Weekend Reading – Travel hacking, top dividend ETFs, FIRE, #CanFinSummit and more
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.
I finished my series about low-cost, income generating, long-term growth dividend ETFs here with my top international dividend fund selections. Here are the other two posts:
You know what? I just realized I haven’t posted my latest dividend income update – so I’ll get around to that in the coming week or so. Here is last month’s update.
Before my favourite articles, the fine gents at Young and Thrifty were also kind enough to ask me to participate again in the 2018 edition of the Canadian Financial Summit. On September 15th, you can hear me speak about a magical money milestone we recently passed and what’s ahead when it comes to our financial plans for an early retirement, including what’s changed, how we’re getting there and more. In case you missed this event, no worries, you can get an anytime, anywhere All Access Pass. In addition to a pile of bonus material, this Premium Pass gives you lifetime access to streaming the videos. Pretty awesome. That pass will allow you to stream the entire conference – wherever and whenever you want.
Earlier this week, it was reported The Bank of Nova Scotia will no longer use the Ombudsman for Banking Services and Investments (OBSI) to mediate disputes with its customers, leaving the banking watchdog with just two of Canada’s five big banks under its thumb. “Even though it is funded by industry (the big banks paid more than $1.1 million last year to fund OBSI’s operations) the watchdog is considered to be an independent agency, and it’s a free service for upset consumers.” You have to wonder how banks will self-regulate customer complaints (or not) – thoughts?
MoneySense profiled this well-to-do couple. From the article: “My wife and I have a portfolio of about $1,600,000 in dividend-paying stocks that include banks and financials, REITs, pipelines, utilities, some ETFs tracking Canadian and U.S. high dividends stocks and the US S&P 500, and ETF tracking all the world except Canada. We also have $800,000 in GICs and high-interest savings accounts. We are also fortunate to have Defined Benefit pensions and annuities producing about $130,000 in income per year. My question is, what should I be doing with our investments at this point? We have more than enough to live on and won’t likely ever spend all this money. We are both 77 years old. —Paul”
My Own Advisor: Paul, congrats, seriously. You have a tax headache in retirement at age 77. Life must be very good. Go and enjoy yourself!!
Here is Leo’s trick to increase income and save money at the same time. Use the personal income tax code while running your small business.
Want to win another book on my site? Why not?! Some time ago, I profiled Steve Zussino’s book Travel Hacking for Canadians. In that book, Steve shared his tips, tricks, and secrets to travel more and pay less. I enjoyed Steve’s book but I have a copy to giveaway and I’m happy to do so here – so enter to win!
- Take advantage of signup bonuses where you can
- Double-up on points via any in-store promotions
- Refer your friends.
At this point, I should remind you that the credit card companies know these hacks rather well – bonuses and promotions are designed (by them) to get you to spend more money. Be careful out there!
Can you FIRE (Financial Independence, Retire Early) on a low income? For sure Tawcan, but it’s more difficult depending on your spending needs.
Interesting post from Robb Engen about a retirement study that suggested: “Retirees should expect to spend as much as 130 percent of their preretirement income after they retire. Yikes!” Agreed Robb. Is everyday like a Saturday for retirees? I bet it must feel like that for sure but I’m also pretty confident we won’t be spending 130% of our working income when it comes. Besides…we expect to live off dividends to a degree so we don’t overspend. That means we’ll spend what our portfolio makes and just a little bit more – that’s it.
End of summer and investing reminders!
Use my promo code MYOCASH with BMO, so I can provide you with hundreds of dollars cash back when you open a BMO InvestorLine self-directed account.
If you invest online with BMO, you won’t pay fees on your first $15,000 invested for a year. Make sure you use promo code MYOSF for My Own Advisor’s special offer when opening your BMO SmartFolio account.
Other reading material…