I recently came across two great quotes that really resonated with me from a personal finance perspective. The first quote, attributed to Karen Salmansohn: “Collect moments not things.” The second quote, attributed to Dr. Seuss: “Sometimes you will never know the value of a moment until it becomes a memory.” We live in a society that often seems to be in a perpetual state of chasing money and constantly buying things we don’t need, partly because we struggle to be content with what we have. With this in mind, why do I think that we should all be putting more emphasis on collecting memories, in ..read more

“Expect the unexpected.” Three simple words of advice that are more than 100 years old, but still absolutely correct to this day! In today’s article we’re going to discuss who it was that originally said to expect the unexpected, what it means, why doing so is important, and also how to prepare yourself financially for unexpected events. Who Said Expect the Unexpected? Fans of the Big Brother reality TV show might associate the quote “expect the unexpected” with that show, but Oscar Wilde’s use of the phrase in his play An Ideal Husband predates the TV show by more than 100 ..read more

For many Canadians, our first encounter with mutual funds is likely to occur when we’re meeting with a personal banker at a local bank branch, perhaps during those first few weeks of the year that are often referred to as RRSP season. You might go into that bank appointment planning to keep things very low-risk by investing your hard-earned money in a Guaranteed Investment Certificate (GIC), only to be pitched instead on the benefits of investing in mutual funds. Hopefully you don’t make an on-the-spot decision during that initial meeting, choosing instead to take away the marketing materials ..read more

Wondering what the terms encumbered and unencumbered mean, and how they relate to both properties and financing? My goal with this article is to explain this topic in an approachable manner, so I’ll try to keep things as simple as possible, and I’ll avoid deep diving the legal terminology with you (we’ll leave that to the lawyers!). Also, please keep in mind that specific terminology relating to encumbrances may vary depending on which jurisdiction you live in. How Do I Know This Stuff? Before we begin, you might be wondering how I even know this stuff, aside from being a finance guy. The answ ..read more

One of my favorite mantras as a stingy finance guy is “simple is best.” In today’s article we’re going to discuss how this applies to your spending habits, your debt, your ability to save money, and even your personal happiness. Simple Is Best for Your Spending Habits The first benefit of being okay with simpler things is that it can have a huge positive impact on your spending habits. Clothing is a great example. Did you know that you can find all sorts of great items in amazingly good condition for very low prices at a thrift store? How much money would you be saving if you were willing to t ..read more

Wondering what an accredited investor is, and how the term is defined in both the United States and Canada? We’ve got you covered in this article, and our goal is to explain this in a way that is as simple as possible, because securities regulations aren’t really known for being easy to navigate and understand! What Is an Accredited Investor in the United States? Accredited investor is a term that is used in the U.S. and Canada to describe a person or entity that is considered to be either wealthy enough or financially sophisticated enough that the securities regulators feel more comfortable w ..read more

Our society actively encourages us to be homeowners, but unfortunately buying a home can also potentially be one of the worst financial decisions that you’ll ever make, especially if you wind up being house poor! In today’s article we’re going to explain what it means to be house poor, some reasons why it can be a very bad thing, what can cause it, how to avoid it, and what you can do about it if you’re already in that type of difficult financial situation. What Does House Poor Mean? Let’s begin by talking about what is meant by saying that someone is house poor. In a nutshell, being house poo ..read more

I still remember what it was like to move out for the first time, both exhilarating and scary simultaneously! There is so much to consider as you ask yourself some key questions, such as: Can I afford to move out? What happens if I lose my job or can’t pay the rent? What if I don’t have enough money for food? How will I feel if I have to move back in with my parents? If this is you, you’re in the right place, because I thought it would be a good idea to put together an article that will help you to understand the huge list of things that you need to consider when preparing to move out, inclu ..read more

GICs are often one of the first types of investments that many Canadians encounter. This is because the banks that we deal with on a regular basis are frequently the first place we turn to for investment advice, and also because GICs are a low-risk investment option. In today’s article we’re going to cover some key topics about GICs, including: What Is a GIC? Are GICs Covered by CDIC? What Is a Redeemable GIC? What Is a Non-Redeemable GIC? What Is the Difference Between a Redeemable and Non-Redeemable GIC? What Is a Cashable GIC? Most of these questions are related to the ability (or inabili ..read more

We are often pressured to succeed in life, either by our families (particularly our parents), or by society as a whole. This in turn can lead to an unhealthy fixation on the pursuit of money. Parents likely do this with good intentions, because they want to see their children do well in life, but all of that encouragement to become a doctor or an accountant or a lawyer is ultimately tied to the ability to hopefully make lots of money. With this in mind, I thought it would be helpful to write about a few key reasons by it’s a bad idea to be fixated on chasing money. Chasing Money Won’t Make You ..read more