Married with money: How to combine finances with your partner + MORE Jan 24th

How to go about securing the best return for your investment in Canada.

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Married with money: How to combine finances with your partner

– moneysense.ca

If you’re in a relationship, the topic of money will eventually come up. Since the pandemic started, couples have spent more time talking about money, according to a 2021 RBC poll. Almost half—47%—identified finances as one of the biggest stressors in their relationship. One U.S. study found that disagreements over money were a leading predictor of divorce.

Whether you’re planning to cohabitate or you’re already living together and are starting to plan financial goals, here are some tips on bringing your money together.

Talk about money with your partner early

Whether you’re married or not, it’s important to understand your partner’s financial situation, goals and values. Feelings about money formed during childhood often influence us as adults—for instance, fear of not having enough, discomfort with debt, or family taboos around talking about money. Even without these money hang-ups, everyday spending and saving can be stressful when you’re combining finances with another person…

Continue Reading On moneysense.ca »

Are GICs a no-brainer for retirees?

– moneysense.ca

For years, the humble GIC—guaranteed investment certificate—was disparaged by the fixed-Income cognoscenti and more often than not financial advisors. But, things started to change when interest rates started rising a few years ago in Canada and the U.S. As of January, DIY investors in Canada should be able to find 1-year GICs paying about 5%, falling to a tad over 4%, if you go out four or five years.

While fixed-income investors were brutalized in 2022 with unexpected losses even in supposedly safe bond funds, Canadian investors who put some of their fixed-income into GICs were likely spared the carnage.

That includes my family, who for the last few years had parked some cash into laddered 2-year GICs. Today, we are gradually laddering into 5-year GICs while crossing our fingers that our modest bond exchange traded fund (ETF) positions return at least to a break-even level.

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