Weekend Reading – Ways to be too frugal, minimalism, get the big money decisions right 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.
I got around to posting these articles this week:
What are you saving money for? I know what our goals are and why we are doing that.
How should you invest in a taxable account? I own Canadian dividend paying stocks in that account now that my TFSA and RRSP are pretty much maxed out. How about you?
Based on the overwhelming success of this review and giveaway, I’m going to spend more time interviewing the author of Your Ever Growing Income, Henry Mah in the coming weeks. After I get more answers from this savvy investor and author – we’ll giveaway more books – stay tuned!
BTW – congrats to Paula from BC who won the recent giveaway as well – your book is in the mail.
Best wishes for the weekend and see you here next week!
Tangerine had an article entitled: am I being too frugal? Examples of extreme frugality go like this:
- Saving money on electricity by using only candles
- Eating tuna fish by can versus buying any other meats
- Taking additional ketchup packets, coffee creamers and other condiments from restaurants as to stock up for your own home consumption instead.
I’ll admit, as university students a bunch of us did the latter bullet from time-to-time AND I even cut my own hair for a few years. That certainly helped us afford buck-a-beer nights during the weekend! You gotta have priorities folks.
Surprising that some folks really don’t know if they have “enough” – or – they remain ultra-conservative when it comes to saving and investing projections. Take Ellen, who is 72 in this investor profile, who will earn $15,000 per year from CPP and OAS and can easily spend at least $80k per year from her portfolio and will never run out of money with her assets (cash ~ $16k; taxable account ~ $680k; corporate account ~ $311k; TFSA ~ $98k; RRIF ~ $681k and no debt). Well done Ellen.
Pretty bang on tweet here – get the big decisions right in life and live your life! Forget the annoying latte factor and go enjoy some nice craft beers this weekend…
GenYMoney is pumping out some great content of late. Here are her lessons after getting rid of 365 things in one year. I know as we downsize to a condo in a few months, we’re doing a crazy amount of donating, gifting and some selling here and there. When I reflect upon what my wife and I really need, especially what we need to be happy with, it’s shocking how much material goods simply don’t matter. What about you?
A fan and contributor to this site, Brian So, shared this definitive guide to critical illness insurance. Smart stuff worth a read to be well informed.
Million Dollar Journey answered the question: what happens to your RRSP and TFSA after you die?
Great article…and for further reading about your RRSP, TFSA, RRIF and non-registered account beneficiaries …check out this post on my site. I totally agree with MDJ, where relevant to you, make sure you consider naming a Success Holder for your TFSA. We’ve done that too.
Have a great weekend folks.