The Bank of Canada announced a quarter-percentage point decrease to the prime lending rate, now at 2.50%, confirming forecasts of a rate cut. This move is expected to lower borrowing costs, with the prime rate likely adjusting to 4.70%. Variable-rate borrowers may see reduced monthly payments, while fixed-rate mortgage changes will vary. Analysts anticipate further…
Couple of birthdays, a mini road trip, and two weddings—all within a span of two weeks. These events seemed determined to conspire against our wallet. Well, except that we had anticipated them months in advance and tried to factor them into our budget. Did we succeed, or did we mess things up? For the most…
People like to flash their net worth, using it to show that they belong to the millionaire’s class, when they barely have few hundred dollars in their bank account. Are they to be believed? What is net worth anyway and is it a reliable measure of someone’s financial status and standing? What is Net Worth?…
Ever walked into Walmart, Costco, or another grocery store with a whole list of items to buy, only to walk out with just one? That almost never happens — and that’s the joke. What really happens is the opposite: you walk in for one or two things and somehow leave with a cart stuffed full…
The world of investing has been undergoing a major overhaul in the last few years, making it easier for more and more people to get into the markets, build wealth, and take control of their financial futures. With innovations in technology, the rise of low-cost brokerage platforms, and an ever-growing range of investment options, opportunities…
Recently, a family member had to be hospitalized, resulting in a 53-day stay, including three weeks in rehab. Needless to say, with the hospital being nearly 50 km away and family visiting almost daily, things quickly became chaotic—from an emotional, physical, and even financial perspective. With this being a financial blog centered around budgeting and…
The title of this article may sound counterintuitive: spending money to generate money? Well, the concept of spending money to earn more money is not new—it’s simply the basic idea behind investing. But when it comes to credit cards, we often think of them as money-sucking financial tools, yet a necessary evil we can’t live…
It hit me the other day: I have money scattered all over the place—across 4 or 5 different institutions. While the core of my finances is handled by one main bank, I realized I’m also saving, investing, and managing money through TD, RBC, Wealthsimple, crypto wallets, and employer-based accounts. How Many Accounts Are Too Many?…
If you’re like me, not a day goes by without some reminder about the price of Bitcoin or a headline related to cryptocurrency developments. It’s almost unavoidable — especially if social media algorithms are feeding off your interest in Bitcoin and crypto-related news. While I’m happily invested with a small position I bought in Bitcoin…
Imagine you’re in your early 20s, having just finished your higher education, when a wise friend approaches you and says: “I know a somewhat easy — but not simple — way to become a millionaire. If you save and invest $1,000 biweekly for the next 20 years, assuming a 7% average return, you’ll hit that…