Financial Library

New Years Financial Resolutions

Jack and Diane want to improve their financial situation and feel that making financial New Years resolutions and implementing them is a good start. To help identify their priorities, they made the following list:

Set Objectives - Goal setting is the foundation of achieving financial success. If they write down their goals, it will help Jack and Diane clarify them and establish their personal and financial priorities.

Can you spot a Ponzi scheme?

On June 29, 2009, Bernard Lawrence 'Bernie' Madoff was sentenced to 150 years in prison for perpetrating what has been called 'the largest investment fraud in Wall Street history.' Actual losses have been estimated at $64.8 billion by prosecutors. Apparently, Madoff admitted to his sons that his company, Bernard L. Madoff Investment Securities LLC, was nothing more than a giant Ponzi scheme.

Fuzzy Retirement Goals

Retirement funding is a complex machine, with several moving parts. For many Canadians employer pensions and government benefits will make up the core of their retirement income.

A recent RBC survey found 54% of Canadians expect their pension will be the largest source of income, but when asked what kind of pension they have, 19% do not know.

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