It was another interesting week in the world of business and politics.
Regarding the good:
Bank of Montreal kicked off the Canadian bank earning season this week, announcing just over $1 billion in profit for the quarter. Royal Bank of Canada profit was down 7% but they still managed to haul in $1.56 billion last quarter. Not to be outdone, TD Bank reported second-quarter profit of almost $1.7 billion. I don’t know about you however based on this news, it certainly reinforces with me it pays to be a shareholder of a Canadian bank.
Regarding the bad:
On the flipside of growing profits and businesses, it was a rough week for Hewlett-Packard employees. The company recently announced it would cut its workforce by 27,000.
Regarding the ugly:
On the political front, protests continue down the road from me in Montreal, with students protesting all day and night against tuition hikes and now Bill 78, the latter that makes demonstration notifications to police – law. Participants in this protest stretch far beyond the student body now, with many National Assembly politicians joining the student marches and demonstrations denouncing the passing of this emergency law, sought to temper the protests. Not so much. With summer weather on the way, I suspect we’ll see many more fireworks out of Montreal and Quebec, as demonstrators continue to dare authorities to arrest them. With another controversial issue now on the rise in Quebec – corruption, collusion, influence peddling and fraud accusations from awarding government contracts – it might be time for political change. What do you think?
Business and political issues will never subside, so with that, it’s always nice to read a few blogposts every week that keep me entertained and inspired. Enjoy the weekend reading list, I look forward to hearing from you after more blogposts are published on My Own Advisor, including one about our Square Foot Garden.
Dividend Ninja continued his series, why you shouldn’t buy Facebook. One of my favourite reasons from Ninja, not to buy: “Does Facebook have an economic moat? Does it have an economic competitive advantage?” I couldn’t think of any.
On the other hand, Money Smarts Blog told us why the Facebook IPO was a success. “As it turns out, the big short term winners of the Facebook IPO were the owners of the company who sold their shares for more than the market valued them and the small investors who now have the opportunity to buy the shares for a price lower than the IPO.”
Prairie EcoThrifter told us that Pinterest can save you money. For those that don’t know, Pinterest is a social media site where you can “pin” events, hobbies and other interests to connect with others.
Invest It Wisely continued his series about living to 100 and beyond.
Retire Happy Blog said retirement planning is personal. While true, there are a few universal practices everyone should apply whether you’re planning for retirement or not: spend less than you make, work on getting out then staying out of debt and most importantly, you’re only as wealthy as your health.
Michael James on Money was seeking a rational explanation for spending exuberance.
Andrew Hallam told us how to become a lazy millionaire. Sign me up!
Y&T hinted at marriage to her boyfriend and asked how much is that wedding in the window?
Dividend Monk informed us about 5 reliable dividend payers boosting payouts. I don’t own the 5 companies he listed but I do own one he referenced, Cola-Cola; KO recently boosted its dividend by 8.5% plus announced plans for a stock split later this year. I can’t wait for that.
Balance Junkie informed us about three types of bonds.
Passive Income Earner had a detailed post about how to review your financial plan.
Big Cajun Man discussed the psychology of buying and selling houses.
Million Dollar Journey said to cut the home phone and talk for less!
Canadian Couch Potato answered another reader question: does home bias ever make sense? While admitting some home bias in his model portfolios Dan said there are compelling reasons to keep some of your investments at home. I agree. My take and my approach – as long as the Canadian dividend tax credit exists, I think it makes sense to take advantage of this for direct ownership of many Canadian companies in a taxable account.
Preet Banerjee wrote about the pros and cons of the new mobile wallet in The Globe and Mail.
The Financial Blogger provided his May 2012 net worth update.
The Loonie Bin shared some progress on his 2012 financial goals.
Boomer & Echo said financial literacy is a lifelong pursuit. Indeed…
Beating The Index wondered what the new floor is for oil prices.
Finance Fox gave you some considerations for buying your next new vs. used vehicle. We bought a new car a few months ago because we got 0% financing and lots of extras with it. Besides, the new car smell was irresistible. 🙂