Canadian Dream: Free at 45 Details

Switching High Interest Savings Accounts?
2007-08-03 14:17:00
Earlier this summer Royal Bank tried to tempt me over to their new high interest savings account yet at the time their rate was going to be dropping to 3.25% after the introduction period. So I told them no thanks I have a higher rate with my current ING account. Now it is the [...] ...

Site Redesign Questions
2007-08-02 14:27:09
Well after playing with my current blog design for months I'm ready to move along to another design. So this post has two main functions. One to warn you that I'm going to be playing with other templates so at times the blog will look horrible as I work out the bugs. The other function is to let you have your say on what you would like to see or what you currently dislike about the blog.So if you dislike where the menu or links are let me know. If you like a particular template you have seen elsewhere also let me know. Do you like the three column format or do you prefer a two column format? I'm take suggestions via comments on this post or by email at candian.dream.free.at.45[at]gmail.com. Feel free to be brutally honest about everything as I'm not really attached to much of anything.Thanks for your help,CD ...
Questions Redesign Site

Site Redesign Questions
2007-08-02 14:13:00
Well after playing with my current blog design for months I'm ready to move along to another design. So this post has two main functions. One to warn you that I'm going to be playing with other templates so at times the blog will look horrible as I work out the bugs. The other function is to let you have your say on what you would like to see or what you currently dislike about the blog.So if you dislike where the menu or links are let me know. If you like a particular template you have seen elsewhere also let me know. Do you like the three column format or do you prefer a two column format? I'm take suggestions via comments on this post or by email at candian.dream.free.at.45[at]gmail.com. Feel free to be brutally honest about everything as I'm not really attached to much of anything.Thanks for your help,CD ...
Questions Redesign Site

The Water War - Part II
2007-08-01 14:50:08
A while back now I started working on ideas on how to reduce my water bill. So far the bulk of what I have done was change my habits around water. Yet just last week I changed out my downstairs toilet to a 6L flush model from my old 13L flush model.I had originally planned to install a dual flush toilet downstairs due to the daycare, yet I changed my mind. Why? The capital costs involved were not really worth it. For example, I bought a 6L flush at Rona for $129 + tax, while a dual flush would have cost $225 + tax. The difference between the lower flush setting on the dual flush is 6 L - 4.1 L = 1.9L for the extra $96. Now given my water consumption charge is $0.88 per 1000L, that would mean I would have to use the lower flush option about 57,400 times before I would break even on the cost. So if I assume a generous 9 flushes a day I would have to use the toilet for about 17 years to break even. So you get the idea. It's not really worth doing unless you are going to live in ...
War Water

The Water War - Part II
2007-08-01 14:40:00
A while back now I started working on ideas on how to reduce my water bill. So far the bulk of what I have done was change my habits around water. Yet just last week I changed out my downstairs toilet to a 6L flush model from my old 13L flush model.I had originally planned to install a dual flush toilet downstairs due to the daycare, yet I changed my mind. Why? The capital costs involved were not really worth it. For example, I bought a 6L flush at Rona for $129 + tax, while a dual flush would have cost $225 + tax. The difference between the lower flush setting on the dual flush is 6 L - 4.1 L = 1.9L for the extra $96. Now given my water consumption charge is $0.88 per 1000L, that would mean I would have to use the lower flush option about 57,400 times before I would break even on the cost. So if I assume a generous 9 flushes a day I would have to use the toilet for about 17 years to break even. So you get the idea. It's not really worth doing unless you are going to live in ...
War Water

A Personal Story of the Market Correction
2007-07-31 14:31:57
Since I just did my last net worth update at the end of June I'm in a nice spot to have a good look at what the world wide market correction did last week to my holdings. So using my RRSP account as a model I had a value at the end June of $12,800.The account current market value today is $13,200 with a book value of $13,300. I did recently add some money to this account in the last month. So overall I lost all my yearly profit and $100 of my own money during the correction. So I would estimate I'm down around $500 at the most or 3.8% in this account. So given all the media coverage of the event and the coverage in various blogs you would think this correction was a bit bigger. Yet this is the reason you diversify your portfolio. So if the markets tank they will be hard pressed to take you portfolio too far down.Overall my net worth change I would bet would be less than 2%. So next time they tell you the 'sky is falling' do try to keep the long view. ...
Market Personal Story

A Personal Story of the Market Correction
2007-07-31 14:22:00
Since I just did my last net worth update at the end of June I'm in a nice spot to have a good look at what the world wide market correction did last week to my holdings. So using my RRSP account as a model I had a value at the end June of $12,800.The account current market value today is $13,200 with a book value of $13,300. I did recently add some money to this account in the last month. So overall I lost all my yearly profit and $100 of my own money during the correction. So I would estimate I'm down around $500 at the most or 3.8% in this account. So given all the media coverage of the event and the coverage in various blogs you would think this correction was a bit bigger. Yet this is the reason you diversify your portfolio. So if the markets tank they will be hard pressed to take you portfolio too far down.Overall my net worth change I would bet would be less than 2%. So next time they tell you the 'sky is falling' do try to keep the long view. ...
Market Personal Story

The Dangers of More
2007-07-30 14:39:00
It's an interesting ideal in our culture, the constant drive to get more and better. It drives new cell phones, books, cars, clothes, houses and just about every product out there in a constant need to sell people more junk they really don't need.Just how bad is all this. Well the other day I thinking about what was the last thing I bought. It was a chocolate bar. The strange thing about the purchase was the fact I 'felt' like buying something. Like somehow we can't live without buying something for days on end. This awoke a interesting debate in my head about how much of everything I buy is driven by some marketing rather than an actual need.So after a few days of observing my own shopping habits I determined I'm not heavily driven by marketing. Actually I fairly good at ignoring it most of the time, yet it still manages to get to me. For example, my last grocery shopping trip we had a coupon that if you spend over $250 you could save $30 off your bill. So like a good consume ...

The Dangers of More
2007-07-30 14:29:00
It's an interesting ideal in our culture, the constant drive to get more and better. It drives new cell phones, books, cars, clothes, houses and just about every product out there in a constant need to sell people more junk they really don't need.Just how bad is all this. Well the other day I thinking about what was the last thing I bought. It was a chocolate bar. The strange thing about the purchase was the fact I 'felt' like buying something. Like somehow we can't live without buying something for days on end. This awoke a interesting debate in my head about how much of everything I buy is driven by some marketing rather than an actual need.So after a few days of observing my own shopping habits I determined I'm not heavily driven by marketing. Actually I fairly good at ignoring it most of the time, yet it still manages to get to me. For example, my last grocery shopping trip we had a coupon that if you spend over $250 you could save $30 off your bill. So like a good consume ...

Reader Question #7
2007-07-27 14:11:39
Alex from Montreal is in a bit of housing problem and sent me an email on it.Q: I read one of your blog posts titled "Living in a hot housing market" and it brought up some questions. I'll give you a brief resume first:I currently own a rental property in Montreal that is definitely in a hot sector. I was lucky to purchase it 2 years ago for under 110k even though it's evaluated at $250k. Add the mortgage cost, condo fees and taxes and it comes up to roughly $800/mo. It is currently being rentedfor $1000/mo, which means I actually make profit from this (that's a good thing, right?).My questions:- Would it be a *waste* of money to rent an apartment (for myself) at $650/mo?I ask this because everyone has to live somewhere. I understand that my *real* cost of owning would actually be $450/mo, but doesn't that defeat the purpose of having a rental property in the first place? If i'm renting for $650/mo, then i'm not making any profit, anymore.I hope that makes sense because the $250k ...

Reader Question #7
2007-07-27 14:11:00
Alex from Montreal is in a bit of housing problem and sent me an email on it.Q: I read one of your blog posts titled "Living in a hot housing market" and it brought up some questions. I'll give you a brief resume first:I currently own a rental property in Montreal that is definitely in a hot sector. I was lucky to purchase it 2 years ago for under 110k even though it's evaluated at $250k. Add the mortgage cost, condo fees and taxes and it comes up to roughly $800/mo. It is currently being rentedfor $1000/mo, which means I actually make profit from this (that's a good thing, right?).My questions:- Would it be a *waste* of money to rent an apartment (for myself) at $650/mo?I ask this because everyone has to live somewhere. I understand that my *real* cost of owning would actually be $450/mo, but doesn't that defeat the purpose of having a rental property in the first place? If i'm renting for $650/mo, then i'm not making any profit, anymore.I hope that makes sense because the $250k ...

Wander Reading #6
2007-07-26 14:17:14
Here we go again a few items on the net I liked in the last while.First up I've got one from Violent Acres on calculating profitability for a rental property. I liked this one since it shows you should determine your rent first and your minimum profit and then back calculate what you can pay for the property.Middle Class Millionaire has an interesting post on Bicycle Trusts which I found very useful, but it appears to be US based, so I'm not sure how applicable it is to Canada.Then over at Get Rich Slowly their were two great posts on living in a small town or smaller city. Very entertaining to see the debates on those.Last but not least, Growth in Value has a great post on the pitfalls of being a bit knowledgeable on personal finance.Hope you enjoy reading,CD ...
Wander

Wander Reading #6
2007-07-26 14:06:00
Here we go again a few items on the net I liked in the last while.First up I've got one from Violent Acres on calculating profitability for a rental property. I liked this one since it shows you should determine your rent first and your minimum profit and then back calculate what you can pay for the property.Middle Class Millionaire has an interesting post on Bicycle Trusts which I found very useful, but it appears to be US based, so I'm not sure how applicable it is to Canada.Then over at Get Rich Slowly their were two great posts on living in a small town or smaller city. Very entertaining to see the debates on those.Last but not least, Growth in Value has a great post on the pitfalls of being a bit knowledgeable on personal finance.Hope you enjoy reading,CD ...
Wander

Reader's Question #6 - Part II
2007-07-25 15:14:19
During last week I started to answer a long reader's question. Here is part II of that question.Q:My father-in-law wanted to gift each grandchild $25,000 while he was alive. Due to a sudden decline in health he never got around to doing this. We are going to gift the money as per his wishes even though it is not in the Will. Our initial plan was to put it in an Informal Trust with the Financial Planner. Now I want to avoid him and do any future investing ourselves. I am very interested in Index Funds and not confident enough to jump into Exchange Traded Funds yet. But my understanding is that they are not great for taxable investment money because as the Index changes and the Fund is updated, Capital Gains are earned. Given that this money will belong to our children, we don't want it subject to tax in our hands.In your opinion, how would an investor best take advantage of the Market to set up an investment on behalf of their children(ages six and four years and two months ol ...

Reader's Question #6 - Part II
2007-07-25 14:59:00
During last week I started to answer a long reader's question. Here is part II of that question.Q:My father-in-law wanted to gift each grandchild $25,000 while he was alive. Due to a sudden decline in health he never got around to doing this. We are going to gift the money as per his wishes even though it is not in the Will. Our initial plan was to put it in an Informal Trust with the Financial Planner. Now I want to avoid him and do any future investing ourselves. I am very interested in Index Funds and not confident enough to jump into Exchange Traded Funds yet. But my understanding is that they are not great for taxable investment money because as the Index changes and the Fund is updated, Capital Gains are earned. Given that this money will belong to our children, we don't want it subject to tax in our hands.In your opinion, how would an investor best take advantage of the Market to set up an investment on behalf of their children(ages six and four years and two months ol ...

Finanical Implications of Global Warming
2007-07-24 14:39:34
Global Warming is generally agreed by most people to have some serious implications to everyone's lives. Often experts explain things like more severe weather and shifting rainfall patterns (for example see the latest from Environment Canada).Perhaps this is the wrong approach after all I can't really understand things unless you talk in terms I can relate to. For example, why can't they take the information and hand it off to an economist and have them come up with some changes your personal spending. Now that is something I could relate too.For example, if we take Environment Canada's rainfall map and do a little creative thinking about Canada's crops you are forced into some interesting conclusions. Like yes likely we will get a longer growing season overall with more rain, but not where we need it most ( the southern prairies). Instead that is going to dry out and we can kiss goodbye some great farm land. Which will force farming towards the north with poorer soil and mo ...
Global Global Warming Implications

Finanical Implications of Global Warming
2007-07-24 14:30:00
Global Warming is generally agreed by most people to have some serious implications to everyone's lives. Often experts explain things like more severe weather and shifting rainfall patterns (for example see the latest from Environment Canada).Perhaps this is the wrong approach after all I can't really understand things unless you talk in terms I can relate to. For example, why can't they take the information and hand it off to an economist and have them come up with some changes your personal spending. Now that is something I could relate too.For example, if we take Environment Canada's rainfall map and do a little creative thinking about Canada's crops you are forced into some interesting conclusions. Like yes likely we will get a longer growing season overall with more rain, but not where we need it most ( the southern prairies). Instead that is going to dry out and we can kiss goodbye some great farm land. Which will force farming towards the north with poorer soil and mo ...
Global Global Warming Implications

So You Want to Do Your Own Investing?
2007-07-23 15:11:06
A comment on my last post got me thinking about how to determine if you can do your own investing. After all if your constantly chasing the latest 'hot' investment or selling off at the slightest dip, you can do a lot of damage to your own money.So what do you need to do your own investing? Surprisingly not a lot, but it does require some honest self assessment.Step 1 - Are you an active or passive investor? If you are stock geek and can honest say you will read every little bit information about every company you own (and any company that you are thinking about owning) and also be willing to do additional industry research. Then congratulations you might have the knowledge base to do active trading in individual stocks. Yet you will also need to assess your ability to handle loss and your emotional involvement. So if you can't sleep at night with a 10% loss to a stock you own then you should not be an active investor. So if you failed the above test you are a passive investo ...
Investing

So You Want to Do Your Own Investing?
2007-07-23 14:59:00
A comment on my last post got me thinking about how to determine if you can do your own investing. After all if your constantly chasing the latest 'hot' investment or selling off at the slightest dip, you can do a lot of damage to your own money.So what do you need to do your own investing? Surprisingly not a lot, but it does require some honest self assessment.Step 1 - Are you an active or passive investor? If you are stock geek and can honest say you will read every little bit information about every company you own (and any company that you are thinking about owning) and also be willing to do additional industry research. Then congratulations you might have the knowledge base to do active trading in individual stocks. Yet you will also need to assess your ability to handle loss and your emotional involvement. So if you can't sleep at night with a 10% loss to a stock you own then you should not be an active investor. So if you failed the above test you are a passive investo ...
Investing

Reader Question #6
2007-07-20 14:50:15
I recently go the single longest email question I have ever got from a reader. It's so long in fact I've had to break it off into two parts and do a bit of summary on it.Colleen a reader from Ontario got a bit of windfall of some money. She ended up investing with Financial Planner in Spring 2006 and is now has a large amount of money in DSC (Deferred Sales Charge) type funds. So if she pulls them out early she gets hit with a large charge to get out of under performing funds. That's the bad news. The good news is she has taken this lesson is learning about investing herself and getting educated. As such she has two questions. Today we will have a look at the following question.Q: Given recent creation of a Military Reserves Pension Plan, we have the opportunity to buy back all my husband's previous military service. For his twelve years or so of service, the buyback cost is in the ballpark of $70,000. The Financial Planner says to make sure we invest the money in our RRSP ...

Reader Question #6
2007-07-20 14:41:00
I recently go the single longest email question I have ever got from a reader. It's so long in fact I've had to break it off into two parts and do a bit of summary on it.Colleen a reader from Ontario got a bit of windfall of some money. She ended up investing with Financial Planner in Spring 2006 and is now has a large amount of money in DSC (Deferred Sales Charge) type funds. So if she pulls them out early she gets hit with a large charge to get out of under performing funds. That's the bad news. The good news is she has taken this lesson is learning about investing herself and getting educated. As such she has two questions. Today we will have a look at the following question.Q: Given recent creation of a Military Reserves Pension Plan, we have the opportunity to buy back all my husband's previous military service. For his twelve years or so of service, the buyback cost is in the ballpark of $70,000. The Financial Planner says to make sure we invest the money in our RRSP ...

Living Car Free?
2007-07-19 14:39:04
The Money Diva recently had a post on how much a car was costing her. It turned out to be a huge $8000 per year.This got me thinking back to the number of times people have asked me why I don't have a second car. I reply I don't really need one and I'm barely using the first car. You see I get a ride to work most days and those few I don't get a ride I take the bus. Why the bus? Well parking downtown will cost me at least $8/day plus gas and the bus with tickets only $3.40 round trip. Then my wife works at home so she doesn't need the car. Overall I would estimate my car sits in the garage at least 3 days a week without moving. So you see I really don't need a second car.Yet MD's post got me thinking how much is my car costing me. It was in the beginning a lease vehicle which we bought out. So overall lease payments and buy out cost me about $24,000. If I keep the car for ten years I estimate my average insurance cost will be about $1000/year and we spend about $1400/y ...
Car Living

Living Car Free?
2007-07-19 14:30:00
The Money Diva recently had a post on how much a car was costing her. It turned out to be a huge $8000 per year.This got me thinking back to the number of times people have asked me why I don't have a second car. I reply I don't really need one and I'm barely using the first car. You see I get a ride to work most days and those few I don't get a ride I take the bus. Why the bus? Well parking downtown will cost me at least $8/day plus gas and the bus with tickets only $3.40 round trip. Then my wife works at home so she doesn't need the car. Overall I would estimate my car sits in the garage at least 3 days a week without moving. So you see I really don't need a second car.Yet MD's post got me thinking how much is my car costing me. It was in the beginning a lease vehicle which we bought out. So overall lease payments and buy out cost me about $24,000. If I keep the car for ten years I estimate my average insurance cost will be about $1000/year and we spend about $1400/y ...
Car Living

Saving Money on Cooling
2007-07-18 14:38:50
A friend of mine recently told me that they estimated that out of their last power bill half of it was due to using their air conditioner in the summer. He noticed my house was fairly cool, but I didn't have mine on.I have to confess. I have central air in my house, but I almost never turn it on since I know it is such an energy hog. This summer for example, I don't think I have used it yet. I typically only turn it on with the house temperature gets above 27C (80F) and then I only use it to cool down the house so I can sleep at night.So how do you live without air conditioning? Fairly easily, but there are a few steps.Step 1 - Plug leaks - Most people wait until fall to install weather stripping and prevent air leakage in your house. I have never understood that. I did as soon as I move in because it keep the heat in the house during winter and also keeps the cool in during the summer. Plug every little leak you can and watch your power bill drop in the summer.Step 2 - Overn ...
Money Saving Money

Saving Money on Cooling
2007-07-18 14:29:00
A friend of mine recently told me that they estimated that out of their last power bill half of it was due to using their air conditioner in the summer. He noticed my house was fairly cool, but I didn't have mine on.I have to confess. I have central air in my house, but I almost never turn it on since I know it is such an energy hog. This summer for example, I don't think I have used it yet. I typically only turn it on with the house temperature gets above 27C (80F) and then I only use it to cool down the house so I can sleep at night.So how do you live without air conditioning? Fairly easily, but there are a few steps.Step 1 - Plug leaks - Most people wait until fall to install weather stripping and prevent air leakage in your house. I have never understood that. I did as soon as I move in because it keep the heat in the house during winter and also keeps the cool in during the summer. Plug every little leak you can and watch your power bill drop in the summer.Step 2 - Overn ...
Money Saving Money

The CPP/EI Max Out Raise
2007-07-17 14:22:32
Recently while looking at my pay stub. I realized I'm closing in on maxing out my Canada Pension Plan (CPP) and Employment Insurance (EI) contributions in the next few months. So the question becomes what I'm going to do with my increased take home pay for the last few months of the year?I thought about saving it towards my early retirement plan, but instead I think I'm going to bank up the money for something else. I haven't decided what exactly, but it will be something for my family or myself. Perhaps some extra money for a vacation or a renovation to the home.So why am I planning on spending this little pool of extra cash? Well first off I didn't plan for it anywhere so it is just an unexpected bonus. I was already a good little saver early this summer when I got a small bonus from work and put it directly on my RRSP account. So I think it is time to get some balance and take this little 'raise' and spend it.After all we can't be good little savers all the time. It ...

The CPP/EI Max Out Raise
2007-07-17 14:13:00
Recently while looking at my pay stub. I realized I'm closing in on maxing out my Canada Pension Plan (CPP) and Employment Insurance (EI) contributions in the next few months. So the question becomes what I'm going to do with my increased take home pay for the last few months of the year?I thought about saving it towards my early retirement plan, but instead I think I'm going to bank up the money for something else. I haven't decided what exactly, but it will be something for my family or myself. Perhaps some extra money for a vacation or a renovation to the home.So why am I planning on spending this little pool of extra cash? Well first off I didn't plan for it anywhere so it is just an unexpected bonus. I was already a good little saver early this summer when I got a small bonus from work and put it directly on my RRSP account. So I think it is time to get some balance and take this little 'raise' and spend it.After all we can't be good little savers all the time. It ...

Back to the Grind
2007-07-16 14:38:43
So after fourteen days of not working I'm heading back to the grind this morning. I wish I could say that I'm ready to go and looking forward to it, but the truth of the matter was I really liked my time off. I wish I could enter semi retirement right now.Yet this is not going to happen. This becomes the true problem with early retirement as a goal. I am constantly wanting it even if I know that I will be working for about another sixteen years.So how do you get over this? There is no recipe or formula that works for everyone. I suggest most people make their lives as happy as possible right now and that takes out some of the sting. Remember money is nice, but try to focus on what really makes you the most happy for the least money. Playing with your kids or sex with your spouse don't cost a cent and can often be better for your health than many other forms of relaxation.In the end, early retirement should be just the evolution of your life rather than your sole goal of goin ...

Back to the Grind
2007-07-16 14:29:00
So after fourteen days of not working I'm heading back to the grind this morning. I wish I could say that I'm ready to go and looking forward to it, but the truth of the matter was I really liked my time off. I wish I could enter semi retirement right now.Yet this is not going to happen. This becomes the true problem with early retirement as a goal. I am constantly wanting it even if I know that I will be working for about another sixteen years.So how do you get over this? There is no recipe or formula that works for everyone. I suggest most people make their lives as happy as possible right now and that takes out some of the sting. Remember money is nice, but try to focus on what really makes you the most happy for the least money. Playing with your kids or sex with your spouse don't cost a cent and can often be better for your health than many other forms of relaxation.In the end, early retirement should be just the evolution of your life rather than your sole goal of goin ...

Cutting Out Clutter
2007-07-13 21:39:35
Like most homes I have far too many things. I have junk and clutter hiding around every closet it seems and it has been getting worse since we last moved to a bigger house almost a year ago. So for the last few days I've been on a war with my house getting rid of clutter.The reason for this sudden change was I just got sick of all the stuff taking up my time. Then I realized it was costing me to actually keep this junk/clutter. I have to move it, clean around it, worry about it, avoid it and then pay my insurance company money to insure it while I make up my mind. All this time for clutter and junk? What have I been thinking?!?To start we started with our closet upstairs I purged the excess clothes and then moved onto the bathroom and got rid of all of those small bottle of lotion and shampoo we seem to collect for no reason. Then I hit up my study which I have been avoiding. I finally filed the last six months of phone bills and then my wife got a much needed second file cabi ...

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