People often get self-conscious about their finances because they think other people have more money than them. They see the fancy dinners, vacation photos, big house, new truck. But of course, what you don’t see is the bank account balance. You don’t see the truck or...

People who live within their means are often viewed as boring or dull, joyless and miserable. Like they aren’t living life to its fullest. But I disagree. And would argue just the opposite—that people who live beyond their means are actually more miserable in the long...

One of the worst things about personal finance content is how often it leaves people feeling ashamed. Like they’re not doing the right things. Like they’re missing out on all these great investment opportunities. Like they need to make better choices or be doomed to...

The great thing about index investing is that you don’t have to pick the winners. Much of the recent gain in the US stock market has been driven by just a handful of companies: Nvidia, Microsoft, Meta, Apple and Amazon. But if you own an ETF with the S&P 500 index,...

The most important rate in personal finance isn’t the one that’s talked about most often. You hear far more about interest rates, inflation rates, mortgage rates, treasury rates, insurance rates, growth rates and rates of return. And to some extent, all those rates...

Most people don’t know what they want. They just don’t. Because it’s hard to know! Sometimes we get what we want, and we’re miserable. Other times, we get something different, and are pleasantly surprised. What we want changes as we age and learn, meet new people and...

Sometimes when I sit down with a couple and start chatting with them about their finances, I’ll ask a question that both of them have thought about but never actually talked about. It’s a super common and easy thing to do in a relationship. You think and think and...

With the recent wave of inflation and higher interest rates and high home prices and high grocery bills and high prices at the pump and high tuition costs—well, lots of people feel tempted to give up. Why bother? Who cares? You’re never going to have enough to buy a...

If you want to minimize your cost of insurance over your lifetime, it’s super important to think about how long you’re going to need the coverage for. A common mistake is to get life insurance for ten years (because it’s often the cheapest option in the short run),...

As a general rule, if you’re looking for a mortgage or insurance policy or higher interest savings account, you’re far better off going to a broker than a bank. When I say broker, I mean someone who can actually shop around and get you the best rate or best policy,...

Another day, another big bank horror story. Single man. No kids. Retired with a pension. Wants to spend every last dime before he goes. Him: “I don’t want to be the richest man in the graveyard.” Bank employee: “Oh, but I want you to be!” He was treated like a number....

A few easy financial wins if you’re feeling stuck and aren’t sure where to start: 1. Get a bank account that pays a reasonable interest rate (At least 2-3% rather than 0.02%) 2. Set up an automatic monthly deposit into your TFSA (limit is $7k this year, you can see...

The predictions never stop in the finance industry. Inflation will do A. Interest rates will do B. The TSX will do XY and Z. It’s all just noise, of course. Or worse. Not just because predicting market performance is an unbelievably hard game, but because playing the...

Where are you investing right now? And I’m not just talking about money and markets. I mean where are you devoting your time, energy and attention in the hopes of achieving a return? You see, we’re all investors, even if we don’t have millions in the markets. We all...

One of the reasons planning for your future can be such a challenge is that many, if not all of us, fall under the spell of the End of History illusion. Which is really just a fancy way of saying that when we look back on our life, we can easily see that we’ve changed...

There’s a big difference between asking yourself a question and someone else asking you the very same question directly. It hits different. Why? Because it forces you to think harder. By saying your answer out loud, rather than just thinking it in your head, you’re...

If your mortgage is coming up for renewal and you’re worried about the higher rate and increased monthly payments, here are some things you could think about doing rather than just waiting anxiously: 1. Talk to your lender about their current rates and figure out what...

As Financial Literacy Month comes to a close, I just want to take a minute to make one thing absolutely clear: a lack of financial literacy is not why Canadians are struggling today. Consumer debt and mortgage balances haven’t ballooned because people suddenly became...

Every dollar you have should be working for you, not sitting in a chequing or savings account that pays next-to-zero percent. Now, in an ideal world, you’d have a plan for every dollar and a system for moving that money into all the right places automatically. And to...

Your money guy or gal shouldn’t just talk to you about saving more and investing better. They should also talk to you about spending wisely, because that’s a huge part of getting the most out of your money. And that’s really what this is all about. Money is just...

November is Financial Literacy Month and the theme is “Managing Your Money in a Changing World,” which to be frank, I find a bit laughable. I say that because I think one of the most fundamental things you should know about finance is that it doesn’t change that much....

When most people hear the word wealth, they think of money. Stocks, bonds and real estate. Financial wealth. But you can also define wealth more broadly, as having a plentiful supply of any particular asset or resource. Young people are wealthy in terms of time....

Sometimes people ask me what they can do at Tallkirk Financial Group, and my answer is always, “Everything you’d go to your bank to do, you can do here.” You want to set up a checking or high-interest savings account? No problem. A TFSA, RRSP, RESP, RRIF, or any other...

Trying to be less judgemental is a worthwhile goal because judgement often gets in the way of good communication, shared understanding, and lasting connection. When people feel judged, they shut down and pull away. No one likes the feeling. Luckily, I think we can all...

I don’t own a pair of boxers that cost less than $20. Why? Because high-quality underwear is way more comfortable. Is more than $20 expensive? I don’t know. I guess it’s likely more than most people pay. But it adds real value to my life. You wear underwear all day...

People often complain about the cost of a term life insurance policy, or getting critical illness or disability insurance. “If I don’t end up using it, isn’t that just money down the drain?” Two huge things. One. Having peace of mind that your family would be taken...

According to AutoTrader, in June the average new vehicle went for $66,288! That’s a huge amount and over 20% higher than the year before. Prices are on the rise because inventory levels are low and demand is high. And with those higher prices, come larger loans and...

One way to sound smarter is to say less. The less you speak, the lower your odds of saying something stupid. Two examples. When I was working a corporate job and was in meetings with higher up executives, I would often make a point of not speaking up in meetings...

One of the trickiest parts of personal finance is managing the transitions. Like the transition from: * Spending everything to saving regularly as you start making progress in your career and start thinking more seriously about your long-term future * Doing everything...

You don’t have to wait until after you’re gone to leave your kids money. There’s no rule that says an inheritance must be given all at once when you die. There’s far more flexibility than that. You just need to be intentional about it. One reason people don’t gift...

Shame holds people back from making progress with their finances, and in life more generally. They let their failure to start saving sooner get in the way of starting to save today. They let their fear of having wasted time lead them to waste more. They let their past...

One reason why getting ahead or being proactive about your finances is so important is that it makes life less expensive. It takes less money to save for retirement the earlier you start. Insurance is more affordable the earlier in life you get it. You can avoid...

If you want to get good investment returns, you can’t miss the market’s best days. Market performance isn’t smooth. It’s choppy. It doesn’t go up 0.1%, 0.2%, drip by drip. It sometimes makes massive moves, up 5, 6, 7, 8, 9% in a single day. If you miss those days, if...

I often hear people say some version of, “Owning our home is our retirement plan.” Sometimes they’re half joking. But that also means they’re half serious. And retirement is no joke. Owning your home can certainly be part of how you plan for retirement, but there’s a...

The mutual fund industry is dying. Last year $1.3 trillion dollars (that’s trillion with a T) flowed out of mutual funds and $754 billion flowed into ETFs. Why? Because study after study has shown that very few, if any, mutual fund managers are able to justify their...

Retirement isn’t anything on its own. It’s not something you can do to fill your days. It’s an empty concept. To make it meaningful, you have to fill it up with activities and relationships, things to do, people to see, places to go. Too often we get too focused on...

People who fail to reach their financial goals often fail to acknowledge the reality of their current situation. This can take one of two forms. The first is a kind of blind optimism. These people say things like, “It’ll sort itself out.” Or, “Things will be better...

Investing in yourself doesn’t have to be complicated or expensive. It can be as simple as reading more books about things that interest you or that might be useful for your life. I’m always surprised by how few people take the time to regularly read. I just started...

The reason a house is a good investment for most people has almost nothing to do with the returns. Depending on where you live, it’s true that you might be better off renting and investing the difference. In some ways, you’ll be better diversified and have more...

Consistency is what separates the people who accomplish their goals from the people who don’t. You need to regularly, routinely, habitually do the things you know will move you closer to where you want to be. It’s the people who save a percentage off the top of every...

Canadians don’t switch banks often. Or ever really. A common joke in finance is that people are more likely to get divorced than they are to switch banks. And, at least according to some surveys, it’s true. Some estimates show that 80% of Canadians have never switched...

What makes the most financial sense on paper isn’t necessarily what makes the most sense for your life. In your area right now, it might be cheaper to rent than to own your home. But ownership has many psychological benefits that might make it worth the cost. It might...

How you’re doing financially impacts how you’re doing in general. With the double whammy of high inflation and rising interest rates, many Canadians aren’t doing well. According to a survey from 2022, 35% of Canadians say worrying about their finances is leading to...

You’re only going to make so much money in your life. To reach your financial goals, you need a plan and a system to help you make the most of it. To help people do that, we focus on: 1. Maximizing income 2. Reducing expenses 3. Minimizing taxes Maximizing income is...

Weekly market commentary is far more likely to increase your stress levels than your investment returns. Report after report. Quarterly earnings calls, forecasts and predictions. What the Bank of Canada or Federal Reserve is up to this month. It’s all just noise. If...

Transferring your investment accounts is likely easier than you think. When we start working with new clients, they’re often anxious or worried about who they’re going to have to talk to at their bank or wherever. And they’re often pleasantly surprised to learn that...

At Tallkirk Financial Group, we put a lot of emphasis on building a long-term relationship with the people we work with. That’s because financial planning is an ongoing process. As your life changes, your financial plan will too. It’s not a one-and-done kind of thing....

One of the worst financial practices that’s still super common is selling creditor insurance or balance protection to people when they’re getting some form of debt, like a credit card, line of credit or mortgage. Often these products are sold during the application...

One of the biggest misconceptions about rich people is that they got rich by beating the market or by having some special access to investments with sky-high returns. In reality, that’s almost never the case. Many of the investment vehicles wealthy people have access...

Over the next 80 years, if all goes well, I’m going to turn a $60,000 investment into $4 million for my future grandchildren. How? I took out two whole life insurance policies on my twins. I’ll pay $3k each year ($1.5k each) for the next twenty years for a total...

Most people are not making the most of their Tax Free Savings Account (TFSA). Part of the problem is the name. It’s not a savings account. It’s an investment account and it should be used like one. Yet, a BMO study from last year found that: * 37% of Canadians don’t...

If you’ve got screws, a hammer sucks. If you’ve got nails, a screwdriver is useless. Different investment accounts and financial products are the same: different tools with different uses. A common mistake people make is to start with a tool and then complain when it...

One reason everyone has an opinion when it comes to personal finance is that a lot of things work. At least to some extent. It’s a lot like the fitness industry. Everyone is selling their unique program with different variations of sets, reps and exercises. And some...

Retirement isn’t a number. It’s not an arbitrary age or predetermined net worth. It’s about getting to the point in life where you can sustain the lifestyle you want to lead indefinitely. Where you’re choosing to work because you want to. Where you could quit at any...

First Home Savings Accounts (FHSAs), which were introduced this year but are not widely available just yet, are a great way for people to save for their first home. You get the best of a TFSA (tax-free growth and withdrawals) and the best of an RRSP (tax-deductible...

I wish I embraced being the tall guy sooner, in both my personal and professional life. I use to crouch and slouch and lean on things–literally make myself smaller. Because I wanted to be more normal, less unique. In a weird way, less like me. I didn’t want to be the...

When my wife and I sold our two townhouses a couple years ago, we set up the Yasmar Charitable Giving Fund to start giving to causes we care about now, and to continue giving to causes we care about in perpetuity. I feel extremely grateful for how lucky I’ve been in...

Rushing to pay off student loans is a surprisingly common money regret. Why? Two reasons: One is that typically the interest rate you’re paying is quite low, lower than you could earn with investing in the market. So instead of putting every extra dollar toward your...

When people first start thinking about retirement, they often have a monthly dollar amount in mind. They want to be able to withdraw $3,000 or $5,000 or however much each month. That’s an okay place to start, but it’s almost never the right approach for actually...

Lots of financial gurus will tell you to focus more on the big financial decisions in your life, like your house, your car and your job, and to focus less on the small, day-to-day decisions like buying a cup of coffee and what you eat for lunch. I tend to disagree....

With all the headlines about rising interest rates and inflation, lots of people have suddenly woken up to the idea that they could be getting a far better rate on the cash in their savings account. In general, this is a great thing. If you can switch from an account...

Lots of people think the stock market is risky. But that isn’t necessarily the most useful or accurate way to look at things for a few different reasons. For starters, you might think putting your money into Guaranteed Investment Certificates (GICs) or a money market...

Some people are reluctant to build up an emergency fund in cash because they think it’s a waste. They’d rather have all their money in the market. But there are ways to get good returns on your emergency fund, lots of hidden benefits, and non-financial returns to...

I’m not a huge fan of lots of the rules of thumb you see in personal finance all the time. Rules like: - Emergency funds must be 3-6 months of living expenses in cash - Housing shouldn’t be more than 30% of your income - You should spend 50/30/20 on needs/wants/saving...

One reason financial planning is so easy to put off is that you won’t feel lots of the benefits for a long time. The benefits of saving for your kids’ education or retirement. The benefits of having life insurance and an estate plan. That’s all years, maybe decades...

Lots of people are afraid of running out of money in retirement. Lots of times the root of that fear is that they don’t have a plan. They haven’t really thought about what kind of lifestyle they’ll lead, how much money they’ll receive from the government, or how much...

One reason risk can be such a confusing topic is that it’s not just one thing. There are many different kinds of risk. Risk is just the chance of something bad happening. Typically, when risk gets talked about in personal finance, people think of the risk of losing...

Some things we believe at Tallkirk Financial Group about money and personal finance: 1. Money should be easy to talk about, not taboo 2. Good financial advice should be easy to understand, not full of technical jargon 3. Every Canadian should receive help with saving...

If you’re paying someone to just manage your investments, whether that’s picking stocks or mutual funds, ETFs or otherwise, you’re likely overpaying. But if you’re paying someone to… - Help you manage cash flow, optimize your banking arrangements and minimize your...

“It depends” is a frustrating answer to hear sometimes. But it’s an honest one. Anyone who confidently tells you what to do with your money without knowing the details of your situation is a fool. Because it always depends… * On your age and your income * On your...

According to a recent Scotiabank survey, the average Canadian spends 15 hours a week worrying about their finances. Sound about right? It shouldn't. And I don't mean to say that you should be in a better spot or should’ve made better choices or that it’s all your...

You hear horror stories all the time about people getting scammed, especially online. There are hucksters, grifters, and con artists of all kinds in this world. They live among us. Here are some ways to avoid the scams and things to watch out for: 1. High guaranteed...

At Tallkirk Financial Group, we’ve started looking into the long process of becoming a certified B-corp to make our commitment to more than profit legally binding. We want to build a business that is accountable to more than just shareholders. We don’t think the...

The three biggest financial risks in life are: 1. Getting disabled or falling ill and not being able to work 2. Running out of money before you die 3. Dying unexpectedly and leaving your loved ones in a tight spot The three broad solutions are: 1. Make sure you have...

People like to say time is money. But have you ever thought about the opposite? How, in all sorts of ways, money is time. For starters, at least in general, the more money you have the more control you have over how you spend your days. If you’re not stressed about...

Four super practical ways to spend less money: 1. Shop Amazon Warehouse Deals (often the box just has some scuffs or someone bought the wrong thing and immediately returned it) 2. Use Amazon’s monthly subscription service (I’ve saved a ton on diapers) 3. Buy in bulk...

We’re in the early stages of creating an app for new and existing clients at Tallkirk Financial Group. Pretty pumped about it actually. We want to make it even smoother for people to communicate with us. We want to help people organize every piece of their financial...

Spending your money wisely, or in a way that brings you the most benefit over the course of your life, is a super tricky thing to do. There are endless things to consider–your values, your preferences, your goals, wants vs needs, short-term vs long, how much money you...

So here’s a real thing that way more people experience than you probably think: form filling anxiety. Filling out forms can be really intimidating for a lot of people. They see all the blanks and immediately get overwhelmed. Their mind starts racing, worrying about...

One of the best ways to spend your resources is to invest some of them into making more. So you spend some energy exercising or walking in nature because they give you energy. You get more back than you put in and create a virtuous cycle. They’re positive-sum...

When it comes to their finances, it’s common for people to either have way too much confidence or way too little. People with too much confidence tend to: - Pick stocks - Invest too aggressively - Take on too much leverage - Overspend on cars and trucks and luxury...

Some car buying tips: 1. Don’t buy more cars than you need to (when the pandemic hit, for instance, my wife and I sold one of our vehicles and saved a ton of money) 2. On a related note, don’t buy cars to impress people (they’re never that impressed and they aren’t...

10 common reasons people come to work with us at Tallkirk Financial Group Inc.: 1. They had a bad experience at the bank 2. Their interaction with their insurance agent left a bad taste in their mouth 3. They want to do the right thing, but aren’t sure where to start...

One of the big things that holds people back from getting help with their finances is their fear of being judged for not having everything more together. They’re worried about how their credit card debt is going to look. Or feel silly that they’ve waited so long to...

Parents always want the best for their children. A bright future filled with endless opportunities. A great education. A big home. Personal and professional success. Everyone has good intentions. But where many parents fall short is in the specifics. There’s a big...

Some people call me Kirk Take-It-To-The-Next-Level Ramsay. Okay, nobody calls me that. But people really do call me when they’re looking to take their finances to the next level. What that means or looks like depends a lot on where they’re starting from. Sometimes...

When you boil down the wealth building recipe to its most basic ingredients, it’s super simple: Step 1: Spend less than you earn Step 2: Invest the difference in assets that grow over time Step 3: Repeat steps 1 and 2 consistently for years and years and years All the...

One of the big myths in personal finance is that you need to always be following the markets, tracking a bunch of stocks, and reading every new report on interest rates, earnings, crypto and the price of oil. Here’s something that might come as a relief: you don’t....

When it comes to investing, you don’t need to beat the best to be the best. In fact, trying to get the best returns in any given year is almost the exact wrong way to think about getting good investment returns over time. Why? Two related reasons. First, to get the...

Having $10,000 in the bank in case of an emergency or sudden job loss is great. But having it sit in cash, earning almost no interest at all, and getting gobbled up by inflation isn’t so great. I always knew having money to handle unexpected expenses is super...

An investment portfolio is not a financial plan. Lots of people think it is though, because they work with an advisor who manages their portfolio and does almost no financial planning. That’s a huge missed opportunity. There is so much value to be added outside of the...

When it comes to your finances, do you ever feel like you’re always struggling against the wind? Like it’s constantly blowing in your face? One thing we talk about a lot at Tallkirk Financial Group is creating a financial tailwind. Because when it comes to building...

Talking about money can be hard at first for many people. It makes them feel uncomfortable, awkward and anxious. Lots of times it means facing reality and figuring out what’s realistic when it comes to buying a home or retiring or what they’re able to afford. Other...

In case you haven’t heard, the pandemic hasn’t been fantastic for the local economy. That’s why the Ontario government has introduced a new staycation tax credit. Here’s the short of it: for trips in Ontario taken during 2022, you can get 20% off your accommodations,...

Lots of people have all the wrong ideas about investing. They think it’s like gambling at a casino, playing poker or blackjack or the slots, hoping to hit the jackpot. They think it always involves picking stocks, watching them go up and down, and making trades every...

Waiting until you’re rich to get financial advice is like waiting until you’re ripped to get a personal trainer. Or waiting until you’re a pro athlete to get a coach. Or waiting until you’re wicked smart to start reading books.

How do you get better investment returns? When most people think about this question, they immediately think about what they’re investing in: which stocks, which markets, which bonds or GICs. And to some extent, getting this right matters. Setting up a diversified,...

One of the scariest things about planning your financial future and getting everything on track is that you actually have to look at your current reality. How much is coming in? How much is going out? What are the things you want to buy and how much are they actually...

It’s still super common for the first investment account people open to be an RRSP. They think it’s the only option (or obviously the best) and that any money they’re saving for retirement should go directly into an RRSP. Parents commonly give this advice (often...