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Financial Mistakes

DIY Investor Mistakes

As a follow-up to a recent article in The Globe and Mail, I wondered about posting another article that shares where I’ve fallen down – exposing some of my DIY investor mistakes.  Here are a few common mistakes from that article and my assessment of them. Lack of a sounding board I’m actually using this blog, friends and family for sounding boards.  I talk to others about their investing experiences (good and bad) and try to learn from everyone I meet.  I think my approach is generally sound but I’m probably biased as are all ...
Financial Stuff

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 ...
Saving

Agree or Disagree – Testing 15 Financial Rules

Recently, this article on BrighterLife.ca 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 ...
Saving

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

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 ...

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