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Money Management
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…
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…
Also posted in All Columns, Insurance Columns
The battle of the heavyweights
“The bottom line is that RRSPs and TFSAs are both great planning tools, but neither is intrinsically superior to the other. Which one is right for you will be determined by your objectives and your personal circumstances, including; what do you want to use the money for, when do you want to use the money,…
Also posted in All Columns, Income Tax Planning
How to spot an investment fraud
“Every year millions of dollars are lost to fraud in the province of British Columbia. It is probable, sooner or later, that somebody is going to try to rip you off. It might come as an email from someone you have never heard from, but it might also come over coffee from someone you know.”…
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No such thing as free lunch
“Even before 2020, our federal and provincial governments have been spending a lot of money. And I mean a lot. Then the pandemic economic response spending started, and the taps have been wide open.” Brad Brain_ No such thing as free lunch _ Alaska Highway News
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Reckless debt is like playing with fire
“The use of debt is also simultaneously a wonderful and a terrible thing. And, like fire, it needs to be extinguished once it has served its purpose. The proper use of debt allows you to do what you want if life. Reckless use of debt, however, can bankrupt you.” Brad Brain_ Reckless debt is like…
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New COVID-19 resources for recovery
“The newest addition is the BC Recovery Benefit. One of the NDP election promises was to provide cash to British Columbians, and now we know what that looks like. The BC Recovery Benefit is a special one-time payment to eligible adults who live in BC. It will provide up to $1,000 to families and up…
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