Why 'paying yourself first' is the key to a comfortable retirement
CTV
One of the most effective retirement savings strategies is to pay yourself first. In his personal finance column for CTVNews.ca, Christopher Liew outlines strategies for consistently saving and investing over time and building a solid nest egg.
Are you thinking of planning for your retirement? One of the most effective retirement savings strategies is to pay yourself first.
This concept involves prioritizing your savings by automatically setting aside a portion of your income for retirement before addressing other expenses or spending money on non-necessities.
By consistently saving and investing over time, you can build a solid nest egg, leverage the power of compounding interest, and set yourself up for a very comfortable retirement.
The term is often thrown around in the world of business and entrepreneurship. In an effort to constantly grow and expand, many small business owners re-invest every dollar they make into their business, often leaving their own savings dry.
This principle applies just as much to employees working toward retirement as it does to small business owners, though.
Last year, 49 per cent of Canadians weren’t able to save anything for their retirement, according to a recent survey by the Healthcare of Ontario Pension Plan (HOOPP).
To be fair, the rising cost of rent, groceries, and other living expenses has been disproportionate to rising income, leading six in 10 Canadians to question their ability to keep up with the cost of living, per Statistics Canada.
Hawaii suffered its worst flooding in more than 20 years as heavy rains fell on soil already saturated by downpours from a winter storm a week ago, officials said Friday while warning that still more rain was expected during the weekend.
While Canada is well known for its accomplishments in space — including building the robotic arms used on the Space Shuttle and the International Space Station — the country still has no ability to launch its own satellites. This week, Ottawa committed nearly a quarter‑billion dollars towards changing that.
March is Liver Health Month, and while many people think about alcohol and diet when it comes to liver health, a growing risk factor is chronic hepatitis B.
It’s an enduring stereotype that Canadians are unfailingly nice, quick to apologize even when they have done nothing wrong. But an online urban legend claims the opposite of Canada’s soldiers, painting a picture of troops so brazen in their brutality that international laws were rewritten to rein them in.
Friday marks the first official day of spring in the northern hemisphere, but it will still feel like winter this weekend for many Canadians, as snow, sleet, rain and sub-zero temperatures are forecast across the country.
A social media post from the U.S. Food and Drug Administration this week shows a big-eyed macaque staring out from behind bars.
Young people in southeast England and beyond are lining up for the meningitis B vaccine after an outbreak killed two people, sparking supply warnings from pharmacies and raising broader questions about the best public health response to the disease.
Many wage earners are engaging in “microshifting,” a flexible scheduling approach that involves tackling job duties in short, productive bursts instead of a single nine-to-five stretch.
Tyson Atleo, a hereditary leader of the Ahousaht First Nation, says the creation of three new forestry areas to be managed by his community and two others on the west coast of Vancouver Island marks the realization of a long-standing promise.
As artificial intelligence continues to reshape industries worldwide, Canadian universities are emerging as key players – not only in developing technology but in teaching students how to use it responsibly.
Switching up your exercise routine does more than fight boredom. Engaging in varied forms of movement may significantly boost your longevity, according to research.
A seven-bedroom, five-bathroom home in Ottawa’s Rothwell Heights neighbourhood is currently the most expensive home on the market in the capital.
David Suzuki, the geneticist-turned-environmentalist, who is days away from his 90th birthday, reflected on his legacy as he prepared to release his latest book, “Lessons from a Lifetime,” which compiles photos and stories from his life, as well as testimonials written by those he inspired.