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7th Eternal Truth: Don’t say no to free money from the Government

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Uncle Sam on a white background offering stacks of bills

Today in the Financial Post and online are the seventh and final installment of my series on the 7 Eternal Truths of Personal Finance. The headline and online link is Eternal Truth No. 7: Don’t say no to the few offers of free money from Ottawa.

That applies to Washington to, of course! Either way, and as the article points out, truly free money from Government is a rare thing, since money is really flowing in the opposite direction in the form of taxes.

Still, there are ways to minimize the tax burden in either country, and you shouldn’t say no to them when they’re on offer.

Here’s a summary of the entire series, with links to each of the seven Truths.

 

Eternal Truth # 5: Be an Owner, Not a Loaner

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Depositphotos_3208371_xs-2Wednesday’s Financial Post ran the 5th instalment of the 7-part series I’ve been writing on The Eternal Truths of Personal Finance.

I originally headlined this one with a title that’s long been familiar to personal finance writers and investors: Be an owner, not a loaner, which is to say emphasize stocks over bonds. The headline in the print edition today (FP5) reads Eternal Truth No. 5: Embrace Risk, pay less tax.

When  I posted this blog, there was no online version available, so I took the liberty of posting my original draft, which may vary from the edited version in the paper. Here’s the link to the first in the series, and nearby should be links to at least instalments two to five.  Continue Reading…

Life at the cottage: What you need to know BEFORE you buy

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Cottage On The Carpenter Lake, British Columbia
Cottage On The Carpenter Lake, British Columbia

By Erica Nielsen

Special to the Financial Independence Hub

After a long winter, summer is finally upon us For many, now is the time to look forward to the best part of summer: cottage season.

“Cottaging” has become a national pastime, and while there are many benefits to a family cottage, it’s important to fully understand the entire picture of owning and operating a home-away-from-home.

I learned firsthand how much was involved the first winter after we purchased our cottage when we were faced with repair costs for the road leading into our property.

When exploring the purchase of a cottage or vacation property, it’s important to consider all costs. These can range from the big ones like a down payment, to smaller costs that can add up — such as taxes, maintenance and winter plowing. In addition, if your cottage is not a primary residence, you may require a different type of mortgage and insurance.

Whether you’re experienced in the home buying process, or planning your first property purchase, there are some important considerations to evaluate before you buy the beach chairs:

Know the costs, all year round Continue Reading…

Summer is Here! How to Avoid The Financial Heat Wave

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Linda MacKay RSI
Linda MacKay

By Linda MacKay

Special to the Financial Independence Hub

Today is the first official day of summer as well as Father’s Day. So it’s entirely appropriate that parents across the country are busy lining up activities to keep their kids busy while they’re out of school.

Many parents find it a juggling act to pay for the additional expenses. According to a recent survey TD conducted – 71% of Canadian parents with children under the age of 18 who incur additional costs for their child during the summer spend up to $999 per child and half (51%) find budgeting for these additional summer costs stressful.

To help manage the financial heat wave that summer may bring, here are five quick tips for parents: Continue Reading…

Weekly Wrap: Eternal Truths 3 & 4, psyching up for Retirement, best rideshare deals

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Home sweet home concept illustartion with house, ribbon, bird and flowers

This week, two more instalments of my “Eternal Truths of Personal Finance” series were published in the Financial Post.

Wednesday featured Eternal Truth #3: Get out of Debt.

Saturday featured Eternal Truth #4: Buy a Home and Pay if Off as Soon as Possible. At least that was my original headline: you can find it online under the title Eternal Truth #4: Don’t be a Renter.

In my book, Findependence Day, this truth is expressed as “The foundation of financial independence is a paid-for home.”

Of course, in cities like Vancouver, Toronto,  San Francisco and several other California cities, critics of sky-high housing prices continue to argue that renting and putting the difference in the stock market may make more sense. In Friday’s Financial Post, just this argument was made in no uncertain terms: You’d have to be crazy to buy real estate.

I’m not sure I’d be buying at these prices today but am glad we bought a starter home in 1988. It didn’t stop us from building a healthy stock portfolio as well: I don’t see home ownership and investing as mutually exclusive propositions. Continue Reading…