Keehn On Money

Think Yourself Richer

2012-01-21T08:33:00.002-07:00

When it comes to improving our finances we could all learn a few lessons from the world’s wealthy, says Iwona Tokc-Wilde

Financial independence can mean many things: being able to buy exactly what you want; living debt-free; being able to take a sabbatical from work. But, at its core, it means pretty much the same to all of us: complete freedom from financial worry.

So why do so few people attain it? It’s time to find out which of these psychological barriers is stopping you…

You don’t know the real value of money

A recent study shows that although 50 per cent of us have a savings account, more than a third don’t know what interest rate they’re currently earning. But it pays to pay attention to these details, says Kelley Keehn, personal finance expert and author of The Money Book For Everyone Else:

“The wealthy enjoy spending their money but they also respect it and know how to keep it – they read their credit card and bank statements, negotiate rates, ask for discounts and read their restaurant bill before paying. Billionaire Warren Buffet still drives his old Ford pick-up truck.”

Read the full article here: http://nwsense.com/think-yourself-richer.html

From Sense Magazine in the UK

Interest Rates Hit a New All Time Low - Why You Should Care

2012-01-13T12:23:00.000-07:00

We Canadians have been pretty spoiled with relatively low rates for some time. But as of yesterday, The Bank of Montreal announced it is lowering its rate on five-year fixed mortgages to 2.99 per cent, an all-time record low in Canada.

This recent announcement is likely to spur competition with our rival banks according to a recent Huffington Post article.

The question is, why should you care?

Read the full article here: http://www.walletpop.ca/blog/2012/01/13/interest-rates-hit-a-new-all-time-low-why-you-should-care/

Kelley Keehn’s Top 5 Money Resolutions for 2012 - The Marilyn Denis Show

2012-01-02T12:35:00.006-07:00

Click on the picture to view the video.

Kelley Keehn’s Top 5 Money Resolutions for 2012 - The Marilyn Denis Show (and a few more that weren't covered in the show)

1. Just say NO - no new consumer debt. Create a detailed family "needs"
and "wants" list for the year ahead.

2. Know when to reward yourself, but set the rules up to win. PLAN your spending as much as your savings.

3. Be smart about your rewards cards and read the fine print. Are you paying more in annual fees than your rewards are worth?

4. Spend less and save more. Start a RRSP or monthly forced savings now. Or, increase your mortgage payment by $50 a month.

5. Track your spending twice a year for a month with a friend and analyze each other's spending. Reserve judgment but offer and be open to constructive feedback.

6. Start a money club. Meet quarterly and talk all things money - books, resources and more.

7. Set your family's financial goals and create visuals like goal thermometers and incentives for each family member sticking to and reaching their goals.

8. Vow to flex your financial self-esteem muscles - negotiate, ask for a discount, track deals

9. Do a complete financial audit once a year - review areas such as insurance, phone, cable, cell bills, credit card interest rates and annual fees, etc. and see where you can trim the fat

10. Get organized - know the facts and figures of YOUR financial situation (what did your RRSP portfolio return last year? when does your mortgage renew and what's your rate?)

Canada - Let's Continue To Be Proud of Our Banking System - And Here's Why

2011-12-10T09:53:00.006-07:00

If you've tuned out the past reporting of Canada weathering the financial crisis storm and wondered what all the fuss was about (the IMF naming us the strongest banking system in the world during the meltdown), here's an article that might just make you even more proud of our fine country and banking industry.

As quoted near the end of the article, I think this paragraph summarizes the author's argument best:

In my conversations with Canadian bankers, one of the things that struck me was how often they referred to mothers. Nixon [CEO of RBC] mentioned his mother and her good opinion when explaining why he gave back his bonus in 2008; Clark [CEO of TD] uses the mother-in-law test, as in “Would you sell it to your mother-in-law?” to help TD employees figure out if they should be hawking a product to their customers. In an era when Wall Street investment banks issue notes warning their clients they may be short-selling the investments they are marketing, this sounds like a charmingly Canadian attitude. But it is easier to be nice if you don’t need to be nasty just to make a buck.

Read the full article here: http://www.ft.com/cms/s/2/db2b340a-0a1b-11df-8b23-00144feabdc0.html#axzz1g9BnSeBz

Might I also suggest that you review the definition of securitization here, mortgage-backed securities here, and asset-backed securities here.

Catch Kelley Keehn on Marilyn Denis - The 7 Deadly Money Disorders

2011-11-15T06:39:00.004-07:00

Catch part one here: http://www.marilyn.ca/Finance/segments.aspx/Daily/November2011/11_14_2011/MoneyDisorders

Catch part two here: http://www.marilyn.ca/Finance/segments.aspx/Daily/November2011/11_14_2011/MoneyDisorders2

Catch part three here: http://www.marilyn.ca/Finance/segments.aspx/Daily/November2011/11_14_2011/Shopaholic

Full episode here: http://www.marilyn.ca/Video.aspx#clip567666

Your Money & You - Part Two - The Cost of Learning

2011-11-10T13:52:00.001-07:00

(This is part two in a five part CBC Radioactive series. Catch part one here and the audio interview from CBC Radioactive here).

Whether you're saving for your kids' education, putting yourself through university going back to school later in life, it all takes a large sum of money!

Let's start with the kids

I often get asked, when is the best time for parents to start saving for their children's education? And of course, the logical answer is as soon as possible. But how realistic is that? Considering what an expensive time it is in one's life to raise kids, now couples have to fret not only about paying down debt, starting an emergency account, topping up RRSPs but now school too?

I think a better question parents should ask is how much are they willing to save for their children's education and in balance with their own goals. That's a personal one up to your individual family needs. The second question should be, what's the best way to go about saving those dollars?

Read the full article here: http://www.walletpop.ca/2011/11/05/your-money-and-you-part-two-the-cost-of-learning/

Your Money & You - Part One - LOVE

2011-11-09T13:17:00.001-07:00

I've been doing a series this week with CBC's RadioActive on your money and you. Welcome to part one of the series - LOVE! Does love and money mix? Listen here to the audio of the piece.

Whether you're single, married, divorcing or co-habitating - it all involves money. Let's start with the biggie - marriage and what's the most important things people need to keep in mind?

Read my full article here: http://www.walletpop.ca/2011/11/08/your-money-and-you-part-one-love/

Is Cash Still King When it Comes to Reward Credit Cards?

2011-11-03T15:58:00.001-06:00

Welcome to the confusing world of reward credit cards. Some have annual fees, some don't. Some charge ridiculous interest rates for carrying a balance yet others offer enticing benefits. And now, there's a newer cash rewards player on the market. Might this type of card be right for you?

Read the full article here: http://www.walletpop.ca/blog/2011/11/03/is-cash-still-king-when-it-comes-to-reward-credit-cards/

Secrets to Save More Money Now - Part Two

2011-11-01T06:35:00.000-06:00

Catch part one of my article here and the second part of my interview with Marilyn Dennis the other week here.

The second part of the show featured an extreme couponer and an extreme contester. Sure, these can be great ways to shave big dollars off your budget, but they should be ventured at in moderation and with balance (I know an executive making big bucks that drives for 30 minutes to save a few dollars on gas). And with coupons, always make sure that the retailer isn't leading you to spend money on goods and services you wouldn't make if it wasn't for the coupon. We've all had friends in the past that would only dine if they had a deal from their Entertainment book, right?

Read my full article here: http://www.walletpop.ca/2011/10/31/secrets-to-save-more-money-now-part-two/

Secrets to Save More Money Now - Part One

2011-10-31T06:56:00.001-06:00

I was on the Marilyn Denis show the other week chatting about ways to save money now. Catch the segment here - http://www.marilyn.ca/Finance/segments.aspx/Daily/October2011/10_17_2011/SaveMoney.

The producer asked me where every family can trim excess spending the most without sacrifice. My answer? A category that can balloon up and blow any household budget without a careful eye and a little negotiating.The financial area in question is no doubt that of a household's phone, internet, cable and cell phone bills. Sure, we all need these lifeline's, but are you possibly paying too much?

Read the full article here: http://www.walletpop.ca/blog/2011/10/28/secrets-to-save-more-money-now-part-one/

Kelley Keehn on Marilyn Denis' show Oct 17 - save money & bargain hunting

2011-10-18T07:18:00.003-06:00

Secrets to save money now with Kelley Keehn:
http://www.marilyn.ca/Finance/segments.aspx/Daily/October2011/10_17_2011/SaveMoney

Become a bargain hunter:
http://www.marilyn.ca/Fina

Don’t let hockey take a slapshot to your wallet

2011-09-30T03:17:00.003-06:00

My five-year-old nephew is pretty excited these days, but who could blame him? On Saturday, he’ll be suiting up for his very first hockey game: a momentous occasion for his parents, and sports-loving aunt. And while I don’t quite know what to expect from his tyke league – I’m imagining a pack of boys shuffling aimlessly across the ice for 45 minutes – I do know this: Hockey is one pricey pastime.

By the time league fees are paid and the catalogue of equipment is purchased, parents will be on the hook for hundreds and hundreds of dollars. In fact, according to a study by Harris/Decima, 49 per cent of Canadian families plan to shell out approximately $1,000 per child to play hockey this year.

Sad but true. The cost of partaking in the good old hockey game is incredibly steep, presenting a real barrier to many families.

“It can price a lot of parents out of the market,” says personal finance expert and author Kelley Keehn. “But everything that’s expensive can be managed with the right tools.”

Read the full article here: http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/dont-let-hockey-take-a-slapshot-to-your-wallet/article2184472/

Cut Your Financial Clutter - Know What to Keep And What to Never Toss

2011-09-26T06:18:00.001-06:00

Financial clutter - we all have it. It weighs us down and requires surplus storage. Plus, where should we store these papers? Learn what financial documents should you have at your finger tips, which are fine to file, and what you should shred for good.

Read my full article here: http://www.walletpop.ca/blog/2011/09/22/cut-your-financial-clutter-know-what-to-keep-and-what-to-never/#aol-comments

Doing the coffee-machine math

2011-09-14T10:50:00.000-06:00

Watch out, David Bach. A lot has changed since the financial wizard coined the term "latte factor” to show us how our money seeps away. Welcome to the new world of home coffee machines.

Read my full article in the Globe & Mail: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/doing-the-coffee-machine-math/article2165680/

Could You Turn Your Home Into an Income Property?

2011-09-09T11:00:00.001-06:00

With the recent popularity of a new home show on HGTV teaching owners how to turn their house into an income generating property and with some of the grants many cities offer, I'm often asked by Canadians about the viability of turning their home into a money maker. Could being a landlord be a lucrative side venture for you?

Read the full article here: http://we94ww.walletpop.ca/blog/2011/09/08/could-you-turn-your-home-into-an-income-property/

Computer Game Promises to Relax Your Body and Mind; Is It Worth The Investment?

2011-09-09T10:54:00.001-06:00

Welcome to the journey of the Wild Divine. That's the name of a new computer game that hopes to bring meditation to the masses, while utilizing cutting-edge technology to bring an ancient practice into the 21st century.

With such power names behind the project as Dr. Deepak Chopra, Dean Ornish, M.D., and Andrew Weil, M.D., the developers promise a deep level of meditation while playing a computer game rich with breath-taking graphics and a bio feedback hand piece. As with all games, technology comes with a hefty price tag. So, cross legged OM's for free or the next generation of meditation 3D style? Does this ancient practice need a transition into the new millennium?

Read the full article here: http://we94ww.walletpop.ca/blog/2011/09/08/computer-game-promises-to-relax-your-body-and-mind-is-it-worth/

Mortgage Tips and Tricks - What type of mortgage is best for you? Tips from financial expert and author Kelley Keehn

2011-09-02T09:51:00.002-06:00

Published Aug 24th, 2011

By Jesse Semko, Avenue Magazine Calgary

Mortgage Tips and Tricks for Calgarians

What type of mortgage is best for you? Tips from financial expert and author Kelley Keehn

Read the article here: http://www.avenuecalgary.com/articles/mortgage-tips-and-tricks-for-calgarians

CTV's Daryl McIntyre interviews Kelley Keehn - too much financial clutter in your life?

2011-08-31T09:05:00.001-06:00

http://www.youtube.com/watch?v=VTHuMuPuba0

CBC Radioactive - the continuing financial saga of Joshica - in their 50s

2011-08-29T08:56:00.000-06:00

Our financial columnist Kelley Keehn has the continuing adventures of Josh and Jessica. The fictional couple is now in their fifties. We look at the financial decisions they’re facing in today’s economy.

Click here to listen: http://www.cbc.ca/radioactive/episode/2011/08/22/kelley-keehn---personal-finances-1/

Goal Setting: How Far Are You Willing to Go to be Accountable?

2011-08-23T09:32:00.002-06:00

Do you set goals? If you`re like most Canadians, you know you should; they make sense after all. We can`t just go through life hoping to have a fit, healthy body and bank account without doing anything tangible. But unfortunately, not only do most of us not set clear goals (other than those "never going to happen" New Year`s resolutions), we don`t focus on them long enough to ever give them a chance for success.

Well, with a new, and might I add genius website I recently discovered, that`s all over! Better yet, it`s absolutely free. But I will warn you - it works, but it has a tattletale element (that`s the brilliant part - if only you know you ate the entire tub of Ben and Jerry`s or blew your paycheque internet shopping, what`s the point, or pain, right?). And, if you really want to up the ante, you can put your money where your mouth, uh, goals are.

Read my full article here: http://www.walletpop.ca/blog/2011/08/22/goal-setting-how-far-are-you-willing-to-go-to-be-accountable/

10 Household Items to NEVER Cheap Out On

2011-08-17T08:07:00.002-06:00

I know it's August, but I was doing some major spring cleaning last week and noticed a number items that I was cheaping out on. Really, if something is over a year old, on the top rated "germy" list, and not very expensive, should you bother cleaning them at all?

Find out the ten essential household products that can make your indoor environment safer, cleaner, and best of all, most items are under $10.OK, not every item will be under ten dollars, but if you keep an eye open for sales and check out dollar stores, you should be able to get the bulk of the list on the cheap.

Read my full article here: http://www.walletpop.ca/blog/2011/08/17/10-household-items-to-never-cheap-out-on/

Addicted to student discounts

2011-08-17T07:04:00.000-06:00

ANITA LI - The Globe and Mail

Cheaper clothes, discount travel rates and lower-priced movie tickets – sometimes, it pays to be a student.

Michael (not his real name) uses his university identification card to take advantage of the student rates offered by Greyhound Canada, an inter-city coach service, and tourist attractions such as the Ontario Science Centre. In April, he flashed his ID to score a discount to see the Tim Burton exhibition at Toronto’s TIFF Bell Lightbox. But Michael, 23, sheepishly emphasizes that he “rarely” uses it any more. That’s because he’s no longer a student.

Read the full article here: http://www.ctv.ca/generic/generated/static/business/article2131037.html

In Search of a Cheaper Flight? Is The New Kid In Town Worth a Few Clicks?

2011-08-16T15:54:00.001-06:00

Recently, I saw a billboard for a company called the FlightNetwork touting a one-stop service for booking air travel. They claim to have better pricing and a rate protection guarantee. But are they worth the extra shopping clicks online?I decided to give them a try. I fly a great deal for business and quite often from my hometown Edmonton to Toronto. I'm keenly sensitive of the price for that route and chose a sample trip date for the FlightNetwork departing September 1st from Edmonton to Toronto returning September 9th.

Read my full article here: http://www.walletpop.ca/blog/2011/07/29/in-search-of-a-cheaper-flight-is-the-new-kid-in-town-worth-a-fe/

Second marriage? Why you need to talk money early and often

2011-08-09T10:45:00.000-06:00

MADELEINE WHITE - The Globe and Mail

Rhonda Liss, a Toronto mother of three, didn’t meet her “soulmate” until she was 44 and twice-divorced. When she moved in with her new husband, Max Kirschner, she brought more than just furniture. Her youngest daughter, who is still a teenager, also moved into Mr. Kirschner’s house, and Ms. Liss was still financially focused on helping her older daughters through university.

“I’m not one to live off of somebody, I take pride in that,” said Ms. Liss. “But I had this financial commitment [to help my daughters through university] and once that commitment was over ... I took care of some things in the household.”

Money had been a stumbling block in previous marriages, so Ms. Liss hit the jackpot with Mr. Kirschner’s openness about finances and the future. It created a level of trust that helped her tell him that she had not made him executor of her will or her life insurance beneficiary, naming her daughters instead.

This couple is lucky. Many don’t address their complicated money situations when they remarry, financial experts and marriage therapists say.

“Everything can be talked about these days before marriage,” said Edmonton-based personal finance expert Kelley Keehn. “But god forbid you talk about money and finances. They’re worse than politics or religion.”

Read the full article here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/second-marriage-why-you-need-to-talk-money-early-and-often/article2123726/

CBC Radioactive - the continuing financial saga of Joshica - in their 30s

2011-07-29T10:16:00.000-06:00

Now we venture into the worlds of personal finance, melodrama, and heartbreak, as KELLEY KEEHN brings us the continuing saga of our fictional couple JOSH AND JESSICA. We’re following the lives of Josh and Jessica, decade by decade, and looking at the financial questions they should ask themselves at the various stages of their lives.

Listen here: http://www.cbc.ca/radioactive/columnists/2011/07/26/kelley-keehn---personal-finances/

Does a Fitter Brain Equal a Fatter Wallet?

2011-07-28T09:52:00.001-06:00

According to Dr. Paul Nussbaum, a fitter brain might equate to a more robust bank account and even reaching retirement sooner. He states, "Brain health is about a proactive approach to developing a more efficient information processing system. Problem solving, judgment, creativity, and insight are products of a healthy brain and the ingredients to sound financial planning."Dr. Nussbaum is a clinical neuropsychologist and national leader in brain health and co-founder of Fit Brains, alongside founder and CEO, Michael Cole.

Read my full article here: http://www.walletpop.ca/blog/2011/07/27/does-a-fitter-brain-equal-a-fatter-wallet/

Traveling This Summer? Don't Leave Home Without Considering a PrePaid Credit Card!

2011-07-21T09:55:00.002-06:00

The new kids on the "plastic" block - let me introduce you to the world of prepaid credit cards, travel and gift cards.

All these cards can create confusion as to their use, value and costs. But search no further - I have the answers for you! Well, most of them, anyway.

Read my full article here: http://www.walletpop.ca/blog/2011/07/19/traveling-this-summer-dont-leave-home-without-considering-a-p/

CBC Radioactive's Financial Literacy Soap Opera with Kelley Keehn - Part One

2011-07-20T07:58:00.002-06:00

Last year on radio active, Kelley Keehn joined me to talk about financial literacy and we accidentally launched a soap opera. Today, we are launching our new soap opera, with a new couple created by YOU. They are facing very different situations and financial challenges, and our Kelley Keehn is here to help us get underway.

Catch the interview here: http://www.cbc.ca/radioactive/columnists/2011/07/19/kelley-keehn---financial-literacy/

HELP US INVENT A NEW FICTIONAL COUPLE FOR OUR PERSONAL FINANCE COLUMN! AND WIN A PRIZE!

2011-07-13T07:35:00.000-06:00

Last year on Radio Active.. our personal finance columnist Kelley Keehn told us about a fictional couple Larry and Lisa. We followed their lives from their twenties through their seventies. Every week we talked about a different decade of their lives, and the financial decisions and challenges they faced. We followed their careers and personal lives — through buying a home, inheritances, career changes, and of course the arrival of Larry’s bad-boy brother, Ricky. It was a great way to talk about financial decisions.. so we thought we’d do it again.

That’s where you come in.. we’re looking for your suggestions for a NEW couple we can follow. We don’t need you to chart out their whole lives, just give us the following:

names
age
occupations
what are they like: spenders or savers?
life goals
maybe some bumps in the road: ruining your credit, becoming a landlord, getting a new job, getting fired, not liking your financial planner, etc. etc.
give them any hobbies or foibles or passions you want..

Send your suggestions to radioactive@cbc.ca. Again.. if we use your suggestion as a starting point for our new couple.. we’ll give you FOUR passes to theatre six pack

For more information, check out http://www.cbc.ca/radioactive/columnists/2011/07/12/help-us-invent-a-new-fictional-couple-for-our-personal-finance-column-and-win-a-prize/

Gourmet Coffee Machines: Genius Time Savers or Colossal Money Wasters?

2011-07-08T10:59:00.001-06:00

I have a love-hate relationship with my morning coffee. I'd like to literally roll out of bed with a cup in hand and loathe each second it takes for my much needed brew. In an attempt to lessen the time it took for my coffee-in-hand morning preparation, I decided to buck up for the latest in instant (nearly) brewers. However, as a financial geek, I somehow forgot to also crunch the numbers - ouch!

Read my full article here: http://www.walletpop.ca/2011/07/06/gourmet-coffee-machines-genius-time-savers-or-colossal-money-wa/

Teach Children Positive Financial Habits Early

2011-07-07T10:53:00.002-06:00

For many parents summer can be extremely draining on the finances. With expenses and wants increasing as fast as oil prices, what's a parent to do? And at what age should spending and savings guidelines be initiated and implemented?

Read my full article here: http://www.walletpop.ca/blog/2011/07/01/kids-and-money-start-early-teach-positive-financial-habits/

Taxes: What to Do if You Owe the Government Money?

2011-06-28T11:05:00.001-06:00

If you're self employed or had a business interest on the side last year and didn't deduct enough from your own income to cover your taxes, you might be facing a hefty bill right now along with a ticking clock of building interest charges.

Read my full article here: http://www.walletpop.ca/blog/2011/06/28/what-do-you-do-if-you-owe-the-government-money/

Summer On A Shoestring

2011-06-28T10:19:00.001-06:00

With the first long-weekend of summer fast approaching, many Canadians are feeling the pinch financially. With high gas prices grinding our road trips to a halt and hotel costs through the roof, what other ideas might you and your family entertain this summer?

Read on to find out! Catch my full article here: http://www.walletpop.ca/blog/2011/06/28/summer-on-a-shoestring/

Try the Train This Summer

2011-06-23T06:49:00.001-06:00

I just returned from a business trip that I had taken with my husband.

As we're both from western side of the country, neither of us have witnessed beautiful central Canada. My corporate travels included a stop in Ottawa, and then onto Toronto, before flying home to Alberta. So we decided to visit Toronto by train. Via Rail's tag line is 'A More Human Way To Travel' and indeed, we'd both have to agree.

Read my full article here: http://www.walletpop.ca/blog/2011/06/21/try-the-train-this-summer/

Discounted Eyewear That Also Helps Those In Need

2011-06-21T06:39:00.001-06:00

A company that offers glasses (frames and prescription lenses) for $99 plus, and with each purchase you make, gifts a pair to someone in need - brilliant! Let me introduce you to Warby Parker. Their name is as odd as their fantastic offer to help the world see while you save!

I first learned of Warby Parker from a local stylist I had coffee with, The Style Guy. Jared blogged about this company and was sporting a pair of their glasses. They looked great and I quickly pitched my husband on the concept of the company as he was in the market for a new pair of spectacles.

Read my full article here: http://www.walletpop.ca/blog/2011/06/21/discounted-eyewear-that-also-helps-those-in-need/

Sell your home or stay put? Globe & Mail's Cash Clash

2011-06-13T05:21:00.002-06:00

Catherine, 40, and Ben, 50, Victoria On their fourth home in their six years together, these West Coasters practically have their moving company on speed-dial. With the nest finally empty – Ben has two daughters from a previous marriage, but they have moved out – she wants to downsize to a condo and live the carefree life they’ve always wanted. He wants to stop playing real estate musical chairs. To sell or not to sell?

Read my advice and the full article here: http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/sell-your-home-or-stay-put/article2050112/

Asset Allocation 102 - Negative Correlation - It's as Simple as Suntan Lotion and Umbrellas

2011-06-06T07:12:00.001-06:00

Negative correlation sounds like a complex notion, but it's actually quite simple and so essential to achieving the most effective rate on your portfolio with the least amount of risk possible.

When it comes to diversifying your investment portfolio, you want to ensure that not only are your eggs in different baskets but that you don't have a bunch of baskets and eggs duplicating themselves and thus, not providing any diversification at all.

Read my full article here: http://www.walletpop.ca/blog/2011/06/05/asset-allocation-102-negative-correlation-its-as-simple-as/

Pre-Paid Credit Cards. Great Idea or a Waste of Money?

2011-06-04T07:12:00.002-06:00

There are two main players on the market for your pre-paid gift giving pleasure (or for your own personal use). RBC's VISA Gift Card and somewhat newer on the market, BMO's prepaid MasterCard.

Read my full article here: http://www.walletpop.ca/2011/06/03/pre-paid-credit-cards-great-idea-or-a-waste-of-money/

Don't Get Caught Without Cash This Summer

2011-06-02T08:03:00.003-06:00

We all know we need emergency savings for those inevitable rainy days, right? But if you're like most Canadians, you likely haven't socked enough (if any) away for life's urgent situations.

Not only do we know it's prudent to have 3-6 month's of our salary saved in a safe, liquid account, we also need to asses how much cash we should carry on our "person" and have in our home. Do you know?I was at my bank the other day and had to head into the branch (I rarely do as I always use the ATM or online banking). This was the second time in two months that I had to visit a teller for my banking needs and coincidence or not, the bank's systems were down each time. They literally couldn't do anything for any of the branch's customers. It made me wonder how susceptible each of us is in the event a store's debt or credit machines go down; how many of us carry cash any more? I'm from Alberta but have a plethora of friends in Toronto that can quickly remember the blackout not so long ago. Even the ATM machines were useless without power!

Continue reading and get the quick check list to run through with your family:
http://www.walletpop.ca/blog/2011/06/02/dont-get-caught-without-cash-this-summer/

Spring Cleaning Your Investments - Asset Allocation 101

2011-06-01T08:22:00.004-06:00

We hear this term all the time when referring to our investments and it's the foundation of any portfolio; asset allocation.

Simply put, we hope to purchase assets that will increase in value and, depending on our situation, how we allocate the percentage of those investments can make or break our retirement and help or hinder our sleep at night.

I'm sure you've heard the expression of not keeping all your eggs in one basket when referring to diversification. The problem is, with many investors that have investment accounts at several institutions or too many mutual funds, they often have a bunch of baskets with the same eggs doing the same things. Or, as Warren Buffet once said, 'put all of your eggs in one basket and watch that basket very, very, closely'. Most people would prefer not to do the latter when it comes to their investments.

Read my full article here:
http://www.walletpop.ca/blog/2011/05/31/spring-cleaning-your-investments-asset-allocation-101/#comments

The Magic of Compound Interest

2011-05-24T11:39:00.003-06:00

Albert Einstein stated, "The most powerful force in the universe is compound interest." Being infinitely more brilliant than myself, Einstein knew that as simple of a concept compounding can be, applying it is extremely powerful.

Let me illustrate an example. Let's pretend I have an offer for you. The first, a million dollars from my left pocket. The second, a shiny penny from my right; however, that penny will double each day for thirty days. Which would you prefer to have at the end of the month? The one million dollars or the doubling-a-day penny?Most of us would opt for the million and why not; that's a logical choice. Let's see how the numbers unfold.

Read the full article here:
http://www.walletpop.ca/blog/2011/05/24/the-magic-of-compound-interest/

Burn RRSP to pay off credit card? Globe & Mail's Cash Clash

2011-05-18T03:07:00.004-06:00

Jon, 40, and Adrienne, 35, Toronto

Should she ditch her underperforming RRSP? After a decade, the $5,000 fund is going nowhere, and this mom of two is fed up – she wants to cash it in to pay off her credit card. Her husband thinks she should put up with short-term pain for long-term gain.

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/cash-clash-burn-rrsp-to-pay-off-credit-card/article2024590/

Welfare or a McJob for now? Globe and Mail's Cash Clash

2011-05-04T04:31:00.000-06:00

Amir* and Leila*, 39, Tehran

On welfare with an MBA? For this Iranian-Canadian couple, the global financial crisis hit hard. Deep in debt, they’re still trying to get back on their feet after he lost his job in Dubai. With plans to move back to Canada this summer, she thinks their only option is to go on social assistance. He’s not sure what to do.

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/welfare-or-a-mcjob-for-now/article2008201/

Should Couples Have Financial Secrets? Part 2. AOL's WalletPop Canada

2011-05-03T12:56:00.001-06:00

There IS an easier way than keeping financial secrets, and it starts with you saying "yes" to the following question. Could you have lived on 90 percent of your income for all of the years you have worked thus far? Would you have died or been kicked out on the street? Could you have made it? Of course you could have. After all, there are thousands of Canadians that have had to take pay-cuts over the years and many that have stayed at jobs that have cut their salary more than 10 percent. Although it is abundantly obvious that we could have made out alright if we just lived on 10 percent less income each year, as a financial professional, I can assure you that most Canadians do not. Somehow we always pay our bills but rarely ourselves. If the roof needs repairing, we always find the extra money. Or if Johnny needs new glasses, we manage to muster up the available cash, but no matter what level our income is at, our expenses always seem to catch up to our income or even exceed it.

Continue reading to find out about The Banking Game here: http://www.walletpop.ca/blog/2011/05/03/should-couples-have-financial-secrets-part-2/

Should Couples Have Financial Secrets? Part 1

2011-04-30T09:18:00.001-06:00

Should couples have financial secrets or should the commitment of marriage tear down the walls of covertness in a relationship? While independence is important in any relationship, is it more important than trust and open dialogue?

Read the full article here: http://www.walletpop.ca/blog/2011/04/29/should-couples-have-financial-secrets-part-1/#comments

Found Money? Not so Fast; Think Before You Pre-Spend that Tax Refund - AOL's WalletPop Canada

2011-04-28T04:00:00.002-06:00

The only good thing about tax season depends on whether you're one of the lucky Canadians expecting a tax refund. But before you and your family start making a list of ways to blow it before you even receive it, take a deep breath and stop before you pre-send it.

Read the full article here: http://www.walletpop.ca/2011/04/27/found-money-not-so-fast-think-before-you-pre-spend-that-tax-re/

Fixed Vs. Variable Rates: Pay Yourself Instead of The Bank - AOL's WalletPop Canada

2011-04-25T10:02:00.002-06:00

The number one question I get from home owners is the never ending, "fixed vs. variable" rate debate. And although it depends on a number of factors (your personal preference along with the accuracy of your crystal ball to predict where interest rates are headed), real estate expert Don Campbell, and president of the Real Estate Investment Network has a unique twist on the old argument.

Campbell touts opting for a variable rate mortgage, but being disciplined enough to make the payment that a five year fixed would offer thus paying more on your principle and paying off your mortgage sooner and less interest over time.

Read the full article here: http://www.walletpop.ca/blog/2011/04/25/pay-yourself-instead-of-the-bank/

Credit card debt or student loans – what should we pay off first? Globe & Mail's Cash Clash

2011-04-20T07:06:00.001-06:00

Laura, 38, and Jim, 30, Calgary

As the John Lennon lyric goes, life is what happens to you when you’re busy making other plans – and for this couple, life racked up $70,000 in consumer debt. She says they should pay off the credit card, but he thinks the student loans are the priority. Debt deliverance or dire straits?

Catch my advice and the full article here:
http://www.theglobeandmail.com/globe-investor/personal-finance/credit-card-debt-or-student-loans-what-should-we-pay-off-first/article1992375/

Time to Invest in Canadian Real Estate? Find Out What's Hot and What's Not - AOL's WalletPop Canada

2011-04-18T07:38:00.002-06:00

Kelley Keehn Apr 14th 2011 at 3:00PM

Predicting Canada's real estate hot spots over the next 12 months requires some luck and a crystal ball. But real estate expert, Don Campbell, president of the Real Estate Investment Network has a systematic process for determining what markets will likely increase in 18 months to even as long as 10 years down the road.

Read the full article here: http://www.walletpop.ca/blog/2011/04/14/time-to-invest-in-canadian-real-estate-find-out-whats-hot-and/

Should this U.S.-based couple ditch their condo? Globe & Mail's Cash Clash

2011-04-13T08:11:00.002-06:00

Jane, 51, and Ron, 54, Chicago

This south-of-the-border couple took a hit on the sale of their condo when the U.S. housing bubble burst. Now they’re looking for advice: She wants to trade in their urban rental lease for a mortgage, but he dreams of a life in milder climes. With rising taxes and elderly parents in the picture, it’s not so simple. Green acres or mondo condo?

Read the full story and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/should-this-us-based-couple-ditch-their-condo/article1981492/

The Money Book for Everyone Else - Globe & Mail book excerpt - Credit is the new reality, cash is no longer king

2011-04-11T09:35:00.002-06:00

Credit is the new reality, cash is no longer king Check out a sneak peek of my newest book, The Money Book for Everyone Else: http://www.theglobeandmail.com/globe-investor/investor-education/book-excerpts/credit-is-the-new-reality-cash-is-no-longer-king/article1969850/

The High Cost of Hidden Fees - AOL's WalletPop Canada

2011-04-10T08:34:00.004-06:00

Kelley Keehn Apr 3rd 2011 at 12:54PM More Filed under: Banks, Budgeting & Planning, Credit Cards

Emerson emailed me looking for some financial assistance. He's self-employed, single and his annual income hovers around the $55,000 mark, although it fluctuates radically from month to month.

He's stressed about his finances as, in his words, "It's always gone before I even receive it". To figure out the mystery of his missing money, I had him take my 30-day anti-budget challenge. He agreed to track every dollar he was spending over a 30-day period and we sat down to figure out where his money was going. I also poured over his bank and credit card statements for the past year. One of the main culprits gobbling up his disposable income? Hidden fees that amounted to a trip or two a year if he had been aware of them.

Read on to see if you're making the same mistakes as Emerson and something as simple as not paying attention to the fees you pay could be standing in the way of your next vacation and more! http://www.walletpop.ca/blog/2011/04/03/mini-money-make-over-the-high-cost-of-hidden-fees/

Should couple upgrade to a car they can both drive? Globe and Mail's Cash Clash

2011-04-06T05:53:00.001-06:00

Matt, 26, and Anna, 25, Ottawa.

For this young couple, suburban life requires wheels – but she can’t drive his standard-transmission compact. He wants to get her an old car for weekend use, but she’d rather trade in for a ride they can both drive. Two cars: double the fun, or double the headache?

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/cash-clash-should-couple-upgrade-to-a-car-they-can-both-drive/article1972766/

Should they make the leap to cottage country? Globe & Mail's Cash Clash

2011-04-04T08:15:00.003-06:00

Bob, 71, and Betty, 68, Halifax

The cottage – family haven or financial black hole? This retired couple want to spend their golden years close to the sea, and she wants to move to their vacation home full time. He worries it’s too isolated and too much work. Rural bliss or real bummer?

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/should-they-make-the-leap-to-cottage-country/article1962759/

Key Questions to Ask Before Investing - AOL's WalletPop Canada

2011-03-30T05:10:00.005-06:00

Now that the RRSP season has passed, you may be patting yourself on the back for getting your contribution in on time. And that's a great start. But if you're like many Canadians, you don't want to have those funds sitting in a holding account earning next to nothing.

During the RRSP rush, many bankers and advisors have you plunk your contribution into a savings type account as it`s not the time to rush through a risk-return analysis. The idea is that you`ll both meet in the coming months to properly allocate the funds. You might also have a tidy tax refund awaiting you to add to your savings. But before investing your hard earned dollars, consider the following questions to ask the professionals you deal with before investing:

Read the full article here: http://www.walletpop.ca/blog/2011/03/28/key-questions-to-ask-before-you-invest/

Money Myths - Top Five Excuses Holding You Back From Wealth - AOL's WalletPop Canada

2011-03-25T05:44:00.001-06:00

At thirty-five, I find myself feeling old and dated. I think back to my youth, before the Internet, a TV in every room of the house and the major social taboo was sex. Today, the new shame, the new taboo, exists outside of the bedroom. We don't dare ask a potential spouse about their spending habits, credit history or assets for fear of being thought of as a swindler. It would be boorish to ask a friend what her bonus was this year and rarely will golf mates honestly discuss financial troubles on the greens.

Why has talking about money and the lack thereof, become the accepted pink elephant at each and every cocktail party?

Read on to discover the top five money myths that, with some simple awareness and courage to speak the unspoken, could change your financial future.

http://www.walletpop.ca/blog/2011/03/23/money-myths-top-five-excuses-holding-you-back-from-wealth/

Should they get back in the housing market? Globe & Mail's Cash Clash

2011-03-23T08:44:00.000-06:00

Wayne, 46, and Susan, 51, Calgary

Did this couple foul up their finances by selling their home last year? She wanted to move closer to her troubled teen’s school, so they’re renting in a ritzy part of town. He wants to buy a house now before Calgary booms again. Real estate: investment or insanity?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/cash-clash-should-they-get-back-in-the-housing-market/article1952605/

CBC Radio series - Financial basics for 50 something's

2011-03-18T09:36:00.001-06:00

If you missed our 50-something segment with CBC Radio's Peter Brown (fourth in the series), catch it here: http://www.cbc.ca/radioactive/2011/03/16/kelly-keehn---finances-in-your-fifties/

Financial expert Kelley Keehn looks at opportunities at different times in your life. 'Larry, Lisa, & Ricky' need to be serious with insurance, inheritance, and key income earning years

Should they reno their rental? Globe & Mail's Cash Clash

2011-03-18T09:31:00.000-06:00

Katarzyna and Tomasz, 27, Ottawa

Should these newlyweds renovate their rental at their own expense? Hoping to save for their first home, she wants to gussy up the two-bedroom apartment so they can stay there longer. He thinks it’s a waste of money. Facelift or folly?

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/should-they-reno-their-rental/article1942761/

Key Questions to Ask Before Renovating Your Home - AOL's WalletPop Canada

2011-03-15T11:00:00.001-06:00

Spring is finally in the air; well, at least we know it's around the corner. And with a fresh start to 2011, many Canadians are looking to liven up their homes and yards as well. However, if you're going to allow anyone to work on your property, from a minor fence repair to a kitchen or bathroom overhaul, there are a number of things you need to know to avoid being swindled or putting your home at risk of litigation.

Read the full article here:
http://www.walletpop.ca/blog/2011/03/14/key-questions-to-ask-before-renovating-your-home/

CBC Radio Series - Financial basics for 40 something's

2011-03-11T14:04:00.001-07:00

If you missed our 40-something segment with CBC Radio's Peter Brown (third in the series), catch it here: http://www.cbc.ca/radioactive/2011/03/09/kelly-keehn-finances-in-you-fourties/

Should they use their savings to buy out her boss? Globe & Mail's Cash Clash

2011-03-09T07:05:00.001-07:00

Tom, 28, and Heidi, 26, Toronto

Do love and business mix? These two young engineers are shacked up with healthy savings, but he wants to use them to buy her boss’s firm. She doesn’t want to take the risk. Is his scheme a blueprint for disaster?

Read the full article and my advice here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/cash-clash-should-they-use-their-savings-to-buy-out-her-boss/article1934750/

The 1% Solution to Building Wealth - AOL's WalletPop Canada

2011-03-09T07:03:00.002-07:00

After being in the financial industry for over a decade, I'm asked nearly on a daily basis the secret to wealth.

Unfortunately, there is no illusion that needs revealing, no sexiness or even excitement in the true answer.

Fortunately though, there is a simpler formula that nearly any working individual can apply. Patience, time and awareness must be cultivated. But there's a surreptitious enemy of sorts indeed and the answer lies within.

To paraphrase Earl Nightengale, "people care about their health and money to the extent that they don't have it." Money and wealth accumulation can best be illustrated by thinking of one's health.

Read the full article here: http://www.walletpop.ca/blog/2011/03/08/the-1-solution-to-wealth/

CBC Radio Series - Financial basics for 30 something's

2011-03-09T07:01:00.001-07:00

If you missed our 30-something segment with CBC Radio's Peter Brown (second in the series), catch it here http://www.cbc.ca/radioactive/columnists/2011/03/02/kelley-keehn-finances-in-your-thirties/

Couple wonders, is it time for him to get a 'real' job? Globe & Mail's Cash Clash

2011-03-02T09:38:00.001-07:00

Rupert, 27, and Charlotte, 30, Calgary

Young, in love, and living in a basement suite, this playwright and grad student want to start a family and buy their first home. He thinks the only way they can afford it is if he gets a restaurant job or painting work; she doesn’t want to compromise his writing career (or their marriage). Can they hack it?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/couple-wonders-is-it-time-for-him-to-get-a-real-job/article1924766/

Mini Money Make-over: The Hidden Asset Class You Need to Know About - AOL's WalletPop Canada

2011-03-02T09:34:00.001-07:00

Niles is doing everything right; at first blush anyway. He's 55 years old, has zero debt, $82,000 in his RRSP and $225,000 in his company's stock.

His RRSP portfolio is well diversified. His basic asset mix is 55% equity (various mutual funds), 40% debt (various bond and balanced mutual funds) and 5% cash. That's based on the careful analysis of his advisor and tailored to his situation (when he'll retire, his tolerance for volatility, etc.)

However, Niles' portfolio is grossly under-diversified if his company stocks are added to the mix and given the fact that his employment is in the same sector as his largest asset holding. If his industry were to face a sudden downturn, not only might his job be at risk, but too his biggest asset, his stocks.

Read on to see what changes Niles needs to consider.
http://www.walletpop.ca/blog/2011/02/28/mini-money-make-over-the-hidden-asset-class-you-need-to-know-ab/

CBC Radio Series - Financial basics - 20 something's

2011-02-25T10:15:00.002-07:00

If you missed our 20-something segment with CBC Radio's Peter Brown (first in a series), catch it here http://bit.ly/faqna2

RRSP, Pay Down the Mortgage, or Both? AOL's WalletPop Canada

2011-02-23T11:14:00.001-07:00

Well, it's that time of year. RRSP season is upon us with the deadline for your contribution fast approaching - March 1st. The classic question I get from many is, should I invest in an RRSP, pay down on my mortgage principal or both?

I must preface that if you have any high interest credit card debt, that should be the first focus. With those rates hovering around 11-29% interest, it always makes more sense to get rid of that debt first.

Let's assume that you doesn't have any other debt and are simply wondering if the RRSP is the better way to go or, should you fast track paying down your mortgage?

Read on to find out which is the better option, or, if you should opt for a blend of both
http://www.walletpop.ca/2011/02/23/rrsp-pay-down-the-mortgage-or-both/

Should couple move to trim housing costs? Globe & Mail's Cash Clash

2011-02-23T11:13:00.000-07:00

Madelaine, 42, and Ben, 48, Victoria

Should this couple downsize their debt by moving to a smaller home? The family of five live in a dream house in a beautiful ocean-side neighbourhood, but the costs are high. She wants to move to smaller digs in suburbia. He doesn’t think it’s worth the hassle. Should they stay or should they go?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/should-couple-move-to-trim-housing-costs/article1915584/

Innumeracy; Not Knowing this Simple Calculation Could Cost You Thousands of Dollars in Your Lifetime - AOL's WalletPop Canada

2011-02-19T09:52:00.002-07:00

To paraphrase the allegory at the start of the book, Why Smart People Make Big Money Mistakes and How to Correct Them, the scenario goes like this. You're shopping for lamp and spot one you like for $50. Just as you're about to make the purchase, a friend bumps into you at the cashier and tells you that identical lamp is available just a few blocks away for $25. You do a quick calculation in your head realizing that's a 50% savings for a little inconvenience and decide to go a few blocks for a big savings.

Here's the next scenario. You're shopping for a big screen TV. You're at the electronics store, you've narrowed down your choice, spent a considerable amount of time negotiating with the sales person and feel good about the $1,250 price tag. Again, just as you're ready to make the purchase, you bump into your friend that tells you the exact TV can be had a couple of blocks away for $1,225. You do a quick calculation in your head and realize that's only a savings of less than 3%. Do you put the TV down and make the extra effort? If you're like most, you decide it's simply not worth your time for such an insignificant savings. But that's a big mistake.

What happened in both scenarios? Read on to find out:
http://www.walletpop.ca/blog/2011/02/18/innumeracy-not-knowing-this-simple-calculation-could-cost-you-t/#comments

Should a couple share financial decisions? Globe & Mail's Cash Clash

2011-02-16T09:42:00.002-07:00

Jen, 29, and Dave, 32, Kelowna, B.C.

Should one spouse make all the major financial decisions in a marriage? That’s the pickle this couple are in. With both a baby and an inheritance on the way, she’s trying to figure out the best plan of action. He argues it’s not his money to manage. Can they agree on a strategy before their family and their problems multiply?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/should-a-couple-share-financial-decisions/article1907462/page1/

Be a Valentine's Day Hero - Low Cost Ideas for Love - AOL's WalletPop Canada

2011-02-12T12:04:00.002-07:00

I know; we just got over Christmas (and some of us are still paying for it) and retailers are already pushing yet another holiday - Valentine's Day. And if you have someone special in your life, you can't miss this one! I've collected a plethora of gift ideas and ways to show your care without breaking the bank.

Buy flowers early and from a grocery store as opposed to a flower shop; the latter tends to be much more expensive especially in the days leading up to the 14th.
Make your own fortune cookies with love notes inside and hide them around the house. Here's a recipe for them - http://chinesefood.about.com/od/diningout/r/fortunecookie.htm

Click here to read the full article:
http://www.walletpop.ca/blog/2011/02/11/be-a-valentines-day-hero-low-cost-ideas-for-love/

Should frugal savers enjoy their money while they can? Globe & Mail's Cash Clash

2011-02-10T08:52:00.001-07:00

Mike, 48, and Jill, 40, Edmonton

How much do you really need to save for retirement? This couple have built a nice nest egg, living below their means and diligently saving. She says it’s time to start enjoying the fruits while they’re still young, but he thinks they should keep socking money away for their old age. Is it too soon to raid the piggy bank?

Click this link to read the full article and my advice:
http://www.theglobeandmail.com/globe-investor/personal-finance/rrsp/should-frugal-savers-enjoy-their-money-while-they-can/article1898322/

Is an RRSP an Investment? If You Answered Yes, You're Wrong! AOL's WalletPop Canada

2011-02-07T09:19:00.004-07:00

If you think an RRSP is an investment, don't worry; many Canadians think the same. However, an RRSP - Registered Retirement Savings Plan, is simply a shelter, not an investment.

I like to explain it this way: think of your RRSP as a garage. It's essentially an empty structure. You still need to put cars into your garage. These cars could be GIC's at your bank, stocks, bonds, mutual funds or just about any combination and more. But without carefully choosing which cars go into your RRSP and periodically changing those cars up, many Canadians aren't optimizing their RRSPs.Thinking that the shelter is the investment is the number one error I see individuals making when it comes to RRSPs. They rush into their banker or financial advisor's office moments before the deadline and take a sigh of relief that their investment made it in time for a juicy tax refund to come. The professionals in the financial industry are swamped at RRSP time and may simply plunk your investment in a cash account within the RRSP (that's a car too) so that you can make the deadline and ask you to remember to come back at a less busy time of the year to property allocate (diversify) your contribution. You forget to do so, or at least, many do, and therefore your RRSP doesn't work as hard as it could to grow your retirement savings.

Read my full article here:
http://www.walletpop.ca/blog/2011/02/07/is-an-rrsp-an-investment-if-you-answered-yes-youre-wrong/

Should near-retirees re-mortgage their home to play the stock market? Globe and Mail's Cash Clash

2011-02-02T09:07:00.000-07:00

Bernie and Linda, 53, Calgary

Wanting to retire in a couple of years, these empty nesters have had a long-time goal: to ride off into the sunset with $1-million saved. They’re not quite there yet, and he’d like to top up their funds by re-mortgaging their house and investing the money in stocks. She thinks going back into debt is just plain loco. Who’s got the most horse sense?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/should-near-retirees-re-mortgage-their-home-to-play-the-stock-market/article1889939/

January Mini-Makeover: This Simple Trick Could Have You Debt Free Years Sooner - AOL's WalletPop Canada

2011-01-26T14:20:00.001-07:00

It's nearing the end of the month and you've either received your credit card statement from Christmas or the dreaded mail is about to arrive. Have you taken a deep breath and braved opening the envelope, or are you resigned to letting it collect dust for now and deal with it later?

If you have the courage to open your credit card statement up, you'll notice something new - a measure the government forced companies to report a few months ago. And, if you carry a balance on your card, it might be a scary number to look at. There's a little box either on the side or back of your statement that now has to tell you how long it will take for you to pay off your credit card balance if you only make the minimum payment. This month's mini money make-over features Jeffrey, who's looking at a whopping 134 years and 7 months to pay off his credit card. Yes, you read that right. He's currently 37 years old, and if he doesn't learn a simple trick to financial freedom, his debt will outlive him by decades.Here's Jeffrey's deal:

Read the full article here:
http://www.walletpop.ca/blog/2011/01/25/january-mini-makeover-this-simple-trick-could-have-you-debt-fre/

Should condo-dwellers shell out for a car? Globe & Mail's Cash Clash

2011-01-25T09:23:00.001-07:00

Max, 37, and Rachel, 30, Toronto

Should these downtown condo-dwellers get a car? He thinks so – mainly for their frequent trips to visit family in Quebec, and to golf and ski. She thinks not, preferring to funnel the extra cash into their coming wedding and savings – and take the train. As they get ready to walk down the aisle, can they settle this spat before their engines get too revved? (*Their names have been changed.)

To read the entire article and my advice, click here:
http://www.theglobeandmail.com/globe-investor/personal-finance/should-condo-dwellers-shell-out-for-a-car/article1881712/

Want More Money this Year? Try These 5 Easy Steps - AOLs WalletPop Canada

2011-01-21T12:24:00.002-07:00

Kelley Keehn
Jan 21st 2011 at 12:30PM

We're well into the new year now and if you haven't scrapped all of your resolutions by now, I hope being smarter with your money is one you'll aspire to all year long. Try these simple ideas for financial success.

Step #1: Know what your time is worth. I have a very successful friend that owns several businesses. I've watched him drive all over town for "cheap" gas when it goes on sale, stand in long lines to save a few bucks and spend way too much time clipping coupons. I figured out that he earns over $200 a working hour, yet, he'll waste time saving a fraction of that amount. Another girlfriend of mine earns $65 a working hour, and has very little time to spend with her family of five. Yet, she'll continue to spend several hours a week cleaning her house instead of hiring a housekeeper for $15-25 an hour.

Read the full article here:
http://www.walletpop.ca/blog/2011/01/21/want-more-money-this-year-try-these-5-easy-steps/

Save for retirement or an RESP? - Globe & Mail's Cash Clash

2011-01-19T08:17:00.001-07:00

Steve and Jane, 51, Halifax

With three kids in high school, the eldest graduating this spring, this couple are bracing for the onslaught of university tuition bills. He argues they’ve already got a well-fattened registered education savings plan, and they should start focusing on their retirement. She worries about the rising cost of education, and wants to make sure they’ve saved enough to cover all three offspring. Who’s head of the class?

To read the entire article and my advice, click here:
http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/save-for-retirement-or-an-resp/article1874056/

Are You Intelligently Frugal or Just a Cheapskate? Take This Quiz if You Dare! - AOL's WalletPop Canada

2011-01-17T13:45:00.003-07:00

Kelley Keehn
Jan 17th 2011 at 9:00AM

The past couple of years have been tough on many Canadians and for a brief period of time, frugality was the financial buzz word. I'd like to add the adjective "intelligent" preceding frugality (being smart with your money) as a trend I hope will stay.

But then there are those individuals, you know the ones (maybe intimately), that are just plain cheap.

Take this test to find out if you're fantastically frugal, penny-wise and pound-foolish or a killjoy miser.

Question #1: Have you ever been out with friends for dinner and excused yourself just as the bill came to avoid chipping in?

A: Never; I can't stand people that do that
B: I'll be honest – I've thought about it
C: Yes, and I can't count how many times (is that wrong?)

Question #2: The last time the Girl Guides or Boy Scouts came to your door fundraising, you:

A: Bought one of what they were offering
B: Told them you bought at the office
C: Shut the blinds and turned off the lights when you saw them coming

Read my full article here:
http://www.walletpop.ca/blog/2011/01/17/are-you-intelligently-frugal-or-just-a-cheapskate-take-this-qu/

Financial tips for a sound New Year - with CBC's Peter Brown

2011-01-14T09:48:00.001-07:00

Looking to start off 2011 on the right financial track? Kelley Keehn stops by with some tips for the new year.

Listen to my interview with Peter Brown here:
http://www.cbc.ca/radioactive/episode/2011/01/13/kelley-keehn---financial-resolutions/

Is Your Credit Card a Major One? If Not, You Might Be Hungry and Thirsty on Your Next Flight - AOL's WalletPop Canada

2011-01-10T15:29:00.003-07:00

Kelley Keehn
Jan 10th 2011 at 5:00PM

You have a credit card, right? But, is it a major credit card?

You might ask why you need to care, but if you plan on flying this year (amongst other travel necessities), you may be out of luck - for example, purchasing on board food and drinks.

Sure, you can still get the free basic beverage and salty snack, but since last year, both WestJet and Air Canada will only accept major credit cards on board. Cash apparently, is no longer king!

Read the full article here:
http://www.walletpop.ca/blog/2011/01/10/is-your-credit-card-a-major-one-if-not-you-might-be-hungry-and/

Why Budgets Don't Work - AOL's WalletPop Canada

2011-01-06T10:32:00.003-07:00

Kelley Keehn
Jan 5th 2011 at 11:30PM

I hate budgets because they rarely work. I know, not what you'd expect from a financial expert. But think about this: if your family spends say $800 a month on food and dining out, but a "budget" dictates that you only spend $450 a month based on your household income, that's a tough cut and one that's going to sting. Just like a yo-yo diet, a financial cutback has to be realistic to last long-term.

This year, declare that you'll start with awareness and then move to choice. Start with counting your financial calories.

I think health and wealth are closely linked and are two aspects of our lives that deserve the utmost attention.

Read the full article here:

http://www.walletpop.ca/blog/2011/01/05/why-budgets-dont-work/

Globe & Mail's Cash Clash - She wants to save more than he does

2011-01-05T13:28:00.001-07:00

Marissa, 23, and Ryan, 24, Kitchener-Waterloo

This ambitious young couple are already homeowners, in an age when many of their peers are boomeranging back into Mom and Dad’s basement. Their dilemma: How much should they save for emergencies? She says a lot, but he says a little (and invest the rest). If disaster strikes, which strategy will keep them afloat?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/she-wants-to-save-more-than-he-does/article1857574/

Seven tips for a financially prepared new year -Globe and Mail

2011-01-04T14:32:00.000-07:00

Financial expert Kelley Keehn recommends you get a free credit report at least twice a year from Equifax or TransUnion. “Even if you're not concerned about ...

Read the full article here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/seven-tips-for-a-financially-prepared-new-year/article1857085/

December Mini Money Makeover: Avoiding Hidden Credit Card Fees - AOL's WalletPop Canada

2010-12-30T10:19:00.001-07:00

Kelley Keehn
Dec 30th 2010 at 11:00AM

This is the first in a series of monthly makeovers, in which financial advisor Kelley Keehn looks at a person or a couple's financial issues and prescribes a solution. This month, the culprit is a department store credit card that ends up costing far more than it should.

Ethan is maxed out on his one department store credit card, which is also a MasterCard. He's making the monthly minimum payment requested, and on time. The problem is, he's maxed out and paying dearly for it.

Read the full article here:
http://www.walletpop.ca/blog/2010/12/30/december-mini-money-makeover-avoiding-hidden-credit-card-fees/

Globe and Mail's Cash Clash - He wants to sell, she wants to sit tight

2010-12-29T13:38:00.001-07:00

(I forgot to post this article back on December 14th when it originally was published.)

John and Erin, 30, Toronto

The market researcher and television producer have been sitting on a gold mine – an income property with tenants which covers the monthly mortgage payment (and then some). But they need bigger digs, and he wants to sell while the market’s hot. She wants to keep the house and continue renting it out. Who’s on the money?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/he-wants-to-sell-she-wants-to-sit-tight/article1836635/

Globe and Mail's Cash Clash - She wants to save, he wants to pay down debt

2010-12-29T08:33:00.001-07:00

Aaron, 33, and Tanya, 32, Toronto

They’ve been diligently digging their way out of debt, handing over nearly all of their disposable income every month. But the arrival of their bouncing baby boy has them reconsidering. She wants to sock some cash away for education and emergencies, but he’d rather use every spare cent to slay the debt dragon. Which parent knows best?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/she-wants-to-save-he-wants-to-pay-down-debt/article1851618/

Globe & Mail's Survival Guide

2010-12-23T11:34:00.002-07:00

My husband gifted me a car we can't afford
Kelley Keehn
From Friday's Globe and Mail

THE QUESTION: My husband surprised me with a new car for Christmas, which we can’t possibly afford. But since it decreased in value as soon as he drove it off the lot, what can we do now?

Read the full article and my advice here:
http://www.theglobeandmail.com/life/holiday/last-minute-survival-guide/article1848312/

Avoid a Financial Hangover This Year - AOL's WalletPop Canada

2010-12-21T11:13:00.003-07:00

Oh the pressures of the holiday season. For many of us, it's a time to share, repent, beg forgiveness, redeem or simply honour a loved one with... gifts!

Yes, it's tough to have a clear mind while shopping with thousands of frantic buyers. The temptation of the perfect gift, the lure of a great bargain and the oft need to express our love with a neatly wrapped token can overwhelm our rational, logical mind. So, here are a few tips to keep the season in check and ensure that your post-holiday hangover is left to alcohol alone (should you choose to partake):

Read my full article here:
http://www.walletpop.ca/blog/2010/12/14/avoid-a-financial-hangover-this-year/

Globe & Mail's Cash Clash - He wants to lease a car, she wants to buy

2010-12-21T11:09:00.002-07:00

Chris and Jennifer, 40, Aurora, Ont.

When their car got jacked, the couple had to think on their feet – should they buy a new ride, or lease one? He says leasing is the better short-term solution, but she thinks they can score a great deal if they buy. Which idea has wheels?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/he-wants-to-lease-a-car-she-wants-to-buy/article1845470/

Protect Your Identity This Holiday Season, Part Two - AOL's WalletPop Canada

2010-12-10T05:53:00.003-07:00

Kelley Keehn
Dec 9th 2010

This is the second in a series.

It's the busiest time of the year. How will you ever get all of your shopping done, get the house decorated, the cards in the mail – the litany of chores seems endless. Who has time to pay attention to the minor details that could put your financial life at risk? I'm hoping you will because the would-be-thieves out there are ready to cash in during this hectic time of the year.

Read the full article here:
http://www.walletpop.ca/blog/2010/12/09/protect-your-identity-this-holiday-season/

Globe & Mail's Cash Clash - Pay down the mortgage or pad the RRSP?

2010-12-07T09:22:00.002-07:00

Jason, 45, and Linda, 42, Mississauga

With a household of four kids aged 11 to 21 and his small auto-parts manufacturing company, this couple is used to being decisive. But when it comes to securing their future, they’re stuck – should they put their extra cash into paying off their mortgage sooner, or pad their RRSP nest egg (and get a juicy tax break)?

Read the full article and my advice here:
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/pay-down-the-mortgage-or-pad-the-rrsp/article1827885/

Protecting Your Identity This Holiday Season, Part One - AOL's WalletPop

2010-11-30T06:19:00.000-07:00

By Kelley Keehn
Nov 30th 2010

With Black Friday behind us (even though it's a US shopping tradition, it still flows up the border), holiday shopping is officially upon us! And according to a survey released by TD Canada Trust on November 15th, 23% of us will be using our credit card to fund those gifts for under the tree.

During the shopping frenzy of whipping out that credit card more in the coming weeks than perhaps the entire year, coupled with the busyness of school plays and Christmas parties, what should you be doing to protect your precious financial identity?

Read the full article here:
http://www.walletpop.ca/blog/2010/11/30/protecting-your-identity-this-holiday-season-part-one/

Kelley Keehn on Why Cash is Still King - AOL's WalletPop

2010-11-27T07:05:00.001-07:00

Guest Blogger
Nov 26th 2010
Filed under: Banks, Credit Cards

WalletPop is pleased to feature the first column from financial expert Kelley Keehn, co-host of TV's Burn My Mortgage, which airs weekly on the W Network.

By Kelley Keehn

There's nothing that will spoil a shopping experience as much as hearing the dreaded words, "declined" when paying for a purchase after a long, gruelling work-day.

Recently, while using my debit card for a relatively small purchase, my card was declined. Shocked and dismayed as I mumbled to myself in disbelief while a long line of irritated customers sighed as I insisted the clerk retry my card, it failed me when I needed it. Annoyed with myself that I didn't have more than five dollars cash in my wallet; I defaulted to my credit card. Knowing there was a large amount of funds in the savings account I was trying to access; I tried again at another store and still heard the dreaded word, "declined" from the store clerk.

To read the full article - http://www.walletpop.ca/blog/2010/11/26/cash-is-still-king/

Globe & Mail's Cash Clash - Should eco-conscious couple get a second car?

2010-11-23T08:52:00.001-07:00

Conrad, 31, and Susan, 29, Waterloo, Ont.

They’re avid recyclers, nature enthusiasts and organic-veggie munchers. But with a growing toddler and a hectic schedule, the university professor and civil servant are contemplating a second car. Should convenience trump eco-consciousness?

Read the full article and my response here:
http://www.theglobeandmail.com/globe-investor/personal-finance/should-eco-conscious-couple-get-a-second-car/article1809696/

Nine steps to a better credit score

2010-11-22T08:12:00.001-07:00

by DIANNE NICE
Globe and Mail Update
Published Monday, Nov. 22, 2010

My husband and I are pretty competitive, always trying to one-up each other.

It was to my chagrin, therefore, when I learned that although my credit score is excellent, his is better. I have never missed a bill payment, never carried a balance, so what could be holding me back?

According to author and former financial adviser Kelley Keehn, there are lots of innocent things that can affect your score. For example, most people don’t realize there are two important dates when it comes to paying off certain credit cards: the due date and the statement date. The statement date is when the card issuer reports your balance to the credit bureau, not the due date. So even if you pay your balance in full and on time each month, your credit score may not reflect that.

“Let’s say my due date is Dec. 8 and I have a $10,000 limit. I pay it in full before the 8th and won’t be subject to any interest,” Ms. Keehn says. “But, let’s assume my statement date is Nov. 15 – that’s a very important date as it’s the date the credit card company reports to the credit bureau, not the due date. Let’s assume I make a big purchase on the 14th, say for a reno at my home, not thinking anything of it, and pay for some hardwood costing $9,000. The next day the credit card company would report that I’m 90 per cent extended on my credit card.”

If you’re not sure of your credit rating, you can get a free report from Equifax.ca or Transunion.ca that will include your credit history and current credit outstanding. For a small fee, they will include your credit score as well. A good score is 760 or higher, and anything less needs work to improve it, Ms. Keehn says.

To read the full Globe article and the 9 steps, visit:
http://www.theglobeandmail.com/globe-investor/personal-finance/nine-steps-to-a-better-credit-score/article1808142/

Burn My Mortgage (or yours) tips

2010-11-19T10:02:00.006-07:00

Burn My Mortgage, airing Tuesday's at 8pm E/P, 9pm MST on the W Network has been gaining popularity. If you've been tuning in and are looking for more ideas on how to burn your own mortgage, here's my top tips that you can take to the bank.

1. Negotiate – yes you can! The posted rates are rarely the actual rates you can get by simply asking. Consider that on a $250,000 mortgage, a 1% difference could save you $43,841.29 during the life of your mortgage*.

2. Google the basics. If you’re not a financial wiz, no worries. But learn terms such as an amortization, fixed and variable terms. Be sure to check out your bank’s website before your meeting. They likely have a list of definitions, useful articles and calculators.

3. Buy now or later? Remember all the costs involved in home ownership. You shouldn’t spend more than 32% of your gross income and don’t forget property taxes, insurance, closing costs, condo fees and more!

4. Hold the rate! If you’re not quite ready to buy, call your banker. They’ll often hold the current interest rate for 90-180 days.

5. Fixed vs. variable – who has a crystal ball.? Experts say that over the life of a mortgage, a variable rate will generally win. However, with rates at an all time low and ready to climb as early as this summer, you need to know your interest rate risk factor. If rates climbed even a couple of percentage points, your mortgage payment could nearly double. Could you handle an increase?

6. The best of both worlds. Many banks today offer a combination of a fixed rate mortgage with a portion set up as a line of credit that floats with prime.

7. RRSP vs. paying down the mortgage – what’s the best bet? What about doing both! If you’re a high income earner, an RRSP is hard to beat. But ensure you take the tax refund and apply it directly to your mortgage principal. Not only will you be saving for your retirement, taking advantage of a great tax break but you could save thousands of dollars on your mortgage and shave years off the length of it.

8. Buy now or wait? If you don’t have at least 20% for a down payment, you will have to purchase CMHC insurance. Depending on the size of your mortgage, this could cost you thousands of dollars. Do some calculations and ask your banker if it’s best to save up a little longer.

9. Do it more often. Paying bi-weekly or better yet, weekly, makes an extra payment a year that can add up to big bucks!

10. To insure or not to insure? Mortgage insurance is generally a pretty good idea and your bank may require it. The question is, should you purchase the insurance they offer or shop around for a private policy. The latter could be less costly and you have absolute control of who gets the amount at death.

* Based on a 5 year fixed, paid bi-weekly, a 25 year amortization and the
difference between a steady 5% vs. 4% interest rate.

For more information visit:
www.WNetwork.com/BurnMyMortgage
www.KelleyKeehn.com

Globe & Mail's Cash Clash - He’d love a pug, she thinks costs outweigh cuteness

2010-11-09T08:14:00.001-07:00

George, 64, and Hannah, 61, Montreal

These two filmmakers are thinking about getting a second pooch, and he’s got his heart set on a pug. But she’s not sold – yes, those smoosh-faced, snorting creatures are adorable, but they’ve got a reputation for costly health problems. Can we break up this dog fight before someone gets bitten?

Read the full article and my response here:
http://www.theglobeandmail.com/globe-investor/personal-finance/hed-love-a-pug-but-she-thinks-the-costs-outweigh-the-cuteness/article1791096/

Globe & Mail's Cash Clash - He wants to finish the basement, she wants a hot tub

2010-11-03T05:59:00.002-06:00

He wants to finish the basement, she wants a hot tub

Kim, 56, and Mike, 63, Montreal

They built a lakefront cottage from the ground up as their empty-nest project. After six years, it’s all done except for the basement. He wants to finish the job, but she wants a break – and a hot tub. Instant gratification or responsible home ownership?

Read the full article and my response here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/he-wants-to-finish-the-basement-she-wants-a-hot-tub/article1781978/