A wobbling baby tooth is a sign that the Tooth Fairy will soon be visiting. It’s also a sign for parents – that it’s time to help guide your kids through their important, first-time money activities.
In the long list of parental responsibilities, helping kids buy their first home is making its way to the top. Competitive housing markets are surely contributing to the need for financial assistance but there are other factors.
You’ve worked hard for 20 or so years and now you’re very likely right in your earnings sweet spot: these are your peak earnings years.
You might have something in common with Colonel Sanders of Kentucky Fried Chicken fame. When he reached 65, he didn’t retire.
Finances are challenging for any relationship and they become even more challenging in the case of multiple marriages or common-law relationships, especially when they include children from previous and current relationships.
In July of 2017, the Bank of Canada (BoC) raised its key interest rate by 25 basis points, from 0.50 percent to 0.75 percent. The upward move, the first in seven years, was quickly followed by Canada’s largest banks raising their prime interest rates.
Canadians have many admirable qualities, but the ability to save isn’t one of them. According to Trading Economics, our household saving rate is 5.8%, which is below our historical average of 7.48%.
Over the next several decades, it’s estimated that Baby Boomers will pass down $30 trillion in assets to future generations. If you shudder to think what your beloved kids may do with the money you worked so hard to build, you’re not alone.
Here’s an old investing rule you’ve probably heard and maybe even ascribe to: When you’re younger, hold more equities and when you’re older hold more bonds.