Eduardo Rivero
By Rob Carrick
The Victoria Day long weekend is just ahead, and that means summer is almost here. Got your travel plans set? Even if you do, you'll find the tips in this edition of Carrick on Money useful. I've gathered up ideas for cottagers, young families and people taking longer trips abroad.
Summer trips are all about relaxing and recharging, so it's important to minimize aggravations like vacation rentals that turn sour. My family has rented apartments and homes in multiple countries, and our experiences have all been good. But there are nightmare stories, including this one about a Thornhill, Ont., family that spent $10,000 (U.S.) to rent a derelict, roach-infested villa in the Bahamas.
The family was fooled by great reviews. Here's a list of tips for researching a vacation rental to make sure it's everything you expect, and here's another. Now for some tips for first-time users of Airbnb, which is a preeminent online rental listing service.
What can you rent on Airbnb? Well for $5,001 per night, there's ex-Toronto Maple Leafs player Wendel Clark's 10-bedroom lakefront cottage in Ontario's Muskoka region.
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Rob's top web links
The 10 commandments of sharing a cottage rental
> Sharing a cottage can be fun and a cost-saver. But there has to be rules.
How to get the most from a mini-vacation with your kids
> The example used here is a family trip to Great Wolf Lodge, an indoor waterpark resort in Niagara Falls, Ont.
25 travel tips for summer vacations
> A great list. Lots of ideas for saving money and packing smart. Still more money-saving vacation tips here.
Ignore these travel myths
> The common wisdom about managing your finances while on vacation is wrong in some cases.
Rio, anyone?
> The Olympics start on Aug. 5, so there's still time to book a last-minute trip to Rio de Janeiro. Here are some tips to manage the cost.
No one's talking about this retirement haven
> Offered up for the people who like to daydream about retiring to an idyllic spot where the weather's warm. Your destination is Pereira, a city in Colombia.
Billionaires vs. millionaires
> At a posh Hawaiian vacation spot, the mega-rich are imposing rules to keep the merely-rich at bay. "These are wealthy people unaccustomed to being put in their place by someone even wealthier."
Today's featured investment tool
An investment firm designed this nifty little tool to try to convince people not to check their investments on a daily basis.
Ask Rob
The question: "Our local CBC morning show featured an interview with an executive financial consultant from a large mutual fund company promoting what he kept referring to as an 'alternative investment option,' or AIO. He talked about it being a tax-efficient environment where investments grow tax-sheltered and are accessed tax-efficiently. He described it as an investment account attached to an insurance policy and claimed that it essentially creates another form of a tax-free savings account. What exactly is he referring to and who (if anyone) would benefit from such an investment?"
My reply: First of all, executive financial consultant is not a professional designation in the advice field. It's one of many titles used in the industry to sound impressive. Second, I Googled alternative investment option, or AIO, and nothing came up. Another marketing term. Yes, insurance policies can be used to generate tax-free income. For well-off individuals, there are estate-planning opportunities here. Not something for the mass audience of a radio morning show.
Do you have a question for me? Send it my way. Questions and answers are edited for length.
Featured Video
Budget travel expert Barry Choi on how to get the best exchange rates on cash while travelling.
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