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moneysense.ca, 23/02/07
More Financial Blogs
It wasn’t very long ago that there were no personal financial blogs written for a Canadian audience. In fact, in the early days of my blog, I had to use words like tax-deferred instead of RRSP, hoping that Americans would visit as well. Fortunately, such days are long gone and the list of Canadian blogs keeps growing and here is the latest batch:
Canadian Financial DIY is written by an expatriate Canadian living in Scotland who has been managing his own investments for about ten years. The blog is fairly new and features investment topics and book reviews.
Middle Class Millionaire is written by a 27-year old, who wants to retire by the time he is forty. He is off to a great start by assembling a $100,000 portfolio of stocks, mutual funds, bonds and cash and discusses his stock ideas on his blog.
To One Million and Beyond is written by Matt who is 29 years old and deep in debt and yet wants to have a million dollars (surprise!) in liquid assets by the time he is 35. It’s a bit hard to tell this is a Canadian blog but Matt writes thoughtful posts on how he deals with his debt.
If I have missed any other new blogs, let me know in the comments section.
moneysense.ca, 23/02/07
I recently started a blog about financial products in the Canadian marketplace.
http://www.crunchmoney.typepad.com
Happy reading!
-Editor @ CrunchMoney
Thank you very much for the mention!
I also just got my blog started, and focus on a mix of personal finance topics and specific investment analysis.
Hi Capitalist,
I really appreciate the reference, and keep up the good work! Your site is one of the few great unbiased CANADIAN resources.
MCM,
http://middleclassmillionaire.blogspot.com/
Not a typical blog, but hosted on blogspot, I find http://cdndrips.blogspot.com very useful when seeing if a particular Corporation has a shareholder DRIP program.
Hi,
I just started a blog for my personal journey to Million Dollars, this blog is about sharing about how I plan to get their, my mistakes made in the past, things I am doing to correct them, my portfolio, my trades etc. Also sometimes I go into other facts like I posted an article on my experience with Bell Canada, my experience with brokers/advisers.
http://ridetomilliondollars.blogspot.com
Thanks for the good work you are doing. I use only few blog regularly myself, yours and dividendGuys blog are among them
Mine is a blog on our debt elimination journey (we began with $61k CDN in debt, and are now almost under $53k). I’m always keen on finding new Canadian pfblogs – thank you for pointing a few out!
Hey, I’ve got one, too! Canadian money content galore. Only a couple of days old, but I have a ton of ideas
http://www.phantasmix.com/
Why is everybody so fixated on the million dollar mark? In total net worth, I’m closing in on the million dollar mark (now at around $800K), but I have to tell you… It’s not as much money as it sounds. Of course, a huge percentage of my net worth is tied up in retirement accounts and my home. But my point is that it’s not as much money as it sounds anymore. Are you guys perhaps referring to having a million dollars outside of RSPs, real estate and private corporations (meaning liquid cash)? If so, then my net worth is only a measly $150K.
You’re right Phil, if the million includes the house and retirement money then it doesn’t mean that much. Now if you had everything paid for including a fully funded retirement account PLUS a million dollars – then you would be a true millionaire!
Mmmmmmm….million dollars…
Phil S,
I just posted about it last night!
were you reading my thoughts or my blog?
I personally haven’t decided if I want to include real estate into our Net Worth. It’s definitely worth something, but attaching specific numbers to it is pure speculation to me. Maybe I’ll just include the principal amount we paid down.
If you’re goal is Money or a Million Bucks, I always like to share this word of wisdom:
Having money cannot guarantee happiness, but not having it can certainly make you unhappy.
Thanks for letting me know about your blogs. I’ll mention them in the next batch.
My target figure is based on knowing how much money I want to have as income for the rest of my life, and figuring out where I need to be to earn that much money off risk free investments. I’ve also factored inflation into it, so my goal is 1.5 million of money not counting real estate, which will give me an income of $60,000 / year @ 4%. I’m not too worried if it’s inside or outside the RRSP, that’s just my retirement target… which I should hit by 65 at the latest assuming an average 6% return until then (and I’ll be doing equities until I retire).
That will not only allow me to live the lifestyle I want, but will allow me to leave family with a fully paid off house and enough money that they never have to work, although I hope they do for a few years at least
Well, the reason why my investments are so convoluted and illiquid is because of our high taxation environment that we all live in. It is easier to save money in owning a home, buying RSPs and through the incorporation of my non-RSP portfolio (so investment income doesn’t add to my personal taxable income). In contrast, if you had that exact same net worth stuck in a non-RSP personal holding of government bonds, you would end up paying so much tax that you can’t possibly get any further ahead in life.
As a result, my net worth calculation sort of has to include my real estate, RSPs and private corporate shares, because I don’t maintain very much cash in my own hands. If I do, then I get taxed to death on it. High taxation is the root of all evil.
It took me a while in my saving and investing life before I came to the realization that having a non-RSP, unincorporated fully taxable investment portfolio is very bad from a taxation standpoint. The ideal scenario is to have zero cash in your own hands and have all of your cash working for you in non-taxable ways. But the reason why I’m not in that “ideal” scenario is because I also feel that I must maintain a highly liquid “rainy day” fund in case I find myself unemployed or having some kind of mini financial disaster on my hands. Hence I maintain about $150K in a cash investment portfolio.
I think seeing all these new PF blogs is very encouraging. It leads me to hope that the general public knowledge and awareness about personal finance is increasing. I know that since I’ve started blogging myself around 5 months ago, I’ve learned tons of stuff and hopefully shared some of it with the “public” along the way. I know that I’m making a difference in my personal entourage since I advise a lot of friends/colleagues/family members. I would assume the same is true for all you PF bloggers out there.
Welcome to the PF blogosphere!
I think a million dollars in net worth (including the home) is a good first goal. Once that is reached, then new goals will pop up. At least that’s what happened to me.
There’s Kat & Jack’s financial diaries blog which I host on my website: http://www.yourmoneybydesign.com (right panel, blog, Kat & Jack…). Not about getting to a particular mark, but just about fighting the good fight in general with money management issues (not investing. stuff like how to balance car breakdowns with kids soccer fees).
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