What’s in your emergency fund? Do you have cash on hand to get your through unexpected lean times?
Rob Carrick over at the Globe and Mail think’s it’s time to focus on building your emergency fund in 2016.
Now seems an opportune time to return to the emergency fund theme. The Bank of Canada indicated last week that it would consider using negative interest rates, an extraordinary measure already in use in some European countries, if the economy worsens significantly. Governor Stephen Poloz believes the makings of a recovery are in place, and he doesn’t expect to have to resort to negative rates. And yet, oil prices last week hit their lowest point in six years.
I took a look at our household emergency fund recently and decided we needed to up our game. How about you?
Definition of an emergency fund: Money sitting in a high-interest savings account at a bank or credit union. These accounts are insulated from the ups and downs of the stock and bond markets, and easily accessible online. Interest rates are pitiful on these accounts, but the emphasis is on safety over returns.
Read the full article here.
Ulsterman dug up this blast from the past: a posting from this here site in 2006. At that time we recommended Vancouver real estate as the easy road to riches. If you followed that advice you’re probably reading this now on a solid gold iPad while you recline on silk cushions with your feet in a bath of Diva Vodka.
YOU can GET RICH in REAL ESTATE!
Are you ready to become so INCREDIBLY RICH that you no longer have to adhere to the standards and conventions of ‘civilized’ society? Are you TIRED of eeking out a day-to-day existence while you can smell THE REEK OF WEALTH all around you? Would you like to be able to walk through the mall without any pants and be so EXCESSIVELY WEALTHY that no one can utter a word about your pantless state, lest you unleash your personal squadron of vicious attack lawyers destroying their lives and reputations?
Well NOW you CAN!
Yes! Thanks to the MIRACLE of BOUNDLESS increases in PROPERTY VALUE you can now become a MULTI-MILLIONAIRE by investing in real-estate. And the best thing about it? This process requires NO EXPENSIVE COURSES OR SPECIAL EQUIPMENT. You don’t need any special skills or knowledge – In fact, you don’t even need a brain! THAT JUST HOW EASY IT IS!
Here’s how its done:
1) buy real-estate
2) sell real-estate (for more than you bought it for)
3) repeat and profit!
This SIMPLE MONEY-MAKING PLAN will see you swimming in your own personal GOLDEN BATHTUB filled with 50 dollar bills within a week. Within a month you will have SO MUCH MONEY coming in that you can hire people to MAKE MONEY FOR YOU. Within a year you will be so RICH, so INCREDIBLY WEALTHY that you will be able to buy yourself a SOLID GOLD SPHERE THREE HUNDRED MILES IN DIAMETER!
You will have the power to BUY AND SELL other people for your own amusement. Earth will be your playground and all that hear your name will COWER IN FEAR. So what are you waiting for? GET RICH NOW!
Why am I sharing my MONEY MAKING SECRETS with you? Because I care. I know that you personally have the RIGHT STUFF to dominate the globe and I want you to SUCCEED. And just to show you my generosity, my utter lack of personal greed or selfish motivation, I have just the thing to get you started. It’s a small leaky condo on the east side and it can be your stepping stone to UNLIMITED MIND-BOGGLING RICHES.
Remember, it’s never too late to take this advice! It’s entirely free and worth every penny paid! Stop slumping and start Trumping!
There’s a city in Canada that has a temperate climate – it’s not frozen half the year. It’s widely acknowledged as a beautiful place with access to nature and people are willing to pay some of the highest prices in the world just to buy a bit of real estate there.
And yet the citizens are some of the most unhappy in the country?
What gives you bunch of ungrateful louts?
According to Statistics Canada the entire province of BC is filled with a bunch of unhappy people. Not a single city in BC even cracks the top ten happiest places in Canada.
And our fair city of Vancouver? Well 33rd place isn’t really that bad is it?
Stop crying and move to Quebec already if you’re so miserable!
Garry Marr writes about the situation in Alberta over in the Financial Post. The drop in oil prices has hit their economy first and hardest with sales down by 30-40% over a year ago and growing listings.
So how do you prepare for a surprise economic hit like that?
Simple. Save up to cover for job loss, keep your debts and bills manageable and don’t get into a situation where you have to sell when everyone else is selling.
Unfortunately Canadians aren’t doing so well on the debt front:
Debt reached an all-time high in the fourth quarter, relative to income. Statistics Canada says the debt to disposable household income ratio is 163.3%, much of it attributable to housing costs.
Read the full article here.
We should be well and deep into the ‘boy who cried wolf’ territory by now.
How long have you heard warnings that interest rates may be going up?
We’ve all become so used to hearing that it’s going to be a big surprise if they do.
The CBC has an article that says interest rates will go up this year and here are 4 ways Canadians should prepare.
#3 is ‘don’t rush to buy a home’:
Higher interest rates could also lead to a correction in the housing market.
“The big issue as far as I can see is that people panic and think they have to get into the housing market before interest rates climb. But they have to recognize the overall long-term impact of interest rates actually climbing,” says Laurie Campbell, CEO of Credit Canada Debt Solutions.
Homebuyers who rush out to purchase homes to beat a spike in rates could end up with homes dropping in value.
“I think people have to be vigilant about any big purchases they may be making in the next little while. Housing in particular,” Heath says. “If someone is considering purchasing a house, they have to really look at more normal interest rates during their budgeting.”
Read the full article here.