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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

Everyone can agree that improving our daily habits should greatly impact our life and our future, yet we all tend to do the same things every day, rather than something better. Many people walk through life in a cognitive slumber, blindly following the norms attached to their identity. “I’m terrible with directions.” “I’m not good with technology.” “I’m not a morning person.” Why is it so easy to repeat bad habits and so hard to form good ones? This time next year – will you have made things better or [...]

This is a very good question – and there are many other ways to make money instead of the traditional method of purchasing securities in the stock market. Let’s look at the top five. Remember, the key to investing wisely is to choose an investment that will monetize upon itself, to grow and compound over time. You want some type of appreciating asset that you can rely on to provide a revenue stream once in retirement. Financial planners and advisors want to do this through the stock market encouraging most [...]

I always told my kids I would help them as best I could – but I never thought they would come back to live with me.  I am 74 and I like living on my own and I don’t think I can afford to keep them here.  Please help.      (PS: they also have two big dogs and I have a 12-year-old cat – ouch!).     Margaret   I feel for you Margaret – you need to set some ground rules – NOW !! Today there are many parents like Margaret.  While [...]

Dear Money Lady Readers, Many of you have sent me emails with genuine worry about your retirement portfolios as we ride the waves of high inflation, lending rates, and low stock market returns.  I want to introduce you to an alternative to securities, mutual funds or exchange traded funds (ETFs).  Why not consider diversifying your portfolio in part with structured notes?   There is something for everyone in the Structured Notes (SN) arena because they vary by complexity and risk.  They are certainly not for everyone; however, are still a [...]

I often travel across the country doing speaking events and had the privilege of speaking to a charity in December.  After the event, I spent some time with a group of ladies, (all over 70 years), who were very active in their communities.   As I worked my way through the group, meeting all these wonderful women, I realized each one had single handily enriched their retirements by supporting a cause they believed in.  They seemed younger than their years, they were happy, vibrant and all beautiful women.  All from various [...]

So, let’s talk about what to do if you have low-income or maybe the occasional no-income situation and are finding it hard to save. What can you do to budget and save for future expenditures, let alone a retirement fund? It is much harder for those impoverished to improve their situation than it is for those in our middle-class, especially today. That being said, there are many poor that have much more drive, determination, and fortitude than some who have money. I can guarantee you; many low-income Canadians struggle with [...]