RDSP the Savings Plan Nobody Knows About
RDSP the savings plan nobody knows about, is a sad statement about our Banks and Financial Institutions (and the Government too). The RDSP is important!
Happy Father’s Day
To all those fathers out there I wish you a Happy Father’s Day, and remember to call your Dad and just tell him you are OK, and are thinking of him.
Fathers Day, Trump Housing Bubble, and #MoneyTalk
I hope you realize that Sunday is Father’s Day, formerly the year when the most collect (i.e. reversed charges) phone calls happened (I bet some folks will have to Google what that means). As I have said, Dad wants to know you are OK. As long as your Mother knows everything, Dad wants to know you are OK.
Stats Canada published a neat survey about the Diversity of young adults living with their parents (speaking of Father’s Day), highlighting the number of young folks still living with their parents. The telling statistic that I read in the report was:
Of the 4.3 million young adults aged 20 to 29 in 2011, 42% (or 1.8 million) lived with their parents. This compared with 27% in 1981.
That is a lot of folks still living at home. Some financial folks say it is a symptom of the housing bubbles in major cities. I don’t think I agree. I have stated before that young folk should not aspire to live their parents’ lifestyle when they first move away from home, but that seems to have fallen on deaf ears.
Given the current political climate in the United States and the possibility of a Trump presidency, it is imperative to remember that Canada is a welcoming nation. However, it is crucial to note that firearms are strictly prohibited in Canada. This scenario could result in a large influx of American citizens migrating to Canada, similar to the Draft Dodgers who arrived in Toronto during the mid-1960s, providing a significant boost to the Canadian economy. However, a pressing question to consider is whether the sudden influx of “Yankee Dollars” would result in even more inflation in the already overpriced housing market, particularly in Toronto and Vancouver, the most likely destinations for our American cousins. Although a condo in Toronto may seem exorbitant, it could appear reasonable if one were to receive a 25% discount due to a low Canadian Dollar.
My Writings for Week Ending June 17th
Not much writing this week, busy time of the year, and after watching the Last Week Tonight Video, I am starting to wonder why I write.
Stealing an idea from Mr. Oliver, I wrote No Good News Has Been Delivered Using Excel now. Please don’t take this as me dumping on Excel. It is an exceptional tool, which anybody doing anything financial should be proficient in using the device. My commentary is based on the fact that if someone sends you an Excel spreadsheet, its news cannot be made to look good.
Video of the Week
I usually include a video at the end of this article, but John Oliver has (in 20 minutes) summed up pretty much everything I have ranted about for the past 11 years, so have a watch of this, but keep reading my stuff too.
No Good News Has Been Delivered Using Excel
If someone presents information to you in a meeting delivered using excel only, it is never (ever) good news.
Portal to Hell Opens in Ottawa, BoC FSR and #MoneyTalk
This week in Ottawa, a massive sinkhole opened on Rideau Street. There are conflicting stories about whether it was a new Gateway to Hell, or whether the exposure of an existing personal gateway to hell. Either way, it shows that when we make a hole in the Nation’s Capital, we make a hole.
I was downtown on Thursday for meetings, and while the downtown is a bit of a mess, all I could think was that I wished I was either in the Concrete or Concrete Delivery business, as the entire downtown seems to be littered with Cement Delivery trucks (to fill the hole). Ottawa seems prone to sinkholes, as we have had more than our share over the past while.
The Bank of Canada thinks the economy is unchanged, as it announced the Financial System Review this week. However, three risks were noted:
The Bank continues to highlight two vulnerabilities related to Canadian households: the elevated level of household indebtedness and imbalances in some regional housing markets. A third vulnerability identified is the fragility of fixed-income market liquidity.
This translates to continued big debt and ludicrous house prices in Vancouver and Toronto (and a few other places) are worrying the Bank. A major financial event (say like a recession) might cause some big issues in the current economy.
My Writings for the Week Ending June 10th
I have written about how I am an attractive bag of medical conditions, but after my latest yearly check-up I came up with the question What Would You Pay $213.52 For? For me it was simple, I really, really don’t want to get shingles, so I would pay for the vaccine myself if I had to.
I must write a thank you note to TD for continuing to motivate me to write about my issues with them, and so another fine rant was written, Automatic Withdrawal Audits. I still await the results of the problem ticket I opened with TD Mutual Funds.
A Money Thought
Never buy anything from someone who is out of breath.”
–BURTON G. MALKIEL
Surprisingly, that makes good sense!
More Disturbing Financial Images
