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Email this12:16 pm
January 12, 2019
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AltaRed said
You could do a lot worse than educating yourself with various aspects of https://www.finiki.org/wiki/Main_Page a financial wiki for Canadians put together by the collective wisdom of members of 'The Financial Wisdom Forum'. Even if you eventually consider a financial advisor, you will go into it a lot more knowledgeable than being led by the nose with wizardry and industry euphemisms.
Link ➡️ https://www.financialwisdomforum.org
- Dean
" Live Long, Healthy ... And Prosper ! "
12:49 pm
August 8, 2022
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Although it's a nice 2.8% savings rate at Oaken, the availability of this money may be constrained by:
- no eTransfers out, other than those that the bank originates to your linked financial institutions (no personal eTransfers, as we might consider the term generally).
- hold times on deposits at the receiving bank may upset your schedule.
Effectively, if you need regular and immediate access to your money, Oaken might not work as the only savings option for some expenditures.
Writing as someone whose financial knowledge was below the minus mark - and remains, sadly, barely above this - I attribute my remarkable solvency in part to this forum. Check out some archival topics. Maybe contributors can recommend some. (I completely understand your experiences with the Trillion Tabs of Dubious Definition...)
4:14 am
January 1, 2018
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Norman1 said
arndis said
…
I'd rather pick accounts with good everyday interest rates than be chasing promotions or changing accounts frequently. …
…Manulife Bank is offering to add 1½% for two years to Advantage accounts opened between July 2 and September 11. That brings the interest rate from the regular 1½% to 3%.
Pre-authorized debits, cheques written, and transferring funds out to linked external accounts are free. Bill payments, ATM withdrawals, Interac POS debits, and Interac e-Transfers are free with $1,000 balance.
I agree with Norman1 ... although this is technically a 'promotion', the fact it's an unprecedented TWO Year term, could be just what you're looking for in a HISA, while you find a new job, etc ?
It also has the advantage of being both a Savings and Chequing account all in one. They even sent me 50 Free cheques to start. 😉
Be aware that their regular interest rate, currently 1.50% can fluctuate in lock-step with changes to the BofC rate. The other 1.50% (promo portion) will stay that way for the 2 year term.
I can't see a downside for you, or most anyone, to setup one of these accounts at Manulife Bank ... BUT, you only have 11 days to decide. 😉
9:33 am
April 6, 2013
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Bill said
Be interested to know: how many people on here who, given their age, are satisfied with their net worth and also consider financial advisors to be the main reason for that success?
People like that wouldn't be here. They would be off doing other things besides hunting for the best GIC and savings accounts rates themselves.
Investments help. But, they don't make one wealthy. What one does for a living and intelligent spending are what do it.
Brokers themselves don't earn most of their wealth from investment gains. They earn that from the commissions and fees from selling the investments.
6:21 pm
September 11, 2013
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Maybe that's true of most people, but I'm here and two of the points you make do not apply to me at all.
5:26 am
April 27, 2017
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Norman1 said
Bill said
Be interested to know: how many people on here who, given their age, are satisfied with their net worth and also consider financial advisors to be the main reason for that success?Investments help. But, they don't make one wealthy. What one does for a living and intelligent spending are what do it.
It's primarily driven by income. Saving rate is largely the function of income. In 2019 Federal Reserve’s Survey of Consumer Finances (SCF) found that 84% of households in the highest income decile were savers versus only 46% in the bottom half. Higher income both permits more saving and is strongly associated with higher net worth. Stock-market participation also rises very steeply with income; SCF-based research finds participation rates of only around 20% at the low end of the income distribution, rising toward 80% at the top.
For people in 50s and older investing largely determines the actual net worth. People who invest in the stock market consistently end up with capital gains and compounded investment returns accounting for the vast majority of accumulated wealth.
Stats also suggest that wealthy households are not indifferent to savings rates. They tend to be financially price-sensitive, and because their cash balances are larger, small rate differences can be meaningful in absolute terms.
