Happy 2016, and a few financial New Year’s Resolutions

new year goals or resolutions - colorful sticky notes on a blackboard

To all readers of FindependenceDay.com, we wish a very happy — and Findependent! –2016.

A reminder that as of January 1st, 2016, you can contribute a further $5,500 to your Tax-free Savings Account or TFSA. That’s the first thing they remind you of at RBC Direct Investing, one of the main two financial institutions our family uses.

I have to admit that personally I’ve made no formal list of New Year’s Resolutions, although I have declared that I’d like to take my stress levels down a tad, perhaps by using the word “No” a little more often. We’ll see.

In the meantime, for a good formal list of financial New Year’s Resolutions, the Financial Post’s Angela Hickman recently published a good starting point. Click on Five financial resolutions for 2016, and how to (really) make them happen.

Below, I’ve taken the liberty of summarizing the 5 points. Again, click the red link above for the full piece.

1.) I resolve to figure out my finances

2. I resolve to stick to a budget

3. ) I resolve to get out of debt

4.) I resolve to save more

5.) I resolve to stop wasting money

These are all valid suggestions and especially useful for younger folks for whom financial independence is still a faraway goal.

7 eternal truths can also become New Year’s Resolutions

Read more

New Series: the 7 Eternal Truths of Personal Finance

The print edition of Wednesday’s Financial Post (June 10, page FP9) ran the first of a series of seven articles by me entitled “The Seven Eternal Truths of Personal Finance.”

Eternal Truth No. 1 is Live below Your Means.

The online link is here.

Note there is also a short video accompanying the online article, and a growing number of comments below the piece.

Here is a preamble I wrote for it:

Series Rationale: One of the most experienced personal finance writers in North America is the Wall Street Journal’s Jason Zweig. As he wrote here after writing his 250th Intelligent Investor column, he confessed that there are only a handful of personal finance stories out there:

“I was once asked, at a journalism conference, how I defined my job. I said: My job is to write the exact same thing between 50 and 100 times a year in such a way that neither my editors nor my readers will ever think I am repeating myself. That’s because good advice rarely changes, while markets change constantly.”

In this seven-part series, I look back on my two decades plus of writing about money to distill it all down to these “seven eternal truths.”

As far as I know, the second instalment will run next Wednesday and subsequent Wednesdays over the summer.

Youngandthrifty review of Findependence Day

The book has received a good indepth review from the Youngandthrifty blog, which had previously likened Findependence Day to “The Wealthy Barber” on speed.

Click here for the review and a chance to win a copy.

Note that I’ve raised my age for my own personal “Findependence Day” up three years to age 64. Details to follow on the weekend.

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Video: Pay down debt or save for retirement?

Here’s the second of three installments of a video interview I did with BrighterLife.ca’s Kevin Press. It’s about three minutes and focuses on the theme of “guerrilla frugality” from the book, Findependence Day.

Click here to view.

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