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Carrick on money

Why you should wear the same thing to work every day. Seriously. Add to ...

Smart people are wearing the same thing to work every day. The rationale: Simplifying your wardrobe choices improves your productivity and costs you less in the long run. Facebook CEO Mark Zuckerberg does it – he wears the same grey t-shirt every day. Barack Obama does it – he wears the same suit. Here are eight celebrities who do it, including Angelina Jolie.

Everyday people do it, too. Desirae Odjick of the Half Banked blog began wearing the same thing to work 18 months ago and has been reporting on it all along. She recently talked about the cost aspect, while noting that saving money was never the point. Rather, it was to reduce the effort and stress of deciding what to wear every day.

People who wear the same thing every day call their daily ensemble a uniform. Here’s a report from a guy who happily wears the same two pairs of jeans and loafers every day. “I’ve become a monster of sartorial routine,” he says. Further thoughts for women on this topic can be found in this Reddit thread.

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Help for students
The federal government has followed through on a commitment to help recent graduates manage their student debt loads. As of Nov. 1, people will not have to repay a Canada student loan until he or she earns $25,000 or more.

How new tax rules on housing affect average Canadians
Accountant and blogger Mark Goodfield says new requirements for reporting the capital gains on the sale of a house will generate significantly more tax revenue from resident Canadians than from foreign buyers.

Toronto-haters, read this
An American lists nine reasons for New Yorkers to move to Toronto. Relative to New York, Toronto isn’t all that expensive. Also check out this blog post on how someone with a wicked sense of humour is mocking the grandiose proposals that condo developers are making in Toronto.

Don’t expect to choose your retirement date
A reminder here that people often don’t get to retire at the age or moment in life they choose. Medical and employer considerations can get in the way.

Ten nuggets of information about the CPP
I learned a few things from this list, put together by a former professor of social work, a retired public servant and someone who works for an organization for the homeless.

Ten low-cost gifts for art lovers
Have a big list of presents to buy for the holiday season? Here are some very cool ideas on what to get people who appreciate the creative and quirky.

A financial stress coping guide for seniors
Lots of ideas here on how seniors can address their money worries. One that caught my eye – cut back on generosity.

Today’s featured financial tool
Ever feel like you’re missing out when you buy something online and don’t have a coupon code to use for extra savings? Here’s a website where you can find coupon codes for a wide range of retailers.

Ask Rob
The question: “The reports from my financial advisor still don’t show the percentage gain/loss for my particular funds. They only show what percentage of my total investment one fund makes up. I thought that the government had mandated changes. When do they take effect?”

My reply: Kudos to you for being on top of this development in the way investment returns (and advice fees) are reported to investors. You should see the changes early in the new year in your 2016 statement. Expect to see annual returns, plus long-term results going back to when your account was opened. Here’s my rundown on the new disclosure rules.

Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length.

Featured Video
Why more working seniors won’t crowd millennials out of the workplace.

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