Most wanted fugitive in Canada arrested in Charlottetown, P.E.I.
The most wanted fugitive in Canada was arrested in Charlottetown, P.E.I., Tuesday night.
Relationships and money can be an explosive mix, especially if you have different money mindsets. How you think about money, spend money and even invest money all have the potential to create tension and misalignment if the challenges are not addressed.
It is one thing to have a partner who is completely unstable with money and disregards budgets, spends as if there is no tomorrow and refuses to get on board with financial goals. It can be compounded when one wants a lavish lifestyle yet doesn’t work, doesn’t prioritize paying bills on time and simply refuses to talk about money.
I believe if you are in a relationship you are in it both emotionally and financially. This doesn’t mean you need to co-mingle your assets. Many do but, in today’s environment, many don’t. It isn’t right or wrong, it is what works for you.
However, during the pandemic there has been a noticeable rise in "do-it-yourself investing.” In other words, there is now a new twist in household money alignment. One likes to invest or even speculate in the markets while the other is very cautious and avoids investing at all cost. This could result in a new financial landmine that needs to be navigated carefully.
Here are five ways to get financially aligned:
1. Set up a time to discuss your feelings towards risk and investing in the market. Avoid blame and listen carefully. Having a different tolerance for risk is completely natural. The question often comes down to not only how much can you afford to lose but how much are you willing to lose? This may mean having separate accounts for investment purposes with agreed-upon limits. Many have decided to use TFSAs for differing investment strategies and that can work. The key is to avoid blame and focus more on your shared goals.
2. Be honest about your investments. What you are invested in and why? Share your research and look for common ground. Have the emotional intelligence to sell underperforming investments and recognize there can be an opportunity cost in holding on for too long. Set limits that are agreed upon to avoid large financial swings -- in other words, what will trigger a sale of an investment. Recognizing it could be a stock that goes both up and down.
3. Broker your partner into your strategy. Never fall in love with your investments. It is imperative that while you may not agree entirely on the strategy to grow your portfolio, it doesn’t mean you simply abdicate responsibility for your financial future entirely. You both are invested in your financial life so develop your plans together and get excited about your goals. The key word is balance with a dose of compromise by both.
4. Don’t ignore the big picture. Know how much you are worth. It helps to work together to free up money for investing. If you owe more than you own, aggressively betting on the market isn’t likely the best way to build your nest egg or get out of debt. You may have to confront your household’s financial facts together and that may mean agreeing together the best way to get ahead financially is to pay down debt today and start investing tomorrow.
5. Timing the market can be a mug’s game. Even the pros have a tough time getting it right. Going into the market and coming out of market can challenge even the best. There is a big difference in buying good quality investments and having a long-term investor mindset verses a short-term speculator.
Regardless of your tolerance for risk, it often comes down to having open, honest and transparent conversations around money. You may agree to disagree but you do need to find common ground. Numerous studies have shown couples who grow their money together have more saved for retirement and live on less than what a single person would for a similar lifestyle.
Bottom line: don’t let your tolerance for risk around investing become a relationship deal breaker, staying together is the best financial decision you will make.
The most wanted fugitive in Canada was arrested in Charlottetown, P.E.I., Tuesday night.
Conservative Leader Pierre Poilievre says he does not regret calling Prime Minister Justin Trudeau 'wacko,' and now his MPs are renewing calls for the House of Commons Speaker to resign, this time over ordering the Official Opposition leader to leave the chamber.
The highly contagious norovirus is spreading across Canada, with some symptoms overlapping with other viruses. CTVNews.ca spoke with a health expert to find out how you can tell you have norovirus, the most common form of stomach flu, and what to do if you have it.
Nearly a month after the total solar eclipse, at least 160 cases of eye damage have been reported across the country.
The investigation continues into a collision that killed two grandparents and their infant grandchild during a high-speed police chase on the wrong way of Highway 401 east of Toronto.
A month after eight Norwegian Cruise Line passengers were stranded in Africa when their ship left without them because they were late getting back, a U.S. couple – ages 84 and 81 – were also left behind by the cruise line in Spain.
Defence Minister Bill Blair says he couldn't convince the Liberal cabinet that Canada's government needed to meet NATO's spending target in its recent defence policy update.
Dozens of London Drugs stores in Western Canada remained closed for the fourth straight day following a "cybersecurity incident."
A prosecutor in Massachusetts won't seek criminal charges against anyone, two years after four newborns were found in a freezer in a South Boston apartment.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.