Finances

The One Major Move To Increase Your Net Worth

The One Major Move to Increase Your Net Worth

You may think that, in order to increase your net worth, you need to start investing in the stock market, try and make more money online or even get your foot in the door with a new and exciting business opportunity.

But one of the biggest ways to add more cash flow to your budget is simply changing where you live.

Whether it’s moving to a more affordable home or to a city with more employment opportunities, if this is the year you’re serious about growing your net worth and having a higher savings rate…

...think about moving to a lower cost area.

To help get you started, I've compiled a list of the most affordable cities to live in throughout Canada. Keep reading » about The One Major Move To Increase Your Net Worth

Buy It For Life: Are Quality Products Worth the Investment?

Buy It For Life: Are Quality Products Worth the Investment?

"Oh, I totally get it! BIFL!" my friend said.

As I read the transcript, I asked the question: "BIFL? What does that mean?"

"Buy It For Life," was the answer I received in the chat window.

This was the first time I had ever heard the formalized construct of buying something that was higher quality in the hopes that it would last longer, but it was actually something I had considered for quite some time.

I think my awareness of this issue first came at a very early age.

One day in elementary school, we were introduced to the concept of sweatshops. At that young age, I felt that buying products that were produced in substandard conditions to be sold to consumers for a cheap price was wrong.

As I reflect on this many years later, I also consider the aspect of transactional costs:

What is the real cost of getting things cheap? Keep reading » about Buy It For Life: Are Quality Products Worth the Investment?

How To Consign Like A Boss: 12 Ideas to Maximize Your Profits and Savings

How To Consign Like A Boss: 12 Ideas to Maximize Your Profits and Savings

Thrift shops. Second hand stores. Garage sales.

When it comes to saving money, buying used and second-hand items are the smart saver’s bread and butter.

A great way to not only save, but EARN a bit of extra cash is through the world of consignment.

Like a thrift store, pre-loved goods are resold at a fraction of the price they were purchased for.

However, unlike thrift stores, consignment stores pay the seller for their goods.

There are various types of consignment businesses ranging from children’s clothing and gear, to sportswear and household goods. So take a look through your closet, declutter and trade in your forgotten-about items for quick cash. Keep reading » about How To Consign Like A Boss: 12 Ideas to Maximize Your Profits and Savings

Beware The Hidden Costs When Buying And Selling Your House

Beware the Hidden Costs When Buying and Selling Your Home

As Canadians, we have been told from a young age that owning a home is the best financial move you can make.

And while it may be the best move for some, others may be better off renting.

If you are considering buying a house or moving into a larger place, you’ll want to consider all of the costs involved – and there are a lot of them. Keep reading » about Beware The Hidden Costs When Buying And Selling Your House

Important Money Lessons To Teach Your Kids

Important Money Lessons To Teach Your Kids

Considering the importance of budgeting and saving for the future, it’s a surprise that schools aren’t more active in teaching the fundamentals of personal finance.

That means the importance of children being taught money lessons at home can't be overstated.

Even if you weren’t taught money lessons growing up, it’s not too late to begin with your own children. Although every family will tackle this challenge in their own unique way, there are a few universal lessons that are useful for all children to learn.

To set your kids up for success, here are some things to keep in mind... Keep reading » about Important Money Lessons To Teach Your Kids

Best Credit Cards in Canada 2018

The best credit cards in Canada

What Canadian credit cards give the best best bang for our buck?

That’s what these rankings are all about.

These cards rose up to the top because they offer the very best in their respective category. If you’re looking for cash, travel, no fees, insurance, or even the best overall card – we’ve got you covered.

But, how do you decide which is best for you?

Only you can really answer that question. Here are some basic things to consider:

  • Keep your spending habits in mind. How much you spend and where you spend it does matter. The key is to never overspend for the sake of rewards.
  • Travel or cash rewards. Most cards can be broken down into one of these two camps. Travel cards usually give higher value rewards but lack the complete flexibility of cash.
  • Point value matters. If you go with a travel or points card, it’s pretty easy to see which cards earn more points. But, keep in mind that not all points have the same value. That’s why we show you an estimated real dollar value for the rewards you will earn.
  • More than just rewards. Credit cards have a lot of features, perks, and insurance coverage outside of rewards. Our top cards aren’t just there for the rewards. Don’t miss out on all their other great features too.

We tracked 160 credit cards in Canada, reviewed over 50 features of each card, calculated the dollar value of each card reward ‒ and let the numbers speak for itself.

Of course, the decision of whether the winner meets your needs is still yours...but you won't find a better starting point than this: Keep reading » about Best Credit Cards in Canada 2018

Reddit Personal Finance Reduction

Reddit Personal Finance Reduction

It was supposed to be simple.

Go to reddit, and sift through all of the information to find the best answers to the best questions for the week.

What I had at the end of all of my research was 152 pages of raw data: questions, answers, jokes, repeated answers from people who had not read the rest of the comment thread ‒ it was a mess.

Then, after spending the week going through that information, I did it all again and condensed what I found into the following questions and answers.

But first, let’s talk about reddit...

How reddit works

Keep reading » about Reddit Personal Finance Reduction

Choosing An Online Broker For DIY Investing

Choosing An Online Broker For DIY Investing

I've been doing DIY investing since 2011, previously I was with a big financial investment company where the service was good but was mainly invested in mutual funds that have very high MERs.

At first I had no idea really what I was doing, but now I have a sense of picking stocks and selecting ETFs that I find value in and putting my money to work. And so far, so good. 

Now I think I’ve reached a point with my DIY investing career where it’s time to try out a new online broker and see if the grass is greener somewhere else when it comes to discount online brokers.

Why Choose A DIY Approach To Investing

Keep reading » about Choosing An Online Broker For DIY Investing

What TurboTax Has That Other Tax Software Doesn’t

What TurboTax has that other tax software doesn’t

This article was sponsored by TurboTax.

Filing your taxes can feel like a no win situation…

Paying an accountant to do it for you can be quite expensive (been there) while doing it by pen and paper is a tedious error-prone chore (done that).

Tax software to the rescue, right?

It’s true, there are quite a few options out there today when it comes to tax software with many of them seemingly racing to the bottom trying to offer the cheapest possible price for multiple returns, or sometimes even free.

Honestly, using software is way better than wrestling with pencil, paper, and a calculator.

But, I’m a pretty financially savvy guy and I have to admit that I still struggle filling in all the fields correctly. I’m often reduced to scratching my head, desperately combing through poorly formatted help documents, searching madly online, and scouring the CRA website to find answers to my questions.

For someone who cares much less about money than I do, I can imagine it must be considerably more frustrating even with the help of software. That’s where TurboTax has picked up the ball and run with it.

TurboTax Holds Your Hands So You Can Stop Wringing Them

Keep reading » about What TurboTax Has That Other Tax Software Doesn’t

The War On Debt: The Work Has Just Begun

The War On Debt: The Work Has Just BegunWe have come to the end of our six-month blog experiment to kill The Colossus, which stretched into a year – and stretched us along with it.

Overall, this financial overhaul has been a difficult journey, not only because we had to curtail some bad habits – and in some cases, fight for a better deal…

But also because of stresses in our personal lives which have coincided with our financial crisis.

Report from the Job Front

Keep reading » about The War On Debt: The Work Has Just Begun

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