Quicken 2017 Update
A while ago I wrote a review of the Quicken Business & Home 2017 (Canadian Version) . In that review I mentioned the Quicken iPhone/iPad app (I think there is an Android version as well).… Read More »Quicken 2017 Update
Bad Budgeting
While budgeting can be a good way to keep your finances in line bad budgeting can be worse than having no budget. Bad budgets can do damage to your savings.
Bank Profits, Loose Money, Used House Salesfolk and #MoneyTalk
Three of the big banks in Canada announced good profits ( TD, CIBC, and RBC) which has caused another jump in their value, and dividend output. Michael James thinks that the Canadian Banking system is in for a day of reckoning (i.e. their profitability will drop), but evidently not today.
Estimated reading time: 5 minutes
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Canadian sportscasters have been lampooning Ottawa Sens fans for not selling out every playoff game. The Sens do, however, have the highest average attendance in the playoffs of the remaining teams. Financial talking heads are annoying, sports talking heads are wastes of space.
When is the best time to buy a house? The answer is simple – when you need it, period. Don’t let the real estate industry convince you otherwise. I have always purchased a house when I required it, and that’s how it should be. Renting may be an option, but if you need more living space and have enough savings for a down payment or rent, then go for it. Don’t be a follower of the herd mentality that urges you to buy a house just because everyone else is doing it. Make a logical decision based on your needs and financial situation, and don’t let anyone persuade you otherwise.
This weekend, the Indy 500 and the Grand Prix of Monaco. You can guess what I will be doing on Sunday, and no, I won’t be going to Church (this week). There is also the Coke 600 if you have a few hours spare.
The Bank of Canada announced no change in their interest rates, keeping that loose money policy in place. Their reasons are getting repetitive, but worth checking out.
The Canadian economy’s adjustment to lower oil prices is largely complete and recent economic data have been encouraging, including indicators of business investment. Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets. Meanwhile, export growth remains subdued, as anticipated in the April MPR, in the face of ongoing competitiveness challenges. The Bank’s monitoring of the economic data suggests that very strong growth in the first quarter will be followed by some moderation in the second quarter.
They seem to imply that housing prices will start going up everywhere.
Ramadan begins on Saturday, so Happy Ramadan to my Muslim readers and friends.
Things I wrote this week
I did write something new this week, by cribbing Kerry’s presentation on RDSP‘s on the CBC. Being one of her researchers for her piece, I felt I had the right to use the intellectual property. The piece is called 5 Steps to an RDSP, which is a short synopsis of the steps needed to set up a Registered Disability Savings Plan.
On the sister technology site, I wrote a short piece attempting to explain, What is Ransomware? Quite topical as Mrs. C8j was the victim this week of a FedEx phishing scam. Her boss received the infamous, “You have a package with FedEx” e-mail with a “hinky” link. Unfortunately she clicked the link, but luckily her anti virus software caught things before they got out of hand. Never trust links in an e mail from anyone, even on a trusted web site, by the way click here.
COBOL rules
For all of you lovers of FinTech, this tweet (from me) does sum it up quite nicely.
5 Steps to an RDSP
There are about 5 steps to an RDSP (Registered Disability Savings Plan) and they may seem daunting but it is an important plan, you can do it! Do not be bamboozled into giving money away for an external firm to do it for you, it is your money to keep.
Avocado Toast, Victoria Day, Ransomware and #Moneytalk
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.
Estimated reading time: 5 minutes
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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!
Read More »Avocado Toast, Victoria Day, Ransomware and #Moneytalk