From Traditional Media

OSFI to take new measures to address equity-based mortgage loans

The Office of the Superintendent of Financial Institutions [OFSI] telegraphed the move in an update released Monday on the effectiveness of new underwriting rules it announced last year. Those rules included a new “stress test” for uninsured mortgages, where a borrower makes a down payment of 20 per cent or more.

It seems like all the new regulations still aren’t enough to make OFSI happy. Although the article doesn’t go into the details of what OFSI plans on doing, it seems like part of it will be to drop the amount that can be lent out to be under 4.5x your income.

The CRA is cracking down on aggressive manipulation of TFSAs and all other registered plans
Although this won’t impacts most people, take a read as it does show you just how many more options we have instead of just owning your traditional shares.

From a few Canadian Bloggers

Esso 10% Gasoline Discount, Canadian Personal Finance Conference 2018, and Tuesday Money Links
The steps to getting 10% gas discount is what I wanted to share here. But feel free to see how these guys do a weekly summary 🙂

What’s Important About Money to You?

For example, money offers security and peace of mind to a lot of people. It was a common thread in the answers of many women I spoke with in particular. Having a large security nest egg, owning safe investments, and feeling secure about your future tie in with that feeling of financial security. It means you don’t have to worry about money. You can focus on your life.

Besides looking at money as money, have you ever thought about the emotional needs that money fills for you? Once you have an answer to that, it’ll be much easier for you to understand what type of money advice makes sense to you.

From a Few International Bloggers

Sometimes Pumpkin Passion Pays off Big

Last month, Steve Geddes of Boscawen, New Hampshire, took home a $6,000 prize for his 2,528-pound pumpkin (the largest pumpkin ever grown in North America!). In 2016, Cindy Tobeck of Olympia, Washington, earned $11,460 for her 1,910-pound pumpkin. Oh, my gourdness, that’s a lot of cash!

What do you spend a lot of time doing that you can call a passion or hobby? How can you potentially monetise it so that you can spend time doing what you love AND have it contribute to your future (which could be buying back time)?

Share with us on the facebook group!

Some Advice for When You’re Losing Motivation for Your Financial Plans

Is our route to financial independence really the route I should be on with my life? Or am I missing out on a lot of things in an effort to retire relatively young and with security?

If you can resonate with that, here are 6 ways that the writer works through her own struggle:

  1. Am I Really Unhappy? Evaluate My Life
    “The thing is, when I sit down and consider what I actually value most about my life, the answer almost always ends up being “no.””
  2. What Happens If You Give Up? Consider the Near Future and Whether It Bring Happiness
    “I recognize that the change that I want to introduce into my life is really only going to bring a short burst of happiness and then fade into nothingness.”
  3. Are You Happy in Five Years? Consider the Future Path
    Are you going to be happy 5 years down the road if you were to give up on your financial plan and do whatever it is you want?
  4. What’s Driving You Down? The Five Whys Applied
    “I often use a technique I call “the five whys” to drill down into things. I ask myself why I feel a particular way about something, and then I ask myself the same thing about my answer to that question, and then I do it again, and again, and again. Eventually, I drill down into something deep and powerful and meaningful that’s spread throughout a lot of areas of my life, and addressing that core issue in a meaningful way has far more positive impact than just throwing money at the surface issue.”
  5. What’s the Bigger Picture? Look Outside of Yourself
    Who are the people that would be impacted if you go off track from your goals?
  6. What’s the Routine? Alter It
    “Each time I’ve been at these crossroads, the best solution has been to alter my daily and weekly and monthly routines. Usually, I’ve committed too much time and energy to one part of my life and I’m starting to feel the deficit in other areas of my life.”

What Everybody Is Getting Wrong About FIRE
FIRE stands for Financially Independent; Retired Early. It’s a term that’s only starting to catch the eye of traditional media and I’m sure you’ll be hearing more about it everywhere in the future.

Here are some FIRE facts that this writer believes in (and he’s been living this lifestyle for as long as I’ve known of his work, so that goes to say something)

  • This is ALL WINNING and there are NO DOWNSIDES
    Because the whole reason for doing any of this is to lead the happiest, most satisfying life you can possibly lead.
  • It Doesn’t Matter How Much Money you Make
    At the core, these FIRE ideas are simply about taking some solid math, combining it with principles of human happiness, and then distilling it down into a list of simple tactics that will get you way ahead in all areas of life. The benefits go way beyond money.
  • FIRE Is Not Really About Early Retirement
    For most people who get there, Financial Independence does not mean the end of your working career. Instead it means, “Complete freedom to be the best, most powerful, energetic, happiest and most generous version of You that you can possibly be.”
  • You Can Be Happy on ANY Level of Spending
    Happiness is your goal in life, and it comes from meeting certain core Human needs. The thing is, that there are many ways to meet each of these needs – some of them free and some of them shockingly expensive.
  • It Doesn’t Depend on A Booming Stock Market
    People who are on the path to the FIRE lifestyle are the ones who fully understand their emotional and financial needs. They are the ones who are not leasing items that they don’t need to. They are the ones who know how to live without relying on an excessive amount of money, and they will be the ones who will still live a similar lifestyle if and when the stock market collapses.
  • Education, Health Care, or High Cost of Living areas are Comically Tiny Obstacles

    The potentially costly monsters mentioned above are simply things that cost money. So if you get better at managing your money, do you think these problems will loom larger, or smaller, in your life?

  • The Only Thing To Fear, is Fear Itself

    If you are afraid of what might happen in the future, you have a mental problem rather than a financial problem. So you should work on that first, by training your mind and body

  • Place Your Bets Where The Odds Are In Your Favor
    What’s more risky? Working 10 extra years in a job that you hate, stresses you out, so that you can have more money saved in case you run into health issues i the future OR quitting the job now, investing those 10 years into living a healthier, less stressed life, building a diverse set of skills and more importantly, focused on you instead of your account?

I wouldn’t call myself a FIRE follower, though the way I’m planning to live my life is definitely geared towards that. I guess I just phrase it as how can I spend more time doing what I enjoy.

What do you think about the FIRE movement? Share with us on the facebook group.