2024 Predictions

2024 Predictions

Hey Folks,

It has been said that life can only be understood backwards; but must be lived forwards. Related to that theme once again on this site, welcome to my 2024 predictions!

2024 Predictions

We’re still very early in our new year and in case you missed it – well, we’re debt free.

So, when it comes to our plans, our lifestyle / debt free plans and a few other musings I’ve put together this short list of predictions that just might happen to us and beyond.

Play along, and I’ll revisit the results later this year.

Happy to learn in a comment what might be showing up in your crystal ball!

Before we get into what 2024 might have in store, I thought I would recap what I personally predicted might happen in 2023 and how close I was (or not!) at figuring out the future…

About 12 months ago, I made a few investing calls for 2023 on Canadian Money Forum.

These were my very bold predictions for the year that was, including where I finished as others played this lil’ game too!

2023 Predictions - Canadian Money Forum

Ha. Was I ever wrong about 2023 on a number of fronts!!

(I did win this contest in 2022 though :))

But herein lies the rub – getting the future right is more luck than any skill.

I’ve seen this with expert predictions and everything else year after year after year!

via GIPHY

So, in the name of fun and entertainment here is what I think might happen in 2024.

2024 Predictions

1. The Ottawa Senators will NOT make the playoffs in 2024.

Sigh.

But this is easy. 

My team has not had a great year and the rebuild continues but certainly under new ownership and leadership, I have no doubt things are moving in the right direction. I intend to hit at least one game in a few months, and potentially another before the season ends.

2. The Colorado Avalanche will win The Stanley Cup in 2024.

Championships are usually built from the defense out. Few other teams can match Colorado’s skill and firepower on the backend. The question remains for me – can the superstars on this team remain healthy enough, long enough to get it done this year?

3. Telus (T) will increase their dividend by over 5% total in 2024.

In recent years, Telus’ Board of Directors announced they intend to grow their dividend year after year. I expect nothing less in 2024. 

4. Canadian Natural Resources (CNQ) will increase their dividend by over 10% this year. 

CNQ should remain flush with cashflow in 2024, some of that should find its way into my pocket as a shareholder.

5. Here are my market predictions for 2024 in Canadian Money Forum:

2024 CMF

6. Our reportable, projected annual dividend income will surpass $48,000 per year.

Here is where we left off at the end of December 2023:

December 2023 Dividend Income Update

7. We will buy a new HEV or PHEV vehicle in 2024.

We’re debt free, for now.

While our existing ICE car is only 13-years-old and we haven’t had a meaningful car payment in 9+ years, we are looking at a hybrid or PHEV to own for the next 10+ years. We intend to pay off this car in cold hard cash sometime in 2024. 

We’ll see what we get right, or wrong, including our own finances later this year. πŸ™‚ 

Mark

My name is Mark Seed - the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I'm looking to start semi-retirement soon, sooner than most. Find out how, what I did, and what you can learn to tailor your own financial independence path. Join the newsletter read by thousands each day, always FREE.

26 Responses to "2024 Predictions"

      1. Mark …..i’m fortune enough to have a defined pension plan with a COA…… so just ride it out baby and look for buying opportunities !!!!
        mark what’s your option of the longevity of the CPP. program ? Will it still be available in 20 years or some form of reduced benefit ….say 60%. I was planning to defer my cpp till maybe 67 because i don’t really need that source of income to have a comfortable life as we speak today but who knows things may change in the future but now i’m having second thoughts
        I’ve read in the USA there’s enough to fund the social security benefit program till 2033
        i’m of the opinion that the massive debt that both countries are carrying ,something will have to give and i believe the social programs will be the first casualty
        I’ve interested to hear your option
        thanks for your time grant

        Reply
        1. Excellent on the pension. I will have one when I turn 65 in a few decades!

          In terms of CPP, I believe it’s fully funded for another 70+ years.
          https://www.cppinvestments.com/the-fund/our-performance/sustainability-of-the-cpp/

          If you can, defer CPP to age 70. You can always take the $$ sooner but higher benefits/payments if you defer as you know, the longer the deferral the bigger the payment.

          There is absolutely massive debt and getting worse. We need government to be much, much smaller.
          Mark

          Reply
          1. I agree, the CPP has longevity as it is directly funded by tax payers. OAS on the other hand, is a benefit funded by general revenue. I can see the Feds tinkering with (reducing) who is eligible for OAS.

            Reply
            1. I could see that too, Paul, re; tinkering OAS. I believe the entire OAS program needs to be overhauled with GIS and likely merged somehow to have one very simplified program for lower to modest-income seniors/earners.

              The fact that you can earn $85,000 per year, as a retiree, and get full retirement “income security” benefits from our government seems bonkers to me but that’s how the system works.

              We’ll see. Our government is broke so something has to give.
              Mark

              Reply
  1. Hi Mark: Yes I’m still driving the Buick and as mentioned the batteries are still shot behind the valve pressure sensors in the tires so I have to hit the check button to dismiss the warning. Another little annoying factor is when you change from winter tires to summer or visa versa the speedometer will not show unless a computer has been used to tell the car that the tires have been changed. Such is life. One stock I’m following for the TFSA is SGR.UN. It won’t rise much but is anchored by US grocery stores such as Peoples and pays 9%-10% but I’m holding back to see what the CRA says. I noticed last year that I had $6500.00 of contribution room even though I had deposited that much in the account last Jan. so this year I deposited $13500.00. Rob Carrick wrote an article about this that the first 4 months of the year were danger months as Revenue Canada is tardy in acknowledging the fact and can lead to people over contributing and leading to penalties. I don’t want to be penalized for thinking I did the right thing when they were slow to act.

    Reply
    1. Sounds like a small annoyance overall. Could always be worse!

      CRA stuff for TFSAs are “off” by usually 6+ months so make sure you track your own contributions for sure…

      “Rob Carrick wrote an article about this that the first 4 months of the year were danger months as Revenue Canada is tardy in acknowledging the fact and can lead to people over contributing and leading to penalties.”

      100%.

      Keep me posted on the outcome.
      Mark

      Reply
  2. Hi Mark: My projections are similar as my Canadiens will NOT win the Stanley Cup but their young defense are getting better each day. By the way we’ve been conned the last few years. A defenseman’s job is to help the goalie keep the puck out of the net and not rush in on goal. I always figured that Bobby Orr and Paul Coffey were forwards playing defense. Who will win the Stanley Cup is a mugs game and could be the hated Boston Bruins. Tc Energy will raise their dividend from $3.72 to $3.84 and you are right on with TELUS as it has already raised it’s dividend and will raise it again for 1 July/ 2024. This is also the case with NA and EMA will raise it’s dividend in NOV. Earnings will be more in ’24 than in ’23. The car sounds great but do your research as they are not always great. In ’18 I bought a Buick LaCrosse E assist. This car has a lot of gadgets on it that can be expensive. After 4 years the battery died which I thought was pretty soon. I found out that there are sensors that are running even when the car is off. They are always checking the tire pressure etc. Also the E assist is another battery that goes between the two back wheels. It is big and cuts off trunk space and when you go to put your cart and golf clubs in diagonally the clubs hit against the battery housing. The problem I have now is the sensor in the odometer which say’s Monitor Tire Pressure. It seems there are batteries behind the sensors in the tire pressure valves and they go on you. $240.00 later you are good to go but at the moment I’m saving that money so have to click a check button to turn the warning off. These items are not massive just annoying. Maybe you will have better luck. Good luck and stay invested.

    Reply
    1. Great details, Ronald.

      I don’t mind a few hundred $$ here and there on maintenance – just not thousands every year! πŸ™‚

      Are you still driving the 2018 Buick LaCrosse?
      Mark

      Reply
  3. Go for a PHEV, Mark. We have one and love it but do you research (which you not doubt, will). Firstly, understand your driving profile and select your vehicle based on that. So many people neglect to do that and end up complaining about the car they bought.
    DM me if you want to know my thoughts about my 2023 Mitsubishi Outlander PHEV.

    Reply
    1. You’ve read my mind, Darryl!

      We are considering a PHEV for sure!! We already have the charger in our condo and PHEV makes so much sense for many reasons.

      KIA, Hyundai and Mitsubishi seem to be all very well rated.

      https://www.canadadrives.ca/blog/car-guide/7-best-plug-in-hybrid-suvs-in-canada

      https://www.edmunds.com/hybrid/plug-in-hybrid-suvs/#plug-in-hybrid-suvs

      https://www.prnewswire.com/news-releases/kia-ev9-and-kia-sportage-hybrid-earn-2024-edmunds-top-rated-awards-302043880.html

      I might follow-up with an email if that’s OK?? Let me know!!
      Mark

      Reply
      1. Sure thing DM me. Really deep dive into how the vehicles work. I like the Mitsubishi’s drive train technology. They’ve been making PHEVs a while. It has 4 modes, Normal, EV, Charge and Save. You can let the AI do everything or you can ‘force’ a particular mode. We use EV in the city and then switch to Normal when we head to the cottage on weekends. Driving on full EV is sweet and one feels like they’re doing their part to reduce their carbon footprint – though in reality it is inconsequential. Regardless it feels good.

        This is a great article written by a super knowledgeable guy:
        https://rotory.com/PHEV/outlander/?fbclid=IwAR2kKFLteBDbETVy7kSF0LBEctO_yvegx57sOQWgu6Zh5dlqTygUL9qOiHE

        Reply
          1. We bought a 2023 Toyota Venza Hybrid about a year ago and currently have 32,000 trouble free km on it and are averaging under 6 litres per 100KM. A plug in hybrid typically costs about 10,000 more than an equivalent hybrid. I’m not sure the extra cost is worth it

            Reply
            1. Great stuff, thanks for sharing Paul.

              I guess we want to try the PHEV since we can decide to use/charge that battery for very short trips in the city under 20-30 km. We have the wall charger already installed and the cost was partially subsized by the condo building so we jumped on it.

              I’ve heard great things about KIA, Hyundai, Toyota and Mitsubishi for HEVs or PHEVs.

              Sounds like you have a great ride. Nice. πŸ™‚
              Mark

              Reply
      2. Very happy BEV (fully electric) vehicle owner, even through -30 in northern BC. As long as you aren’t making long trips into very remote country, and can charge at home, highly recommended. Why take on maintenance of a combustion engine.

        Reply
        1. Yes, we will be able to charge at home via wall charger.

          I’m a bit worried about the long-term battery EV life at this point hence the PHEV choice and beyond that, the longer trips we want to take here in Ontario. That said, really considering an EV longer-term just not for the next 10-years while we own the next PHEV.

          BTW – did the dealer you bought your car from discuss extended warranties, etc. with you? Push you into that?

          I should have asked Paul here the same question.

          I’ve never purchased an extended warranty nor did the undercoating/rust-proofing but the dealer is really “pushing it”. I wonder why? πŸ™‚ $$$?

          Mark

          Reply
          1. I don’t usually purchase new cars and benefit from the immediate depreciation as someone else drives the car off the lot. Having said that, used car prices are ridiculously high right now so we opted for new with our Mitsubishi PHEV. I did buy the extended warranty and did the undercoating. As I get older I like the worry-free factor these additional costs provide. We consider the PHEV an intermediate step to whatever is coming next, hydrogen, synthetic fuel, full EV, who knows (I do like the VW ID Buzz). Due to circumstances beyond our control, we actually can’t charge at home (condo) and knew this when we purchased. We have a charger at our cottage and tool around up there on EV only all the time. My plan was to charge for free at work but I have been injured since September and haven’t benefited from that. So, in our case having the PHEV has really worked out. Even driving mostly with the ICE we’re still averaging about 6.3L/100km, a bit more in winter as the ICE is on more often to help save the battery from lithium plating and to provide cabin heat.

            Reply
            1. Very much our thinking, Darryl.

              re: depreciation.

              With used prices where they are, we figured a new PHEV will be worth it….and like you, given technology is likely to change in the next 5, 10 and definitely 15 years, we figure keeping a PHEV for at least the next 10 years is a good idea as the transition continues while keeping ICE.

              We can charge in our condo – all set to go.

              All good with your place, not a big deal I don’t think since you have the hybrid/ICE set-up.

              That’s excellent mileage and I figure if we get a KIA or Hyundai or Mits, etc. we’ll be in the same range.

              Darryl, did you bother with any extended warranty for anything with your Mits PHEV? Just curious? Seems dealers are pushing for that.

              Thanks so much,
              Mark

              Reply
              1. Hi Mark, I did opt for the extended warranty. PHEVs are complex and not exactly fully-baked technology in my opinion, at least not when compared to ICE vehicles. I opted for the the Diamond Care package which takes me to 200,000km and is transferable. Apparently at the end of the term I can get 50% back if I’ve had no claims. No doubt they’re investing my money and doubling it by the time the warranty expires, so refunding 50% costs them nothing. LOL. I am not exactly convinced it was a good use of my money, especially since I financed it, effectively doubling the cost of it. However, I just don’t want to deal with any headaches. Once I retire, I’ll drive around in my ’66 VW Beetle which I can always fix with mechanics wire and duct tape and not have to worry about computers, sensors, electronics, etc.

                Reply
                1. Ah, very interesting, re: extended warranty. Pros and cons, right?

                  We’re leaning on/trying to pay out the car in cash when we get the hybrid/PHEV so likely to self-insure but I’m always curious to know what others do and why. I believe the car/dealer we are looking at can do the extended warranty for up to 10 years/200,000 km but that also doesn’t include everything, just most things. πŸ™‚

                  I recall they want to charge us $4,000 + taxes for that which seems very expensive even if it does include free oil changes for the life of the car…seems to be an incentive for us to pay for it? πŸ™‚

                  I dunno. That’s a bundle.
                  Mark

                  Reply
  4. congrats Mark on being debt free please do a write up article how you manage to pay off your mortgage and what strategies you applied and products you took to achieve your goals.Thanks

    Reply

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