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,…
Tag: financial planning
Welcome to tags! Here you will find all the relevant blog posts and content tagged with or discussing the term “financial planning”.
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 – 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…
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…
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 – 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…
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…
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.…
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 Saving Strategies
Money saving strategies are important, but it’s not always easy to know where to start. On top of that, in these days of information overload it’s easy to feel overwhelmed with complicated schemes that are tough to stick to long-term. As an easy antidote, to help jump-start any strategy, here’s a list of my favorite saving habits. These are simple…
Money News – January 2020
Personal Finance in the News – January 2020: Welcome to January’s Money News, and a brand-new decade! Here are a few personal finance focused news articles that grabbed my attention this January: Read: In this article, Jamie Golombek at the Financial Post explains how the CRA has redesigned the T1 Personal Income Tax form for the coming tax year. Are…
Building a Budget
If you’ve already started to track your spending, you might be asking, “Now what?” The answer is, “Now build a budget!” This blog post will go through the basics of setting a personal budget to help get you started. If you haven’t already, you can also check out the Tracking My Spending post, which goes hand-in-hand with this one. …
Tracking My Spending
This blog post details how I go about tracking my spending, and why it’s important. Do you know how much you spend? It may be more than you think. Once you’re done, check out the Building a Budget post that goes along with this topic. Why is Tracking My Spending Important? Tracking your spending lets you see how much money…
Money News – December 2019
Personal Finance in the News – December 2019: Here is December’s Money News: Read & Watch: Daniel Tencer at The Huffington Post explores the differences between American and Canadian finances. This article also explores how the differences highlight potential financial lessons, warnings, and opportunities. Read: Surviscor has released its 2019 Online Brokerage Review. In addition to providing a good overview…
How to Track Your Net Worth in Excel – YouTube Video
My Money Moves Presents our first YouTube Video: Want to know how to track your net worth in Excel? Some readers of the blog post Net Worth 101 have asked how I track my net worth in Excel. Some have also asked how to use the Excel template available on the Free Financial Resources page. Though the Excel sheet provides…
Money News – November 2019
Personal Finance in the News – November 2019: A quick glance at November’s Money News for you: Read: November is Financial Literacy Month here in Canada – this makes November the perfect time to launch My Money Moves! In addition to going through my latest Money Blogs, you may also be interested in this Market Watch article that breaks down…
Having an Emergency Fund
What is a financial emergency fund? A financial emergency fund is cash you’ve stashed away in case of unexpected expenses. It’s often the first line of defense in your financial safety net, and you can also use it as a source of money to pursue opportunities when they arise. Why is an emergency fund important? There is no telling what…
Net Worth 101
What is Net Worth? Net worth measures how much money you have. The formula for net worth is very easy: Assets – Liabilities = Net Worth Remember, assets are things you own, and liabilities are things you owe (e.g. debt). Here’s a simple example: If all you have is $10 in your pocket, but you owe your friend $3, your…
Seven Financial Rules I Live By
Personal finance can be complicated. For me, I’ve found that simplicity serves me best. Here are some of the basic financial rules I use with my money: 1. Budget & Track Your Spending No matter what your finances are like today, they’ll probably be better if you start tracking spending each month and building a budget. This will let you…