Weekend Reading – More dividends, paying off your house faster, great capital allocators 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.
This week, I profiled this 30-something investor on his way to building wealth. He reminded me that personal finance and investing success can be rather simple at its core:
1. Live below your means – save the excess.
2. Automate excess savings for investment purposes over time. Never stop.
3. Invest your savings in low-cost, diversified financial products or build a diverse basket of stocks for long-term growth and income.
4. Disaster proof your life. Buy requisite insurance for things you can’t afford to self-insure for.
5. Rinse and repeat until wealthy.
6. Life your life and enjoy your time on this earth every day as a blessing. This is really #1 on this list.
7. The end 🙂
I shared my dividend income update for May. We’re approaching another milestone investing in our non-registered account and Tax Free Savings Accounts (TFSAs) – I hope to report that new milestone later this summer so stay tuned!
We’re moving soon so I’ll do my best to answer reader emails and post a few articles over the next couple of weeks. I have no doubt we’ll miss this place but change is good.
My friend Sabeel shared some investment ideas that are great capital allocators. A good reminder that you need not invest in just dividend paying stocks to be successful. There are many roads to Rome!
Another Ottawa-area blogger and friend Kanwal Sarai (who runs Simply Investing) provided some practical mortgage burning advice with another one of Canada’s mortgage party burners Sean Cooper.
Reader email of the week:
A reader provided feedback on my REITs post recently after I wrote the following – when discussing our move to a 2-bedroom condo in another week.
Me: “Let’s not forget the health benefits – the ability to walk to amenities and services within 30 minutes of our condo building front door. Being so close to services will be a tremendous boost to my health.”
Reader email: “I thought so too, when I purchased my downtown on the waterfront condo 14 years ago. I love walking everywhere and even spend more on Presto than on gas for me (sic) car. However, as I age (78 now) and the area has constantly been in a business and condo construction boom, the increasing noise and the crowding (people and traffic) that comes with intensification now leads me to believe I am in a constant state of stress from these factors, and that is not exactly healthy. I now dream of moving to a greener and quieter part of the city……. just difficult to find exactly where, but I will.”
Always good to hear different perspectives and certainly there is not one size-fits-all when it comes to home ownership.
Could you live in a condo? Could you live in a condo in a major city?
Thanks for your questions! Keep them coming folks.
According to this article on Jon Chevreau’s Financial Independence Hub – 4 in 10 Americans can’t fathom if or when they might ever be able to retire.
Save, invest, and prosper while you invest this spring and summer!
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