Wednesday, September 23, 2020
Friday, July 3, 2009
BORING IS BEAUTIFUL!!!! DOLLAR WISE........
‘Boring is beautiful' says Lovett-Reid
The investor: Patricia Lovett-Reid, senior vice-president with TD Waterhouse Canada Inc.
My best investment: Having a plan and sticking to it.
At every point in our lives, we've known exactly how much money we've had coming in, and we've known exactly what we're spending it on.
We paid off a home, and we put four kids through university, and we're focused now on our retirement strategy – basically, we want to live well down the road and we want to retire well. I don't think it's an “either/or,” I think it's an “and.” I think you get to do both. And you get to do both when you do the numbers, and we know our numbers.
And it doesn't mean we don't spend, but we're very clear on what we're spending it on. And we stick to the parameters to which we've both agreed.
Trust me, I haven't always liked it, and I've challenged it, on occasion, but when we get back to our family's financial driving principles, that's what's seen us through.
We only have one account, and we balance the chequebook, collectively, together, every single week. We stick to these rituals and I think it's the rituals around the financial component of your lives that help you stay aligned and stick with the plan.
We've always had a plan, we've always had a budget. We've put thresholds in – what can be a discretionary expense, what requires both of us to sign – and while it may seem rigid to others, it's been a blueprint for us.
The return: With investing, I have subscribed to what I always talk about, and that is: Boring is beautiful. My whole life, I've erred on the side of caution – almost, sometimes, to my own detriment, if I'm honest. But I know, as we've gone through this period of turbulence in the markets, we've got through it much better than many of our counterparts.
We probably would have done better over the last decade than we did, but what we've come to terms with in our household is our tolerance for risk.
And so, I figured out what our required rate of return was, and therefore I took some risk off the table. I'm in the camp of, “Slow and steady is going to win this race.” And we're sticking with that strategy.
And that's been paying off. Our goals have been met.
We have no regrets. When we make the decision to buy or sell, we've done our homework – some would suggest we talk about it ad nauseum, and I think we probably do – and we will say, ‘okay, that's the decision.'
My husband at one point had some stock options in his company. We sat down and decided there was too much exposure in one sector, in one company, and we should take some off the table. And we did, recognizing that those could have been worth more, depending on how long we held them, or they may not have been.
But it's a decision we made, and you move forward. And we don't look back – and that can be a really hard thing to do: Not look in the rear-view mirror, but look out the windshield, because it's tough. But that's what you have to do.
I truly am boring, but I do like to believe that I practise what I preach.
The takeaway: I believe in having a plan – it's hard to stick with a plan, but we do. We've created family rituals around money, in terms of balancing the books, on a weekly basis. We set thresholds on discretionary spending. While our incomes and our portfolio may have changed, so has our plan. So we've not been afraid to make adjustments to our plan. And then once we do, we don't have any regrets. But I think having a plan is a blueprint that gets you to where you want to be. And we're pretty comfortable with where we're at.
Thursday, July 2, 2009
BARBEQUE SAFETY. by PILLAR to Post Home Inspection Services
Barbequing
For many homeowners, nothing symbolizes summer quite like getting outside and grilling up some tasty treats on the barbeque. As we dust off our hamburger flippers and prepare for another grilling season, however, it's important to remember that when used or maintained improperly, barbeques can cause serious damage to property and to people. Here are a few simple recommendations to help keep your family safe as you enjoy your barbeque this summer:
Positioning the Grill
· Position your grill a minimum of five feet away from the house and any flammable objects in your yard.
· Make sure your grill is stable and on level ground, so there is no risk of it toppling over.
· Grills or stoves should be situated far enough from the windows and doors so that smoke from cooking will not waft inside.
· Burning charcoal produces carbon monoxide which is highly toxic, so never burn charcoal in any kind of enclosed area.
Proper Use & Maintenance:
Check for grease build-up and clean your dripping pan frequently, as excessive grease can cause unexpected flare-ups.
· If you have a gas grill, remember that propane tanks require sophisticated valve equipment to keep them safe for use. To check your hoses and connections for gas leaks, spray them with soapy water and look for bubbling.
· Remember to close the tank valve when you're finished using it.
· Check for rusted and corroded burners. These parts wear out quickly, but they are easy to replace.
· If your grill bottom has vent holes, be certain that it also has an ashcan to catch hot embers that might fall through onto the surface below.
· Embers and coals should be completely extinguished before disposal. Coals can smolder for hours and can cause fires if thrown away with flammable materials.
· Always store propane tanks outside in a well-ventilated area.
This article is courtesy of Pillar to Post home Inspection Services
Wednesday, July 1, 2009
#1: The Home renovation Tax Credit
Renovating is a great way to add value to your home. It can make your house a more comfortable environment for you and your family, and even reduce your energy bills. With the introduction of the new Home Renovation Tax Credit (HRTC), this might be the best time to begin the renovations you’ve been planning.
The government has given us a temporary 15-per-cent Home Renovation Tax Credit (HRTC) The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.
The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000 but not more than $10,000, and will provide up to $1,350 in tax relief.
Examples of HRTC Eligible and Ineligible Expenditures
Eligible
Renovating a kitchen, bathroom, or basement
New carpet or hardwood floors
Building an addition, deck, fence or retaining wall
A new furnace or water heater
Painting the interior or exterior of a house
Resurfacing a driveway
Laying new sod
Ineligible
Furniture and appliances (refrigerator, stove, couch)
Purchase of tools
Carpet cleaning
Maintenance contracts (furnace cleaning, snow removal, lawn care, pool cleaning, etc.)
#2: The Market Minute
The Market Minute - Confidence is UP! by Avi Ritter
TORONTO, June 17, 2009 - Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year. “Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role."
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”
Which Mortgage is Right for You?
Are you wondering which type of mortgage is best for you? Deciding which type of mortgage will best suite your needs can be difficult. There are so many types of loans and different term lengths. The right mortgage can save you thousands of dollars, while the wrong mortgage can put your house in jeopardy. A little research before choosing your mortgage can save you thousands of dollars in the long run. You should discuss with your Mortgage Consultant the following questions
How long do you plan to stay in this home?
How much risk are you willing to accept?
How much cash do you have available for upfront costs?
