Random Thoughts: Love Week

Valentine’s Day! Bah Humbug!

The week after Valetine’s day proved to be unpredictable in terms of weather in Ottawa, but also for the financial world as well. The Canadian dollar is now soaring above it’s American compatriot at $1.03 to each American Dollar, showing that the Canadian economy’s reliance on resources continues to drive up the value of our currency.

The RRSP season looks to be rev’ing up with many more ads on the TV about your need to make sure that you deal with your RRSPs soon. I have great misgivings to rushing out and making odd investments at this time of year, invest in something you understand don’t just chuck your money away, or better still make a plan to invest your money over the whole year and start executing that plan now (a safer use of your money).

A sort of soft and introverted set of writings this week from me, I guess Valentine’s Day must have touched me in ways I was unaware of:

• I started off with a Review of Quicken 2011 and a giveaway, but I note there are very few entries, I will continue to accept entries until Friday midnight.
• Old School Debt Thinking discussed a Twitter argument I had with a few other financial bloggers, where I outlined my concepts that there is no such thing as Good Debt, and I stand by my statement.
• I had an odd discusssion with a co-worker which caused me to resurrect one of my favorite John Wooden expressions “Don’t mistake acitivity for achievement” especially when it comes to your finances. Mindlessly doing, without any idea of why you are doing it, is a dangerous trap to fall into.
• As a follow up to the John Wooden post, I came with No One Wants to Screw Up (financially) but we do, pointing out again the dangers of simply going to put money in my RRSP without first having a plan in mind.
• Random Thoughts: Saint Valentine’s Day Massacre Edition a recap of some of the best for the week of Valentine’s Day in 2011

As a note, I enjoy all comments (even the ones that call me a douche (although I am not from Germany or a twin), or question my sanity), and will try to respond to most comments, so please feel free to comment away.

From the Blogosphere

Other Financial Bloggers had more insights about the RRSP season and the financial turmoil in the world these days:

• Jim Yih asks the provocative question Does Retirement Pornography Work? Does it? I read just on the title alone! I was afraid it might be octogenarians in string bikinis, but I clicked it anyhow.
• Michael James reminds us how Tax Free Compounding Helps especially something to review during this busy RRSP season.
• Tom over at Canadian Finance Blog presents a topic near and dear to my heart Automating Your Finances, which is a good way to make sure your bills get paid in a timely fashion, but remember what we learned in Jeopardy, and how Computers might be taking over!!! Hail our Computer Overlords! (To quote Ken Jennings).
• Canadian Capitalist must have vacation on his mind with his post Saving Big by Flying out of U.S. Airports, which for some cities is easy, and for other Canadian cities a little harder. This post was also before the new Obama traveler tax proposal.
• Free From Broke does a quick explanation What is a Ponzi Scheme, and I was surprised to see it had nothing to do with Happy Days my favorite TV show, then I realized he wrote Ponzi and not Potsy!
• Still under the weather Larry MacDonald suggests the importance of Keeping your spouse in the financial loop, which all of us should do, financial decisions without your spouse can cause plenty of friction in a relationship.
• The lovely Miranda asks What Should We (as Canadians) Do with the Penny? I think, we should pick it, and then all the day have good luck? No?
• Grouchy Preet appeared on CBC to discuss RRSPs and talked about it in Appearance on CBC’s The National with Peter Mansbridge, and gives us an insiders view on the taping (Preet being grouchy? I find that hard to believe).
• Financial Highway gives us 7 Ways to Say No to Spending Peer Pressure, one of the best ways is to hang out with really cheap people too!
• Boomer from Boomer & Echo give us some Contrary Financial Decisions, some interesting stuff there.

Carnivals for this Week

I did submit to a bunch of Carnivals this week, but only got mentioned in:

• Personal Finance Journey hosted Carnival of Money Stories: My Funny Valentine Edition, which mentioned Valentine’s Day and Personal Finances.
• Investing Thesis hosted the Canadian Personal Finance & Investing Carnival which highlighted my post Top 10 Bad Financial Lists.

Remember

“No one wakes up wanting to screw up, but sometimes it just happens.”

Author: Big Cajun Man (2011)