Five Ways to Save Big - Kelley Keehn on The Marilyn Denis Show

 

5 Ways to Save More Money

see the full article here

Personal finance expert, Kelley Keehn has a few basic tips that will save you money long-term.

Begin a Payment Plan
By sending in half your monthly mortgage payment every two weeks, you make the equivalent of one extra payment a year. Following this schedule on a $300,000, 30-year mortgage would save you $77,000 in interest over the life of the loan.

Choose Refurbished
When consumers return products after opening the box, computer, electronics, and appliance manufacturers make any necessary repairs and resell returned goods as "factory refurbished." If you buy direct from the manufacturer's website, this lightly used gear often comes with a warranty.

Ask For a Break
I'm good about paying bills on time, but this year I got slapped with a late fee for missing a credit card payment. When I called to explain the circumstances (a snafu with my online checking account), the customer service rep immediately dropped the late fee—and asked if there was anything else she could help with.

Think about When You’re Spending Money
The cheapest day to fly is Wednesday for domestic travel (the others are Tuesday and Saturday) – alternatively, Friday and Sunday are the most expensive days to travel. The cheapest time to fly is typically the first flight out in the morning. Next best times are flights during or after lunch and flights at the dinner house. The best time to buy airline tickets is Tuesday at 3pm Eastern.

The best time to buy groceries is first thing in the morning – that is when perishable foods are most fresh. Financially, the best day of the week to go shopping is likely Wednesday – that’s the day grocery stores start their weekly discount and coupon programs.

The best time to buy a car is at the end of the month or quarter, since dealers usually operate on a monthly cycle and use that time interval to measure sales. The best season to buy a new car is late summer or early fall, when new-model-year vehicles are available, so buyers can get a better deal on the year-older models.

Try to 24 Hour Rule
For 30 days, promise yourself that you won’t make a single big-ticket purchase without waiting a full day. Next time you see something you like, ask the store to hold it for you until the next day. If you still want it 24 hours later, then it’s yours to buy. Whether your weakness is shoes, gadgets or candy bars at noon, this rule can save you big bucks.

Summer on a budget with 92.5 Fresh FM

Summer is just about here.  Is it possible to enjoy this time of year on, *gasp*, a budget?

It's a little late for the ideal "saving-up" lecture, but there are a plethora of ideas to get you and your family some fun-time in the city, around Alberta or to more exotic destinations.

I had the opportunity to chat with Dani Rohs and Pat Staron from 92.5 Fresh FM.  If you'd like to add to the list of low cost ideas, be sure to tweet us your thoughts (see the end of the post) and check out Dani and Pat at www.925freshfm.com.

• Get a kitchenette:  After flights and hotel costs, dining out can be a real drag on your summer time pocket book.  Consider renting large facilities where you can share with friends & family by cooking meals to save big bucks!  If you have a large family, a hotel with a kitchen will likely off-set the expense of eating out.
• Couch surf: not for those where privacy & space is a must, but if you enjoy adventure with hosts that will show you the local scene, you can inhabit the home of stranger and crash on their couch in cities all over the world - check out www.couchsurfing.org
• Rent an apartment for the night: an equally growing trend, but with enough room for the family (maybe - at least you and your spouse), you can rent out an apartment for the night or even list yours if you're looking for some extra cash - check out www.airbnb.ca.
• Try local: Why not be an Albertan tourist on the cheap?  I was just in Calgary for business and the downtown hotels during the week averaged $350-$550 per night.  Plus parking!  But during the weekend, those hotels see steep price declines (not during Stampede unfortunately).  Check out www.travelzoo.ca for hotel, dining spa deals and more.  I've seen that same $400+ a night hotel during the week drop to just $149 with free parking on Saturday night.  
• Stay-cation:  It's always an option.  Pick up a Where Magazine, take in the plethora of free events and festivals and spend some time in YEG as a tourist!  Remember, there's people from all over the world that think E-town is cool enough to travel here.  Why not get out in the city and see what all the hype is about! Check out www.travelalberta.com.
• Best time to fly? The cheapest time to fly is Wednesday morning and the best time to book your flight is Tuesday at 3pm ET.  Check out my Marilyn Denis segment for more info and tips www.marilyn.ca/Finance/segments/Daily/April2014/4_28_2014/SaveMoneyTips

A few things to remember before you head out this summer:

• Check your coverage: call your insurance agent and your credit card company.  You may be insured for extras like car rentals or trip cancellations.  But then again, you may not. Spend a few minutes with a call to be sure.
• Get insured.  BMO Financial Group estimated in 2013 that 83% of Canadians would be taking a vacation between May and September and on average, were planning to spend $3,073.  But only half took out travel insurance before heading away from home. Shockingly, a broken leg in the US can cost a whopping $20,000 or more.  Consider that holidays are a time of carefree adventure that comes with the chance of accidents.  Don't skimp on this low cost insurance coverage. 
• Can you pay it off soon?  Don't slap your dream vacay on your credit card if you can't pay it off in a month or two.  I promise you that the sting of those high interest rates will take the wind out of your sails when you're paying interest for years.  Consider that if you put a vacation bill of $2,000 on a credit card with 18% interest and only paid the minimum payment, it would take you over 11 years (with no new purchases) to pay that holiday off.  Sounds a little too stressful to me.  Do your own calculations here - www.csgnetwork.com/creditcardmincalc.htm

With a little pre-planning and creativity, you and your family can enjoy a stress-free, enjoyable and dare I ask you to consider, affordable summer!

Tweet us your ideas - we'd love to hear from you!  @kelleykeehn, @danirohs, @PatStaron & @925FreshFM

Book review: What The Fork by Sue Jacques

Although this is the Keehn On Money blog, I'm super Keehn On Etiquette.  In my own experience, those with extreme wealth or who have achieved success, are often polite, well-mannered individuals.  And because of their position in society, they need to know how to navigate events with grace. 

Whether you've achieved success or are still on your journey to its attainment, why not know the cultural rules that can get you ahead and create more ease in your social life?

For every time a dinner guest has stolen your side plate or drank from your water glass (or gasp, you committed such atrocities), What The Fork is a must-have!  I enjoyed soaking in its elegant advice espoused without attitude and a healthy dose of humor.

This stunningly laid out book covers what we’re just not taught in today’s society.  How to be civilized without judgement.  In a manageable 154 pages, this graceful guide covers everything from the importance of a strong first in-person impression, how a formal table is laid-out and what will annoy your fellow diners.  It’s magically peppered with thoughtful quotes that had me cheering the need to bring back traditional dinning as the sophisticated art it once was – or, at least should once in a while be.

If you’re lucky enough to meet the author, Sue Jacques, you’ll be delighted to savour her charm.  This gorgeous and timely book is a congruent reflection of her own down to earth charm, wrapped in a uber chic, refined, impeccably put together (yet humble) exterior.

Buy this book for yourself and for those that could use a little refinement (admit it … three people just came to mind).  Click here for more info.

Know what the crooks know: Five ways to spot an investment scam - Financial Post

Know what the crooks know: Five ways to spot an investment scam

 

Melissa Leong | April 5, 2014 7:00 AM ET
More from Melissa Leong | @lisleong

Read the full article here: http://business.financialpost.com/2014/04/05/know-what-the-crooks-know-five-ways-to-spot-an-investment-scam/

Yes, you too can have your identity stolen - Vancouver Sun - Even young children’s identities are a tempting target for cyber-thieves, report says

Yes, you too can have your identity stolen

Even young children’s identities are a tempting target for cyber-thieves, report says

By Yvonne Zacharias, Vancouver Sun April 3, 2014

 

Canadians can fight back against scammers with the help of a new guide book from Chartered Professional Accountants of Canada. Kelley Keehn, author of Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud, is shown at the official book launch in Ottawa.

Photograph by: Hand-out , CPA CANADA

Read more: http://www.vancouversun.com/news/have+your+identity+stolen/9697727/story.html#ixzz2yDwybjlO

Read more: http://www.vancouversun.com/news/have+your+identity+stolen/9697727/story.html#ixzz2yDwoRaBi

Avoiding Fraud with BNN's Larry Berman and Kelley Keehn

Avoiding fraud

Larry Berman, Berman's Call
12:13 PM, E.T. | March 24, 2014
Best of BNN, Investing

We are very excited to have one of Canada’s preeminent personal finance and literacy experts on the show today, Kelley Keehn. Her ninth book is titled Protecting You and Your Money -- A GUIDE TO AVOIDING IDENTITY THEFT AND FRAUD and can be purchased here. March is Fraud Prevention/Awareness month and the book covers three major areas:

• Financial & Credit Fraud
• Identity Theft
• Investment Frauds

Today’s focus is on investment frauds. The biggest fraud in history was Bernie Madoff who, despite whistle blowers and SEC investigations, was able to continue stealing money for years. Here is why it was so compelling and why so many people were taken in:

• Many of my friends (sophisticated investors like pension funds and endowments) who were smart investors were involved, so I would have expected them to have done their due diligence.
• I would have heard about my friends’ past success with their investment and felt I was missing out — after all, he’s been around for years
• Madoff was a professional and chair of NASDAQ, what did I need to research?
• Exclusivity. How could I say “no” when I offered an opportunity to invest? He built on that exclusivity and burning desire to be “in the club”
• In this case, the investment returns weren’t a major red flag. He was paying investors a 10% return, which is not unattainable, but to deliver this consistently is a potential red flag (as his critics pointed out over the years)

However, it still wasn’t the high level red flag return that many other Ponzi schemes offer (for example, 18%). Kelley admits that she probably would have been duped by this one, although she notes Madoff’s return were virtually impossible to achieve when you factor in volatility. Madoff also refused to explain what he did other than to say it was a complicated options strategy. Kelley’s research concluded that fear and greed (the basics of many investment decisions) were major contributors to people putting all their eggs in one basket.

Earl Jones (who was released from prison last week) and others were different. In most other famous Canadian cases, the advisors were never registered. To see if your planner/advisor is registered you can check out the following links:
http://www.fpsc.ca/
http://www.securities-administrators.ca/investortools.aspx?id=1128

Other Red Flags to consider:

• High pressure — must buy now! It won’t be available tomorrow (or next week)!
• Guaranteed high returns
• Risk free returns
• You heard about the “opportunity” from a friend, family member or at a social event
• There’s a “genius,” “guru,” “uber-successful” person at the helm
• It’s exclusive
• You’re asked to trust the promoter without a second opinion
• Very little (or no) documentation for the investment.

Last week we did a call out for viewers to tell us about investment frauds they were involved with or knew about. Thanks to all that wrote in, 10 books will be going out to the first 10 we received. Many of the e-mails were about various stock frauds, some of the more recent ones were Poseidon Concepts (PSN), Sino-Forest (TRE) and a few mentioned Bre-X. I’ve compiled a chart of some of the big US ones including Enron and Worldcom. When I was a market strategist at CIBC World Markets, all employees had to take a test so that we could report potential irregularities after CIBC paid a $2.4 billion fine (for hiding losses at Enron) and admitted no guilt. Citigroup and JP Morgan paid up big too—not guilty. It is deplorable sometimes how the system works against the individual investor.

If there is a question about quality of the company in any respect - especially earnings, management, unreasonable growth - just do not get involved. The best rule of thumb we can suggest is that you do not have to invest. I say it on the show all the time, you simply to not have to own it if you are not sure. However, if you do get involved with a company that goes bad, stop loss at an amount where it does not kill you. This is very hard for investors to do, nobody likes to take a loss, but it is the best thing to do. Move on, it did not work, you do not need to get your money back and the market/stock owes you nothing. To calculate a reasonable loss: If the position is 5% of your portfolio, you could see a 30% decline and it only costs you 1.5% of your overall account. That is not tragic: 30% gives you enough room to stay with it through most ‘corrections,’ but once it falls more than that, it tends to be worse than a correction and you should simply get out and move on.

Identities of children threatened - it all starts with the original SIN

 Canadians can fight back against scammers with the help of a new guide book from Chartered Professional Accountants of Canada (CPA Canada). Kelley Keehn, author of Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud, is shown at the official book launch, Tuesday, March 25, 2014, in Ottawa. The book can be obtained by visiting www.cpacanada.ca/fraudprevention. (CNW Group/CPA Canada) (CNW Group/CPA Canada)

 
OTTAWA, March 25, 2014 /CNW/ - Parents need to be aware that their child is vulnerable to identity theft as soon as a Social Insurance Number (SIN) is assigned.

Identity thieves want the personal information of children because they do not have credit records. By acquiring a child's SIN, a scammer can create a completely new identity and successfully apply for loans and credit cards.

Protecting children against scammers is one of many fraud prevention topics covered in a new book from the Chartered Professional Accountants of Canada (CPA Canada) titled Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud. 
 
The guide advises parents to always keep their child's SIN under lock and key and never store it on a computer. Children also should not reveal potentially sensitive personal information, such as their home address and birthdate, on social media.

"Child identity theft is particularly dangerous because it can take 10 to 15 years to discover the crime," explains the book's author Kelley Keehn. "By this time, the scammer's trail is cold and the damage to the victim's credit record can be devastating. It's also gut-wrenching for a parent to know someone has stolen their child's identity."

The CPA Canada guide was officially released today in Ottawa to Members of Parliament and other dignitaries as part of Fraud Prevention Month. The organization is helping Canadians gain the knowledge and confidence required to protect themselves against identity theft and fraud.
"The best defence is awareness, knowledge and the will to fight back," stresses Keehn.

Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud can be obtained by visiting www.cpacanada.ca/fraudprevention.
 
An important contributor to the guide book is Jennifer Fiddian-Green, a forensic investigative accountant who has worked extensively with police forces to track down money launderers and fraudsters.

"We all are potential targets," said Fiddian-Green, a partner with Grant Thornton LLP. "Canadians need to be more mindful of the risks and better understand how to protect themselves and the people close to us."

People can report actual or suspected fraud to the Canadian Anti-Fraud Centre by visiting www.antifraudcentre.ca or calling toll free 1-888-495-8501. As the Centre notes on its website, the information may help identify a new or unique scam early on and allow prevention and awareness measures to be activated.

About CPA Canada
CPA Canada is the national organization established to support unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) designation. It was created by the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) to provide services to all CPA, CA, CMA and CGA accounting bodies that have unified or are committed to unification. As part of the unification effort, CPA Canada and the Certified General Accountants Association of Canada (CGA-Canada) are working toward integrating their operations this year. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally. www.cpacanada.ca


SOURCE CPA Canada
Image with caption: "Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud, a new publication from the Chartered Professional Accountants of Canada (CPA Canada) was officially released, Tuesday, March 25, 2014, in Ottawa. The book can be obtained by visiting www.cpacanada.ca/fraudprevention. (CNW Group/CPA Canada)". Image available at: http://photos.newswire.ca/images/download/20140325_C6639_PHOTO_EN_38308.jpg

Image with caption: "Canadians can fight back against scammers with the help of a new guide book from Chartered Professional Accountants of Canada (CPA Canada). Kelley Keehn, author of Protecting You and Your Money: A Guide to Avoiding Identity Theft and Fraud, is shown at the official book launch, Tuesday, March 25, 2014, in Ottawa. The book can be obtained by visiting www.cpacanada.ca/fraudprevention. (CNW Group/CPA Canada) (CNW Group/CPA Canada)". Image available at: http://photos.newswire.ca/images/download/20140325_C6639_PHOTO_EN_38321.jpg

 

For further information: or to arrange an interview, contact:
Tobin Lambie, principal
CPA Canada
(416) 204-3228
tlambie@cpacanada.ca