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The best GIC rates in Canada for 2024
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IEX founder Brad Katsuyama aims to change how U.S. stock markets function
– theglobeandmail.com
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Agree or Disagree – Testing 15 Financial Rules
– myownadvisor.ca
Recently, this article on BrighterLife.ca caught my attention – 15 common financial rules of thumb. Author of this article Dave Dineen offered his take on these rules, and today’s post will offer mine.
Your retirement income needs to be 70% of your working income.
Largely agree, this is one of the more reasonable financial rules of thumb. While some big, current expenses are expected to disappear in retirement (mortgage, RRSP contributions), new ones may appear (rising healthcare costs, travel). Our goal is to save for about 50-70% of our working income, excluding any contributions to workplace pensions, excluding any projected assistance from any government programs.
Keep an emergency fund equal to six months’ income.
Somewhat agree. A six-month fund would be very handy in a job loss situation but it’s very difficult to rationalize this sum of money and the opportunity costs associated with this; getting this amount of money working for you. That said, we have a few thousand saved up in our emergency fund now, we hope to have this amount eventually, at some point…
Your retirement income needs to be 70% of your working income.
Largely agree, this is one of the more reasonable financial rules of thumb. While some big, current expenses are expected to disappear in retirement (mortgage, RRSP contributions), new ones may appear (rising healthcare costs, travel). Our goal is to save for about 50-70% of our working income, excluding any contributions to workplace pensions, excluding any projected assistance from any government programs.
Keep an emergency fund equal to six months’ income.
Somewhat agree. A six-month fund would be very handy in a job loss situation but it’s very difficult to rationalize this sum of money and the opportunity costs associated with this; getting this amount of money working for you. That said, we have a few thousand saved up in our emergency fund now, we hope to have this amount eventually, at some point…
