The most important rule of personal finance is…

A recent newsletter from Carrick on Money on teach kids about money prompted a reader to share his experience with his own children, complete with photographic documentation.

Years ago, the Globe published a financial education series in the newspaper that included advice on how to live below your means. “I cut out this simple message from the Globe and Mail and taped it to the back of the bathroom door,” Jennifer Hicks said via email. “My kids (and their friends), all then teenagers, couldn’t help but watch it over and over and over and over again. Here’s hoping the message sticks.”

Jennifer Hicks taped a tip from a Globe financial education series to the back of her bathroom door.Jennifer Hicks/Handout

I was the one who chose the idea of ​​living below your means as the number one rule of personal finance. My reasoning: Spending less than you earn is the discipline from which all other good habits flow, including saving and investing.

How does Mrs. Hicks rate the effectiveness of her efforts to teach her children? “I would say that everyone has really internalized the idea that you don’t spend more than you have.”

Success, in other words.


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Rob’s Personal Finance Reading List

How they are programming you to go out when the pandemic ends

A chewing gum commercial shows how marketers are capitalizing on the Roaring Twenties narrative of epic parties and expenses when the pandemic fades. As I said in a recent column, the biggest risk to our finances going forward is spending increases that undo all the good work done in the last year by those of us who have been lucky enough to have kept our jobs and income through the fight against COVID-19.

Do you really need to bid before asking when buying a home?

Here’s a data-intensive analysis that will be helpful to homebuyers wondering if they need to bid above the asking price to get a home. It is based on data from Toronto and concludes with some thoughts on how to set a bid price. Humor Alert: A New Yorker Cartoonist Gets Fun At The Things People Are Doing To win bidding wars for homes

What’s in Robb Engen’s wallet?

a look at the credit, debit and rewards cards by Mr. Engen, a long-time personal finance blogger and financial planner.

For those looking east for cheaper houses

A Reddit thread about what life is like in New Brunswick for people move from ontario looking for cheaper houses. Medical care, child care, daily living costs and more are covered.


ask Rob

Q: I have two different registered education savings plans for my child. He doesn’t want to go to college or university.

TO: Here is some information about your options, including plan closure. But I wouldn’t rush to a decision. RESPs can remain open for up to 36 years. Also, the list of eligible for RESP Educational institutions include many non-university or college schools that focus on areas such as the arts, aesthetics, transportation, technology, and more.

Do you have any question for me? send it my way. Sorry I can’t answer each one personally. Questions and answers are edited for length and clarity.


Today’s financial tool

Four tips to avoid investments based strictly on the fear of missing out in big profits. “FOMO can cause people to make irrational decisions that hurt their investment plans.”


money free zone

More fun with lists: The 100 Greatest Sitcoms. Plenty to fill in the gaps on your television.


tweet of the week

Economist David Rosenberg analyzes the housing market in North Bay, Ont. and sees similarities to the dot-com stock market boom of 1999.


In Case You Missed These Globe and Mail Personal Finance Related Stories


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