year in fees, that’s $625 per month!!!! It would nice if that sum went into my pocket, rather than my advisor’s/the bank’s pocket. But, what is the alternative?” Another investor ...

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Weekend Reading

Weekend Reading – Exiting the rat race, tax deadline reminders and more

Welcome to your Easter Weekend Reading roundup where I share some of my favourite articles from the week that was.  Over the last month there were almost 70,000 pageviews on this site, a record.  Thanks for making My Own Advisor one of your favourite personal finance and investing destinations! I wish you and your family a very happy and healthy Easter weekend.  Chat again next week. Robb Engen told us not to believe everything you read when it comes to exiting the rat race. BrighterLife had these tax deadline reminders. Not related to personal ...

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Financial advice for my younger self

Inspired by a few reader questions a few weeks ago and reflecting upon some older blogposts, I wondered what financial advice would I tell my younger self?  Here are some things that have crossed my mind… Dear Mark, There is no point saving for your financial future if you don’t take care of your health.  Your health will be your most important asset. Investing is for the long-term.  Trading is for the short-term.  You’re going to have minimal success at timing the market so forget trading.  Make sure you buy and hold indexed products ...

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2014 Financial Predictions – April Update

Earlier this year, just for kicks, I shared some financial predictions for 2014.  Here’s a recap of what I predicted and what has come true year-to-date: The Dow Jones Industrial Average will finish the year at 16,700. It opened the year around 16,441.  It is now about 16,026. The S&P/TSX Composite will finish the year at 14,200. It opened the year around 13,594.  It is now 14,257. Our Canadian Dollar will finish the year at $0.90 compared to the US Dollar. It opened the year around $0.94.  It is now $0.91. Fortis (FTS) will increase ...

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