Grab your coffee, or your beer, if you’re reading this later in the day and sit back for a robust session of Weekend Reads. It was a fruitful week in the land of investment and personal finance blogs and articles. The Fall brings more than some wonderful colours.
Batting leadoff (hey, it is also World Series time) is an article on MoneySense that has some wonderful advice if your RRSP accounts are ‘all over the place‘. That is so common; I witnessed that when I was an advisor at Tangerine Investments and from the recent contact I’ve had with readers who are smartly now doing that consolidation thing. Do yourself a favour and have a read of that MoneySense article.
And on the topic of RRSPs it’s a good time to check your contributions summary for the calendar year 2019. Perhaps you haven’t even made a contribution this year? If you’re behind the RRSP 8-ball develop a savings and investing strategy today. Check out your cash flow, perhaps start an automatic investment plan. You might even get an RRSP loan if you know that you can comfortably pay back that loan in relatively quick order.
The Fall is also a good time to consider year-end tax moves and strategies.
Sell that guitar you’ve never used.
It may be a good time to get creative and make some money as you de-clutter. Sell that guitar. You never did learn how to play Stairway To Heaven. Heck, you didn’t even learn the intro to Smoke On The Water. Turn it into an RRSP contribution.
And that crazy Space Saver elliptical machine with built in speakers that you bought but burned more calories taking out of the box than actually uh, ‘ellipting’? Sell it.
PS – use that contact form, I might buy it from you if the price is right. Ha.
And on the RRSP investment front, you might consolidate with a Canadian Robo Advisor such as RBC InvestEase. Here’s Robb Engen’s review on Young and Thrifty. Robb took them for a sign up test run and he likes what he sees.
Here’s a great post on The Hub courtesy of Micheal J Wiener, it outlines how fast your portfolio might shrink in retirement. It appears that there’s a group of retirees that don’t spend enough (they leave a lot of money on the table), and there’s the group that spends too much and eventually runs into trouble. Of course that’s one of the observations of Frederick Vettese in the must-read Retirement Income For Life: Getting More Without Saving More.
RRIF’n on retirement.
And of course there comes that day when we convert our RRSP monies to a RIFF to create that (hopefully) lasting income. On Retirehappy.ca Jim Yih offers his RRIF Guide: Everything You Need To Know About The Registered Retirement Income Fund. Please have a read, there are a lot of common mistakes and missed opportunities when it comes to the proper use of those RRIF accounts.
FIRE up that retirement.
On myownadvisor I was interviewed for a post covering the Financial Independence Retire Early movement. But it may be more important or achievable to simply design your personal version of financial independence or semi-retirement. I like to write that I/we had more of a life plan than a money plan. But we certainly had to do enough of the big things right.
This week I invited FIRE blogger and enthusiast Caleb Jones to co-write a piece for my Seeking Alpha readers. Here’s How You FIRE, From A FIRE Guy. I added my two cents to that on this site with What Does It Take To Retire Early?
And on finding that life balance Desirae Odjick of Half Banked tells us why she took a real vacation this past Summer. My readers will know that I am not a blogger who has trouble stepping away from the computer and the home base to enjoy some more than meaningful vacations. But I understand how and why it can be a tough trade off, work vs play.
And here’s a topic that’s dear to my heart, covered in a guest post on EatsleepbreatheFI that outlines the cost of being a stay at home parent.
Fight those recession blues.
No, we’re not in a recession, yet. But if you are ‘worried’ here’s 11 ETFs that could help protect your portfolio in a downturn. Of course, we should not guess as to when the markets might correct. We have no idea as to when a correction might come. We have no idea how severe that correction might be or how long that market downturn might last. That said, that’s a good post that offers some ideas on how to shape your portfolio. Certain stock and bond ETFs have greater portfolio risk reducing characteristics.
And I have suggested that it has been a long time since the last major correction and I’d guess our risk tolerance levels have drifted out of whack. It’s not a bad idea to take stock of our risk tolerance level and make the appropriate moves. We should always be prepared for the next big one. As our friends at Mawer Investments remind us – you don’t fix a ship in a hurricane.
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Have a great weekend, Dale & Sampson (Office manager).