Weekend Reading – Air Canada hotseat, budgets don’t work, $1 M is not enough, and more #moneystuff

Weekend Reading – Air Canada hotseat, budgets don’t work, $1 M is not enough, and more #moneystuff

Welcome to my latest Weekend Reading edition where I share some of my favourite articles from the week that was across the personal finance and investing blogosphere.

I got around to posting two articles this week:

I finally got around to posting this latest update to financial freedom.

I posted this case study thanks to a reader question, about looking after an aging parent, who needs to sell her home and move into a retirement home.  Lots of comments on this one – check it out.

The holidays are coming and I’m looking forward to connecting with some family and friends this weekend.  I hope you have a good one!

See you here next week.

Mark

Air Canada was on the hot-seat recently, for having staff that didn’t support customers with lost luggage during travel.  Here are some good reminders about luggage, just in case it does or does not get lost:

  • Take a picture of your luggage before you take off.
  • Make sure your luggage tag or identification is unique. Add a ribbon or some other trinket to make it stand out.
  • Attach a tag with your name and phone number.
  • Don’t pack valuables that aren’t replaceable.
  • Use public platforms to complain.

A reminder under federal law, when an airline loses a passenger’s luggage on an international flight, it can be held liable for damages up to $2,100.

Here are some tips to slash expenses in 2019.

A reminder about budgets though – here’s why they don’t really work.

Here’s why you might not need any more financial advice – ever.

This post suggested the FIRE community is making a huge mistake assuming $1 M is enough to retire on, attempting to live off $40,000 per year for life.

What do you do if you have too much money invested in one stock?  Dan Bortolotti has an answer.

Will Amazon ever pay a dividend?  I have no idea but like most maturing companies, I wouldn’t bet against it!

Save your money!

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I landed a great partnership for DIY investors with BMO:

There are more savings to be had on my Deals page here.

An investor with Mackenzie Financial?  Ouch.  Toronto-based Mackenzie Financial Corp. is the latest financial services firm to face a proposed class-action lawsuit in connection with the practice of offering mutual funds through discount brokerages that pay trailer commissions. The lawsuit seeks $175 million in damages on behalf of fund investors.

Mark Seed is the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I've grown our portfolio to over $600,000 now - but there's more work to do! Our next big goal is to own a $1 million investment portfolio for an early retirement. Subscribe and join the journey!

4 Responses to "Weekend Reading – Air Canada hotseat, budgets don’t work, $1 M is not enough, and more #moneystuff"

  1. Good morning.

    The FIRE post seems spot on. From what I’ve read MMM makes way into the 6 figures. Hard to take his advice seriously when he’s long since moved on from 1M of assets.

    Slash expenses. If we gave up a car, and cut the cable cord we’d save a bit. That’s about it.

    Budgets – never used one for my household. Work – always.

    Good points on financial advice. I agree.

    Too much in one stock. Don’t think so. Less than 3% in biggest holding.

    Reply
      1. Yeah, I had read in the hundred(s). You’re probably tuned in a lot closer than I am.

        Used to just top up RRSPs and a litte to unregistered and call it a day. Spend the rest.

        Simple now. Just spend reasonably. I know where it goes.

        Reply
        1. Isn’t that insane….making a few hundred K a year from a blog just from advertising? Man. I can only dream of that eventually.

          Heck, I would take even $20-30K per year. That’s the long-term goal so I can leave the workforce once being debt-free. I doubt it will happen but you never know!

          Reply

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