Hearts and flowers…and finances

Financial advice for happy couples on St. Valentine’s Day

Valentine’s Day is that annual hearts-and-flowers fest that can be gushingly romantic, to say nothing of stressful. It’s also a time when many proposals of marriage are made – and accepted. Once that initial excitement subsides a bit, it’s time to get down to the brass tacks of planning the wedding. But it’s also a good idea to set aside some time to talk about your financial future together. Here are five tips I offer newly-engaged couples. READ MORE

Six rules for RRSP success

Key investment principles

This year, the RRSP contribution deadline for getting a 2018 tax deduction is March 1. You still have four weeks to make a contribution, and that’s plenty of time to discuss the best strategy with your financial advisor. To make sure you get the most benefit from your RRSP, there are six key rules that apply all the time, and that I advise my clients follow. READ MORE

How to protect your assets during a divorce

Accurate record-keeping is essential

Divorce proceedings are often contentious, emotionally fraught, and never easy. That’s why when going through a divorce, it’s absolutely critical to keep a cool head about your finances and property. Unfortunately, it’s here that there tends to be the most dispute. But that needn’t be the case if you have all your records in order and can show what’s yours personally and what is legally jointly held property. There are three key principles to follow. READ MORE

Don’t panic! But do review your portfolio

Some annual housekeeping to keep allocations on track

Concerns about the health of the global economy, the effects of the U.S.-China trade and tariff dispute, rising interest rates, and the flattening yield curve combined to make the stock market slump of the fourth quarter one of the worst in a long time. Toronto’s benchmark S&P/TSX Composite Index dropped 11% in the quarter, as a 38% drop in the price of crude oil weighed on energy producers. The index ended the year with an annual loss of 11.6%. Similarly, New York’s blue-chip S&P 500 Composite Index plunged 14% in the fourth quarter for an overall 6.2% loss in the year. So is it time to sell stocks and re-set your portfolio with a heavier weighting to cash? READ MORE

How to overcome the post-holiday credit card blues

5 tips for putting credit cards on a leash

Starting with Black Friday in November and ending with Boxing Day in December, the holiday spending season is just about guaranteed to stretch the use of your credit cards. And come the end of January, you may be singing the credit card blues. You’re in a credit card crunch when you have multiple credit cards that you are unable to pay off in full and are having difficulty making minimum payments on some or all of them. You’re way past the “crunch” stage if creditors are sending past-due letters, calling you, or showing up at your door or place of work. Here are some tips on how to put a leash on your credit cards. READ MORE

Four investing mistakes to avoid in 2019

Novices especially prone to classic investment pitfalls

Markets go through periods of volatility, and we are in one such period now. Market sentiment has been decidedly sour for the past few weeks. The Dow Jones Industrial Average recently sank into correction territory. And crude oil prices have slumped, hitting the energy sector hard. Economic growth in China is coming in slower than expected rattling exporters and commodity producers. So what’s an investor to do? Do you sell your stocks, get out of the market, and put your money under a mattress? But that would be precisely the wrong thing to do. Investors can go a long way to calming down if they simply avoid these four classic investment mistakes.

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Is $1 million enough to retire on?

Let’s say you’ve accumulated a nest egg of $1 million at age 65, through pension plans, perhaps a significant RRSP, TFSA contributions, some inheritances, and possibly some money left over from downsizing your home. You’re ready to retire, and you have to decide what to do with it to make it last through retirement. Here’s what you need to know. READ MORE

How to retire with $1 million

Reach that magic number even if you start at 40

It’s sometimes said that you need at least a $1 million retirement fund to maintain the kind of lifestyle you want after age 65. But starting at, say, age 40, can that even be done? The good news is that it is possible to build a million-dollar retirement fund. But there five important principles you have to follow. READ MORE

Black Friday binge, Red Monday remorse

Financial literacy and the art of budgeting

Black Friday. It’s become a pop culture phenomenon. In fact, it’s one of the cleverest marketing gimmicks of all time. For U.S. retailers, the Friday after U.S. Thanksgiving Day has typically been the day they become profitable for the year. In other words, their ledgers go out of the “red” and into the “black.” Some clever marketers seized on this as a way to create excitement and ramp up pre-Christmas sales. They called it “Black Friday,” promoted it like crazy, and watched the frenzied crowds mob the stores. It’s now even caught on in Canada. For most consumers, though, it’s often a case of “Red Monday Remorse,” the day you realize you’ve blown your budget out of the black and (deeply) into the red. And it hits you right in your wallet, purse, bank account, and credit card statement, in about a month’s time. READ MORE

A business of her own

What successful businesswomen know about start-ups

Many women dream of starting their own business. And there are plenty of advantages. First, you are your own boss, and in control of your own destiny. Then, you get to produce that product or service that no one can do as well as you. You get the satisfaction of seeing your business grow. And there are plenty of tax advantages, too, including lucrative deductions, credits, writeoffs, and income-splitting opportunities. READ MORE

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