Rob Carrick and The Globe and Mail personal finance team are working on a kinder way to benchmark your finances
What they actually don’t like is the feeling of shame that so often arises after talking about debts and investments with other people. Inevitably, there’s someone in the crowd who has a mountain of savings or contributes the maximum to their tax-free savings account and registered retirement savings plan every year, without fail. If you struggled to hit $5,000 in your TFSA, it’s demoralizing to hear about someone pushing toward seven figures.
Still, it can be helpful to know where your peers stand in a financial sense. Can it be done in private? This is the goal of a project The Globe and Mail personal finance team is working on. In a previous newsletter, we asked readers to tell us how much debt they carried, and how much they had invested. Now, we want to refine the investing data by asking readers to tell us about their investments and savings on an individual basis, and not per household.
Our questionnaire is totally anonymous – it requires neither your name nor your e-mail address. Just tell us your age and the balance in your TFSA, RRSP, non-registered account and cash savings. This information will enable us to build an online tool that shows people in various age groups how the amount they owe – on mortgages, credit lines, student loans and more – compares with peers, and how their investments and savings stack up. Call it a kinder, gentler way to benchmark your finances.
. “On average, renters spend $289 [per month] less than owners on shelter expenses.” As far as I can tell, the expense of home upkeep and maintenance isn’t included.A money manager tackles this key question facing home buyers and people renewing a mortgage: Go with a fixed of floating interest rate? His take is interesting –CreditCardGenius takes a look at the
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