Why pre-authorized contributions take the emotional baggage out of saving. Canadians have many admirable qualities, but the ability to save isn’t one of them. According to Trading Economics, our household saving rate is 5.8 percent, which is below our historical average of 7.48 percent. A 2016 survey by the Canadian Payroll Association found that three-quarters of Canadians have saved 25 percent or less of their retirement goal. While the high...
Should You Buy A Boat?
It’s a luxury item that many people love, but few know how to purchase. Here’s what to look for when you’re ready to buy a boat. Every Friday night, from May until Thanksgiving, Linda Waddell and her husband drive from their Orangeville home to the shores of Georgian Bay. They then climb onto their 32-foot cabin cruiser – a large boat with sleeping quarters onboard – and spend the rest of the weekend puttering around the area. “It’s the...
When Cheaper Is More Expensive
Depending on the item, paying more for a product can be a good thing. Last fall, Jenny Hall bought her dream car: a new Mercedes sedan. While the London, Ontario-based real estate agent is at a stage in her life where she can afford a pricey vehicle, she didn’t just buy it because it was a Mercedes. She purchased it because it received the highest ratings for quality and longevity. “I didn’t just rush out and buy it,” she says. While...
Your Quick Cottage Makeover
When your weekend refuge starts looking blah, try some quick techniques for punching things up. Opening the cottage every spring always reveals a to-do list of projects. Docks that need a hammer and nail. Screens riddled with holes. Outhouses verging on catastrophic. And interior spaces that look drab, cluttered and dated. Many long-time family cottages could use a renovation or serious interior-design overhaul, but that’s not always in...
Drop Your Debt Or Put Money in the Market?
With today’s low rates, the pay down debt or invest debate isn’t as clear cut as it used to be. Ever since people started borrowing money centuries ago, people also started worrying about being in debt. Nearly 250 years ago philosopher and economist Adam Smith made a comment that still rings true today: “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” As Smith suggested all those years...