Is Your Toilet Flushing Hot Water ?

That is a very odd title, but it did happen. My Brother had just moved into a new town-home complex, and there were a few idiosyncrasies that he found in his new place, but he didn’t notice this issue for a little while after moving in. He really only noticed one day when he sat down and noticed the warmth emanating from the commode, and only then realized that his toilet was connected to the hot water system for his house (not a huge issue, but it would waste a little money for a long time).

toilet flushing hot water

No, it wasn’t that hot

Financially Flushing Hot Water?

Are you flushing hot water in your financial world? How many fees are you paying that you are unaware of, or worse, are ignoring? What kind of fees am I commenting about?

  • Bank fees, do you still pay those? There are so many banks that offer zero fee accounts, why are you flushing that hot water (money) down the toilet?
  • Entry fees, exit fees and high MER Mutual funds? Seriously, how many times do we (pretty much everyone writing about investing) have to write about this topic? Evidently, we have not hit the maximum count yet. They are called Index Funds, look it up.
  • What are you paying in Insurance rates? Are you shopping around? Remember that insurance is only for ” … in case stuff happens …” (to paraphrase Chris Rock).  If you are overpaying for insurance your money is flushing away.

Am I missing any other Financial Toilets that flush hot water ?

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Money Motivations

I read on-line a great motivational phrase:

“You will never have more time to achieve your goals than you have right now.”

This phrase is so true, for money, and unfortunately as you read this article, you now have less time than when you first started reading this article. Most motivational phrases like this (for me) are double-edged swords.

A better catchphrase to go with, on your financial journey, is the following:

“The best time to plant a tree was 20 years ago. The second best time, is right now.”

Which is more of a variation on my commentary about Golf (the best way to improve your golf game is go back 20 years and start golfing then)

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Today Do Something for Yourself ( Financially )

You have worked hard for your pay, and you deserve to do something for yourself with all that cash you earned, so here are some of the best things you can spoil yourself financially.

 

Do Something for You

Lovely Sentiment

  1.  Go to the Mall, find a Banking machine, and deposit that money into your savings account. If you don’t have any cash on you and all of your money is in your bank already, indulge by walking by that ATM (and get a special warm feeling of accomplishment if it is a “White ATM” which might have charged you $3.00 to withdraw your money).
  2. While you are strolling through the mall, if you see something you really want to buy in one of the stores, realize how many hours you would have to work to pay for that thing, and then bask in the warm glow of knowing how much money you would keep by not buying it, and then don’t buy it.
  3. As you pass the Restaurant that you love to eat at, remember that wonderful sensation that isn’t the ten kilos of fat. that you would have accumulated if you continued to eat their huge portions. Self-control is a wonderful feeling and you deserve the rapture you experience when you exert it. You also won’t need that gym membership, because you didn’t put on those extra 10 kilos.
  4. If you are at your computer, go to the BMW web site, and design your dream car, give it all the extras you have always wanted (include a heated coffee cup holder). Take in this glorious piece of Bavarian Auto Prowess, then make sure that your bus pass is up to date, and know that by not buying this gorgeous piece of auto porn, you will be able to make a down payment on a house.
  5. Find all of your credit card statements, and see how many you can pay off this month, and think of all the money you didn’t have to spend on high interest charges, because you are that person. You may use your credit cards, but you are also an Adult, and know that you should pay off your debts.

Doesn’t it make you feel special spoiling yourself like this? Are there any other decadent financial pampering you can do for yourself ?

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Frustratingly Correct Financial Answers

I have already written about Snappy Answers to Stupid Questions (the financial edition), but here are some more fun frustratingly correct financial answers to give folks, that will cause them to comment, “Well that is obvious”, but remember that just because an answer is obvious, doesn’t make it any less correct.

Questions and Answers

You got some Q’s I got some A’s For You

Question: When is the best time to sell my stock ?

Answer: When it reaches the highest price.

Isn’t that annoyingly correct? No, it isn’t actually answering the spirit of the question being asked, but it is giving a very correct answer.

Question: Any tips on how to win the lottery ?

Answer: Yes, buy the winning ticket.

Yes, Captain Obvious is hard at work here, but I enjoy giving these kinds of answers, because folks keep asking me questions like this assuming I might have some amazing insight or karmic understanding about how lotteries work. Yes I did work in the industry briefly over 25 years ago, but no, I have no idea on how to make money on lotteries (unless you can run one, then there is a lot of money in that).

How about some investing advice, I get asked this one regularly:

Question: What are the best places to invest money in our {RRSP|RESP|etc., etc.,}?

Answer : In places that will make you the most money, and make sure that you sell before the price of them drop in value

Great answer, isn’t it?

One Final Snarky Answer

The final one you have seen me answer so many times before, but, it is still very correct

Question: Is there such a thing as good debt?

Answer: No. If you owe money, you owe money, which is bad.

Did I miss any?

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Financial First Date Questions

Given my amazing relationship skills (yes, like my investing, blind luck can be passed off as a skill), I figured I’d help out some folks with a set of useful questions that you can ask on your first date to find out if that person is compatible with you (or not), and has no Financial Skeletons in the Closet. These financial first date questions are important to a relationship.  I actually stole the concept from Reddit, but I have put a very financial spin on things, and please add your own questions in the comments, if I miss any good ones.

Good Financial First Date Questions

Rubik's Cube

Some Say Relationships are like a Rubik’s Cube

  1. How many credit cards do you have in your wallet? How many total?
    Note, if the answer is more than 4, run, don’t walk to the exit door
  2. Have you declared bankruptcy in the past 10 years ?
    This might even be a pre-first date question.
  3. How much did that purse cost? -or- How much did that watch cost ?
    If the purse cost more than your monthly rent, you are out with someone who likes the finer things in life (and that is not a compliment).
  4. Do you smoke?
    Any answer other than “no” means higher insurance rates later in life.
  5. Active, Passive or Dividend Investing?
    If the answer is, “I beg  your pardon?”, steeee-rike three!!! Can a dividend investor live happily with an active investor?
  6. Would you rather owe 100 people $10 or 1 person $1000 ?
    Again, there is no correct answer, the correct answer is, “Why would I owe people money?”
  7. When you need cash, do you use a “white” or no-name ATM?
    There is no way you should stay with someone who thinks $3 a withdrawal is OK.
  8. TFSA or RRSP ?
    Again, the answer “What?!?” is an automatic FAIL! However, if they answer TSFA, be on your guard.
  9. How much debt are you currently carrying, and what is your plan to pay it off (if you have debt)?
    If the answer is, “I have no debt”, he or she is a keeper! However, if they say they are carrying $120K in student loans, ask what their profession is, if they are a Dentist, Doctor or some other well-paying professional, then you might be OK, but be wary.

Conclusions

Who said romance is dead? Best to ask these financial first date questions so you don’t end up in a Loveless, Sexless Marriage.

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