I am disturbed to read about a new scam being perpetrated by scum bags, who call unsuspecting folks and claiming that that the victims owe a great deal to the CRA and it must be paid right now. The scam is quite unbelievable if you hear it, but it has caught a few folks already. The CRA has a page for this specific type of scam, so please check this CRA Scams Web Site (by the CRA) and learn how to recognize this kind of scummy behavior. The CRA are nice folk, but they are a government agency, they have very specific rules of conduct with the public, they can’t directly harass on the phone (I don’t think). Some simple hints that this is a scam:
- Very aggressive behavior, and demanding payment within the next hour. This is a government agency, nothing happens in an hour (OK, most things never happen in an hour).
- If they ask for a Credit Card Number, or for you to “Cable” money, the CRA doesn’t do that (and they sure as hell do not do Itunes cards).
- Tell you that you cannot tell any 3rd parties or the like, that is the flaming red arrow that should cause you to hang up your phone.
Please, don’t be fooled, or duped.
Staying with scumbags, evidently there were folks in Toronto that were contacting new Parents to try to sell them RESPs. Evidently Rouge Valley Health System had their patient personal info stolen, and this is where these folks got the info to contact the new mothers. Don’t buy stuff over the phone, if you didn’t ask for it in the first place.
Farewell to Canada AM which goes off the air today, after 43 years. The morning show format seems to be dying off, but I haven’t really watched Canada AM for a while (sorry guys).
My Writings for Week Ending June 3rd
A busy week for me at home, so only one new post put in place for the week.
Bad Financial Planners Can Help points out that even if you start with a very bad financial plan, if you review it, revise it and keep it up to date, you might end up with a very good plan. Remember any plan is a living thing, and will need to change with time.
A Money Thought
Young adults now more likely to live with parents than elsewhere. But only for a few decades until they can scrape together a down payment.
— 22Minutes (@22_Minutes) May 28, 2016
No More Half Measures (financially)
Previously I have said that the Answer is Always No (if you don’t ask), but Robb from Boomer and Echo took that a little farther with examples from prominent financial bloggers in Want A Better Deal? Just Ask. Some folks have phobias about confronting and asking hard questions, especially when money is involved, so Barry from Money We Have brings us 5 Ways to get Over Your Money Fears
Mark from Blunt Bean Counter continues his discussion of Ethical Wills with Financial Ethical Wills – For Estate Planning and Managing Family Wealth . Passing on your personal financial nuances to your loved ones, is an important part of your will. As I have mentioned, my personal theory of dying broke (but not in debt) and leaving a nice corpse still holds as my personal financial nuance.
If you like the technology like I do, you always get asked, “Should I get the extended warranty?”, so I like the article by SimpleMath: Why I Never Buy Applecare. Speaking of Apple, Applepay does seem to be move available in Canada, but in this Report: Apple Pay Only Making a ‘Small Dent’ Outside of U.S.? We shall see I suppose. You know when it is good to listen to the Mostly Money, Mostly Canadian Podcast by Media Maven Preet B? All the time, and this week a new episode has appeared Episode 49: Downsized into entrepreneurship, sometimes you have to play the cards that are dealt you.
If you are a passive investor (like I am (mostly)) rebalancing is an important topic, however even if you are not a passive investor, rebalancing your portfolio is important so have a read of Fidelity’s John Sweeney talks rebalancing your portfolio. Rebalancing helps hold onto your gains and keep you diversified (as you were planning in the first place). Speaking of wildly overpriced things, I still don’t know how folks “live” in Vancouver, and Infographic: Vancouver Real Estate Mania – A Timeline Of A “Bubble”, seems to concur with my concerns. The Canadian Couch Potato returns with The Real Problem With Inflation-Protected Bonds, for those looking at diversifying their portfolio (and looking for new ideas). If you like to track your portfolio the Frugal Trader went into their archive to find How to Create a Stock Watchlist with Google Spreadsheets. That spreadsheet could help you benchmark your portfolio, and Mark from My Own Advisor publishes Benchmarking his portfolio. Knowing whether your portfolio is growing and by how much is an important piece of data to have.
In an odd way I have Pensionized my Nest Egg (Michael James reviews the book Pensionize your Nest Egg) but I didn’t follow any of the methods outlined in the book, I simply bought into a government pension (by sheer luck).
Ted Talks has many excellent videos that you should watch but the talk by Shlomo Benartzi, Saving for Tomorrow, Tomorrow is one I really like.
2016 Random Thoughts
- January 7th, Market Meltdown, TFSA, WildCard Weekend and #MoneyStories
- January 14th, Cheap Oil, Cheap Dollar, Dead Folk, and #MoneyStories
- January 21st, Loose Money, High Household Debt, Weak Loons and #MoneyStories
- January 29th, Doomsday Clocks, Rogue RRSP Receipts, Cash Crops and #MoneyStories
- February 4th Bouncing Loonies, RRSP Season, Superb Owls and #MoneyStories
- February 12th Lent is Here, Bricked iPhones, Love Day and #MoneyStories
- February 19th Digging Out, Ransomware, RRSP Time and #MoneyStories
- February 26th RRSP Time and #MoneyStories
- March 4th Welcome Americans and #MoneyStories
- March 11th Bank Rate Stays Put, Spring Forward and #MoneyStories
- March 18th Financial March Madness, Budgets and #MoneyStories
- March 25th, Easter is Here and some #MoneyStories
- April 1, Money Fools, Ronnie, and #MoneyStories
- April 8, Tax Time, Spring Delayed, Panama Papers and #MoneyStories
- April 15,Loose Money, Free Stuff, Hockey and #MoneyStories
- April 22,Disabilities, Tax Time, The Queen and #MoneyStories
- April 29,Pitter Patter Tax Time, RESPs are For Rich Folk and #MoneyStories
- May 6, Fort Mac, Mothers and #MoneyTalk
- May 13, Panama Papers, Google & PayDay Loans, Full Moons and #MoneyTalk
- May 20, Victoria Day, The People’s Elbow, Haircuts and #MoneyTalk
- May 27, Loose Money and #MoneyTalk
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