Welcome to another Weekend Reading edition, where you’ll find some of my favourite reads from the personal finance blogosphere.
Earlier this week, I posted these articles:
Any big plans for the weekend? We’ll be seeing family and friends over the next couple of evenings and then enjoying some downtime on Sunday. All of it we’re looking forward to…
Have a great weekend whatever your plans are and see you here next week! Thanks for making My Own Advisor part of your weekend.
Millennial Revolution profiled a couple with a great income but feeling very trapped in a $1.6 million dollar house. Good problem to have…
Boomer and Echo wrote about high pressure sales tactics in the banking industry.
Michael James on Money has decided upon his core plan to spend non-registered money first, RRSPs second and TFSAs last.
Here are some thoughts about generating retirement income.
Retire Happy has some good advice for TFSA beneficiary rules – consider making your spouse or common-law partner as the account success holder. This way upon death (not fun to think about I know), the spouse essentially becomes the new account holder and the tax-exempt status of the TFSA is retained for them.
Consider this if you’re converting your RRSP to a RRIF. Don’t forget at age 65, RRIF withdrawals can be claimed towards the pension income tax credit. So, consider transferring $12,000 to a RRIF and take $2,000 out per year from age 65 to 71…essentially tax-free.
Unfortunately for this investor, profiled in the Globe and Mail, she hasn’t made more than $1,500 with her adviser’s help over the last 10 years – after paying fees close to $25,000 over that time.
Get FIRE’d Asap linked to Mr. Money Mustache’s really simple concepts behind financial independence. A great talk by Pete. Lots of good messages here even if you love what you do and don’t want to retire early or retire at all. Image courtesy of Mr. Money Mustache presentation:
Interesting formula from Freedom Thirty Five Blog – how to budget for a car. We have no car payments now. It feels great. A future goal is to pay cash for our next car, striving to spend under $10k for it in 2018.
Greater Fool profiled a home in need of major repairs in Toronto that sold for over $1 million. I guess spending a million dollars on a home ain’t what it used to be….
Cait Flanders is working hard to delay instant gratification in her quest of mindfulness and sticking to her values.
Passive Income Pursuit profiled Coca-Cola, a dividend champ.
Vave Financial wondered who is stealing your retirement. It could be you, your behaviour but to the point of Vave’s post it could be costly fund fees that continue to pile up. My message to you: avoid costly financial products. You can check out my post here about some great, low-cost Exchange Traded Funds (ETFs) to consider for your portfolio.
A Wealth of Common Sense offered some advice for how to invest when no one really knows what to do. His punchline is something I try and practice all the time: have a plan, follow it, even if it has flaws. A plan and the process of planning is far better than nothing at all.
Interesting numbers from Kijiji Canada – sellers in the second-hand economy are on average, earning $1,037 from items they no longer need.
Thanks to Investment Zen for including me in their best list of Personal Finance Blogs. Very much appreciated.
According to the Canadian Ombudsman for Banking Services and Investments – customer complaints are on the rise.