Love The Wealthy Barber and really enjoyed him on Dragon's Den. My mantra for the past 10 years or so has been 'I need more passport stamps not more stuff.".
Take a night course at a local college in stock market investment, that's what I did 20 years ago after an advisor lost me over 100k. Buy dividend paying stocks CDN and American. Buy when the market goes to shit like when covid came . I'm 61 now no debt everything is cash and getting ready to retire
Same here, on pull backs! And until you buy that stock, have your cash making you money in very short term t bills or bonds or cash etfs. Also HISA options, EQB has some great offers at the moment. All your money should be working for you all the time, not the banks.
Timing the market is difficult - it's less about when you enter the market but how long you stay in the market. Of course you still need to buy quality equities.
@@Joeym1655 Not necessarily world crisis always cause downturns , covid,Russia invasion were prime opportunities in the last few years and yes being in the market for the long and not selling during downturns but buying and averaging down and increasing dividends. I buy for the dividends and dividend paying stocks only ,so whether it goes up or down I could care less.I also bought many Gics paying over 5% some 10 years paying monthly
It is a good plan to educate yourself just so if you use a financial professional you can understand what they advise. We have done like you and invest ourselves.
I used to walk to the bank to buy savings bonds with my grandfather. He taught me the household budget when I was 8 years old. "Pay yourself first" was one of the first things I learned from him. Blessings
"What a touching story! Your grandfather's wisdom in teaching you about household budgeting and the principle of 'pay yourself first' at such a young age is truly invaluable. It's heartwarming to hear how those early lessons shaped your financial mindset. Thanks for sharing this inspiring journey and blessings to you!"
Awesome presentation 🎉 I sometimes play one of your RUclips videos while I’m making dinner. My son , while waiting for his dinner, has also been watching. He has commented that your content is excellent . Down to earth and straight forward. His retirement isn’t that far off and he’s taking good advice from people like you without the bullshit .
Agree with all points! Educate yourself and make your decisions from a place of knowledge! You are saving for YOUR retirement, not a broker or FAs retirement! And bank employees usually have a decent pension plan, don’t let them take any of yours! The most important factor in me being able to retire early was becoming and staying debt free!
At 6:02, regarding bundling your insurance: Be careful about this one. In some cases - this happened to me - I got a break on my house insurance by bundling it with my car and travel insurance, but my car insurance was actually more expensive than a competitor, and the "savings" were wiped out because of that higher cost. I did my homework and actually found a less-expensive car insurance provider. Doing some basic arithmetic found that I actually saved money by "de-bundling" and shopping around. (And, for the record, my car insurance didn't go up because of bad driving habits or tickets. I haven't had a moving violation since Paul Martin was Prime Minister. The insurance companies claim that higher rates are a result of an epidemic of vehicle thefts in Canada.)
Lol. Funny about switching off the lights. I see hubby leaving them on all the time. I gave up following behind him to switch them off, and now leave that bathroom light on all night long so he can see it in the morning. I think it's making a difference. 😊
As an insurance professional in Ontario I would reconsider the advice to go with higher auto deductibles. The difference between a $500 All Perils deductible and a $1,000 deductible is typically less than $40/yr. so not really worth it. On property insurance it makes much more sense as the savings are typically much greater and claims are less likely.
Tina and Norm, I topped up both TFSA and Rrsp and when retired I invested in safe areas. Years ago all we had were rrsps. There was no tfsa till 2009 I believe. Young people must wake up and realize that no one owes you a living! You must provide for yourself. Don't expect inheritances as your parents may need the $ for their own nursing homes. And don't wait on the government!!!
"Love this video on 'Small Changes Get Massive Financial Gains'! It's impressive how even small adjustments can lead to significant improvements in financial security. The practical insights and numerical examples really highlight the impact of proactive planning. Looking forward to implementing these strategies for a brighter financial future!"
Thank you for all your thoughts! I have been so into what has been going on in the middle east I haven't seen any other videos, so I came to see you both! Very nice, you look fabulous!
Good advice. If you are retired and taking a typical 4% a year then a 1% financial advisor fee is a quarter of that or equivalent to a 20% income tax. We update a spreadsheet on the first of every month which shows our financial assets, only financial, and discuss it together. The graph, which goes back a few years, shows us if we are spending too much or can afford to spend more. We have been doing it for twenty years and it has served us well.
I agree about some financial advisers, I had one years ago that put me in investments for the perks he would receive. I have a financial adviser now that I have had for twenty years and she has done very well for me. While I am very good at saving money keeping up on where I should invest it, when to sell, buy and where to put it is not something I have an interest to keep up on. No Decision is made with my input and agreement, so I always know why a change is being made. Regarding the rrsp’s the notion that you are deferring tax until later when your income is less May never happen. Those of us that saved for retirement have an income the same or more than when we were working, so there is a chance you have put more in your rrsp than you should have.
Best is to start early! If not clear about stock market or just are not interested in keeping up or educating yourself, I agree; put the same amount of $ every month into an index fund. If the market drops then all it means is that you get more shares and when the market goes back up, you win big.
I’d be thrilled paying $300 a month for utilities! Our gas and electric is ridiculous and we’re only two people living in a three bedroom house and keep our thermostat at 75 or 76.
In theory correct. But in Feb I had an Advisor set up a portfolio for me, and then I took some other money and used TD Self Directed investment and bought good stocks/dividend in my TFSA RRSP. The portfolio he created for me made 21%and mine made 8%. Although your advice is true, that they take a few, but if they can outperform the market, be very careful. I know some are crooks but some can be your best asset.
I’ll stick with my financial advisor. I find with myself and friends who just play a little online that it’s easy to buy but knowing when to sell is a whole new ballgame. I’ll pay for the talent.
I've missed you- thought you might be on a break. We are slowly dejunking our home. We are going to live in it and we are doing repairs and updates. But we don't need useless trinkets either. It's got to be special to earn space in our home.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience.
About that bottle of booze… One time we were in Dominican Republic and were given a bottle of rum that looked a little fancy, but we didn’t end up drinking it. So I decided to bring it home and paid $25 to check my carry on bag, to bring home a $15 bottle. Next time we will either drink it there, or gift it to housekeeping
Thanks Tina and Norm. Enjoy listening to you guys. Take a look at these two great ETF's for your TFSA account: SCHG and SCHD. Both have good performance and low expense ratios. Good Luck to you both and happy travels.
@@derekcox6531 You're correct about the 15% withholding on dividends. SCHD should be held in an RRSP, but SCHG should be held in a TFSA. I personally do not chase dividends and would only invest in SCHG
So true about financial advisors. No one cares more about your money than you do. Advisors tend to care more about themselves. We used advisors for over 10 years and lost money at the end. When I finally took over, our investments finally started to grow because we weren't getting screwed by fees and bad advice. I'm sure there are some good financial advisors out there, but until they are all required to have a fiduciary responsibility to the client, nothing will change.
Hi Tina and Norm ! - please would you consider doing an updated video on the current dividend stocks that you have in your portfolio ? Thanks so much !
Very good info! With your usual entertaining banter...love it. ❤ Take good care guys.- Mike from Ottawa🍻🥂🐿️🔫 Any advice for keeping squirrels out of my garden? Lol.
Excellent points and advice, Tina and Norm. It amazes me how people walk into their bank and hand over several thousand dollars to the "wealth investment advisor" (it is for the bank's or credit union's wealth creation ) and put it into bonds or mutual funds which usually are poor performing investments, and walk out the door hoping for the best. Why would you hand over your money so banks and insurance companies can make fees for themselves? Agree with Carol and other commenters. I personally enjoy people doing that because i own stock in some of these banks and mutual funds. Please, keep your fee payments coming, and i will keep banking my dividends. Cheers.
Some people don't know personal finance can be learned by the average person and think they need "wealth management" from a banker, not realizing the fees, etc. I was one of them once.
I was harassed by an advisor today trying to get me to sell stock I am happy with. But tells me I could do so much better. Its a bank and I know they won't make any money until I sell. I looked it up online and it is not a great change. I am learning a lot just to keep the advisors away! thanks for verifying what I was thinking!
heh Mr. Buffet advises low cost SP500 etf for long term investing.. I have two self directed accounts TFSA and RRSP and one managed RRSP but have better returns in my self directed accounts. I educated myself on You Tube and a investment course on ETFs REITs Stocks . I have averaged over 10 percent over 10 years 3500 every month in returns half of which tax free! plus my pension plan CPP OAS and rent I collect. I really enjoy your channel ! All the best I would like to see more of your travels.
I put everything on card and pay off each month and I top up TFSA account. My management fees are under 1%. Simple things can make your money grow. Had a financial who tried to sell me on a plan. Sounded funky and didn't have cash to do it where I felt comfortable. My friend had same advisor and invested. Turned out he was defrauding everyone. He ended up going to jail. The company he worked for quietly paid off all the folks he defrauded and made it right to not get the bad reputation in market. One company that employs fraudsters.
Shouldn't you take that "Pay yourself first" money and pay off the debts first? Debt interest is likely higher than anything you could earn in investments.
Do you ave a list of financail advisors ( fee for service) available in Ontario by chance? I would also recommend people understand their T-Rex score on their investments. This score will show you the fees you are paying in any given perios of time. The results are pretty shocking.
Hello guys, getting close to retire, I was wondering if you have health insurance combine with travel insurance would you mind telling me which one you have please? thank you and long life to your channel.
Very true about financial advisors. That's why we don't have one! Takes time to educate yourself financially, but once you know your way, you can make educated decisions based on your needs and goals. Right now, in retirement, we stopped looking for aggressive investments, - we are concentrating on low risk cash flow to support us in retirement.
@@ThisIsOurRetirement Thank you! We are well and doing our best to enjoy that hot summer weather we have here! We started planning our winter trip to Portugal, - studying possible accommodations and flights. Hope your summer is going well and everything is going well with both of you and the family! We have our 7 year old granddaughter over, - she keeps us busy, we feel like we are young again :)
Hi Norm and Tina: I don’t like most financial advisors(in the same class as insurance agents, lawyers, real estate sales people etc. lol). What do you pay for fees on an annual basis? The challenge might be as you get older, will you be competent to take care of your financial decisions and investments. Utilities are high with the pool heater but was a wonderful evening in the pool Cheers.
The “pay yourself first” strategy is obviously quite difficult when you’re younger if you have both a large mortgage and daycare costs. I was very lucky to get a job almost right out of post-secondary with a government department which paid well and had a mandatory deduction put into a defined benefit pension plan.
No it is is not. Paying yourself first is VITAL ( in a retirement fund). I started paying myself first in my retirement fund via auto withdrawal when I was 21 years old. We had a baby, a mortgage, day care costs, car payment, I went to college (at night) and paid for that as I went along (paid tuition for each class without a loan) taking two classes a semester, all on an Electrician apprentice salary (husband) and secretarial salary (my salary). We budgeted and had to scrimp by on very little money every month. I also did an auto withdrawal for another investment fund which grew over 20 years. I will tell you - I paid for both of my sons’ full 4 year university tuition, room and board and books- in full. And, I need w have an extremely healthy retirement fund and will be living very well off for the rest of my life! Thank God I “paid myself first!” None of this would have been possible, otherwise-- because that money would have just been spent on “stuff” and “eating out”, etc… and, I’d have nothing to show for it today and would have to live on social security which is like being on welfare in your retirement years.
GIC’s is the way to go as well ! A specially for younger people that try to get ahead to save money for their first house ! I can see how much they suffer ! When we where young things where easier for us ! But thank you Norm and Tina for all this fabulous ideas ! 🇨🇦👍
Just a note to be careful when withdrawing RSP. Last year I withdrew $4000k out of my RIF That withdrawal added to my pension income put me over the qualifying income amt for my senior dental and optical free coverage! I paid $500 income tax as well as the 10% they deducted from my withdrawal. So $4000 withdrawal cost me $900. Income tax! No more coverage under provincial benefits! A reduction of $360 yearly on one small provincial pension. My income was $179 over the allowed amt! We were pressured to put in when we were young but no watch out when you take it out. The allowed amt of income is $33,400 per year.
Been an investor since age 20 with long leaf partners fund. Owned a duplex at 22 right after graduating from college. Lived at home for free, rented both sides of the “plex” netted about $100 per month after mortgage, taxes & expenses. Bought second property couple of years later - then sold & the money into a business which I lasted 6 years. Sold it to a division of Fortune 500 co. Started the same type of business in different state that lasted for 24 yrs. Retired at age 59, now 66 & financially independent. Had good role models- uncles, college friends, first boss after college, financial authors - etc.
@@ThisIsOurRetirement must be different in Canada than the US? I know to the penny how much I'll pay...I have my return within $5 of the actual. I refuse to give my government a free loan ;)
You need a financial advisor that is a fiduciary. They are legally obligated to put your best interest first. We agree with pay yourself first. We do this after giving our 10% first to God.
@@ThisIsOurRetirement yes a fiduciary is (usually) a fee based advisor in the States - the problem is (and there’s always a problem lol) it really is not a straightforward process to find one as some of them can also be on commission ugh. We’ve spoken with financial advisers but I swear every time they tell me they’re charging 1% and I figure how much that will be, I just can’t commit.
I didn't really like your comment and thought it was a little judgemental that insurance company advisers who sell products are just in it for themselves. That's like me saying that because you were a car salesman you set out to rip people off. I'm sure that wasn't the case. I was a bank investment adviser and always had the best interest of the client.I didn't sell any products just for commission.
I agree. My invest advisor has made me WAY more money than I ever could have. They know how to analyze stocks and know which ones will make lots of money. For example, he suggested investing in Pinterest, I never would have, but look at how the stock has gone to the moon! Best money spent is on my advisor
"Buy experiences and not stuff." Best advice ever and a lesson I'm still learning, but getting there. Thank you.
Your very welcome 🍻🙂
I read the Wealth Barber when I was 25 but I’m now 60 and reading Bill Perkins “Die with Zero”.
We did too but it’s not aimed at retirees
Love The Wealthy Barber and really enjoyed him on Dragon's Den. My mantra for the past 10 years or so has been 'I need more passport stamps not more stuff.".
Very cool have a great Friday ☕️🙂
Absolutely, invest in experiences and not more and bigger shit.
As I tell my children (over and over) don’t spend future income unless you’re buying an asset that becomes more valuable over time.
Take a night course at a local college in stock market investment, that's what I did 20 years ago after an advisor lost me over 100k. Buy dividend paying stocks CDN and American. Buy when the market goes to shit like when covid came . I'm 61 now no debt everything is cash and getting ready to retire
We too buy on pull backs when the market is down works great 👍🙂
Same here, on pull backs! And until you buy that stock, have your cash making you money in very short term t bills or bonds or cash etfs. Also HISA options, EQB has some great offers at the moment. All your money should be working for you all the time, not the banks.
Timing the market is difficult - it's less about when you enter the market but how long you stay in the market. Of course you still need to buy quality equities.
@@Joeym1655 Not necessarily world crisis always cause downturns , covid,Russia invasion were prime opportunities in the last few years and yes being in the market for the long and not selling during downturns but buying and averaging down and increasing dividends. I buy for the dividends and dividend paying stocks only ,so whether it goes up or down I could care less.I also bought many Gics paying over 5% some 10 years paying monthly
I need help
I finally realized my financial planner is the only one who is benefiting from my portfolio
I run my net worth every month!
That’s great so you know exactly where you are 👍
My Mother-in-law lost nearly all her money using a financial advisor. We've financially educated ourselves and will never go near one.
It is a good plan to educate yourself just so if you use a financial professional you can understand what they advise. We have done like you and invest ourselves.
Yes, I agree.
I used to walk to the bank to buy savings bonds with my grandfather. He taught me the household budget when I was 8 years old. "Pay yourself first" was one of the first things I learned from him. Blessings
"What a touching story! Your grandfather's wisdom in teaching you about household budgeting and the principle of 'pay yourself first' at such a young age is truly invaluable. It's heartwarming to hear how those early lessons shaped your financial mindset. Thanks for sharing this inspiring journey and blessings to you!"
Mutual Funds charge a fee (see prospectus)and Investment Manager charges a fee ~ 1%!
Great advice, thank you!
Awesome presentation 🎉
I sometimes play one of your RUclips videos while I’m making dinner. My son , while waiting for his dinner, has also been watching. He has commented that your content is excellent . Down to earth and straight forward. His retirement isn’t that far off and he’s taking good advice from people like you without the bullshit .
Thanks so much for a lovely ❤️comment ☕️🙂
Agree with all points! Educate yourself and make your decisions from a place of knowledge! You are saving for YOUR retirement, not a broker or FAs retirement! And bank employees usually have a decent pension plan, don’t let them take any of yours! The most important factor in me being able to retire early was becoming and staying debt free!
Have a great Friday Carol ☕️🙂
Excellent info here. Thanks
You should put a budget together for the whole year! Plan for what that looks like! Track actual expenses to your baseline budget!!
At 6:02, regarding bundling your insurance:
Be careful about this one. In some cases - this happened to me - I got a break on my house insurance by bundling it with my car and travel insurance, but my car insurance was actually more expensive than a competitor, and the "savings" were wiped out because of that higher cost.
I did my homework and actually found a less-expensive car insurance provider. Doing some basic arithmetic found that I actually saved money by "de-bundling" and shopping around.
(And, for the record, my car insurance didn't go up because of bad driving habits or tickets. I haven't had a moving violation since Paul Martin was Prime Minister. The insurance companies claim that higher rates are a result of an epidemic of vehicle thefts in Canada.)
thanks for sharing, I did not know there is Travel insurance offered by insurance company, which I am search for
Lol. Funny about switching off the lights. I see hubby leaving them on all the time. I gave up following behind him to switch them off, and now leave that bathroom light on all night long so he can see it in the morning. I think it's making a difference. 😊
That’s too funny Jo 😂😂
Great advices as always. Many Thanks Norm & Tina. Very well said.. Memories and great trips always count more than anything else..!!!
Our pleasure! so glad we think alike Terry the memories are priceless 🍻🙂🌺🍷
As an insurance professional in Ontario I would reconsider the advice to go with higher auto deductibles. The difference between a $500 All Perils deductible and a $1,000 deductible is typically less than $40/yr. so not really worth it. On property insurance it makes much more sense as the savings are typically much greater and claims are less likely.
Tina and Norm, I topped up both TFSA and Rrsp and when retired I invested in safe areas.
Years ago all we had were rrsps. There was no tfsa till 2009 I believe. Young people must wake up and realize that no one owes you a living! You must provide for yourself. Don't expect inheritances as your parents may need the $ for their own nursing homes. And don't wait on the government!!!
Great advice look after yourself ☕️🙂
"Love this video on 'Small Changes Get Massive Financial Gains'! It's impressive how even small adjustments can lead to significant improvements in financial security. The practical insights and numerical examples really highlight the impact of proactive planning. Looking forward to implementing these strategies for a brighter financial future!"
Thanks for sharing your thoughts and watching this video.
Thank you for all your thoughts! I have been so into what has been going on in the middle east I haven't seen any other videos, so I came to see you both! Very nice, you look fabulous!
Good advice. If you are retired and taking a typical 4% a year then a 1% financial advisor fee is a quarter of that or equivalent to a 20% income tax.
We update a spreadsheet on the first of every month which shows our financial assets, only financial, and discuss it together. The graph, which goes back a few years, shows us if we are spending too much or can afford to spend more. We have been doing it for twenty years and it has served us well.
Great video thank you!
Our pleasure Patty thanks for watching 🌺🍷🙂
I agree about some financial advisers, I had one years ago that put me in investments for the perks he would receive. I have a financial adviser now that I have had for twenty years and she has done very well for me. While I am very good at saving money keeping up on where I should invest it, when to sell, buy and where to put it is not something I have an interest to keep up on. No Decision is made with my input and agreement, so I always know why a change is being made. Regarding the rrsp’s the notion that you are deferring tax until later when your income is less May never happen. Those of us that saved for retirement have an income the same or more than when we were working, so there is a chance you have put more in your rrsp than you should have.
Excellent advice!!
Thanks Bruce 🍻🙂
Truer words were never spoken
Thanks Kathy 🌺🙂
Best is to start early! If not clear about stock market or just are not interested in keeping up or educating yourself, I agree; put the same amount of $ every month into an index fund. If the market drops then all it means is that you get more shares and when the market goes back up, you win big.
I took the Canadian Securities course, the same one that advisors have to take. It was well worth it; no I am not in the financial services industry.
The vanguard s&p 500 fund is up 14% avg since 2000
I’d be thrilled paying $300 a month for utilities! Our gas and electric is ridiculous and we’re only two people living in a three bedroom house and keep our thermostat at 75 or 76.
Guess another advantage of renting is the utilities are a lot lower , we are fortunate as ours are included in the rent ☕️🙂
Go on a trip
In theory correct. But in Feb I had an Advisor set up a portfolio for me, and then I took some other money and used TD Self Directed investment and bought good stocks/dividend in my TFSA RRSP. The portfolio he created for me made 21%and mine made 8%. Although your advice is true, that they take a few, but if they can outperform the market, be very careful. I know some are crooks but some can be your best asset.
That’s great Jacquie we are just passing on info from Top tips with Moneysense Magazine so glad yours has worked for you 👍🌺
It's such a complicated topic!
It sure is 🍷
I’ll stick with my financial advisor. I find with myself and friends who just play a little online that it’s easy to buy but knowing when to sell is a whole new ballgame. I’ll pay for the talent.
I've missed you- thought you might be on a break. We are slowly dejunking our home. We are going to live in it and we are doing repairs and updates. But we don't need useless trinkets either. It's got to be special to earn space in our home.
Thank you , we have gone back to one video a week glad you enjoy our videos Cheers ☕️🙂
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience.
That maybe true we are just saying be careful 🌺
About that bottle of booze… One time we were in Dominican Republic and were given a bottle of rum that looked a little fancy, but we didn’t end up drinking it. So I decided to bring it home and paid $25 to check my carry on bag, to bring home a $15 bottle. Next time we will either drink it there, or gift it to housekeeping
Love the advise - I'm thinking 59 next year to retire
A great age we were 58 and 60 good luck 🌺🙂
Thanks Tina and Norm. Enjoy listening to you guys. Take a look at these two great ETF's for your TFSA account: SCHG and SCHD. Both have good performance and low expense ratios. Good Luck to you both and happy travels.
Thanks for the tip Mike have an awesome weekend Cheers 🍻🙂
15% withholding tax on those in a Tfsa + US dollar etfs. So maybe not for a TFSA,but rsp would work well to hold them. Just my opinion of course.
@@derekcox6531 You're correct about the 15% withholding on dividends. SCHD should be held in an RRSP, but SCHG should be held in a TFSA. I personally do not chase dividends and would only invest in SCHG
So true about financial advisors. No one cares more about your money than you do. Advisors tend to care more about themselves. We used advisors for over 10 years and lost money at the end. When I finally took over, our investments finally started to grow because we weren't getting screwed by fees and bad advice. I'm sure there are some good financial advisors out there, but until they are all required to have a fiduciary responsibility to the client, nothing will change.
Hi Tina and Norm ! - please would you consider doing an updated video on the current dividend stocks that you have in your portfolio ? Thanks so much !
We touched on it here ruclips.net/video/Xsm9phJCfXE/видео.html
@@ThisIsOurRetirement oh fab thanks guys I’ll check it out
Very good info! With your usual entertaining banter...love it. ❤ Take good care guys.- Mike from Ottawa🍻🥂🐿️🔫 Any advice for keeping squirrels out of my garden? Lol.
Thanks for watching Mike just read sprinkling coffee ☕️ grounds deters squirrels 🐿️ 😂🍻👍
Right on about financial advisors. We stopped using one years ago . We bought some dividend stocks and things have been ticking along nicely.
We are very similar we also bought Dividend stocks and doing just fine 🌺🙂
@@ThisIsOurRetirement just loved your videos about your dividend stocks - would love to see an updated one ?
Excellent points and advice, Tina and Norm. It amazes me how people walk into their bank and hand over several thousand dollars to the "wealth investment advisor" (it is for the bank's or credit union's wealth creation ) and put it into bonds or mutual funds which usually are poor performing investments, and walk out the door hoping for the best. Why would you hand over your money so banks and insurance companies can make fees for themselves? Agree with Carol and other commenters. I personally enjoy people doing that because i own stock in some of these banks and mutual funds. Please, keep your fee payments coming, and i will keep banking my dividends. Cheers.
Some people don't know personal finance can be learned by the average person and think they need "wealth management" from a banker, not realizing the fees, etc. I was one of them once.
Turns out raising my home insurance deductible from 1k to 2k would only save me a couple hundred a year on the premium. Not sure it's worth it.
I was harassed by an advisor today trying to get me to sell stock I am happy with. But tells me I could do so much better. Its a bank and I know they won't make any money until I sell. I looked it up online and it is not a great change. I am learning a lot just to keep the advisors away! thanks for verifying what I was thinking!
Your very welcome Monalisa 🌺🍷🙂
heh Mr. Buffet advises low cost SP500 etf for long term investing.. I have two self directed accounts TFSA and RRSP and one managed RRSP but have better returns in my self directed accounts. I educated myself on You Tube and a investment course on ETFs REITs Stocks . I have averaged over 10 percent over 10 years 3500 every month in returns half of which tax free! plus my pension plan CPP OAS and rent I collect. I really enjoy your channel ! All the best I would like to see more of your travels.
That’s awesome we will be travelling again soon stay tuned 🚢❤️✈️
I put everything on card and pay off each month and I top up TFSA account. My management fees are under 1%. Simple things can make your money grow. Had a financial who tried to sell me on a plan. Sounded funky and didn't have cash to do it where I felt comfortable. My friend had same advisor and invested. Turned out he was defrauding everyone. He ended up going to jail. The company he worked for quietly paid off all the folks he defrauded and made it right to not get the bad reputation in market. One company that employs fraudsters.
So glad you didn’t invest 👍
Shouldn't you take that "Pay yourself first" money and pay off the debts first? Debt interest is likely higher than anything you could earn in investments.
Yes we agree pay off debt 💸 first Alan 🍻
@@ThisIsOurRetirement But I guess it's important to keep an emergency fund.
Yes a great idea we agree 🌺
Do you ave a list of financail advisors ( fee for service) available in Ontario by chance? I would also recommend people understand their T-Rex score on their investments. This score will show you the fees you are paying in any given perios of time. The results are pretty shocking.
No we don’t sorry 🍻🙂
What about financial planners not advisors. What do you think about them? Sandy
Now that we are retired how much longer should we keep saving our money for more investing? When can we stop?
Hello guys, getting close to retire, I was wondering if you have health insurance combine with travel insurance would you mind telling me which one you have please? thank you and long life to your channel.
BMO Total Travel And Protection Plan
Very true about financial advisors. That's why we don't have one! Takes time to educate yourself financially, but once you know your way, you can make educated decisions based on your needs and goals. Right now, in retirement, we stopped looking for aggressive investments, - we are concentrating on low risk cash flow to support us in retirement.
That is what are doing hope you are both well Cheers 💰🍻
@@ThisIsOurRetirement Thank you! We are well and doing our best to enjoy that hot summer weather we have here! We started planning our winter trip to Portugal, - studying possible accommodations and flights. Hope your summer is going well and everything is going well with both of you and the family! We have our 7 year old granddaughter over, - she keeps us busy, we feel like we are young again :)
Our Granddaughter is 8 yes they keep you young 😂😂
Hi Norm and Tina: I don’t like most financial advisors(in the same class as insurance agents, lawyers, real estate sales people etc. lol). What do you pay for fees on an annual basis? The challenge might be as you get older, will you be competent to take care of your financial decisions and investments. Utilities are high with the pool heater but was a wonderful evening in the pool Cheers.
Glad you are enjoying your pool 🏊, Tinas swims nearly every day in ours even in the snow 😂😂
@@ThisIsOurRetirement That’s great. Me too. I have Movati in Waterloo! Live the dream!
Awesome 🍷🍻
David Chilton isn’t the wealthy barber. The wealthy barber was a barber in downtown Sarnia.😋
He wrote the book 📚 we loved it 🍻🙂
@@ThisIsOurRetirement Yes, he grew up in Kitchener but spent summers at his grandparents in Sarnia. I think he lives in Sarnia now.
Very cool that’s interesting would love to meet him Cheers 🌺🙂
I increased both cpp and OAS deductions ( in Canada) and had 30% taken off and then I get a lovely tax refund to reinvest every year.
Isint it great to get a tax refund 🌺❤️🍷
Except that the government is using your money first!
The “pay yourself first” strategy is obviously quite difficult when you’re younger if you have both a large mortgage and daycare costs. I was very lucky to get a job almost right out of post-secondary with a government department which paid well and had a mandatory deduction put into a defined benefit pension plan.
Try to do it when you can even a small amount mounts up , that’s great you got a government job Cheers 🍻🙂
No it is is not. Paying yourself first is VITAL ( in a retirement fund). I started paying myself first in my retirement fund via auto withdrawal when I was 21 years old. We had a baby, a mortgage, day care costs, car payment, I went to college (at night) and paid for that as I went along (paid tuition for each class without a loan) taking two classes a semester, all on an Electrician apprentice salary (husband) and secretarial salary (my salary). We budgeted and had to scrimp by on very little money every month. I also did an auto withdrawal for another investment fund which grew over 20 years. I will tell you - I paid for both of my sons’ full 4 year university tuition, room and board and books- in full. And, I need w have an extremely healthy retirement fund and will be living very well off for the rest of my life! Thank God I “paid myself first!” None of this would have been possible, otherwise-- because that money would have just been spent on “stuff” and “eating out”, etc… and, I’d have nothing to show for it today and would have to live on social security which is like being on welfare in your retirement years.
Then you are paying yourself first then. Just your employer, the government did it for you before deposit your salary into your bank account.
GIC’s is the way to go as well ! A specially for younger people that try to get ahead to save money for their first house ! I can see how much they suffer ! When we where young things where easier for us ! But thank you Norm and Tina for all this fabulous ideas ! 🇨🇦👍
Your welcome ☕️🙂
A pessimistic outlook on fund loss and the uphill battle for recovery.
Actually we would say the complete opposite and very Optimistic ☕️
❤❤❤❤❤❤
Thanks for watching ☕️🙂
Just a note to be careful when withdrawing RSP. Last year I withdrew $4000k out of my RIF That withdrawal added to my pension income put me over the qualifying income amt for my senior dental and optical free coverage! I paid $500 income tax as well as the 10% they deducted from my withdrawal. So $4000 withdrawal cost me $900. Income tax! No more coverage under provincial benefits! A reduction of $360 yearly on one small provincial pension. My income was $179 over the allowed amt! We were pressured to put in when we were young but no watch out when you take it out. The allowed amt of income is $33,400 per year.
Wow thanks for sharing that Teresa 🌺🙂
Been an investor since age 20 with long leaf partners fund. Owned a duplex at 22 right after graduating from college. Lived at home for free, rented both sides of the “plex” netted about $100 per month after mortgage, taxes & expenses. Bought second property couple of years later - then sold & the money into a business which I lasted 6 years. Sold it to a division of Fortune 500 co. Started the same type of business in different state that lasted for 24 yrs. Retired at age 59, now 66 & financially independent. Had good role models- uncles, college friends, first boss after college, financial authors - etc.
Probably not wise to give the government so much money that you get a refund. Best to invest that yourself during the year.
Sometimes you don’t know until you do your tax return 😂😂
@@ThisIsOurRetirement must be different in Canada than the US? I know to the penny how much I'll pay...I have my return within $5 of the actual. I refuse to give my government a free loan ;)
We have a certified financial planner and every penny he makes is 100% worth it.
We are happy for you ❤️
I agree
You need a financial advisor that is a fiduciary. They are legally obligated to put your best interest first. We agree with pay yourself first. We do this after giving our 10% first to God.
That might just be in the USA 🇺🇸 not Canada 🇨🇦🙂
@@ThisIsOurRetirement yes a fiduciary is (usually) a fee based advisor in the States - the problem is (and there’s always a problem lol) it really is not a straightforward process to find one as some of them can also be on commission ugh. We’ve spoken with financial advisers but I swear every time they tell me they’re charging 1% and I figure how much that will be, I just can’t commit.
I didn't really like your comment and thought it was a little judgemental that insurance company advisers who sell products are just in it for themselves. That's like me saying that because you were a car salesman you set out to rip people off. I'm sure that wasn't the case. I was a bank investment adviser and always had the best interest of the client.I didn't sell any products just for commission.
Just sharing thoughts on be careful as not everyone might think like you Rick , thanks for watching and joining the conversation 🍻🙂
I agree. My invest advisor has made me WAY more money than I ever could have. They know how to analyze stocks and know which ones will make lots of money. For example, he suggested investing in Pinterest, I never would have, but look at how the stock has gone to the moon! Best money spent is on my advisor
You are one of the few good ones then. There are many more that are crooks.