Unlocking Phones, Raiding Parents’ RRSP, Household Debt and #Moneytalk

in Best of, Random Thoughts


Today is the first day of Unlocking Phones in Canada. The CRTC’s rules about how Cell phone providers must give the phone to you unlocked comes into play today. You can also get your phone unlocked for free, if you have a contract with the firm. Isn’t this a great day? Wonder when we start getting cheaper rates and unlimited wireless internet? Guess that one is going to take a little longer?

Old Cell Phone

Unlocking Phones like this will never happen

The minister of National Revenue reinstated the Disability Advisory Committee. This might be a good thing, but hard to tell. I believe this is a reaction to the media coverage of Disabled Folks losing their DTC. What is this committee going to do?

“The Committee will advise the CRA on how we can better inform people with disabilities and various stakeholders about tax measures and important administrative changes. The Committee will also review the CRA’s administrative practices and make recommendations on how we can enhance the quality of our services for people with disabilities.”

So my guess about them reacting to folks losing their DTC in the media is on-target.

The Real Estate world seems to be wetting their pants over possible drops in sales, so now they have come up with a new ferkokten idea, allowing buyers to borrow from their Parent’s RRSPs? I love my kids, but that is possibly the most meshuge idea ever. Put money away for my retirement, but decide I’d rather keep working so my kids can have a house? I keep reading that phrase and it doesn’t make any sense. Whoever thought that up is the definition of Chutzpah.

The amount of hype the Real Estate industry is creating is getting to the levels of the Cigarette Companies in the late 1960’s. A family in every house, a car in every garage and a chicken in every pot as the National Dream may well be over.

Did I say bubble? With Bitcoin smashing through $1000 maybe it is time to think about investing in it? What you nuts? Here is an interesting statistic for you, Bitcoin mining consumes more electricity than 20+ European countries. People are wasting that much electricity for this? Wow.

Do those Boomers have money for their kids to borrow? Stats Canada put out a study that suggests:

“The level of household debt relative to income in Canada remains high by historical standards and continues to rise, driven by growth in mortgages and home equity lines of credit.”

This is bad news for all the bubbles out there. Eventually the Debt bubble will go pop, with either higher rates of interest or creditors tightening rules for lending. Listen closely folks the next financial bang might be very loud. Remember the good old days when Mortgages were 10% and we thought that was low? Should call my friend Mr. Hoyes to see how many bankruptcies he’d expect if interest rates went to that level?

My Recent Writings

With the maniacal shopping of Black Friday and Cyber Monday, I figured I’d go to the one day out of it that speaks to me and that is Giving Tuesday. Everyone has their go to charities, and with Giving Tuesday, My List I give you my list of the charities I am giving to this year. I didn’t mention my Church on the list, but that is the other charity I donate to.

Micro Blogging on Finance

Today is the big day! The caveat I read is that your unlocking phones must be done under contract with one of the Cell Phone providers, but what about me, I am not on a contract, I am month to month? We shall see I suppose.




Financial Advent Arrives

As December begins, so does the Christmas season, which in the Church is called Advent. Advent translates to “coming”, as in the coming of Christmas, but remember Financial Advent means, the Christmas Bills are coming too!


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{ 4 comments }

{ 4 comments… add one }
  • RaginCajun December 2, 2017, 7:37 AM

    I think if you talk to a few “front-line” mortgage folks in the banking industry (big 5), they are now refusing more and more mortgages, things are beginning to tighten.

    2nd is I am unlocking my wife’s Bell iPhone today, she switched to Koodo on Black Friday, and so has no longer a contract with Bell. A long ex-Nortel loyal employee finally gave up on them, just couldn’t match (or didn’t want to) Koodo’s offer. We called yesterday to have it unlocked (Bell) and well 38 min wait, and then we will send you an email with the instructions later today or tmrw, it showed up at 5:00pm, so going to walk through the steps today, will let you know if I have any issues. After it’s unlocked her old 5c will become my new 5c on my Koodo account 🙂

    Reply
    • bigcajunman December 2, 2017, 7:44 AM

      Secondary lenders are still out there creating “hybrid” mortgages, which is worrisome.

      Good luck with the New/Old phone too!

      Reply
  • aB December 1, 2017, 10:22 AM

    “maybe it will come out in an Audiobook one day”
    and appear in the library.. ha

    Reply
    • bigcajunman December 1, 2017, 10:27 AM

      I think that was implied in my statement 🙂

      Reply

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