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Savings Motivating

How to Motivate Savings

Consumers rarely do anything unless they feel they get something out of it. I keep wondering what savings motivating system banks could put in place?

Canadians are notorious for loving rewards systems, where they can accumulate points for later purchases, maybe something like that? A points system that would pay more monthly, the more money you had in your savings account?

I think I am on to something here, if banks paid people these points that they could use to purchase things, that might motivate people to save more money.

A Savings Motivating Refinement

What if this point system allowed you to swap points for money? Better still what if you didn’t accumulate points for having more savings, you accumulated money? Money that would be added to your account balance, and then the next month you might accumulate more money because of this added money?

This is possibly the greatest idea ever to motivate consumers to save money, isn’t it?

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Monthly Payments

Make More by Reducing Debt

One of the easiest ways to give yourself a raise, without increasing your income is by reducing your debt load. Less debt means you pay less, thus more 4 u.

Never was So Much Owed by So Many

“Never was so much owed by so many to so few“, –Winston Churchill I paraphrase Churchill as a precursor to the latest data from Stats Canada about the National Balance Sheet. Remembrance Day is not… Read More »Never was So Much Owed by So Many

RDSP Awareness

RDSP Awareness , Volatility and #MoneyTalk

It is RDSP awareness month in October (according to Plan Institute). As most of you know, the RDSP is a topic that is near and dear to my heart. Watch all my social media streams ( Twitter and Facebook) for many great archive stories I have on the topic of RDSP Awareness Month. I will also include a bunch of other information about the DTC (Disability Tax Credit) and a great article about Henson trusts too.

RDSP Awareness

Given the latest Market Volatility and drop in value, is now the time to crack open our skulls and eat the soft, gooey stuff inside? No! Remember if you are an Index Investor, now is not the time to panic. Have the picadors finally slowed down the Mad Bull Market of 2009? I have no idea, but it is fun to create clickbait for folks based on that.

This coming week it will be Happy Cannabis day (on October 17th). What exciting things will happen that day? I am unsure, but I may stay off the roads for a few days. Some employers are being quite strict with their rules (RCMP says you can smoke up to 30 days before your next shift, and DND’s regulations seem quite voluminous). Will folks show up to work stoned? It all remains to be seen, but remember, ” … Dave’s not here man!”.

Seems we will be saying good-bye to Google+? Must admit it never drove much traffic and ever seemed to have anyone on it, so this is no great loss. Will Google create another better Social Media site?

Deep Money Thought

“Believe me it is better to understand the balance-sheet of one’s own life than of the corn trade” –Seneca

You need to understand yourself before you attempt to understand your finances,
might be a conjecture from this thought.

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Tech Infiltration

Tech Infiltration, NAFTA/USMCA, WiFi, Tornadoes and #MoneyTalk

A story of tech infiltration broke about how a server manufacturer was compromised by the Chinese security folks (allegedly). The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies, outlines how many US firms use the technology that was compromised. Why am I talking about this here? This is a game changer for technology. Most of your technology is assembled by small companies in the far east, and now that it has been proven that they are compromised, how the manufacturing chain works will have to change.

Who is compromised? Every firm that matters: Apple, Amazon, NASA, Banks, Government Agencies, etc., etc.,. Expect statements soon from all of them, attempting to downplay the scope of this hack (however it is very big).

The current U.S. regime is already xenophobic, there will now be a push to “Buy BUILT in America ONLY”, especially in the tech area (and absolutely on Government contracts).

This leads to the other big news this week the completion of NAFTA USMCA. The new agreement has changes that will screw affect farmers, but it seems to be better than nothing. It did not remedy the “buy America” policy the U.S. governments currently have, thus Canadian firms still cannot easily penetrate the lucrative U.S. government contract world.

The tech infiltration will not help with this lack of access to the U.S. Government contracts. If anything rules will get tighter in this area.

Are you feeling paranoid about your own tech security? You should, since Wired just told us, How Russian Spies Infiltrated Hotel WI-FI to hack victims up close. Remember if you are using any kind of public WiFi, don’t use your banking app, better still, just don’t connect to it. Your phone will tell you it is not secure, believe your phone. If you get a VPN (virtual Private Network) you might be safer, but never completely.

Hell of a Wind

We were lucky that all that happened to our house, during the Ottawa Tornadoes, was we lost power for about 49 hours. This meant all food in all of our freezers and refrigerators had to be thrown out (about $1000 worth is my guess). Given my home insurance deductible, it is not worth claiming. We have friends that were much worse off, and my wife and I actually were in Burlington the weekend (visiting my Grandson).

My daughter got to enjoy Barrhaven in the Dark for the weekend, and did an excellent job taking care of the house. Our City Councillor and Provincial MP did a great job helping folks out as well.

I will be putting together a better power outage plan, as the current one wasn’t very good. A generator is an idea, but would entail a great deal of work on our house wiring too. Maybe Solar or a Tesla house battery system?

My Recent Writings

Keeping with my technology theme here, I did write, FinTech’s Foundations COBOL. I loved COBOL at school, it was so easy to comprehend, and maybe I can retire and get some contracts programming in it? Maybe my skills are a bit too rusty though.

Wonder what kind of Tech Infiltration there is on the COBOL side of things?

Deep Money Thought

“Fortune aids the audacious” -Virgil

“What Fortune has made yours is not your own.” -Seneca

A stoic thought about money, what Fortune gives you, you must be wary of, and plan for when it is not there. Virgil’s comment is the more popularly quoted, but Seneca’s view is important to remember as well.

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