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By Rob Carrick
Hey there, everyone. Welcome to the redesigned Carrick on Money newsletter, where I round up the best online personal finance content and deliver it to your inbox. Let's jump right into a topic that obsesses me and a lot of Globe and Mail readers. It's real estate. Once a no-brainer purchase for families, homes are now something you have to plot, strategize and agonize over before buying. When it comes to home ownership, I love hearing what people are saying and doing.
Check out this story of a Toronto couple (a "cat psychologist" and engineer), both 34, who must decide between a killer downtown condo and a modest semi-detached home outside the core. Now let's hear from a millennial family that thought about moving out of a condo to a house and then decided, nah. A big reason: More of a mortgage means less financial flexibility for things like travel.
Do you think it's a good idea for young people to opt out of home ownership and just rent? Have your say on my Facebook page.
Rob's roundup of best money links
> Right near the top of questions I get asked by readers is how to find a financial planner or adviser. Here are some tips from the Financial Planning Standards Council, which oversees the Certified Financial Planner (CFP) designation.
> Here's a self-described extreme saver who offers a list of top reasons to have fun and spend money. Refreshing to see a true believer in frugality say that there are times to enjoy what money can buy.
> Having just visited New Orleans with my wife, I can tell you first-hand how the sinking loonie is affecting the cost of travelling in the United States. Here are some useful suggestions on how to economize on a trip down south.
> The biggest personal finance story of the year so far is the decline in the dollar. Here's an infographic about a group benefiting from our lame loonie – Americans. There's been a surge of interest in Canadian used cars from south of the border.
> The hardest part of saving for retirement is getting started. Here, you'll find a trick that makes saving a set percentage of your income easier to do.
> Where did the credit cards that stuff our wallets originate? Here's a fun little history. It all started with an experiment in Fresno, Calif.
Today's featured investment tool
With TFSAs gaining in popularity as an all-purpose savings and investment tool, is there still such a thing as RRSP season? Whatever the answer, people still seem to think a lot about finances this time of year. Here's a great tool to help you assess your retirement readiness – the Canadian Retirement Income Calculator, brought to you by the federal government.
ASK ROB
The question: "Why don't you push more readers in the direction of highly successful mutual funds with multi-year records of beating indexes after factoring in fees? Yes, ETFs are simple and very cheap, but there are a few great funds out there that clobber them when it comes to performance."
My reply: I have trouble with the idea of a few great funds because the list is always changing. Strong past performance is no indicator of future success. A handful of mutual funds do manage consistent success vs. the index, but they tend to be steady performers not stars. My thinking, and a growing number of people agree, is that you're better off with an ETF that gives you index returns minus a tiny fee. So much money sits in mutual funds that had a good year or two but can't match in the index over the long term.
Do you have a question for me? Send it my way. Questions and answers are edited for length.
Featured video
Should everyone save 10 per cent of their income? Here, actuary Fred Vettese and I dig into this old cliché of personal finance and come up with some fresh numbers on saving.
More Carrick and money coverage
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Rob Carrick