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!

Use the search bar below to look up any of my recent articles.

Are you planning to retire this year? If so, you need to make sure you don’t do what 80% of Canadians do once they do their “hard-stop” to working.

One thing is common amongst almost all new retirees; they all underestimate the amount of funds needed in retirement and all have a profound adjustment during the first year. This is called the “honey-moon” stage. When most Canadians retire (average age is 61 in 2021) and are still young enough and vibrant. New retirees have a lot of pent-up desire to travel and of course spend money. Typically, all will have a “high burn” through their savings during the first 18 months of retirement until they settle into a budgeted [...]

By |15 April 2023|Categories: Daily Advice Tips|

I am planning to buy a home with my new partner, and I have the money for the down payment or more. My boyfriend has no savings but has the income to get the mortgage. I am currently working part-time, but I don’t make enough to pay the mortgage payment. We each have adult kids from previous marriages. Can you tell me what is the best thing to do?

I am so glad to share your question with our Canadian readers because this is a common event with older couples, especially those divorced and now wanting to start a new life with someone else. I have seen this before where one partner may be asset rich – meaning they have the savings, but they do not earn much, and the other partner may not have the savings but earn a larger income. When you go into the banks, they are only interested in facilitating the transaction of setting up [...]

By |15 April 2023|Categories: Daily Advice Tips|

I have life insurance and I was considering getting disability and critical illness insurance too. It’s a lot more expensive, and I don’t know whether I should spend the money on it. I’m self-employed. What do you think?

That’s a great question – and my answer is a resounding YES !! I want to share with you a story about a long-time client of mine who was gracious enough to allow me to share it with you. Once you read it, you will see why any type of personal insurance is never quite enough, especially when you are self-employed. Today, income protection (disability insurance) is often overlooked and considered too costly by most Canadians, who often feel they have sufficient insurance with their employer. Instead, most people concentrate [...]

By |15 April 2023|Categories: Daily Advice Tips|

I quit my job and started a home-based business 18 months ago and can barely survive. How can I start making more money?

You can’t help the poor and starving, if you are the poor and starving! There are so many fabulous entrepreneurs who like yourself are eager to help people and change the world with their wonderful work; but unfortunately, if they don’t master how to get paid, they will end up broke. Sometimes it could be a simple change of your mindset or even your daily routine to prosper and improve. Or it could be a total business overhaul needed to get you back on track again. When you start a [...]

By |15 April 2023|Categories: Daily Advice Tips|

How much money have you left on the table over the course of your career because you didn’t ask for more?

I have to say there are a lot of people that have emailed me recently asking how they can make more money in the current economy. First of all – I want you to consider this statement: “the money you lose in life is the money you failed to earn.” So, what does that mean? Well, what if you were able to raise your prices 15%, but didn’t? How much money is that in a year that you have failed to earn? How much is it in 5 years or [...]

By |15 April 2023|Categories: Daily Advice Tips|

I am 57 and I want to start a small business and give up my 9 to 5 day job. Do you think I am too old?

I think you are the perfect age for a career change!   “It’s never too late to be what you might have been.” – George Eliot   There are many examples of successful entrepreneurs in their 50’s, myself included. Many 50+ small business owners have traded in retirement for entrepreneurship built on great ideas and life experiences. I have talked to so many Canadians, especially those over 50, and I have noticed a few similarities in those that are truly successful. It wasn’t their idea or their brand, it was [...]

By |15 April 2023|Categories: Daily Advice Tips|

I have a small business and I hate hiring millennials. They want to work as little as possible, they have useless credentials, and they are too idealistic. Do you agree?

No, I don’t agree! I have heard these comments more often than I would like to admit from readers and I got to say people – wake up! Millennials are the generation that those of us in our 50’s and 60’s should have been. When we got jobs in the 70’s and 80’s we were told by our parents to be grateful for the work, to put your head down, work hard and stick with it no matter what. If we were bullied or made to suffer in our careers, [...]

By |15 April 2023|Categories: Daily Advice Tips, In the News|

Could you please address retiring alone – I always hear comments about “couples” retiring, but I have always been single, and I would like you to comment about all us “singles” that have to retire soon.

It is very common now for Canadians to retire as a single – either by divorce or death or maybe never marrying in the first place. In the past, retirement was seen as a “couple event,” but this is no longer the case. The fact is, even if you are a couple now, there is a strong likelihood that you will find yourself single at some point during your retirement. Couples are more likely to have dual incomes and have more access to health and pension benefits. They also tend [...]

By |15 April 2023|Categories: Daily Advice Tips|

I really can’t handle the stock market so I wondered if you could write about investing in bonds?

Great question – there are a lot of people who feel the same way. Trading in bonds seems to be less enticing to the average investor and it surprises me how this market is often overlooked, so thank you for asking about it. Bonds seem to get a lot of bad press, and they lack the media sensation of stock spikes in the market. Let’s start with the basics and then some tips on what to look for. Fixed income securities represent the debt offered by an issuing entity, (for [...]

By |15 April 2023|Categories: Daily Advice Tips|

I want to tell you a story of a dear friend of mine…

But first, do you ever look back over your life with resentment? A missed opportunity, a career failure, job loss, divorce, or even financial ruin. We all do, some more than others, and the longer you live, the more you will have. It is hard to let go, especially when financial resentment can leave us open to even more self-sabotaging financial behaviour that grows over time if we don’t work to let it go. However, financial resentment is more of a mood than an emotional state and this behaviour often [...]

By |15 April 2023|Categories: Daily Advice Tips|

After going through the last few years with COVID, I have decided I don’t want to work anymore. Can you tell me how much I would “really need” to retire now?

Well, isn’t that a loaded question? Today, there are so many Canadians that have emailed me asking the exact same thing. They don’t want to go back to the pre-COVID work situation of 9 to 5 in the office with the added drudgery of commuting every day. Many people are now wanting to retire earlier or at least change their work situation after COVID. So, can you retire now? Having the financial means to retire earlier will be different for everyone. Basically, you will need to ensure you can be [...]

By |15 April 2023|Categories: Daily Advice Tips|

Can you explain what mutual funds are and which ones I should consider?

Let’s start by giving you a general overview of what a mutual fund is and why you should use it when investing. A mutual fund (MF), is just that – a fund of different types of products such as stocks, bonds, and money markets. When you invest in a MF you invest money into the fund with everyone else, and by doing so, your contribution is measured in units. You will be given a number of units based on the daily market price called a NAV price per share (net [...]

By |15 April 2023|Categories: Daily Advice Tips|

I’m in my 30’s and want to know how to save my first $50,000 – any help?

What a great question! There are some basic ways to save regardless of your age. Of course, if you are young and just starting out, adopting the right habits will benefit you immensely, perhaps even for your entire lifetime. Saving must be a conscious decision you make to yourself that requires long-term discipline. Actually James, these principles can be applied to anything that is important to you, such as, losing weight, kicking a bad habit, getting your dream job, or of course saving money. Most people want everything instantly, which [...]

By |15 April 2023|Categories: Daily Advice Tips|

Let’s talk about Option Trading – Have you tried it?

My son who is in his mid-twenties with two degrees in physics and mathematics, seems to think he can take on the stock market through options trading, so today we are going to talk about this type of investment strategy. Options and forwards are quite a complicated model even though there are many investors who think they can master them. Essentially you will use a security or derivative in an existing or anticipated position and speculate on the value of the asset. Options and forwards are both contracts between a [...]

By |15 April 2023|Categories: Daily Advice Tips|
Go to Top