Hi everyone and welcome to my mid June Financial Update.
Stock Market and Investing
Well the markets are still pretty volatile and I’ve been buying and selling some of my bank stocks to increase my share count and take advantage of the market conditions. Overall, there’s still some great value to be had in Canadian stocks.
The banks are looking attractive, especially Scotiabank (BNS) and CIBC (CM). Both are yielding over 5%. I’m a long term shareholder in both companies and I think that if you can look past all the market noise right now you’ll probably do quite well owning these stocks 5 years from now. Plus you get to collect a safe 5% (and growing) yield.
If stocks aren’t your thing and you prefer something safer like a high interest savings account then you should check out my review of the EQ Bank Savings Plus Account.
Beyond the bank stocks I also bought some shares in Suncor (SU). That stock is yielding about 4% and they are the go to name in Canada’s oil sector. Whenever that sector turns around the stock should do quite well.
I can’t believe it’s the middle of June now! We are midway through 2019 and that means a financial review.
If you haven’t already done so by now, remember your 2019 financial resolutions and open up an investment account through Questrade (the cheapest online broker). Start planning for your retirement and open an RRSP, or a TFSA. If you struggling like I am with debt, then make a plan to dig yourself out of the hole. Your future self will thank you!
Tackling the Household Debt
I’m also slaying the mortgage dragon little by little. This month I managed to put another lump sum to bring the balance down. In another month we’ll be under $300k!
Smart Spending with Tangerine’s Money Back Credit Card
Every summer we spend a bloody fortune on trips and activities with the kids and barbeques and cold drinks. Maybe it’s the heat but we’re definitely a lot freer with our money this time of year.
If you’re in the same boat then you definitely need a decent cash back credit card. I use Tangerine’s Money-Back credit card and it’s pretty good. You get 2 % cash back on things like groceries, automatic bill payments and more. They are running a promo until July 31st that nets you 4% cash back for 3 months! Every little bit of savings counts people.
If you don’t already have a good cash back credit card, I highly recommend this one. It’s free (no monthly fees) and you earn a decent amount of cash back. If you haven’t already, check out my Tangerine Cash Back Credit Card Review for more info on all the perks or just visit the Tangerine website.
Torex Auction June 28 –Jul 1
If your looking to find rare coins, you likely won’t find them in your pocket change but you will find them at this year’s Torex coin auction. For all you coin collectors out there, there are some really cool coins and paper money at the June 2019 Torex auction including:
A mint condition 1935 $25 Bill – opening bid is $20,000!
Lots of $1,000 Bills like 1935, 1937 and 1954 Devil’s Face!
There will be foreign coins, error coins, US coins and Canadian coins.
Some of the rarest coins ever will be auctioned off like the British Columbia 1862 Gold Gilt set of a $20 coin and a $10 coin. I never knew this existed, but it’s super cool. Oh and the opening bid is $350,000!
Mint state example of the 1921 5 cent coin from the Belzberg collection…opening bid $120,000
Gem mint state example of 1890 H 50 cent coin. Opening bid is $220,000.
You really need to be rich to buy these coins, but there are lots of others that are more affordable to us lower end collectors! If you miss this one you’ll have to wait until October for the next one.
Shout Out to Nathan at Millionaire Dojo
Finally, I want to give a shout out to Nathan over at Millionaire Dojo and say thanks for featuring me in a Financial Black Belt interview. If you want to know my thoughts about life, money and investing check it out. Take some time and check out his website. There’s some good stuff there about earning money through Ebay and his path towards financial freedom.
Enjoy the weekend everyone!