Drafted: June 10, 2020 (I have been meaning to publish this for a while – better late than never) Introduction Most economic theories focus on why certain economic systems are better than others. Few, however, step back and ask, “What are the characteristics that could make a system (any system) run indefinitely? And what leads economic actors (i.e. individuals, families,…
Author: Philip MacKellar
Money News – March 2022
Personal Finance in the News – March 2022: Welcome to Money News – March 2022! This month we look at how the war in Ukraine has impacted gas prices, Equal Pay Day 2022, and how inflation is changing people’s spending. Read: The Russian invasion of Ukraine has resulted in pronounced political, military, social, humanitarian, and economic impacts across the globe.…
Money News – January 2022
Personal Finance in the News – January 2022: Welcome to Money News – January 2022, and Happy New Year! This month we look at a variety of personal finance related stories, including increasing CPP (Canada Pension Plan) premiums, tax changes for 2022, new BC real estate assessment data, skipping home inspections, and CEBA (Canada Emergency Business Account) loan extensions. Read:…
How do I Beat Inflation?
How do I beat inflation? Everyone wants to know these days, with the quickly increasing costs of food, energy, rent, used cars, and consumer goods front and centre in our minds. Add on weather-related disasters, supply chain disruptions, and record money printing and deficit spending by governments, and inflationary pressures look downright scary. Since the middle of 2020, living costs…
Money News – November 2021
Personal Finance in the News – November 2021: Welcome to Money News – November 2021! This month we look at rising inflation, its impact on taxes, and further extensions to Canada’s Covid benefits. Read and Watch: Inflation continues to run hot in the US and Canada, where the rates of inflation have hit 6.2% and 4.7% respectively. This is the…
Money News – October 2021
Personal Finance in the News – October 2021: Welcome to Money News – October 2021, and Happy Halloween! This month we look at the end of the Canada Recovery Benefit, the state of Canada’s housing market, and shifting mortgage market dynamics. This update also covers North America’s ongoing labour shortage, and if it pays to be in a relationship. Read…
What Makes a Good Investor Day?
What Makes a Good Investor Day? Welcome to another My Money Moves YouTube video. Here I discuss what makes a good investor day as part of our free investor education series with Todd MacSween. The content was produced for my employer but it is likely applicable to many readers here too. Enjoy! For more on investing basics check out Investing…
Money News – September 2021
Personal Finance in the News – September 2021: Welcome to Money News – September 2021! This month we look at what the Liberals plan to do for housing affordability now that the election is over. Other topics we’ll cover include climate change and insurance, minimum wage increases across Canada, and the “great resignation”. Read and Watch: Now that the election…
Free Macro Economic Resources
Free Macro Economic Resources Welcome to My Money Moves third video. Here I discuss free macro economic resources and what websites I use personally. The content was produced for my employer but it is likely applicable to many readers here too. Enjoy! For more on investing basics check out Investing for Beginners and Make the Most of Your Investments, or…
Money News – August 2021
Personal Finance in the News – August 2021: Welcome to Money News – August 2021! Noteworthy news this month includes an overview of how each political party plans to address housing affordability if elected. Plus articles on zero cost trading commissions coming to Canada, and the stock market experiencing its fastest rally ever. Read: Canada’s elections are in full swing,…
Money News – July 2021
Personal Finance in the News – July 2021: Welcome to Money News – July 2021! Noteworthy news this month includes record low variable mortgage rates, tax efficient giving to adult children, and Canada’s expanded workers benefits. Read: Just when you thought mortgage rates couldn’t get any lower, they go ahead and do just that. Earlier this month, Ratehub.ca reported the…
How to Research Stocks
How to Research Stocks Welcome to My Money Moves second video. Here I discuss how to research stocks and what websites I use personally. The content was produced for my employer but it is likely applicable to many readers here too. Enjoy! For more on investing basics check out Investing for Beginners and Make the Most of Your Investments. If…
Money News – May 2021
Personal Finance in the News – May 2021: Welcome to Money News – May 2021! Noteworthy news this month includes reflections on past inflation cycles, changes to the housing market with stricter stress tests starting June 1, and banks misplacing their clients’ money. Read: A lot of people are talking about inflation after both US and Canadian inflation accelerated at…
Money News – April 2021
Personal Finance in the News – April 2021: Welcome to Money News – April 2021! I have three noteworthy news topics for you this month. We’ll cover Canada’s new taxes, inflation, and the upcoming April 2021 tax deadline. Read: The Federal Government has released its first budget in two years. This budget proposes a host of new taxes. Jamie…
Housing Market Solutions
Sky high real estate prices, bidding wars, and bully offers have many Canadians asking about housing market solutions in this country. Recently, Rob Carrick and Erin Anderssen from the Globe & Mail sent out a Tweet asking Canadians to weigh in on potential solutions. I decided to add my two cents. Below is a copy of what I wrote. Central…
Money News – January 2021
Personal Finance in the News – January 2021: Welcome to Money News – January 2021! I have four noteworthy news topics for you this month. Read: For those of you interested in stocks, this month has been bonkers, with the market ripping higher. Most noteworthily, an online community of individual investors (often called retail investors) has taken aim at institutional…
Money News – December 2020
Personal Finance in the News – December 2020: Welcome to Money News – December 2020! I have four noteworthy topics for you this month. Read: The era of low interest rates and high real estate prices continues. This month, HSBC offered a mortgage rate below 1%. This is a first in Canada, and a record low. Though rates could still…
Annual Financial Review and Goal Setting
As the year draws to a close, I have started my annual financial review and goal setting process for the year ahead. This is an important step in any financial planning. For me, the exercise helps me determine where my family’s finances stand and if adjustments are needed. It also gives me a clear picture of our current accounts and…
Money News – November 2020
Personal Finance in the News – November 2020: Welcome to Money News – November 2020! I have five noteworthy topics for you this month. Read & Watch: Not all is doom and gloom out there in this Coronavirus pandemic. Canadians are sitting on a record $90 billion in cash according to this BNN-Bloomberg article. The Household Savings Rate has also…
Make the Most of Your Investments
Introduction How do you make the most of your investments? Once you’ve mastered the basics, this is the next big question. In my experience, there are four main areas to consider to maximize your investments. This is true regardless of whether you’re a DIY investor or working with a financial advisor. In this article, we’ll take a look at all…
Money News – October 2020
Personal Finance in the News – October 2020: Read: The Bank of Canada has ended a pandemic program that helped real estate prices surge. This largely unknown but wide-reaching policy saw the Bank of Canada buy nearly $10 billions in mortgage bonds. This artificially lowered borrowing costs and helped send home prices through the roof. What happens now is anyone’s…
Power of Attorney
Understanding the basic tenets behind power of attorney is important for good financial planning. Here, we’ll explore what it is, why it’s important, and how it relates to other aspects of estate planning. What is power of attorney? Power of attorney, or POA, is a legal document or set of documents where you grant another person (called the agent of…
Writing a Will
Writing a will can be overwhelming, but it is an important foundation of good financial planning. In this article, we’ll take a look at why it is so important, how to get started, and what to consider when writing it. What is a will? A “last will and testament” is a legal document that explains how to divide your assets…
Money News – August 2020
Personal Finance in the News – August 2020: Here’s a summary of Money News in August 2020: Read & Watch: For many unemployed Canadians, the biggest financial news comes by way of changes to the Canada Emergency Response Benefit (CERB). There are many good articles out there on the topic, including these by CTV, Global News, and BNN-Bloomberg. Read: Speaking…
Money News – July 2020
Personal Finance in the News – July 2020: Here’s a summary of Money News – July 2020: Read & Watch: Last month I wrote about a nationwide coin shortage in America. Turns out the Americans are not alone! Here at home, there is a shortage of $50 bills as Canadians hoard them. This may not be a bad thing though…
Investing for Beginners
Intro Investing is a broad and far-reaching topic, and one that can be completely overwhelming for beginners. Over the years, I’ve had so many friends and family members ask me how to get started. In this piece, I’ll try to break it down for you, and share the steps that I went through myself. What follows is a summary of…
Money News – June 2020
Personal Finance in the News – June 2020: Here’s a summary of June 2020’s Money News: Read & Watch: CMCH is tightening mortgage rules for homebuyers. Credit scores are becoming more important and debt service ratios are becoming more conservative – therefore more mortgage conservatism may be a good idea given the debt loads out there. For more on that…
Liquid Net Worth
Liquid net worth is an unfamiliar term for most people. Many know about net worth, but few understand liquid net worth, what it means, and why it is important. This article will explore the term and unpack its usefulness. What is liquid net worth and how is it calculated? While net worth measures the value of all the assets you…
Money News – May 2020
Personal Finance in the News – May 2020: Here is a summary of May 2020’s Money News. This time around, topics that grabbed my attention included mortgage deferrals, COVID-19 scams, and changes in consumer behaviour. Read & Watch: Canadians are falling victim to a variety of new COVID-19 scams. These articles by BNN-Bloomberg, CBC, and Richmond News detail the common…
Preparing your finances for a second wave and a new normal
Have you been preparing your finances for a second wave and a new normal? A lot of people are returning to work or are starting to receive government aid, and this has more than few people wondering “What should I do with my money now?” Even if you’ve been lucky enough to keep your job, answering this question is important.…
Money News – April 2020
Personal Finance in the News – April 2020: Here is a summary of April 2020’s Money News. As you can guess, COVID-19 and the global health crisis continue to dominate everything, including personal finance. Read: Many families have been deferring their mortgage payments as layoffs mount and the recession bites. As of early April, almost 500,000 Canadians had requested mortgage…
How to Live on Less
Are you wondering how to live on less? A lot of people are these days. COVID-19 has resulted in record unemployment claims, and the economy is facing an ugly recession. Whether you’ve lost your job, had your hours reduced, or are just uncertain regarding your future finances, it never hurts to think about how to live on less. Below are…
Money News – March 2020
Personal Finance in the News – March 2020: March 2020’s Money News is here! As the global health crisis goes from bad to worse, the economic costs are piling up and spilling over into significant financial hardship. Read: The US and Canada have reported their largest weekly initial unemployment claims ever at 3,280,000 and 929,000 respectively. For perspective, the previous…
Personal Finance and the COVID-19 Coronavirus
Introduction: COVID-19 is a real wake up call for how we should be managing our finances. Aside from the health impacts, COVID-19 may result in real financial hardship for many. Quarantines, school closures, and lockdowns could result in lost time at work and reduced incomes. In the bigger picture, employers may be forced to lay off workers and reduce staff.…
Money News – February 2020
Personal Finance in the News – February 2020: February’s Money News has been a rough month for financial markets as the COVID-19 virus continues to spread. Though this outbreak has understandably dominated headlines and may have widespread financial impacts, there were many other interesting personal finance stories this month: Read & Watch: These articles by the Globe and BNN discusses…