A Registered Education Savings Plan, or “RESP” since people love using acronyms when talking about personal finance, is a savings account that can be used to save for a child’s post-secondary education. How does it work, and what is the benefit? Money going in (contributions) do NOT generate a tax deduction (similar to a TFSA). […]
Category: Family FI
How much does raising a child cost? Year 1
It’s hard to believe but my son is now 16 months old! I thought now would be a good time to look back and see how much we spent in the first year of parenthood (from just before he was born until his first birthday). Before we get going, I’ll set the stage by being […]
Getting Organized for an Emergency
Let’s face it – bad things happen. Car accidents Natural disasters Break-ins Sickness Death etc. There is only so much that we can do to prevent bad things from happening. That said, one thing that we can do is to be prepared for when bad things happen. During an emergency, life can be complicated. It […]
We bought a house!
Well, we did it! We pulled the trigger on our largest single expense yet – a house! I’m not going so far as to calling it an “investment” just yet given it is our principal residence. Why I chose not to buy a house in my 20’s: (in order of importance to me) Concentration risk: […]
Enjoy the Journey through a Balanced Approach
I once read a great post on the site “Wait but Why” that illustrates how finite our lives really are by displaying our lives in years/months/weeks. Here is the post for your reference: https://waitbutwhy.com/2014/05/life-weeks.html. This helped shape my view on how to go about approaching financial independence. First let’s talk about the two extremes: Work […]