Financial literacy month has been pretty successful so far in my books. I’ve been forced to sit down and take a look at a few things that I haven’t given enough consideration to. Last week we took a look at the Tax-Free Savings Account. This week, I’m going to be trying to decode the letters behind the RRSP.
I was out with the boys Monday night, catching the highly anticipated debut of Andrew Wiggins (go, Ender, go!) in the game between Kansas and Duke. I stumbled home in the wee hours of the morning to catch some much needed zzz’s before another early morning with our early-riser of a toddler. The morning came too soon. The little bugger woke up crying at 3AM because he wanted a glass of milk. He then proceeded to wake up for the day at 5AM. Suffice to say, yesterday morning was not the greatest.
Then, after a long morning meeting, my boss called me aside and asked if we could talk. “Oh, great,” I thought, “what could it be now?” “We’ve been aware of the recent contributions you’ve made and would like to recognize your efforts with an increase to your salary.” Booyeah.
A few years ago, my parents urged me to read a book on personal finance: The Wealthy Barber. The book would teach me about money, they said. I wasn’t interested; as far as I was concerned, I wasn’t making money at the time and didn’t have any to save much less invest. RRSPs, RRIFs, RESPs and GICs were just a jumble of alphabet soup sloshing around in a bowl at the back of my mind. I told my parents I’d figure it out when I needed to. Well, that day came and went a while ago. Told you so’s aside, I do wish that I had gotten my sorry behind in gear and read the book a little earlier.
In the spirit of financial literacy month (seems like there’s a month for everything doesn’t it?) in Canada, let’s take a step back and cover some things that may not seem interesting but will be useful when that moment of reckoning comes. With fresh start and a clean slate, who knows, maybe we’ll learn a new thing or two.
First time home buyers are plagued with a whirlwind of decisions when looking for the perfect place to settle down. From locations to schools and public transportation, there’s one major consideration that will determine your type of lifestyle for the years to come. After coming to terms with the loads of money you’ll be borrowing, you’ll have to decide on whether you want to live in a condo vs house.
We have friends who live downtown and have quick access to all the conveniences that the city has to offer. Other friends live in 2500 sqft houses with pools and finished basements. Are there ingredients that make one better than the other? Is there a recipe that tips the scale in favour one over the other? Oh the suspense! Who takes it?
Everyone needs somewhere to stash their cash. Some may choose to side with age old wisdom and hide it in their mattress. Others may store it in barrels and hide it in the desert. The majority of law abiding citizens will opt for a chequing account with an established financial institution. A chequing account is the vehicle used to access your money quickly and easily; they are used for everyday transactions such making purchases and paying bills.
All chequing accounts are fundamentally the same but they are not created equal. With the many different accounts options available, each with their own specific set of features, it can be difficult to narrow down which one to choose. Here are a few things to consider when looking for a chequing account.