There is no doubt that 2008 will be remembered as one of the most remarkable years in the history of the global stock market (and not in a good way). Events have occurred that almost nobody could have predicted, although many seem obvious in hindsight. However, we must move forward. We can't dwell in the past-we have to learn from it. So what can we find out from the previous downturns? 1987 Black Monday - It was the largest one-day market decline in history. The general reaction by investors was a huge dumping of stocks, good and bad. The... More »
I recently had David Chilton, author of The Wealthy Barber, come to Toronto to speak to my clients. His message was very timely because the one main point he makes with his book is that to achieve financial success, you must always spend less than you make. This is the lesson my parents always instilled in me. I received a copy of The Wealthy Barber when I was 13 years old. I’ve read it many times since then and attribute much of my fiscal discipline today to the lessons from that book. Dave Chilton told me that he will... More »
Earlier this year, the Federal Government announced its plan to introduce a Tax Free Savings Account (TFSA) for Canadians, starting in 2009. A TFSA is a flexible registered savings plan that will improve savings and assist nearly all Canadians with their different savings needs throughout their lifetime. Top 10 Things to Know about the TFSA All Canadian residents can open a Tax-Free Savings Account if they're 18 years of age or older and have filed a tax return. The Tax-Free Savings Account will let you invest while not being taxed on the interest earned or investment earnings. You'll be... More »
September is here and the kids are heading back to school. Routines are back and it is a great time to get routines in place for your family finances as well. Most kids are eager to learn and so as parents, we need to supplement the curriculum from school with teaching our kids about money. It is shocking that kids today can get all the way to university without taking any course on personal financial management…in fact, if it’s not elected in university, it can be avoided completely. I’m not talking about a high school economics course, I’m referring... More »
