Recently a reader asked me to discuss term bank deposit options, guaranteed investment certificates (GICs), and alternatives considering the crazy low interest rates being offered right now. And that got me thinking about risk. I just looked up the rates available at a major big bank right now – a 5-year non-cashable GIC pays 1.40% per year1 You could go to a smaller … [Read more...] about Risky Business, the hidden costs of bank deposits
Life
Navigating the facets of everyday life including managing finances, growing old, being single, staying healthy and more.
Standing on our promises
What is a promise? The dictionary says that it is an assurance or declaration that one will do a particular thing or that a particular thing will happen. It has been said by philosopher/political theorist Hannah Arendt: “Promises are a uniquely human way of ordering the future, making it predictable and reliable…” As people get older, children and friends gather around … [Read more...] about Standing on our promises
What is a fair price for financial advice?
I’ve written in the past about the value of advice and how good advice pays for itself. The important question is not should I get advice? But rather, what is a reasonable price to pay for advice? To answer that, I think we need to look at two separate pieces: 1. What is reasonable to pay for investment management, and 2. What is a fair price for general … [Read more...] about What is a fair price for financial advice?
The benefits and pitfalls of owning a pet
“I don’t know how much longer I can keep doing this”, thought Emma French as she lifted the last morsel out of an otherwise pristine litter box. In 2020 French, a young senior contracted an auto immune disorder making daily chores more difficult. But she knew that as long as she could clean her cat’s litter box, she could continue withe benefit of owning her pet cat. Studies … [Read more...] about The benefits and pitfalls of owning a pet
OAS changes bring a bit of extra cash
Are you 75 or older? Do you know someone who is? Get ready for a little bonus! You (or they) are in for a bit of extra cash in the coming year due to some tweaks happening to the Old Age Security (OAS) system. A bit of background. The self-proclaimed purpose of the OAS program is “to ensure a minimum income for seniors and help reduce the incidence of low income … [Read more...] about OAS changes bring a bit of extra cash