Money Management

Extinguishing your largest liability

“For most people the biggest thing they will ever buy is their home, and the biggest liability they will ever have is their mortgage. But, unless your mortgage is coming up for renewal, the odds are good that you are just going with the flow, and not giving a lot of thought to how you…

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How to use a net worth statement

“In our daily routines it can be easy to overlook all the incremental bits of progress that happen. Sometimes it feels like we are working hard and still not getting anywhere. But when you look back to where you were last year and the year before, now you can start to see the progress: the…

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Also posted in Planning Encyclopedia |

Teaching kids about money

“Teaching your kids about money is one of the important jobs that a parent has. But that is easier said than done. For one thing, there is the money taboo. A lot of people just are not comfortable talking about money with their kids. But the money conversation is like the birds-and-bees conversation. Sure, it…

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Taking things for granted can cause chaos for your finances

“People take things for granted all the time. They may assume that things will stay the way that they are now. Or they may assume that the future will meet their expectations. And sometimes these kinds of assumptions will work out fine. That is, as long as things actually stay as they are, or the…

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Controlling your debt

“There are different types of debt, and some debt might even be considered as good debt. The best possible debt will be at a low interest rate, have tax advantages, and the money will be used to acquire an asset that appreciates in value. An example is an RRSP loan. These are available at low…

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Money should be your servant, not your master

“Money should be your servant not your master. Buying stuff is great. But taking 77 years to pay for it? That is money controlling you, and it should be the other way around.” Smart Money_ Money should be your servant, not your master – Alaska Highway News

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What I tell young people about financial success

“Most people will not really notice the difference in lifestyle today if, rather than spending 100% of their income, they live off 90% of their income, with the remaining 10% put towards their important financial goals. But if they spend all their money today, they will definitely notice it in the future when they want…

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Also posted in All Columns, Investment Management |

Raising financially literate kids

If you teach your kids only one thing about money, teach them this: Teach them to live within their means. This is fundamental to having a healthy relationship with money, and it affects almost everything else in your life. Money should be your servant, not your master. Brad Brain_ Raising financially literate kids – Alaska Highway…

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What to do with a windfall

One thing I would be reluctant to do is to YOLO your money. YOLO stands for “you only live once” and has come to represent people making ill-advised speculations on get-rich-quick schemes. But get-rich-quick-schemes are often get-poor-quick schemes. If you are thinking about YOLO, please don’t do it with more money than you are prepared…

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How to live your best financial life

“The very first, most important thing: live within your means. As Charles Dickens wrote, “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” Protect your finances from catastrophic health events. Buy term insurance when you are young and have mortgages…

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Also posted in All Columns, Insurance Columns |
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