Credit Canada

Your golden years should be just that.

Last week John McCrank of Reuters provided an interesting report about what it’s like to retire in Canada. If it’s any solace in these tough times, McCrank tells us we are considerably less stressed out about retirement than Americans. In fact, he says the reality of retirement is far closer to expectations in Canada than it is to expectations in the United States.

McCrank is not just cranking out a general observation. His findings are based solidly on a recent TD Bank Financial Group survey, which showed that, “In Canada, 70 per cent of retirees say their post-working life is exactly, or mostly, what they thought it would be … In the United States, that number falls to under 50 per cent.”

Frank McKenna, Deputy Chairman at TD and former Canadian Ambassador to the United States, tells McCrank tough times have not hit Canada with the same brute force they have hit America. The recession, unemployment and stresses on housing markets have been much less severe here at home. (more…)

Words to the wise on personal money management.

To everyone out there who is anxious about money and credit, let me say this: invest in a little knowledge and you will be surprised by how quickly you can leave your worries behind.

A first big step in this process is to do a little reading – or a lot of reading, as the case may be. There are plenty of great books you can buy to help you on the road to sound personal money management. Here, largely from a Canadian perspective, I provide an overview of just a few books of interest, not necessarily in order of importance.

• Findepedendence Day. By Jonathan Chevreau. Publisher: Power Publishers.

One of the best books you will find about financial self help is Findependence Day by Jonathan Chevreau, who writes for Canada’s Financial Post. It’s a beautifully written work that combines fiction with fact, resulting in a terrific story that educates even as it entertains. Here is a tale about a couple who are trying to dig themselves out of a financial hole. The story is about how they do it, with a lifetime of common sense lessons thrown in about how to smartly manage, save and invest money. I cannot recommend this book highly enough. (more…)