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Financial Product Promotion

The constant barrage of financial product promotion

“Make sure you have the extra cash you need to celebrate the holiday and to get your fall projects done.” “Complete a balance transfer or deposit online, it’s easy.” “An opportunity like this doesn’t come along every day.” These are just some of the phrases I read in a recent “Act Now” financial product promotional offer I got in the mail by a credit card company. I have no problem with this company or its promotional material but consumers must be mindful these financial companies are in business for one reason – to make money ...
Cutting cable

Why Golf Channel, TSN and traditional cable are worth my $40 per month

Alright, I get it.  Paying for cable is foolish because Over-The-Air (OTA) TV, subscribing to Netflix or using other online service providers to get content on your TV is fun, cool and less expensive than cable.  I can’t tell you how many blogposts and news articles I’ve read over the last couple of years that provide how-to-instructions and compelling “whys” for cutting the cable cord, largely for financial reasons.  Before I slam those arguments entirely, let’s review the benefits presented in some of those articles, things I agree ...
Lessons Learned

3 personal finance lessons learned from Detroit’s bankruptcy

I’m not sure if you caught this news, but Detroit, Michigan is now officially bankrupt.  After decades of overspending, Detroit has now become the largest U.S. municipality ever to file for bankruptcy.  The city faces $18-billion in debt and that number climbs higher every day.  Sadly, for the residents of The Motor City, Motown, and for sports fans, Hockeytown USA, everything has officially collapsed. How did this happen?  How could what was once the country’s 4th largest city go flat broke? Well, from what I’ve read, extreme city government ...

Three Saving Rules I Live By

The following article is a guest post by Barry Choi, a passionate DIY investor with no formal financial training.  When not finding more ways to save cash and manage his investments, Barry is a Director for CityTV Toronto.  Barry can also be caught daydreaming about his next travel adventure.  You can follow him on Twitter @BarryChoi. After reading last weeks’ interesting post Super Simple Ways to Save More Cash I was excited to find that I already followed 18 out of the 20 tips.  Some may find following all of My Own Advisor’s ...

Super Simple Ways to Save More Cash

For today’s post, I’m going to cut right to the chase.  I’ve thought about a few super simple everyday things we can do to save more cash.  Count how many of these practices you apply in your life or feel free to add your favourites in a comment below.  Can you go 20/20? Avoid ATM and banking fees. Shop with a purpose. Make a list and only buy items on your list. Use coupons when you shop for groceries. Always look for sales before buying anything. Ask for discounts before purchasing any larger priced item (>$100). Take care of ...
TFSA

How I can save you close to $100,000

For today’s post, I thought it would be interesting to crunch some numbers… Your Mortgage Owing $250,000, at 3% interest over a 5-year term, amortized over 25 years, making bi-weekly payments and you’ll pay over $90,000 in interest costs over the amortization period. The lesson:  even a cheap mortgage rate will cost you BIG bucks over time.   Get a good mortgage rate and make lump sum payments on your mortgage when you can to significantly reduce your borrowing costs. Your Credit Cards Owing $10,000 on a credit card, paying 18% ...

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