Plenty of news on the twitter wire on the election front, but another fun week of interesting money related tweets on the Twitter Machine (remember I am there as @bigcajunman ) and maybe some other social media as well!
With the new economy how will the tax system deal with these new digital currencies? BDO has some advice for you.
This makes me sad, I thought my money loved me, and like the saying says, if you love something set it free (and I do).
You never thought I’d be quoting the CIA eh? Well this one is very true about your local library, and specifically it is great for financial resources too (magazines, books and articles), go to your library and support it (or you will have to answer to the CIA).
I did mention the election, and how the Bank of Canada will work if there is a change of leadership would be a very interesting question. Has anyone asked any of the leaders how they might change the Bank of Canada’s mandate?
Roger Wohlner writes about the worst Mutual fund yields, and I wish more folks would check to see what their Mutual Funds yielded they might be horribly surprised.
Now there is three words I wouldn’t think would go in a sentence “designer luxury consignment“? Does Jaguar have a crash and dent section?
For those of you who don’t follow TVO, you are missing out, and here is your deep thought for today.
A quick look at Facebook and I see that the TFSA is good for single income families? That is not what all the Financial Chicken Little Crowd is saying?
The Hawthorne Effect (also known as the Observer Effect), is something I have observed in my life more than once. The main thing I have seen is that when I start observing and taking close note of what I am doing, financially, I change how I act with money, thus I end up changing my lifestyle, but then having the wrong perspective on my financial life.
The specific example I can give, is when I decide that I am spending too much money (usually happens at least 3 times a year) and I want to see where the money is going. I start watching what I am spending, by becoming (even more) anal about recording expenditures in Quicken (my normal method for watching spending).
The Hawthorne Effect (I always thought this happened)
Typically when I start noting my financial life I end up:
- Not buying lunch at the cafeteria at work, or limiting it to 1 or 2 meals a week, and eating more left overs for lunch
- Attempt to have “no spending days” where at the end of the day I have the same amount of money in my pocket as when I started, but that becomes a bit of a cheat with Interac and Credit Cards.
- Doing weekly and monthly reports to look at where the spending is happening and then “discussing” that with Mrs. C8j (OK, so it ends up in a fight because inevitably in the discussion I use the “What were YOU buying at Store Z?” phrase).
Doing all of this causes me to alter my spending habits, thus the data I am collecting is at best skewed and at worse, incorrect.
The best way I can do a real study on my spending habits is by looking at past data (in Quicken) and act on that data, however, when I do try to watch myself financially, I end up acting like I am supposed to act, so maybe that side-effect makes the whole exercise well worth while ?
I have about 2500 Twitter followers now, and my feed is alive with interesting financial stories, so here are a few of the ones I enjoyed reading this week.
Glad to see that the Bank of Canada is celebrating the Queen’s record-breaking reign (with a more secure bill):
The Economist (unfortunately) gets this one very right (also true in Canada):
How do you work around the seemingly definitive statement “first time home buyer“? Just ask Preet:
I did not realize that the CRA offered this service, but it is well worth checking out in my estimation:
The greatest retirement tweet of the year (if not kind of NSFW) :
Kerry Taylor gives us the narrowest house in Toronto, which still costs a bloody fortune
Teach, your children well, about money that is
In case you thought all those fun games on your iPad are free…
To help you enjoy this long weekend (the last of the summer of 2015 I might add), here are some of the most interesting tweets of the past week in personal finance (and other things too).
Has Preet created a new Economics buzzword for the Money Talking Heads ?
Another interesting investment profile from Larry MacDonald
Another big win for cord cutters (in the USA at least) all NFL games on CBS will be streamed
Any post that has Louis CK in it, has got to be good
This should be interesting, and I will be there too
I really don’t know how Scotiabank can justify this one, amazing bit of Banks Behaving Badly
Is it time to rebalance? Maybe, if you need to rebalance, now would be a good time
Who else could drive around London sitting on a chair, on a Leyland Mini? Mr. Bean of course! 25 years ago? Really?!?!
And to finish off a possible Election 2015 preview on youtube, I will be voting Very Silly if it is on the ballot
Another round of some of the finest money tweets of the week, hope you enjoy
Why is it that the Chinese stock market and economy confuses my simple mind?
Not sure I completely agree with Mr. Bernstein, but I think I understand his sentiments:
Some very sound advice from our friends at USA Today:
Finally this is my favorite tweet of my own this week, nice graphic:
Not sure the Bank of Canada is only concerned about commodities, but you never know, do you?
High praise when someone calls it the best investing article:
One more from Facebook, which is actually a linked in link, if you like pointers to pointers: