We Make Money Easy

Investment funds are an easy way for a layperson to diversify their portfolio. We discuss the different options you have, as well as the risks, fees, and tax implications behind the different types of funds.

Savings accounts pay very little interest today, but it's still crucial to have money saved up for emergencies and large purchases. Having a strategy to force savings (such as automatic deductions) will lead to a higher success rate in saving. Use an online savings account, which tends to pay higher interest then your local bank. Cut unnecessary expenses and see what you can live without, for example cable TV.

Savings accounts pay very little interest today, but it's still crucial to have money saved up for emergencies and large purchases. Having a strategy to force savings (such as automatic deductions) will lead to a higher success rate in saving. Use an online savings account, which tends to pay higher interest then your local bank. Cut unnecessary expenses and see what you can live without, for example cable TV.

Auto insurance is required in both the USA and Canada. You can often save money by raising your deductibles (the amount of money you have to pay out of pocket before the insurance kicks in). You should avoid using insurance for small things, as it could raise your rates long-term. Higher coverage levels don't cost much more typically, but are probably a good idea, because you could be on the hook for a huge amount if the damages exceed your coverage. The type of car you have affects your premium, as well as the type of coverage (liability vs comprehensive). Sports cars often have higher premiums then sedans, but color is not a factor.

Auto insurance is required in both the USA and Canada. You can often save money by raising your deductibles (the amount of money you have to pay out of pocket before the insurance kicks in). You should avoid using insurance for small things, as it could raise your rates long-term. Higher coverage levels don't cost much more typically, but are probably a good idea, because you could be on the hook for a huge amount if the damages exceed your coverage. The type of car you have affects your premium, as well as the type of coverage (liability vs comprehensive). Sports cars often have higher premiums then sedans, but color is not a factor.

A topic no one wants to think about, but that is an important part of your financial planning. Andre discusses the difference between the various types of life insurance, and how much you should carry given your age. Also covered are disability (and partial disability) insurance, as well as long term care insurance.

A topic no one wants to think about, but that is an important part of your financial planning. Andre discusses the difference between the various types of life insurance, and how much you should carry given your age. Also covered are disability (and partial disability) insurance, as well as long term care insurance.

One stock buying strategy is to do "sector" investing, where you buy several stocks from the same industry (such as tech), so you are diversified for any one company failing, but are still betting on the sector as a whole. Remember to factor trading fees into any profit or loss you are anticipating, you either need to buy lots of shares or have a large profit to offset fees in the short-term. Bonds are a good way to diversify your portfolio, but there are different types of bonds and no matter what you are told there is still some risk. Mutual Funds are great for a more hands-free investment. You can buy no load, front loaded or back loaded mutual funds, each of which makes sense in different situations.

One stock buying strategy is to do "sector" investing, where you buy several stocks from the same industry (such as tech), so you are diversified for any one company failing, but are still betting on the sector as a whole. Remember to factor trading fees into any profit or loss you are anticipating, you either need to buy lots of shares or have a large profit to offset fees in the short-term. Bonds are a good way to diversify your portfolio, but there are different types of bonds and no matter what you are told there is still some risk. Mutual Funds are great for a more hands-free investment. You can buy no load, front loaded or back loaded mutual funds, each of which makes sense in different situations.

This week on We Make Money Easy, the guys talk about opening a tax free savings account, known as an IRA in the USA. They discuss the difference between a traditional and Roth IRA, as well as the limits, and how they differ from 401ks and other investments.

This week on We Make Money Easy, the guys talk about opening a tax free savings account, known as an IRA in the USA. They discuss the difference between a traditional and Roth IRA, as well as the limits, and how they differ from 401ks and other investments.

This week on We Make Money Easy, the guys talk about contributing to your retirement, the importance of it, and how much to contribute. Fees, employer match, and allocation of funds are discussed. Rules around getting access to the money, and the pros and cons of retirement savings.

This week on We Make Money Easy, the guys talk about contributing to your retirement, the importance of it, and how much to contribute. Fees, employer match, and allocation of funds are discussed. Rules around getting access to the money, and the pros and cons of retirement savings.

The We Make Money Easy team discuss their thoughts on what order to pay down debt, for example should you pay off a high balance low interest credit card first, or a car? Benefits of some types of debt are discussed, and more.

The We Make Money Easy team discuss their thoughts on what order to pay down debt, for example should you pay off a high balance low interest credit card first, or a car? Benefits of some types of debt are discussed, and more.