1. Finance Minister Jim Flaherty has finally come out with new proposed rules for credit and debit cards (thanks to Lyne who found this link for me).
2. Rob Carrick collected together several proposals for improving TFSAs. Most of them amount to increasing the amount that Canadians can contribute to a TFSA, in some cases favouring older people. These sound great for old rich people (something I aspire to be one day).
3. Canadian Capitalist wonders what are homeowners thinking when they take on 35-year mortgages that they can barely afford when it seems that interest rates (and payments) can only rise in the future? This one generated quite a barrage of comments.
4. Gail Vaz-Oxlade explains how minimum payments on credit cards actually decrease the amount that people pay towards their credit card debt each month due to a phenomenon called anchoring.
5. Making a claim on your insurance is often something you have to do at a traumatic time in your life. MoneyNing explains the four things you shouldn’t say to your insurance agent if you want you claim approved.
6. Canadian Financial DIY reports on rule changes with Locked-in Retirement Accounts making it possible to shift money to a regular RRSP.
7. Big Cajun Man likens the choice between a fixed or variable rate mortgage to the choice for New England to punt or go for it on fourth down in a recent football game against Indianapolis. He’s right that fixed rate mortgages are the more conservative choice, but this doesn’t apply to the football game. Football games don’t have intermediate outcomes; the only possibilities are win, loss, or tie. New England coach Belichick made the right choice.
8. Guest writer at Million Dollar Journey, Ed Rempel, thinks that faith is an important part of successful investing. I should add that he doesn’t mean the religious kind of faith, but rather optimism in the future of humanity. If this is what it takes to avoid selling out when prices are lowest and news reports are darkest, then it sounds good to me.
9. Mr. Cheap thinks it’s OK not to save for retirement in your 20s and 30s. This is another one of those cases where a message will resonate with the wrong people. Mr. Cheap wants to reach people who save every penny and fail to enjoy life. He’s more likely to reach spendthrift fools who are happy to have another excuse to speed towards a painful bankruptcy. This is often the way it goes with giving out advice as Jason Zweig explains.
10. Jonathan Chevreau has an amusing story of people showing real interest in a fictional 100-times leveraged ETF.