Weekend Reading
Welcome to my latest Weekend Reading edition – as summer rolls on…
The Ottawa REDBLACKS came up with a big win last night (finally) and have now distanced themselves from the basement of the East division that is the Hamilton Ticats. I’ll be at the game next week so we’ll see if they can make it two in a row.
The Taste of Manotick is on this weekend, just down the road, so we’ll go to that.
I went bonkers on the site this week posting a number of articles:
Check out this millennial’s savvy journey to date towards early retirement.
I opened up about a housing dilemma we’re talking through.
I posted some advice for parents struggling with credit and going back to the bank to fund back-to-school expenses.
Enjoy these articles and of course have a great weekend!
Mark
InsurEye developed a simple flowchart to help narrow down the right life insurance product for you. On this same subject, regarding no medical life insurance I think it should always be buyer beware. I wrote about that here and what to be very mindful of. Let me know your thoughts.
ESI Money asked if travel hacking is worth it? Like anything I think it depends. My friend Steve Zussino wrote the book, literally, on the subject – you can read about such hacking methods here.
President’s Choice Financial (PCF) and CIBC have broken up. Was does that mean for you? Rob Carrick highlighted five things to know about this divorce as a PCF customer. This includes what you should expect from Simplii – the new low-cost online bank to be run by CIBC where approximately two million accounts will be transferred to.
When to sell an investment property? Financial Samurai has your answer.
Don’t forget about this giveaway – I giveaway FREE stuff on this site! 🙂
Kate Smalley asked: when did we decide being “good at money” meant not spending it? Interesting question but for what’s it worth I don’t think that way. Save first, put it away and have fun with the rest – life is for the living.
…and so the debate always rages on: should you invest or pay down debt?
If you choose to save and invest your money, a reminder to check out the updates to my Deals page where you can save hundreds or even thousands of dollars over years of investing thanks to my partnerships.
Million Dollar Journey shared some good sources of retirement income here.
This our bucket approach to earning income in retirement that includes government benefits, workplace pension benefits and some part-time work. We’re anticipating those days are no longer than 10 years away as long as we stay on the same financial course.
Tawcan posted his July dividend income. I think he’s smart to maximize his registered accounts first (e.g., TFSAs and RRSPs) before investing in a taxable account. Once you’ve maxed out contributions to your registered accounts (including RESPs if you have kids…certainly no small feat!) you can consider taking advantage of the dividend tax credit with a taxable account.
Roadmap2Retire posted his income report here – progress well done.
Mark
My name is Mark Seed - the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I'm looking to start semi-retirement soon, sooner than most. 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.
Be nice Mark! My Ticats are having a miserable season. ): By the way that pop up at the bottom of my screen is irritating; just my opinion.
Sorry Mark; I figured out how to get rid of the pop up!
Good! 🙂
OK. Good to know. Sorry about your Ticats. Do you think Kent (coach) is on the way out?
“re: savvy early retirement”
Too many people want free rides and look to early retirement as continuing to do nothing and get paid or supported by others. When we were young our goal was to get a better/higher paying job. I gladly looked for better opportunities (often just hoped) but not to quit at 35, 45, 55 or whenever and sit around doing nothing or things I might like. What one does not realize is that the things one likes at 35 are not the things they will like at 60.
It’s great that some of the young people are planning for their future, saving and working to a secure retirement. But why not also do a better job now, earn more money, progress up the ladder and having the money to retire will become much easier. As Mark is doing with his “Deals Page”. I don’t object because it helps his plan and possibly both might benefit.
Money may not be a cure-all, but life is sure much easier if its not a concern during retirement.
“What one does not realize is that the things one likes at 35 are not the things they will like at 60.”
So true. Certainly my tastes have changed since my 20s and 30s and I suspect they will change again in my 50s and 60s.
No doubt Dan has done well, largely because he had a good job, little debt; the ability to earn lots of money.
re: savvy early retirement
There’s two main sticking points I have with this mindset:
1) the belief that money is a cure-all (i.e. only more money will be able to buy happiness/create a better life);
2) the belief that, as the savvy millennial put it, “…if I had the necessary funding to take a paycut and do something I enjoy/none of my hobbies have 6 figure salaries attached to them…”
Bottom line, the early retirement movement is built upon a foundation of very limiting beliefs, which, for me, do not compute.
re: the right life insurance product for you.
With more and more imported citizens to the city in which I live (a 7% annual population growth vs 5% national average), there comes more and more incompatible driving habits (e.g. the parking spaces in Calgary are as wide as the roads in Victoria). Couple that vehicular influx with the growth of elderly and medicated (legal and/or otherwise) drivers…there’s a reason there’s an average of 1 auto/cyclist accident reported per week, with probably many more going un-reported. Any non-automobile road user would be wise to look at (life) insurance options.
re: sources of retirement income
But…half of those sources are some form of pension. I thought the PF golden rule of thumb was to fully discount any and all pension income from retirement income calculation? You guys confuse me.
re: PCF and CIBC have broken up
As I’ve long predicted, all these start-up and “alternative” banking entities will eventually be sucked up into the folds of the Big Five (even though it was pretty much CIBC all along). For you big bank believers, say hello to your future growth model. PCF is keeping the credit card and insurance businesses; two guesses as to what was making them money.
@Tawcan — nice garden! It’s been said a garden is one of the best investments you can make (on many levels). According to Investopedia, “the National Gardening Association still concludes that the average gardening household in 2009 experienced a $530 return on their average $70 investment to garden.” A 750% annual return; kinda makes 3% dividends look silly. Do you ever calculate your savings on your (assumed) organic crops, esp. strawberries, tomatoes, etc.?