I have rarely seen a more brazen attempt to provoke the masses than this first-person account of a millennial man's decision to not buy a house and instead live at home while spending freely on booze, restaurant meals and travel.
No need to get outraged – lots of people have taken care of that for you on social media. Instead, I want you to consider what it is that bugs people so much about this guy. Yes, he comes off as spoiled and self-absorbed. Lives at home! His mom does his laundry! But I wonder if his commitment to seeking fabulous experiences also offends our idea of how young adults should act.
We seem to think that the righteous path for millennials leads to the front door of a nice house. Fine food, good booze and exotic travel are for when you've earned them – in your 60s, after you retire. Our big spender disagrees, and that's obviously irritating to a lot of people. I think he's gone way overboard in his spending, and I emphasize that he's no personal finance model. But I do hope he gets you thinking that there are lives to be lived that don't involve home buying. A fine example can be found in this column I wrote recently about a smart young woman in Toronto who rents for lifestyle reasons.
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The latest on whether retirement makes you happy or sad
I've written before in this newsletter about the dueling narratives of retirement as a time of fulfillment and unhappiness. Here, we have data documenting a heightened level of enjoyment for at least a year after retirement.
The joys of minimalism
Own less, buy less and be happier. That's the promise of minimalism as explained by a guy who has a blog devoted to this theme. I wonder if all the people downsizing from houses to condos are embracing a mandatory form of minimalism. Either that or they're renting expensive storage units.
How to review your life insurance coverage
What I like about this thorough checklist is that it was created by an accountant, not a seller of insurance.
Talk about money so kids will listen
This is smart – work in some storytelling about your successes and failures with money.
Ontario's car insurance changes
Here's a summary of changes to car insurance coverage that were introduced this month. Definitely worth a look to make sure you have the coverage you need.
Not just for frying an egg
Seven kitchen wonders you can perform with cooking sprays like PAM.
Today's featured financial tool
Over the years, I've directed dozens of investors interested in preferred shares to this site.
The question: "Aside from reduced liquidity, is there any reason not to hold GICs instead of bonds or bond ETFs?"
My reply: No. I'm a big fan of guaranteed investment certificates as an alternative to bonds and bond exchange-traded funds. As you note, you can't easily sell GICs before maturity. And, if interest rates fall further, you won't see any capital gains on your GICs (bonds rise in value when rates fall, and vice versa). The compensating benefit of GICs is higher yields than you can get from high quality government and corporate bonds, and a high level of safety through deposit insurance.
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