Random Thoughts: Paying Yourself First

Paying off 1st

Given the Lotto-Max is paying out $50 Million tonight, I would guess there will be a lot of folks attempting to Pay Themselves First with a windfall amount of money (but that is not Financial Planning, that is Gambling (a slight difference)). As you can tell my theme this week was indeed Paying Yourself First ,also Automation of Savings and finally Automatic Everything. Random Thoughts: Still Spewing was a recap of the best from June 11, 2010. While these are noble goals, they sometimes seem daunting, so try them out slowly and see if they work for you.

There was also a great deal of chatter on the Financial about TFSAs and how the CRA is implementing penalties for overpayments into this new-ish savings vehicle, I’ll touch on that in a little while, but have hope, there seems to be a resolution on the horizon.

With the roar of the Vuvuzela in the background let’s see what the other Financial Bloggers have to say during this first full week of the World Cup:

• While Michael James started the entire TFSA OverPayment foofera last week, this week he takes on a subject by asking should we be Taxing the Rich? It’s much like hunting rabbits, seems easy enough, but those buggers are fast moving!
• Preet hops onto the Chicken LittlePersonal Finance list (I am a founding member) with his statement, Double Dip Recession, Double Digit Inflation – Yes. Frankly, if we are going to have a double dip recession, it better come with sprinkles!
• He rides in on his White Stallion to save us with a way to Apply for waiver of TFSA over-contribution penalties, who is our saviour, of course the Canadian Capitalist!
• That happy financial tuber, the Canadian Couch Potato, points out that if you wish to Build Your Own Pension Portfolio it is easier than you think. He even cribs from the Canadian Capitalist’s Sleepy Portfolio. Any idea that steals other good ideas, must be a good idea as well (except for that whole invest in the Maple Leafs thing).
• Larry The Hawk MacDonald seems to be espousing the use of small thermonuclear devices to fix on going problems, luckily not those in Personal Finance, but he does want to Nuke BP’s Busted Oil Well, which seems a little extreme. Maybe nuke BP first and see if that works?
• The Canadian Finance Blog (not to be confused with this humble site), points out that there is a problem with Canadians and Procrastination, no he isn’t commenting on my inability to get things done around the house, the comment is actually about Canadians inability to get started early on saving.
• There is guts and bravery, but Million Dollar Journey goes above and beyond by posting their Smith Manoeuvre Portfolio Update – June 2010 where they are blunt about their performance, and I applaud them for it. You won’t see me posting this kind of info, unless this sight suddenly becomes a huge money making machine (yes, Lotto-Max winning is more likely).
• I was on a financial planning course this week for my office (planning my alleged retirement), and they mentioned the trusts that Thicken My Wallet talks about in Your heirs can’t control their spending and this will help your heirs later in their life, when your hair isn’t around.
• The blog formerly known as the Four Pillars also has a round up of the TFSA Over-Contribution Penalty – How to Fix it, read these if you plan on using your TFSA vigorously in the next little while.

Saint Jean Baptiste day is coming in Quebec, and the Canada Day long weekend looms on the horizon for all of Canada, get ready for some down time!