The Web has gone wild discussing whether giving up avocado toast is the new latte savings plan. The implication is if you cut out exorbitant expenses, that you can live without, you can then afford a house. I feel quite proud that I gave up avocado toast in 1966 (I do not like avocado or guacamole). You should look at where you spend your money, and yes, you should cut down on luxuries if you are saving to buy a house, but don’t make yourself miserable.
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If an avocado toast occasionally makes you happy, indulge, but in moderation.
Avocado toast? Seriously? Do people not know the greatness of butter tarts? And to make things worse, a single serving of avocado toast can cost up to $19! Let’s be real, if you’re trying to save up for a house, a daily habit that costs $19 is not the way to go. Instead, you could use that money to buy a whole loaf of bread and a large jar of peanut butter, or indulge in multiple butter tarts. It’s time to make smarter choices with your money.
For most of Canada this weekend is Victoria Day Weekend, in Quebec it is Journee Nationale Des Patriotes but for most it is the first long weekend of the spring. Surprisingly gas prices have spiked here in Ottawa, but I am sure these two events are not related.
Ransomware is running rampant around the web, which suggests folks need to be much more diligent with your network access . As mentioned in Don’t Click That, do not assume any email is what it claims to be especially if it includes a link to “click”. Ensure you have safe backups of your data, especially financial data, or you could be in a bad way should you fall prey to these nefarious nincompoops.
The other exciting technology point is that Windows XP will be patched! Why, you might ask? The Windows XP patch is so that ATMs (yes banking machines) and point of sale systems can be safer to use. You read that right, the two most used pieces of #Fintech out there are running on Windows XP. Choke that down with your avocado toast.
Canada is turning 150 this year, but Montreal (or Hochelaga) turns 375 this year. Happy Birthday, to my birthplace, you don’t look a day over 350!
Long Weekend Readings
On a long weekend like this, you might have some spare time to catch up on your financial reading. I will be trying to catch up on my Podcasts too (while doing my chores).
- Our friend the Blunt Bean Counter is recovering from Tax Season, and brings us a comparison of Social Security and our own CPP. His Public Retirement Systems: Comparing CCP/OAS is an accountant’s view (i.e. the right view) on these two retirement systems.
- I did mention podcasts, and The Canadian Couch Potato brings us Podcast 8: Coach Potato with a Conscience. Can you “sin” while investing? Speaking as someone who has worked for a Tobacco Company, and a Lottery Ticket Printer I can assure you, there is money in “sin”.
- The Wall Street Journal had me with the title of An Algorithm, an ETF and an Academic Study Walk into a Bar, who could resist reading this scathing commentary on the fallacy of market anomalies?
- My best investment? My kids’ education, by far but not for the reasons you think. You give your kid an education, they are less likely to move back in with you, and they might put you in the good seniors home . Just as good an investment as an RRSP or TFSA (and you get Father’s Day cards too).
- The Walrus has an interesting perspective in their article, Canada’s Middle Class Is on the Brink of Ruin. OK, it’s not that new, I have bleated like a crazed financial sheep about this as well, but glad to see other mouths join the chorus. The examples are not great, but the message is still good.
- I don’t have the guts to tell you how my Financial Goals are going, but Mark from My Own Advisor is willing to tell you about his investment world. Takes guts.
- Michael James wrote a couple of good articles this week, and his scientific perspective on the concept of risk in his article Bad Surveys should make you think. What does risk mean to you?
Computer Security
Given the news this week of Ransomware, and Bell having their user-ids stolen, maybe it is time to change your password? Here is a good video to give you some ideas (or to scare the hell out of you).
2017 Random Thoughts
- RDSP, DTCs, Mother’s Day and #MoneyTalk (May 12th)
- Thanks Prince Phil, More Old Than Young and #MoneyTalk (May 5th)
- MLM, Balanced Budgets, and #Moneytalk (April 28th)
- Overheated Housing Market, Rent Controls and #MoneyTalk (April 21st)
- Ladies on Panels, Good Friday, Friendly Skies, Loose Money and #MoneyTalk (April 14th)
- Tax Time, Housing Bubbles, Financial Easter and #MoneyTalk (April 7th)
1st Quarter 2017 Random Thoughts
- April Fools, High on Life and #MoneyTalk (March 31st)
- Ho Hum Budget, Brackets Busted and #MoneyTalk (March 24th)
- Naughty Banks, March Madness, Big Snow and #MoneyTalk (March 17th)
- Teller Upselling, Auto-filling Taxes, Spring Forward and #MoneyTalk, (March 10th )
- Lent Begins, Loose Money and #MoneyTalk (March 3rd )
- RRSP Season, Tax Time, and #MoneyTalk (February 24th )
- Farewell Vinyl Cafe, Snow, Monopoly and #MoneyTalk (February 17th )
- RRSP , Tax , TFSA , RESP, and RDSP Time and #MoneyTalk (February 10th )
- Year of the Fire Rooster, Financial Groundhog Day and #MoneyTalk (February 3rd )
- Alternate Financial Facts, 1984 and #Moneytalk (January 27th)
- Bungled Mortgages, Friday the 13th and #Moneytalk (January 13th)
- Merry New Year, CPP, EI and #MoneyTalk (January 6th)
