RRSPs, Valentines, 50 Shades of Debt and #BestOfThisWeek

It is RRSP season, if you have not noticed, and there is still time for you to put money into your RRSP and claim it for your 2014 taxes. You should have done this a long time ago, but if this is how you do things, you still have about 16 days to get this done. A word of warning: you are not buying an RRSP. You are either (1) Setting up an RRSP account and depositing money into the account to purchase or set up a savings vehicle, like GICs, Bonds, Securities, Mutual Funds or the like, or (2) You are adding money to an existing RRSP account, where you will purchase or set up a savings vehicle. You are not “buying an RRSP”, please don’t say that.

This Valentine’s Day Weekend remember your loved ones, and show them that you love them in some fashion, that does not entirely bankrupt you. No matter what the diamond industry says, 3 months’ gross income is far too much to spend on anything that dangles off your loved one, or slides onto a part of their body. Just remember that Lent starts this coming Wednesday, so start getting your Shrove together as well.

Speaking of Valentine’s Day, a truly lovely romantic movie is coming out, 50 Shades of Grey, is being touted as a beautiful love story. I have read 2 of the books, and I can assure you, that is not how I read them (I couldn’t get through the final book it was, “too beaucoup”). The books are quite graphic, which makes me wonder how the movie will cover some of the more exciting parts of the books. Still, it is not likely that I will see the movies unless I get a free copy or it appears on NetFlix (and even then, I think I’d rather watch House of Cards (U.S. and UK versions) or the IT Crowd). The one exciting prognostication I have seen is that the sales of “sex toys” may skyrocket thanks to this movie, so all you We-Vibe stockholders must be rubbing your hands with glee (at least I hope that is your hands).

And I do have a partially written article entitled 50 Shades of Debt, but I can’t quite get it right. Oh and yesterday was my 2700th post as well, I guess that is what 10 years of writing will do for you.

My Writings for Week Ending February 13th

I had only planned on two articles this week, but the extra “Valentine’s Doom” post just wrote itself:

• The Canadian economy seems quite adept at creating Part-Time jobs, but how Stats Canada counts them is still incorrect (IMHO) as we saw in More Part Time Jobs in Canada in January
• Retirement is a beautiful thing to dream about, but if you die before you get there, what is the point of saving all that money? That is at the core of Going to the Gym to Work on My Retirement. Either way, pick up Seasick Steve’s album. Well worth the price.
• Society seems to condone the concept that Money is Love, and the retail industry not only agrees with this, but they think you are not spending enough.
• Superb Decisions, Gas Going Up, Rugby and #BestThisWeek

This Week’s Finest Financial

Mark from the Blunt Bean Counter wants to know do you have a Transition Plan for Your Business? Mine is simple, walk away. The Canadian Capitalist continues his transition but he did update one of his better articles High Interest Savings Accounts at Discount Brokers. As we all transition towards retirement the CBC reported on a report that stated that up to 80% of Canadians retirement plans are doing just fine, some interesting accounting in the report. You wouldn’t be doing just fine if you use any of the Three Excuses People Use to Ignore their Finances, over at Retire Happy. Gail Vaz-Oxlade asks if you are Ready to Move from Renting to Buying a House? Check with the video at the end of this by Preet before you do.

Sometimes Hackers are helpful like the Hackers who Leaked Data From 30,000 Swiss Bank Accounts exposing Tax avoidance, wonder where the next “tax haven” is? In other criminal endeavors, the Secret Service in the US took down a large counterfeiting ring, it is getting harder to counterfeit money, but it hasn’t gone away yet. Unfortunately future NBA hall of famer Tim Duncan is alleging bad investing by his advisor and he has lost almost $20M, wonder why he didn’t put it in GICs?

If you are not going to hedge against foreign currencies, how do you Rebalance with Foreign currencies, was the question the Canadian Couch Potato wants to answer for you. Marie from Boomer and Echo wants to help with setbacks by Unlocking Funds From a LIRA Due to Financial Hardship. Mark from 2nd Career Search wants to help you Deal with a Major Financial/Life Setback, as well.

Michael James tries to help us Understand Diversification, and why it is important in your portfolios. Are you not sure how to invest? Barry Choi helps us out with Index Funds for Beginners, to help you on your investing journey. The Frugal Trader over at the Million Dollar Journey, wants to help more and gives us the Easiest Index ETF Portfolios from Each Discount Broker. You must be prudent investing as Canadian Financial DIY, that his ETF Picking is Working Better than His Stock Picking, keep that in mind as well. Mark from My Own Advisor is interacting with his readership and is answering some Reader Questions – Monthly Dividend Income, and he explains a few things in his monthly reports.

---

Preet on Renting

Is it always the best idea to buy your house, or is renting a good idea for some? Our amigo Preet B. has some ideas for you

---