Archive for November 2021
The Best Joint Bank Accounts in Canada
A joint account is just what it sounds like: a bank account that is opened and managed jointly by more than one person. They’re useful in situations where two or more people need to access and manage money. In our Best Joint Accounts in Canada round-up, we give you details on how joint accounts work,…
Read MoreFinancial Freedom Update Nov 2021 – Big Dividend Raises Edition
Welcome to the Million Dollar Journey November 2021 Financial Freedom Update – Big Dividend Raises Edition! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial…
Read MoreWealthsimple vs. BMO
So, you’ve decided that easy, hands-off index investing using a robo advisor such as Wealthsimple or BMO Smartfolio is the best fit for you. Figuring out which robo-advisor has the exact options you want – at the right price – can seem overwhelming. We put two of the best robo-advisors in Canada, Wealthsimple Invest and…
Read MoreThe Best Low Cost Ways to Convert CAD to USD
Updated November 2021 to provide additional information in regards to converting large amount of CAD to USD using Currency Brokerages/Money Transfer Comparison Back in late 2014, we wrote about how great it was to be holding US Dollars (USD) due to the declining Canadian dollar (CAD). At the time of that post, it cost $1.13CAD…
Read MoreScotia iTrade Online Brokerage Review
Scotia iTrade launched in 2008, after Scotiabank purchased E*Trade Canada. This was a smart move, immediately bringing in twice as many online customers to its client base. Scotia iTrade made a name for itself in the active day trader community because of its discounted flat rate commissions of CAD $1.25 – $9.99 depending on number…
Read More5 Ways to Get Your Credit Score and Credit Report for FREE
It’s now easier than ever to get a credit score check in Canada for free! I mean… a credit score check is only really important if you hope to: Get a mortgage Purchase a car Rent an apartment Get a great credit card Qualify for certain types of insurance Even gain specific types of employment…
Read MoreUltimate Options Trading Guide in Canada 2022
As calls and puts have become more popular over the last two years, we’ve been getting more and more emails from Canadians asking if options investing is right for them, and what the best options trading platform in Canada is. Note that if you plan to do more than simply trade options on your DIY…
Read MoreIs Robinhood Available in Canada?
Once a breakout star of the online discount brokerage scene, Robinhood attracted millions of millennials and even Gen Zers to hop on the investment bandwagon for the first time. Robinhood’s commission free trades, as well as sleek and easy to use interface appealed to first-time investors. It currently has more than 18 million users trading…
Read MoreTangerine Bank Review 2022
It shouldn’t come as a shock that more and more Canadians from all generations are taking the time to look into online banking and high interest savings accounts these days. We’ve gotten over two-dozen emails in the last few weeks asking about our recommendations, as people look for an attractive place to park cash during uncertain…
Read MoreYou Need a Budget (YNAB) Canada Review
What’s one guaranteed way to kill a party? Bring up budgeting. It’s tedious and difficult to maintain and just… it’s a one-way trip to the no fun zone. But it doesn’t have to be that dreadful. Apps like You Need a Budget promise to keep you on track and make budgeting fun-ish. That feels like…
Read MoreBest USD Bank Accounts in Canada
Cross-border transactions can be complicated and expensive. First, you have to deal with a constantly shifting exchange rate. Then there’s the foreign transaction fees you’ll run into… and don’t get us started on what happens if you’re a dual citizen and have to pay a tax bill! What’s the solution? A US Dollar bank account based in…
Read MoreBond ETFs vs GICs vs High Interest Savings Accounts
For income-oriented Canadian investors the choice between a Bond (or Bond ETF), a GIC, or a high interest savings account has become more important than ever. With interest rates at historic lows (for a little while longer anyway) choosing the best option for the “safe, low risk investing” part of our portfolio can make a…
Read MoreWealthsimple vs. RBC
The list of the best Canadian robo-advisors is, well, not short (we have some great ones!) and it can be a challenge to figure out how they differ from one another. Which one has the selection and services you’re looking for? Which will work best for your specific situation? That’s exactly why we write these…
Read MoreWealthsimple vs. TD Direct 2022
When you’re deciding where and how to invest your money, research is key. You want to consider all your options and make sure you end up with the solution that works best for you. And that’s where articles like this Wealthsimple vs TD comparison really come in handy. TD is an established bank (one of…
Read MoreCommon Myths About Stock Market Risk
Over the years, we have found that most investors have quite exaggerated views about stock market risks, especially after 2008. While we do always advocate low risk investing here in MDJ, primarily by investing in dividend stocks, we also wanted to touch on the subject again of operating in an exaggerated environment such as the…
Read MoreWays to Maximize the Canada Child Benefit (CCB)
After filing my income tax return in mid-April (yes, I tend to procrastinate), I noticed on the bottom of the screen the amount that we will receive for the Canada Child Benefit. While we’ve been receiving this benefit since the Trudeau administration has been in power (2016), what really got me thinking is that we’ll…
Read MoreTop No Fee Rewards Credit Cards in Canada
I’ve written about the top free cash back credit cards in Canada before, and even modified my top pick to be Neo Financial in 2021, which is also the overall best credit card in Canada in my opinion. However, there are an abundance of other rewards based credit cards out there that deserve a look.…
Read MoreWealthsimple vs. Tangerine
When looking at online banking and investment options in Canada the Wealthsimple vs Tangerine Bank battle quickly rises to the forefront. This is a look at the direct comparison and builds on our Wealthsimple and Tangerine Bank reviews. It’s an interesting comparison to make because it’s not simple robo-advisor vs robo-advisor like our Wealthsimple vs…
Read MoreThe Best Online Banks in Canada 2022
If you ever want to know the value of finding the best online bank in Canada, just go through the last two years! Check out our 2022 Best Online Banks In Canada quick compare chart to see who comes out on top, and then read on for a more in-depth explanation of our selection criteria.…
Read MoreHow To Pay Off Your Mortgage In 3 Years
In the October 2010 net worth update, I briefly mentioned that I was planning on paying of the mortgage balance this month and I’m happy to say that we officially became mortgage free in 2010! As this is a significant milestone in any financial journey, I thought that it deserved a post all on its…
Read MoreThe Biggest Risk of Early Retirement (FIRE) – Sequence of Returns!
The concept of financial independence/retire early (FIRE) is all the rage in the personal finance space. The idea is to save a large percentage of your income (50% or more), live as frugally as possible, and retire in a short period of time while continuing to live frugally. Sometimes, fortunate young people with higher incomes…
Read MoreWealthsimple vs. Justwealth
After publishing our in-depth Wealthsimple and Justwealth reviews, we wanted to dig a little deeper and give you a full head-to-head Wealthsimple vs Justwealth comparison. After all, when you’re deciding where to put your hard-earned cash, it helps to have a clear picture! Weathsimple Invest, the largest robo-advisor in Canada, is part of a larger…
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