Start Your Investment Strategy + MORE Nov 25th

When it comes to financial matters, students are among the hardest hit in Canada. The post-secondary school lifestyle is the perfect storm for financial woe: high debt levels, low employment opportunities and a lack of understanding and resources.  It’s these challenges that Globe and Mail personal finance columnist Rob Carrick looks to address in his book How Not To Move Back In With Your Parents: The Young Person’s Complete Guide To Financial Empowerment.
As part of our Financial Literacy Month focus, Money Wise had the chance to catch up with Rob – read on for his take on students’ financial challenges, commonly made mistakes, savings strategies and more.

The Unique Financial Challenges Facing Students
MW: You’re a finance columnist and come across money issues facing all age groups. Why choose to write about students?
RC: I think they have the highest level of need for good advice, and yet there’s nothing out there for them, so I thought I could fill that gap…

Black Friday is bedlam.
If you’ve never been, by all means take part –  but prepare yourself for a swirling mass of bodies clambering over one another to get to the best deals. According to a BMO poll, 47 per cent of respondents plan to cross the border for Black Friday this year. That’s up from 41 per cent in 2012 – and each shopper expects to spend an average of $292.
This shopping holiday isn’t for the faint of heart; “door crasher” sale isn’t an abstract term, as there may be some actual door crashing involved. There will be the sharp smell of consumer sweat and lines stretching around all sorts of corners. There will be stress, and lots of it – heightened tensions, passive aggression and surreptitious sale scouting.
So now, consider yourself warned. Still hell-bent on scoring those ridiculously sweet savings south of the border? Here’s some sage advice for getting to the States on a dime.
Black Friday 2013 Mission: Head South
While a growing number of Canadian businesses and retailers are participating in the shopping holiday this year, the authentic Black Friday experience still lies south of the border…

New earners’ paycheques seem stretched in a million directions. Between debt repayment, housing and daily living expenses, the idea of saving – to say nothing of exposing those limited funds to risk – may seem entirely out of reach.
While there’s a wealth of investing information out there, newbies can feel completely overwhelmed by their options. Whether you want to start saving for retirement, dabble in stocks or just set cash aside for a rainy day, this week’s Money Wise guide can help.
Investing 101 For Beginners
The paycheques are rolling in, your daily bills are under control, and you’ve got a stellar budget – it’s time to take your money’s performance to the next level. Your first investment can even be thought of as another adult milestone, as you graduate from living paycheque to paycheque to padding your plans for the future.
What are the first steps to setting up a beginner investment strategy? Read on for these money management basics.
Read Allan’s Blog | Investing 101 For Beginners
How To Start An RRSP
If you’re just starting to set your savings priorities, you’ve likely heard how RRSPs are an invaluable way to grow money for the long term – and come with sweet tax benefits…

When it comes to financial wisdom, you might want to to take heed from your elders. According to a recent poll from Edward Jones, almost 80 per cent of Canadians aged 65 or older are satisfied with their life’s financial decisions. In comparison, only 65 per cent of those 44 years old and younger feel the same way.
But that doesn’t mean Canadian seniors are immune to financial woe or mistakes (in fact, a July poll conducted for CIBC found that 59 per cent of retired Canadians are carrying some debt). According to the Edward Jones poll, most Canadians of all ages would leap at an opportunity for a do-over. Eighty two per cent of Canadians under 44 would go back and make changes, as would 61 per cent of those aged 65 and over. Specifically, here’s what both groups would do differently:

Save more for long-term goals : Fifty six per cent of those 44 and under vs. 47 per cent of seniors
Pay off debt faster: Thirty per cent of those 44 and under vs. 26 per cent of seniors
Build an emergency fund: Thirty per cent of those 44 and under vs…

Filed under: Retirement and RRSPsBy Kimberly Carter
via DailyFinance

For many women, retirement isn’t the relaxing haven it’s cracked up to be. Because women earn less over their lifetime than men, they tend to have less saved. Women also live longer than men, which means their savings needs to stretch longer. According to a 2011 Stats Canada report, 17 percent of women age 65 and older are living in poverty, compared with only 8.7 percent of men.

Even women with incomes over the poverty level often face financial stress. Nursing homes, which women have a greater chance of entering because they generally live longer, cost an average of $71,000 a year, and assisted-living facilities can cost $32,000 annually.

What can women do to protect their finances? A lot, it turns out. Here are six strategies:Continue reading 6 Tips for Women Who Want to Retire6 Tips for Women Who Want to Retire originally appeared on Walletpop Canada on Wed, 20 Nov 2013 11:08:00 EST. Please see our terms for use of feeds…