Caring For Aging Family

The reality for many of us in North America ... we will be dealing with the care issues of a parent/family member for 10-15 years.

These issues did not exsist a generation ago. Life expectancy was  only the late 60's for men and early 70's for women. Today more people are living beyond 90-100 and care in one shape or another can last 20 to 25 years.

This can be both emotionally draining and can severly impact the financial resources for care givers and their families. But there are some things that can be done to simplify this process and take some of the burden from family so the transition to care can run more smoothly.

Why are we Financially Irrational

Have you every wondered why so many of us  behave the way we do when it comes to money?

Why do we spend too much, even when we know it doesn't make sense.

Why do we expect to pay a low price to buy something, yet once we own it we believe its value is higher.

People and money seem to explode every so often, and governments and economist seem powerless to explain these financial events.


Have you ever wondered ...

• Why are we so irrational when it comes to money?
• Can financial behaviour be predicted?
• If so, why do financial markets seem to explode?

Check out this documentary from PBS's show -  "Mind over Money" below.

New Retirement

In Kelowna I meet at least 2 people a week that have relocated to the valley to prepare for an early retirement. 


They have left the high paying jobs in Vancouver, Calgary or Edmonton sold the family home and moved to the Okanagan Valley to be closer to aging parents.


Their plan is to work another 5-7 years, and with out a mortgage they hope to top up their retirement accounts and be well in position for a comfortable retirement. 


The world of retirement is changing in Okanagan.

Simple Life Spend Less

I have often wondered why it is that cost of living only seems to go up. The harder you work the more you spend. The more you spend the harder you work. You get the idea. Life is a financial treadmill with out an end, that is your life until the day you die.


For some we realize this paradox before then, yet many of can never have enough stuff, spend enough or travel enough. The reality is the more complex our lives are the more costly they are to maintain. And once you have high maintenance life you must continue to produce an income to support it.

Boomers Parents Scammed

The parents of the baby boomers are now well into retirement. They have done their best financially coming out of a great depression followed by longest time of growth in North American history.


Life has taught them to spend carefully and how important it is to save for the future.  Now is a time to enjoy the fruits of their labour.

But now their good financial choices have made them targets of swindlers and con artists. Check out these two videos that illustrate the need for baby boomers to play a bigger role the financial lives of your parents.

Dealing with Debt

Have you ever avoided the phone because of a creditor, I have.  I can remember leaving my house for most of the day just so I didn't have to ignore the phone.

At the time I did not know how to handle the angry collectors and I wanted to do the right thing. But how can you negotiate with some one that really has nothing to lose?

Here area few ideas that worked for me. (Make sure to check the video from CBC Marketplace on Debt Debt Collector Dread the bottom of the post)

Retirement Can Be Funny

The topic of financial management and retirement is a serious financial issue for many. Will you have enough to live with dignity, how do you deal with your investments when the financial markets are down, and what if you live too long? 


The answer for most financial companies is to scare their customers in to making hard decisions.


Nationwide Insurance in the UK has come up with a lighter approach in a series of commercials under the banner "Life comes At You Faster than you think".


Check out these videos -- very funny!

Canada's Pension Benefits Changing

The financial turmoil of current economic events has effected the possibility of early retirement for many baby boomers. 


Investments are down, company pension plans are coming under pressure and now government benefits are changing to adapt to less revenue.

Governments in France are pushing retirement age ahead from 60 to 62 1 to save money, the United Kingdom has scraped the mandatory retirement age of 65 to allowing for longer working years to collect premiums 2 , now Canada has announced a plan to increase contributions, to drop benefits for early retirees and to allow contributions after 65 to support the Canada Pension Plan.

Canadian Debt Worse than the USA

We Canadians are known for being privately proud of our country. Being so close to the United States we have become known as their much smaller brother, always second best.


But now we have something to point to, as being better at than the Americans ... we Canadian's carry more house hold debt than they do.


That's right! After watching financial melt down and the US economy crash, we Canadians continued to pile on the personal debt. 


Recently Bank of Canada Governor Mark Carney gave a stark warning to Canadian house holds in this report from CTV from the Vancouver Sun...

Smart Christmas Shopping

What kind of Christmas shopper are you? My wife and I shop totally different. 


My wife starts early takes her time and is driven on price. I, on the other hand, am willing to pay a bit more, I leave my shopping to the last 2 to 3 weeks, and I can't get out of the store fast enough.


What if, no matter the type of shopper you are,  you could shop faster, easier, and save money while leaving your wallet at home?  


All you need is the latest app on your Smart Phone and you are ready for the mall. Check this from ABC News ....

The Worlds New Middle Class

Image by Getty Images via @daylife

I have been accused of being an eternal optimist. 

But how can I be so sure things will get better when the United States economy is in the dumpster, the Canadian real estate market is showing sign of collapse and employment seems to be going now where. 


The  solution to the world's economic problems, I believe,  is the growing middle class in China and India.

New Adventures For a New Point of View

Living in Kelowna is a real treat. We have everything ... 5 ski hills, a huge lake and endless amount of trails to see. (Thanks to Union Cycle Kelowna for the picture).

You name it we have are excellent restaurants, music and events galore. We move here because it has everything we want why go any where else?

And as I have found out for myself, as it is with travel so it is with the Internet 

Your I-Phone is Now Your Bank

The cell phone is becoming the central part to many of our lives. You can check your account balance, transfer funds, pay bills and even pay for purchases.

The recent tragedy in Haiti is a case and point the power of the cell phone. Almost one third of the money raised, 5 million dollars, was done by texting!

What is next you ask? Now you can deposit a cheque with a new app for the I Phone. The app market has really changed the usefulness and convenience of your cell phone.

Check out this video from BNET. Amazing!

Can Rich Dad Make You Rich?

They come every year to Kelowna, seminars promising financial success in a few easy steps, using your credit card and a new method. 


Financial Gurus selling secret systems, special investments, and incredible tax strategies. But do these things actually work?

Diet choices Salad vs. Burger

The holidays are over and if you are like me you are a little wider now than you were at the first week of December. Losing weight and dieting just seems to be part of my New Years routine.

We all know that losing weight all starts with eating less calories. The challenge for many of us with busy life styles is we eat out more than ever. But do you really know what your are eating when you look at the menu? Would you eat differently if you did?

This weekend there was a great article in the Vancouver Sun RATE YOUR PLATE: What's Really On the Menu? It includes a link to the Fatabase Database to help you compare meals at your favorite restaurant.

The Card Game - Exposing Credit Cards

When was the last time your really checked the terms and conditions of your the credit cards in your wallet? If you are like most of us the idea of reading the fine print is not something you would particularly enjoy ... but what you don't know can harm you!

Here is an excerpt from the new series from PBS "The Card Game" exposing credit card companies, the fees they charge and the impact they are having on their customers. (Make sure to check the link below the video for a Canadian perspective)

The Worlds Greatest Money Maker

The name Warren Buffet is synonymous with investment success. What is the secret of the worlds most successful investor? Fancy investment techniques, sophisticated computer models, or magical statistical analysis?

Mr. Buffets approach is much more fundamental than that. You can tell by the way he lives his life. Keep it simple and understand what you own.

Check out this 6 part series " World's Greatest Money Maker with Evan Davis. Quite refreshing!

The Price of Pre-Paid Credit Cards

Recently I had a family member come to me asking what I thought of pre-paid credit cards as a method of purchasing things on the internet. They did not have a credit card and figured if they put their money on a prepaid card they could control their spending and use it only when they needed it.

I suggested they read the "fine print" and if they liked what they found out to try it out and let me know how it went.

I didn't receive a call in a week so I called them back and you guessed it ... they were very unhappy. The 25 dollars they put on the card amounted to less than 17 dollars is actual spending money after set up and transaction fees.

Debt in Kelowna - Have we been here before?

According to the Bank of Canada ... household debt is emerging as the greatest risk to Canada's financial system and the financial lives of Canadian and Okanagan families.

The Amazing part of all this ... the personal credit crunch and rise credit card debt is nothing new ... check out these two video excerpts from the CBC archives from December 1978 and the second from November 2008.

Debit Cards... A Financial Nightmare!

What is flat like a pancake, gives you the freedom to have your wildest dreams and steals from you at the same time? A evil magic lamp you say? That might be a good name for it ... but most of us call it a debit card.

With the invention of the plastic money and credit cards ... the debit card has become the method of choice for spending money these days. In fact Canadians (Kelowna residents are no different) rank as one of the worlds biggest users of debit cards.

The reason most of use our debit card before we use our credit card is simple ... we are spending our own money... nothing is being added to our credit card balance with a no chance of paying interest. Since I am a big fan of eliminating of debt, the debit card seems a natural choice.