Welcome to some new Weekend Reading material folks. In case you missed it, I offered a take on what to buy with $1,000 to invest and I profiled a new dividend stock performance list service from Dividend Earner. Enjoy these articles about passive income, big investment mistakes and much more.
Roadmap2Retire shared some healthy passive income in this update.
Interesting update from Million Dollar Journey about what’s next now that his million dollar net worth journey is complete. He’s looking forward to more capitalistic pursuits.
Read here about a big investing mistake on 5i Research. No doubt you’ve made this mistake as well. Just don’t keep making it.
Hoping to become a snowbird in retirement? BrighterLife offers some help.
Boomer & Echo have a massive five year blogiversary giveaway underway – enter now!
I enjoyed this “best of article” from The Blunt Bean Counter: Stress Testing Your Spouse’s Financial Readiness If You Were To Die. Very morbid and very sad thought but something to plan for.
Big Cajun Man shared Stats Canada’s latest numbers.
Tawcan is on his way to earning close to $1,000 per month in passive income, a milestone we are striving for within the next year outside RRSP investments.
Money We Have provided some identity fraud tips.
Rob Carrick pointed us to this article, that said age 64 is the best age to downsize your home. In another home-related article, he said you shouldn’t buy a home at the expense of your RRSP. I agree and wrote as much with Thanks TFSA, we don’t need the Home Buyers’ Plan anymore.
Ryan Broyles of the Detroit Lions makes millions of dollars per year but lives on a $60,000 per year budget. Everything else has gone to investments, retirement savings and securing Broyles’ post-football monetary future. In the article he said about his financial learning curve: “I studied as much as I could,” Broyles said. “Talked to people wealthier than me, smarter than me. So that definitely helps.” Sounds like a very good plan.
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.
Thanks for sharing this useful article. I always love to read mistakes, as real tips lies there only. 🙂
Great article on identity theft. While computers are supposed to make life easier, they leave us open to having our IDs stolen.
Agreed, good article!
Very good Mark. I’m making a habit of reading your weekend list too!
Thanks
Thanks Deane!
Lots of great reads this week Mark, thanks! I enjoy reading down your list every weekend.
Happy to put it together Mr. CBB. Hope all is well!
Kathy, my father in law in the UK kept all his money under the mattress. They lived in subsidized seniors housing (you needed to have a lot of medical problems to get in), paying almost nothing for rent. But they had never owned a home, always had rented.
When we went to live there, he gave me a lot of money to go and buy a stock. When we moved back to Canada, I was sent to cash it in, the money had more than doubled in less than two years. I was nervous walking around with that much cash!
I think you made the right call with buying stocks Barbara. I hope to save more in 2015 and buy some O&G stocks.
It was an election pledge they didn’t keep. A vote winner though as many feel penalized for being financially frugal.
I could see that!
Mark, Being a British girl now living in the wilds of Saskatchewan, I think the real reason many Brits sell their homes is here elder care is income tested , there its means tested. Here you could have a home , farmland etc and just income gets taken to pay for extended care. In Britain the municipality sell your home to pay for your care costs. Quite frightening if you have the nerve to get better and want to return to your home. So many people sell and give the kids the money ( 7 year rule on avoidance applies ) early 60’s before end up in a home. That way wealth stays in family and care home is state funded. The last election the government pledge to cap care bills at a life time max of $140k or you could pay a “care bond” so house not seized. It all got shelved to 2020 though. There is also inheritance tax at 40% why all the stately homes / castle owners and landed gentry sell off works of art and land each generation to pay it
Kathy ( financial detective and tractor operator ) Saskatchewan and blooming glad to be here!
Sounds like a dicey dilemma, the municipality sells your home to cover healthcare expenses…? I had no idea. So in the UK you now have a lifetime cap of $140k for care expenses covered by the government, or that was just a pledge as part of an election platform – am I understanding that correctly?
Thanks for the mention Mark. $1,000 in monthly dividend outside of RRSP? That’s something we’ll have to work on too. Have a good weekend.
Correct, I don’t include our RRSP assets in my monthly dividend income updates, since the focus is on cash flow from CDN companies and tax efficient and tax-free (TFSA) accounts. The RRSP will be a mess to figure out, re: withdrawal strategies but better to have a tax problem in retirement than other financial problems.
I still need to save very, very diligently for the next 10 years to reach our investment goal. Lots of work to do but the journey is part of the fun Tawcan!
Not sure i agree with the Telegraph article about sell house at 64. If we are all living longer many are not retired and decrepit at that age. If you suddenly do have more time on your hands its time to enjoy the garden not it be a burden. Many peoples kids live a long distance away and they say space for them to stay or baby sit grandkids is important. Kathy Sadkatchewan
I don’t agree with it either Kathy but thought I’d include the article all the same – I found it interesting…
I know my parents (mid- late-60s) love visiting the grandkids and they are moving closer to us (their kids and grandkids) because of it.
Thanks for checking in!
Thanks for including me this week, it is interesting that no one has talked about jobs yet on the election trail, guess we will have to wait until September? Have a great weekend.
No doubt the noise about the “state of the economy” and politicians fighting hard for the middle-class will heat up soon enough…just give it time BCM 🙂
Enjoy your weekend!
Thanks for the mention, Mark. Hope you are enjoying the summer and have a great wknd
R2R
All the best R2R.
Thanks for mentioning the giveaway, Mark! I enjoyed the article on Ryan Broyles. Beats reading about another bankrupt athlete.
Have a great weekend!
Same to you Robb!