Welcome to another fine Weekend Reading edition! Hard to believe June is almost a memory and we’re reaching the mid-point of summer. Earlier this week I starting thinking about how to manage my small LIRA and I reminded you saying “we can’t afford it” remains taboo in most financial discussions.
Enjoy these articles about defriending, advice from Vanguard, how much money might make you happy and more this weekend. Take care!
Kerry Taylor said its simple to get confused about how much your paying in money management fees, and this comes up when she talks to friends. Kerry goes on to state the best way to lose friends is to help them with their finances: “The defriending process often begins when I agree to review a friend’s finances. By drafting a balanced financial plan that cuts spending, boosts debt repayment, and automates saving, I can turn a friend into a foe in minutes. Maybe a month.”
Vanguard has some advice on striking the financial balance. We’ve done what Vanguard suggests for many years now, determine some goals, dream a little and find a way to fulfill both of those buckets.
My friend Mark Goodfield wondered how much money does it take to make you happy. My wife and I figure with no debt and realizing this goal in another 10-12 years will make us plenty happy enough.
Michael James on Money provided some support to this post on my site. “We can’t afford it”, “I don’t want to go into debt for this”, “It’s not in our budget right now” all mean similar things to me from an outcome perspective – a choice has been made not to spend money on something given other priorities. I don’t think anyone deserves grief for that. You?
High Net Worth Canadians are holding more cash now.
Here’s how you can save $100,000.
Robb Engen wrote about the precious commodity of time.
Kudos to this woman on her 100th birthday. Her secret to longevity? Drinking beer. There’s hope for me!
Will the U.S. recovery fuel the Canadian economy?
Start Thinking. Stop Doing. Advice from Sustainable Personal Finance this week.
According to this article, ‘not so smart’ Canadians are falling victim to a CRA phone scam.
Big Cajun Man continues to dislike debt.
Mark
My name is Mark Seed - the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I've surpassed my goal and now investing beyond the 7-figure portfolio to start semi-retirement with. 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.
It will take time, but if the loonie remains low for the next 2-3 years, I see our imports picking up and helping our GDP growth get back to 2%.
Thanks Sean. Hard to say where things will go. If you’re right, kudos for the guesswork!
I’d be interested to see how a salesperson would respond to “I don’t want to go into debt for this.” They’re trained for “I can’t afford this,” but the first quote might confuse them a little. Thanks for the mention.
Ha, they are trained to respond to that.
On the flipside, possibly the salesperson will say in reply “I can’t afford this” since it’s eating into his pocket to make any deal. Enjoy your weekend!
I enjoyed the article by Kerry Taylor on de-friending. I have had similar experiences, where friends asked me to look at their 401 (k) ( I think RRSP is the equivalent in Canada). They were paying 1% to mutual fund charges alone.. On a $40K balance that comes out to $400/year. In a day and age where stock commissions are almost non-existent, this strikes me as robbery..
Kerry Taylor is a gifted blogger and writer I think.
Yes, 401k = RRSP in Canada.
Some family members have asked for my take on things but I always give them a huge disclaimer than I’m an amateur and these are my amateur opinions. Some friends talk to me about money, I do the same with them, but my close friends and I have a good rapport on this subject – we question things and each other in a healthy way but do not push each others buttons if you will. I know and they know personal finance and investing in personal and it can be an emotional subject for many people.
To date, luckily, there have been no episodes of any “defriending” in my circles and I hope that never happens!
All the best DGI!
Mark
Yup, I don’t think Debt and I will ever be friends, just not gonna happen! Thanks for the inclusion this week, enjoy the pre-Canada Day weekend