Is Renting Throwing Away Money?

By Robb Engen

July 29, 2020 

Young people face a lot of pressure from their parents and peers to own a home. Canadians in general have a high rate of home ownership at around 68%, and in many cases homeowners have seen tremendous growth in real estate prices for the past few decades. For these reasons many people believe home ownership is the ticket to wealth and renting is a waste of money.

But is renting throwing away money? Or, just ‘paying someone else’s mortgage’? We need to show a fair comparison of the rent vs. buy scenario to know for sure.

Is Renting Throwing Away Money?

Most people tackle the rent vs. buy problem incorrectly by framing it as the cost of monthly rent versus the cost of a monthly mortgage payment. The argument goes something like, &l.

The Case against Buying a Home

Scott Barlow, Globe and Mail market strategist

February 3, 2020

The Wealth of Common Sense finance site effectively summarized the cases for and against buying a home in a January 24th post. The information focuses on U.S. investors but might be even more important for Canadians - the domestic real estate market is again surging higher from already-lofty levels in major centers.

Surprisingly, the author Ben Carlson doesn’t mention the most often cited reason for buying a home – you’re paying your own mortgage, not someone else’s – but the remainder of the pro-homebuying arguments are familiar. Stability, financial planning, the ‘psychic value’ of owning your own place and the potential for price appreciation are all mentioned.

The extended ra.

Kicking Debt Down the Road

By Robb Engen

December 3, 2019

Canadians started piling on the debt after the financial crisis in 2008. Back then our household debt-to-income ratio was sitting around 150 percent ($1.50 owed for every dollar of disposable income). Today that number hovers around 177 percent. We are kicking debt down the road, instead of kicking it to the curb.

It can be reasonable to take on debt for big ticket items such as a mortgage, vehicle, education, or for an investment. We often do so because it’s easier to pay off a loan over time than it is to save enough to pay the full cost upfront. That’s life.

But the pain of debt can be masked by the cheap cost of borrowing. Low monthly payments, interest-only payments, and long amortization periods give the illusion that our debts are manageable. We think a long .

How To Trick Your Lizard Brain Into Saving More Money

By Robb Engen

November 27, 2019

Humans aren’t wired to make rational decisions. Our lizard brain, responsible for satisfying all of our primitive survival needs – including safety, hunger and feeling as good as possible at all times – sabotages our behaviour every day. And it can sabotage our bottom line, too.

Lizard brain makes us do the same things – good or bad – over and over again so it’s the king of bad habits. If you’re chronically late to make payments on your credit card or always forget to transfer money to your savings account, your lizard brain could be to blame. That said, you can counter its reluctance to change its well-worn ways of doing things by 

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What Makes People Charismatic, and How You Can Be, Too 

Simple tips to break through your social anxieties and make real, genuine connections with others.

By Bryan Clark

August 15, 2019

Ask people to name someone they find charming and the answers are often predictable. There’s James Bond, the fictional spy with a penchant for shaken martinis. Maybe they’ll mention Oprah Winfrey, Bill Clinton or a historical figure, like the Rev. Dr. Martin Luther King Jr. or Mahatma Gandhi. Now ask the same people to describe, in just a few seconds, what makes these charmers so likable.

It’s here, in defining what exactly charisma is, that most hit a wall. Instinctually, we know that we’re drawn to certain people more than others. Quantifying why we like them is an entirely different exercise.

The ancient Greeks described charisma as a .

Want to Be Happier? Science Says Do These 11 Things Every Single Day

Try them. They work. (If you can't trust science, what can you trust?)

By Jeff Haden

Obviously, we all want to be happier. But there's another reason to wish to be more lighthearted and content: Happiness is definitely a result, but happiness is also a driver.

While I'm definitely into finding ways to improve personal productivity (whether a one-day burst of output, or a lifetime of increased effectiveness, or 

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We have all heard the saying, it's not what you know, it’s who you know. And considering that, 70% or more of jobs are never posted online, there is one superpower that will help you secure your dream job or build connections for the future: networking.

I am not saying to forget about your technical skill set (it counts!), but be aware of the value interpersonal skills plays in building a solid community.  

As a career coach who helps clients find jobs, I am surprised to learn how many opt out of networking. I once had a client, we can call her Sarah, come to me for help with making a job transition from sales .

October 20, 2017

10 ways to protect your personal information

By Joy Blenman

When it comes to identity theft and the damage it can do, using your common sense along with smart tech tips can help you stay safe.

Having your wallet stolen is an unnerving experience that can leave you feeling panicked, violated and anxious. And as more of our personal and financial information moves online, hackers have new opportunities to steal our virtual wallets – which can be as bad or even worse than a physical theft.

In September 2017, the credit bureau Equifax revealed that the files of 145.5 million American consumers had been compromised. These files contained clients’ personal information such as their names, addresses, social security numbers and, in some cases, driver’s licence numbers. In Canada, the breach affected around 8,000 people, according to the firm’s

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5 Financial Resolutions for 2017

Dec 22, 2016

Written by Kevin O'Leary

1.    Pay Your Debts

Nobody will be surprised that this is at the top of my recommended resolutions. It’s common sense - everybody knows that debt is the enemy, right? You’d think so, yet every single day my inbox is flooded with dozens of people asking me questions like “should I use my Christmas bonus to pay my credit card bill or should I use it to buy x, y, z?”

My answer is always the same! As long as you have debt, you should be using every penny of your paycheck to repay it (after your other bills and necessities are accounted for of course). You can’t find financial freedom when you owe somebody else money, it’s simple.

2.    Calculate Your 90-Day Number

Your 90-day n.

Canadian women equal men in skills but wage gap persists, study finds

Rachelle Younglai

The Globe and Mail

Wednesday, Oct. 26, 2016

Women in Canada earn 65 cents for every dollar men are paid even though they have the same skills, says a report released on Wednesday.

Women are on par with men in education, literacy and skills, according to the World Economic Forum’s annual study on the gender gap. That is showing up in white-collar jobs, where there are now more women than men in high-skilled positions.

“There is equality in the types of skills women are acquiring,” said Saadia Zahidi, a member of the forum’s executive committee.

The report looked at who was employed in professional and technical positions, such as medicine and computer.

Women & Money:  How to take charge

Five ways for women to help overcome a lack of confidence about money and investing.

By Fidelity Investments

APRIL 2016

Here are five ways that may help you to become more financially engaged.

1.   Learn at your own pace. It is not as hard as many women think. Once you have an understanding of investment basics, you’ll feel much more comfortable making decisions. The good news: It is never too late – even small adjustments to savings rates or investment plans can have a big impact over time. To help get you started, there are numerous tools, tips, and articles that can help you take your financial knowledge to the next level. Your financial advisor can provide guidance on sourcing these materials.

For basics about mutual funds, visit “Learning about mutual funds” on fidelity.ca.

A target date fund ma.

What to do if you lose your job

Avoid acting rashly and take time to get back on your feet.

By Beth A. Berk, CPA, CGMA

August 18, 2016

There may come a time in your career when you lose your job. This could be due to reasons outside of your control—a merger or acquisition, or having your employer shut down or relocate. Or you may have done something (that you were possibly not aware of) that caused you to be let go. Whatever the reason, losing your job can seriously disrupt your career plans—and your emotions. Getting back into the job-hunting frame of mind can be a challenge.

Regardless of whether you left your job, or your job left you, there are some steps you should take to get your career back on track. Consider the following:

Take time to regroup. Take a few days or more off to think about your next steps and a strategy for.