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TFSA vs. RRSP Duel: Who Wins?
The inability to make a decision has often been passed off as patience.
~ Author Unknown

At this time of year, many Canadians are trying to figure out where to put their savings in order to reap the greatest tax and long term investment advantage. With the introduction of TFSAs, that decision has been complicated a bit. There has been great debate over which are the best investment vehicles to choose for your TFSA and whether RRSPs are a better retirement savings option.

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RRSPs: Taking Money Out
Life is not long, and too much of it must not pass in idle deliberation how it shall be spent.~ Samuel Johnson

Our series on RRSP Basics continues today with some information on how and when to take money out of your RRSP.
Withdrawing Money Before You Retire
The idea behind RRSPs is that you won't be taking any money out until you retire. But as we all know, life happens. Here's how it works if you encounter an emergency where you absolutely need to take some of your money out:
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TFSA: Investment Gains, Withdrawals and Contribution Room
Money often costs too much.
~Ralph Waldo Emerson
Last year I wrote about TFSA Withdrawals, giving some examples of how they work. In the last couple of weeks, however, I've received a lot of questions from readers on how capital growth affects your TFSA contribution room.
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TFSA Contribution Limit for 2012
Simplicity is the ultimate sophistication.
~Leonardo DaVinci

Most people have calculated that if the CPI (Consumer Price Index) runs around 2%, that would mean we should exceed the threshold as of 2012. While that looks likely to happen, the CRA hasn't officially announced the 2012 TFSA limit yet. I spoke to someone at CRA last week and they said that the official announcement hasn't come yet, but that it will (obviously) be out by the end of 2011. He advised us to keep watching the CRA website for TFSA updates.
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RRSP vs. Paying Down Debt
Today, there are three kinds of people: the haves, the have-nots, and the have-not-paid- for-what-they-haves.
~ Earl Wilson
RRSPs work best for the haves. The have-nots might be better off starting with TFSAs, and the have-not-paid-for-what-they-haves should pay down debt first. That would pretty much sum up my general view of using RRSPs.
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Financial Outlook for 2012
We are rapidly coming to the point where we can no longer stuff the dirty clothes and toys under the bed. There is no more room. We are going to be forced to actually deal with the mess.
~ John Mauldin, 2012: A Year of Choices

Just a few weeks into 2012, markets have been mostly positive - until Friday's rumours of European downgrades and JP Morgan's disappointing earnings results derailed the enthusiasm. The warm holiday glow of optimism seems to be fading and 2012 is already starting to feel a lot like 2011, with all of ...
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Yes, You Can Live Without Bonds
The conventional view serves to protect us from the painful job of thinking.
~J.K. Galbraith

A recent article in the Globe and Mail delivered the following advice to investors: Don’t Let a Fear of Bonds Infect Your Healthy Portfolio. The implications are clear:

Recent concerns about ultra-low interest rates eventually turning higher are overblown.
If you succumb to the paranoid people who think interest rates can actually rise above 0% - 3%, your portfolio will be unhealthy, damaged, infected. (The image with the article showed people in protective masks.)
And my personal favourite: Long term investors ...
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6 Remedies For a Debt Hangover
Cheers to a New Year and another chance for us to get it right.
~ Oprah Winfrey
OK, so you overindulged. You read all of those articles warning about moderation or complete avoidance. You intended to follow that prudent advice. But you didn't. I could easily be talking about alcohol consumption or debt consumption. Either way, over-consumption will put you in a precarious position.

If you're not in that position on either front, congratulations. If you are, you're not alone. Debt has been in the news a lot lately and if you read my post on 2010 ...
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The Gene Mauch Rule for Investing Success
The following is a guest post by Rob Bennett. I'm pleased to announce that Rob will be sharing his thoughts with us here in a monthly column. Thanks Rob! :)

Gene Mauch was the manager of the Phillies baseball team when I was a boy growing up in Philadelphia. He once said something in an interview that has stuck with me ever since.

Mauch said that, when his team was on a winning streak, his job was to pop holes in the inflated egos of his players. When players are winning, they start thinking that they are so ...
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The Real January Effect
We spend January 1 walking through our lives, room by room, drawing up a list of work to be done, cracks to be patched. Maybe this year, to balance the list, we ought to walk through the rooms of our lives... not looking for flaws, but for potential.
~Ellen Goodman
Have you ever heard of The January Effect? It's basically a piece of market folklore that gets mentioned each New Year, with updated performance statistics. It usually comes with an endless debate about whether it's an actionable piece of information or something more ...
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Your Life Balance Sheet

By 2 Cents on April 13th, 2010 | Category: Life Balance | 17 comments

Health is a large word. It embraces not the body only, but the mind and spirit as well; . . . and not today’s pain or pleasure alone, but the whole being and outlook of a man.

~ James H. West

Update: This article is featured in the Money Hacks Carnival #112 posted at Mrs. Nespy’s Frugal World. Thanks!

Is your life balanced? I happen to be someone who consciously or unconsciously asks this question almost constantly. I’m hardwired to do it. It can be both a blessing and a curse.

Continual analysis can sometimes lead to a lack of decision-making and action. Constant action without deliberation can lead to disarray and imbalance. I suffer from the former malady, and Mr. Cents tends toward the latter. Together, we balance each other out.

I’ve written about Your Balance Sheet and Net Worth [...]

Read on and enjoy … Your Life Balance Sheet

Evaluating Your Balance Sheet

By 2 Cents on December 14th, 2009 | Category: Planning | 3 comments

In the middle of the journey of our life I came to myself within a dark wood where the straight way was lost.

- Dante Alighieri (1265-1321)

Having answered the “where are you” question by drawing up your balance sheet, it’s time to ask yourself the next question: Are you happy with where you are? For some of you, the answer will be a proud yes. For some it will be a big fat no, and for many more it will be something in between.

If your debt levels are very high, and especially if they are higher than you thought, I’m guessing you are pretty uncomfortable with your position. Maybe you are happy that you have minimal debt, but you’re not sure about some of your investments. Again, discomfort means change is needed.

Take a good look at each line item on your [...]

Read on and enjoy … Evaluating Your Balance Sheet

Your Balance Sheet and Net Worth

By 2 Cents on December 11th, 2009 | Category: Planning | 6 comments

Knowledge is power.

- Sir Francis Bacon, 1597

Yesterday, we started to answer the “Where are you?” question by doing some research on ourselves. I obviously don’t think you’ve got that done already, but I’m going to move on to what to do with it. If you’re in the habit of reading financial blogs, you may already have a pretty good grasp of your finances. This series on Balance Basics will hopefully act as a reinforcement to some and as new information to others. The end of an one year and the beginning of the next is a great time to revisit the basics. I’ve found that if I don’t revisit them a few times a year, it’s easy to let other things (like life) distract me and before I know it, I lose my way again.

Your Balance Sheet & Net Worth

Your next [...]

Read on and enjoy … Your Balance Sheet and Net Worth

TFSA vs. RRSP Duel: Who Wins?

RRSPs: Taking Money Out

TFSA: Investment Gains, Withdrawals and Contribution Room

TFSA Contribution Limit for 2012

RRSP vs. Paying Down Debt

Financial Outlook for 2012

Yes, You Can Live Without Bonds

6 Remedies For a Debt Hangover

The Gene Mauch Rule for Investing Success

The Real January Effect

Your Life Balance Sheet

Evaluating Your Balance Sheet

Your Balance Sheet and Net Worth

Your Balance Sheet & Net Worth

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