Dear Money Lady…
You may have read my articles in your local newspaper, but if you miss one, you can find them all here! Read all of my latest articles below, so that you can always stay up to date with me – Ask The Money Lady.
I write for 630 newspapers across Canada, and am committed to increasing financial literacy across the country, no matter what your age, background, or income level.
Want to learn about annuities, reverse mortgages, saving tips, or buying your first home?? I’ve probably written about it!
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Dear Money Lady Readers, do you know the difference between the Big-5 Banks and a Canadian Credit Union?
We’re all stressing about inflation and interest rates these days and the demand for “good” financial advice is on the rise. Homeownership, mortgage renewals, investment assistance, and basic budgeting can’t be found on social media sites. That being said, most people automatically gravitate to one of Canada’s largest banks, (BMO, RBC, TD, BNS, and CIBC) especially millennials, and why not? The “Big-5” now dominate this country’s financial sector with approximately $1.05 trillion in Canadian assets. But credit today is expensive, and many millennials feel home ownership may not be a reality in their lifetime or [...]
Dear Money Lady, I’m wondering if you can provide advice on RESPs. We have 2 kids currently aged 14 and 16. We opened a family RESP account…
...approximately 12 years ago contributing monthly. We have no idea how to plan for future expenses beyond the basic tuition. I’ve read online that a car purchase could be deemed eligible for a student, but I’m not certain. Do I need to get a financial advisor to help? Carol. Dear Carol, I’ve always recommend having a Family RESP plan versus individual plans because it has so much more flexibility – so you were really smart to do it this way, good job! There are a few key components of a RESP that you must [...]
Dear Money Lady Readers – I’ve received so many emails about this, I wanted to address how some of you may be feeling about the shame of past money decisions now that the interest rates are on the rise. GalleryDear Money Lady Readers – I’ve received so many emails about this, I wanted to address how some of you may be feeling about the shame of past money decisions now that the interest rates are on the rise.
Dear Money Lady Readers – I’ve received so many emails about this, I wanted to address how some of you may be feeling about the shame of past money decisions now that the interest rates are on the rise.
With the low lending rates that we all enjoyed for over ten years many of us borrowed to improve our lives. We did renovations, upgraded cars, or bought cottages and rental properties. It was easy to qualify, and it seemed like the banks were giving money away. Now that the rates are on the rise, and we are being told we may never see them down to the 2% range again – what are we going to do? How can we payoff the toys we splurged on? And, what will we do when our [...]
Dear Money Lady, I have to renew my fixed rate mortgage into a rate that is now 4% higher…
... and I was not sure what term to choose. What should I do? Thanks, Jenn. Dear Jenn, Great question – now is the time to lock up a mortgage renewal into a shorter term to ride things out! I was driving back from Toronto last week and I was flipping through all the radio channels, and I came across this guy spouting off mortgage advice to listeners which was so blatantly wrong I started screaming at the radio. What really got me crazy was that he said to beat the rates all [...]
Have you ever looked at the story of your life and decided you wanted a different one?
Often times the new story to a new life is right in front of you, but for whatever reason we can’t see it, can’t feel it, and certainly can’t imagine making a change. Changing the course of your future always brings new opportunities that in the beginning could never be imagined. A new career, new friends, more money, more love, it is all there for those who want a different story. Of course, this all sounds great, but the reality is we never realize we want or even need a new life story until [...]
Dear Money Lady, In my newspaper this morning there was an article from you on the subject of reverse mortgages…
... A lady on a fixed income had written you seeking your advice on this subject. A couple of years ago I was considering a reverse mortgage because I was in a similar situation - asset rich, cash poor. Then I read an article from you on the subject of a collateral charge, and I watched your video on youtube and decided this was a better option for me. The reverse mortgage companies wanted me to draw out a minimum of $25,000 to start the account. This was not the case with a collateral charge. [...]
Are you taking advantage of the July Benefits from the Canadian Government?
Due to higher interest rates, increased inflation and the rising costs of the basics, families all across Canada are feeling the squeeze. This is especially painful for our seniors on a fixed income. There are two ways that inflation hits a retirement portfolio. First you withdraw more to meet the higher priced living expenses and second the central banks increase interest rates, which pushes down share prices and reduces the value of equity portfolios. The net effect is retirees are forced to withdraw increasingly larger amounts from a constantly shrinking asset base. So, now what? [...]
Dear Money Lady, We can’t earn enough to save anything for the future. My husband works two jobs, we have three kids, and it’s just not possible to save… GalleryDear Money Lady, We can’t earn enough to save anything for the future. My husband works two jobs, we have three kids, and it’s just not possible to save…
Dear Money Lady, We can’t earn enough to save anything for the future. My husband works two jobs, we have three kids, and it’s just not possible to save…
...We do own a home, but I honestly believe we will never have it paid off. Short of my husband getting another job, do you have any ideas on what we could do? Candice Thank you Candice for your question – with all the talk in the media about more employment positions than applicants, we still need to be reminded that today’s living expenses are increasing faster than employment incomes and many are feeling the squeeze in today’s economic market. Candice, I want to share a story with you about a very good [...]
Dear Money Lady, I have recently separated from my partner and am finding it really hard to figure out my finances and make ends meet…
... I am only making the interest payments on my credit line that is now maxed and I have cancelled my gym membership and even Netflix. I don’t even want to indulge in buying grapes at the store because I can’t afford it. Please help! Julie Dear Julie – Hang in there, it will get better! Divorced, separated, and starting over can be very hard on you personally, let alone financially. Having to accept the stress of a divorce with or without children can be very traumatic and monetary decisions [...]
My advisor suggested investing in annuities and the way he made it sound I was really thinking of doing it. Could you tell me what you think?
Annuities are a great way to save for the future and usually chosen by someone who does not want to be concerned with the ups and downs of the stock market, but instead prefers a “set-it and leave-it” strategy with a guaranteed monthly income for life. All annuities are insurance products and vary widely based on the provider. Clients can choose an index tailored to specific profiles, such as conservative, moderate, growth or aggressive. Depending on the insurance provider, you may even be able to choose a combination of indexes with variable payments. Annuities [...]
Do you know where you are going in life? If you don’t know where you are going – any path will take you there!
We all know that goal setting is the key to success. It provides us with the strength to keep going when times are tough, and it gives us direction when we feel lost. But what if you don’t have any goals? Well, you need to pick a goal – any goal – your best guess for today will do! I don’t want you to procrastinate and wait for the perfect goal. Pick an interim goal that will get you into action and give you the practice of achieving it. Onceyou begin doing this [...]
Dear Money Lady, I have been offered a new job as a contractor and I am not sure if I should take it. Could you tell me what the difference is between an employee versus a contractor? GalleryDear Money Lady, I have been offered a new job as a contractor and I am not sure if I should take it. Could you tell me what the difference is between an employee versus a contractor?
Dear Money Lady, I have been offered a new job as a contractor and I am not sure if I should take it. Could you tell me what the difference is between an employee versus a contractor?
Great question – one that most people should know! Most Canadians, if given the chance to take a contracted position over an employee position will always choose the employee placement, thinking it is more secure and better than being labelled an independent contractor. This is a false notion, one that always leaves a lot of money on the table. Long-time contracted Canadians know the benefits of this employment choice and often would never opt to go back to a “so-called” coveted employee position. So, let’s discuss the differences and you can choose for yourself [...]
Now in an economic environment where people are struggling, it is important to remember that charity comes in many forms – monetary of course, but also by being helpful, understanding, loving and generous with your time and support. GalleryNow in an economic environment where people are struggling, it is important to remember that charity comes in many forms – monetary of course, but also by being helpful, understanding, loving and generous with your time and support.
Now in an economic environment where people are struggling, it is important to remember that charity comes in many forms – monetary of course, but also by being helpful, understanding, loving and generous with your time and support.
It is a common assumption that those people stuck in the cycles of poverty, are personally responsible for their situation. This is a widespread belief by many who arbitrarily assign moral meanings to poverty. It is very easy for outside observers to see ways that the poor should better their situation. Those with money often say, “if they wanted it bad enough, they would find a way to improve.” Passing judgement on those impoverished is not the Canadian way. As a country, we support many world-wide charities and are very empathetic to those [...]
I received a large severance from my employer that recently eliminated my job after 38 years. I plan to find an Advisor, but because I have never had one before I am wondering what I should pay for their services. GalleryI received a large severance from my employer that recently eliminated my job after 38 years. I plan to find an Advisor, but because I have never had one before I am wondering what I should pay for their services.
I received a large severance from my employer that recently eliminated my job after 38 years. I plan to find an Advisor, but because I have never had one before I am wondering what I should pay for their services.
You are not the only one looking around for a new investment advisor. With the volatile stock market environment, many people have sent me comments and questions about how to move their portfolios to a new advisor. I would caution those investors on making any quick changes and selling stock at this time. Remember, the key is to maintain a well-diversified portfolio which includes bonds, cash, and high-quality stocks. When you are looking for an investment “partner,” try to pick an advisor who really has your best interests at heart; [...]