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Four Fat Financial Failures

Mistakes are part of life, might as well accept that.  I’m learning to accept that concept more as I get older.  When it comes to personal finance in particular hopefully our money management mishaps are smaller and infrequent over time.  For today’s post, here are four fat financial failures and some personal commentary on them that have the potential to derail any retirement plan. Overspending The simple fact is, unless you can control your spending you won’t have anything left over to save or invest.  So, when it comes to a healthy ...
Financial Rules

Agree or Disagree – Testing 15 Financial Rules

Recently, this article on caught my attention – 15 common financial rules of thumb.   Author of this article Dave Dineen offered his take on these rules, and today’s post will offer mine. Your retirement income needs to be 70% of your working income. Largely agree, this is one of the more reasonable financial rules of thumb.   While some big, current expenses are expected to disappear in retirement (mortgage, RRSP contributions), new ones may appear (rising healthcare costs, travel).  Our goal is to save for about 50% of ...
Financial Rules

My Life in a Box

During one of our walks around the neighbourhood the other night, my wife and I had a conversation that went something like this: Me: It would be nice to break-free from work eventually wouldn’t it? Her: Yes, and that’s what we’re working towards <pause>, right? Me: Yes, breaking out of the box.  I mean, we live in a box (house), we drive in a box (car), and we work in a box (office cubicle).  Everything is a damn box. Her: When you put it that way, I suppose we do.  So, when are we getting out of the box again? Me: Good question. I ...

Investing truths to take to the bank

A short time ago, I shared some things a new investor might want to know or be mindful of as they start their financial freedom journey.  On that note, I believe some investing advice never goes go out of style, there are some investing truths to behold. Here are my investing truths you can take to the bank: All investing is subject to risk – even the safest investments have some risk. Past performance is not a predictor of any future result. In a diversified portfolio gains from some investments will help offset losses from others. No matter ...

Retirement Right This Way

One of my favourite financial books is The Investor’s Manifesto by William Bernstein, talked about the attributes of a successful investor: They must possess an interest in the process, They need more than a bit of math horsepower, far beyond simple arithmetic , They need a firm grasp of financial history, and They need “the emotional discipline to execute their planned strategy faithfully, come hell, high water, or the apparent end of capitalism as we know it.” I love this last point.  Other books have mentioned something similar. For ...

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