MONEY®Whose Best Interests Are the Banks Really Looking After?Some people love the banks and some people hate the banks. You have probably heard the expression "Banks always want to lend you money when you don't need it". Then when you do need a loan, they want security and collateral and your first born. There is no question that Canadian banks play a vital role; locally, provincially, nationally and inter-nationally. Without the banks, our economy could simply not function efficiently or effectively. But are the banks getting too big and going too far to gain market share and profits at the expense of their own customers? I have had several heated discussions with my friend who is a Bank Manager for one of the Big 5 banks. I told him that in my personal opinion, banks are similar to drug pushers at the local high school or university. Of course he was deeply offended by such an analogy. So I explained myself. As my son entered first year university, most of the banks were on campus offering students a credit card with a $500 limit … no parent co-signature needed, no job needed, and no income needed. By year 2, this limit was automatically increased to $1,500. By year 3, it was increased to $2,500 and by the end of year 4, it was increased to $5,000. The bank's objective? Get these kids hooked on (or addicted to) debt at a young age! That guarantees future bank revenues for another generation. Let's take a look at a few scenarios that affect everyday Canadians.
YOU and YOUR MONEY®YOU and YOUR MONEY® is a canadian financial blog that boasts some of Canada's best read financial writers. With our eyes set firmly on YOU the financial products and services consumer, we aim to provide our readers with a unique look at issues that are impacting the financial lives of Canadians. Recent YOU and YOUR MONEY® Posts 05/17/13 5:06 am
Humility doesn’t make for flamboyant headlines, but business
leaders who combine intelligence, integrity and a generous dose of
humility, build organizations that are more constantly successful
and enduring. I always keep in mind the story of the Canadian firm
where a young woman sales executive made an error that cost the
company a $1 million [...]
05/15/13 5:22 am
The full realization of value from data has become a standard
of modern business. Since the big data revolution began, the
pressure to realize maximum value from the data available for
business purposes has grown to the point that data is now monetized
with increasing frequency. One credible source says that 30% of
business will [...]
Liquidity Matters In Your Estate 05/13/13 2:07 am
Lynne Butler is the purveyor of useful estate planning
information. Her Blog “Estate Law Canada” provides good answers to
questions that come up regularly and for some others that are rare.
There is an extensive and searchable archive. You will benefit from
her collection. A recent one caught my attention. It deals with
taxation and [...]
Long Term Care – a cost or an investment? 05/12/13 10:33 pm
Death, taxes and ?? Some certainties in life to consider. I
would like to suggest that the ?? in the opening statement should
be long term care. And all Provincial and Territorial Health
Ministries and Departments agree. Here is the link for BC.
http://www2.gov.bc.ca/assets/gov/topic/
AE132538BBF7FAA2EF5129B860EFAA4E/pdf/active_aging_symposium_2011_
report.pdf Going back for more than a decade, Provincial and
[...]
Ensuring Canada’s Business Growth Future 05/10/13 5:09 am
Topical research suggests that only one out of five firms
still exists 10 years after start-up. Growth is rare in Canada.
Only two new firms in 10,000 reach a level where they have 100 or
more employees. Every year, 10% of small businesses-a half million
or so-shut down for good; a quarter of all businesses [...]
ME and MY MONEY®ME and MY MONEY® is the personal blog of Candian Financial Blogger James Dean, otherwise known as the President of MONEY® Canada Limited. In the blog James shares some of his personal insights and opinions on Canadian personal finance matters. Recent ME and MY MONEY® Posts How do you eat an elephant? Book Review 04/25/13 10:29 am
How do you eat an elephant? it sounds like a joke, originally
an idiom and also a bible reference it has found a home made famous
by Frank Wiginton. Any way you think of it "HOW TO EAT AN ELEPHANT"
is now the definitive in Canadian personal finance. A step-by-step
guide that tells a series of stories that anyone can relate to and
reveals the punch line "One bite at a time" to teach the lesson and
learning outcome of wealth and success. Ian Whiting Senior Editor
of Money Magazine carefully reads and reviews "HOW TO EAT AN
ELEPHANT" by Frank Wiginton published by Wiley and Sons. Learn more
about this important Canadian personal finance book, read the
review and see the author video interview, get the information and
buy this book!
Should You Contribute to Your RRSP? 03/14/13 1:16 pm
There are two advantages to RRSP investing. The first is tax
deferred growth, which allows the effects of compounding to grow
your assets far in excess of non-sheltered assets. The second is
the assumed reduction in your personal tax rate at older ages when
the assets will be withdrawn. Both of these benefits may not
[...]
03/07/13 9:48 am
Take Ownership OWNERSHIP. Use this as your “mantra” for
2013 and you can experience a new way of living. I am not talking
about purchasing a new vehicle or a new home; I am talking about
taking ownership of your personal finances. What are your limiting
beliefs or roadblocks preventing you from honestly embracing your
[...]
The Future of Life Expectancy and Government Benefits 03/07/13 12:17 am
The average life expectancy in Canada has been increasing
steadily for over a century. This is due largely to improvements in
living conditions and the remarkable advancements in medicine
during that time. According to Statistics Canada, the average life
span at birth in 1920 was approximately 60 years, and it has now
risen to over [...]
Financial Planning Doesn’t End at Retirement 03/06/13 6:00 am
They say that you can’t take your money with you when you go,
but that doesn’t mean you don’t need your money after you pass on.
Many people save their entire working lives in order to have a
financial stable retirement, but what about afterwards?
Unfortunately, not many people plan for their final estate expenses
[...]
MONEY® NewsMONEY® News is an online financial news resource brought to you by MONEY® Canada Limited. We have assembled the finest news and press releases from across Canada into one definitive source for Canadian financial news. Our media suppliers include CNW, Marketwired, Nasdaq - Globenewswire, PRWeb, PRNewswire, and Businesswire. Use our search engine to power through hundreds of the latest news and press releases at MONEY® News. MONEY® News Providers
Recent MONEY® News Articles 05/18/13 12:09 pm
The Democratic Republic of the Congo Fixes October 2015 as
the Date for the Launch of the First Phase of the Largest
Hydroelectric Plant in the World PR Newswire PARIS, May 18, 2013
PARIS, May 18, 2013 /PRNewswire/ – Following the initialling of an
energy cooperation treaty between the Democratic Republic of the
Congo and [...]
New Xulon Book is Perfect Model of God’s Love 05/18/13 11:00 am
New Xulon Book is Perfect Model of God’s Love Bales pens
title to allow readers to be restored in all matters, abide in
truth PR Newswire MAITLAND, Fla., May 18, 2013 MAITLAND, Fla., May
18, 2013 /PRNewswire-iReach/ — David Bales‘s new book, My Home Is
Not Broken: Responding to Divorce & Suffering in Redemptive
History [...]
Boart Longyear Announces Safe Rescue of Drill Rig Employee in Northern Canada 05/18/13 10:06 am
SALT LAKE CITY-(Business Wire – May 18, 2013) Boart Longyear™
(ASX: BLY) today reported the safe rescue of a drill rig employee
who had been missing for more than two days after becoming lost on
a snowmobile on his way to a worksite in northern Canada. Rescuers
found Michel Justin Pilon, 38, alive and safe [...]
North Dakota’s Job Boom Continues on EngineeringCrossing.com 05/18/13 10:00 am
Pasadena, CA (PRWEB) May 18, 2013 North Dakota was ranked
first for overall economic development and job growth in a recent
study by the U.S. Chamber of Commerce. The oil and gas boom has
brought rapid job growth in the state, and demand is particularly
robust for engineers with strong technical backgrounds, based on
hiring [...]
05/18/13 9:20 am
Iran’s parliament-in-exile holds Washington briefing on the
Iranian regime’s upcoming presidential elections PR Newswire
WASHINGTON, May 18, 2013 WASHINGTON, May 18, 2013
/PRNewswire-USNewswire/ — “The announcement of candidacy of Ali
Akbar Hashemi Rafsanjani for the June 14th presidential elections
in Iran elevates the internal power struggle within the regime to
unprecedented height, causes a major [...]
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