Noob talk

“Apart from reading your blog,” writes Kiren, “I’m a complete noob.”

So how did an 18-year-old from Winnipeg start visiting this pathetic, canine-addicted, heretical financial blog attached to a steerage section teeming with weirdos?

“I grew up watching my dad read your blog and became quite familiar with that blog photo of yours long before I myself finally started reading it a month and a half ago,” she explains. “My question is this: I have recently started receiving a steady salary of $1000/month, 35% of which I put aside for investing. My problem is that I have no idea where/how to invest this money. My dad told me to contact you to ask for guidance.”

Okay, kid. I’ll bite.

First, good on you for the job this summer and for saving a good chunk of what you’re earning. We live in a society where people would rather borrow to get what they want now than save to acquire it later and be debt-free. Low interest rates and FOMO have made them act thus (which many will regret), but over the course of your life things could be far different. You should prepare now (and it sounds like you are).

The cost of money will rise and so will taxes. The debt overhang from your dad’s gen (and mine) will frame your life. What worked for people in the past – living in the moment because government, inflation or bloating houses would look after things – is unlikely to work for you. Combined with a changing climate, far fewer jobs because of AI and the legacy of this pandemic, your middle-age could be a challenge. For sure, it will be different than that lived by your parents. Never before has humanity faced this cocktail of change. So, have courage.

Where to start?

The TFSA, of course. This year you can establish one with contribution room of $6,000. All gains made will be tax-free, plus you can withdraw funds if you need them and not lose the ability to replace that money later (can’t do that with an RRSP). Open this account through the online brokerage of your bank, or with an outfit like QuestTrade. You can always use a robo (like WealthSimple) if you want, but learning to invest will be more fun when all decisions are in your hands, not given to an algo.

What to put in there?

ETFs, of course. Exchange-traded funds. They’re cheap, liquid, easy to buy and research and you’re not paying some dude a big fee to pretend he’s smarter than Mr. Market. He’s not. Stick with the great diversification and indexing that ETFs provide.

What funds to get?

The yahoo stock-cowboy crowdies will tell you to go all-equity and high risk because you’re young, have a long time horizon and can afford to weather market gyrations. They’re wrong. So many people I talk to in later life (some of them are still alive at 50 or 55) have suffered for decades because of a negative experience and losses early on. Like that first romantic encounter, it’s something that sticks. People who took a flyer and landed on their butts never forget. They then eschew risk, do silly things like buy GICs or believe [email protected] and suffer for it.

So be balanced. The first ETF you buy should be one with both equity and fixed income baked into it. Then as you build up the TFSA, add more positions. Canada is bound to do well in this reopening trade. Preferreds will protect against rising rates. REITs have been coming back as Covid fades. Biotech is a good play, for obvious reasons. Those things can come in time, so now just keep it simple (and trading costs low).

Finally, go on TikTok, do some vids on your financial journey, make a few million and you can come back and have a guest blogger spot. The rabble will hate you.

It was flag day at the wee bank. Iain, Yvonne, Chris, Eric and Arthur showed up, hoisted my ginormous Peace Tower drapeau aloft and nailed it in place

As I’ve recounted in the past, that piece of cloth is a prized possession, having flown on the 125th anniversary of the dominion (can I still say that?) above the Queen’s head (and mine) on Parliament Hill. I’ve hauled it around the country and always reveled as it’s been unfolded, unfurled and freed. This year, too. Maybe even more. Many need reminding of the relative paradise we inhabit. Maple up.

About the picture: “Hubby and I are long term, loyal readers,” writes Ann. “Our puppy has enjoyed the move to the Best Coast from GTA, and so have we as our new house has already increased over 300K in value in the one year since we bought it–one week before the Covid lockdown. (We sold our previous house Dec. 2016 for a top of the market price, then rented and bought again in Nov. 2019. Perfect timing!) And no, he’s not a “Covid dog purchase”–we had planned to get a dog for a few years before Covid hit, once we moved and got settled. I look at his young, fresh, new-ness and it reminds me of good things to come. I hope.”

136 comments ↓

#1 Prince Polo on 06.28.21 at 2:11 pm

Kudos Kiren!

I only wish I knew about Garth when I was 18, instead of chasing high divvy stocks like a fool. Instead, I wish I had started with (assuming Garth allows it):
80% VGRO
20% DXP.

Keep adding each month and then check back in 15 yr, at which point, hand over the tidy sum for Garth&Co to manage!

#2 Ponzius Pilatus on 06.28.21 at 2:24 pm

196 Wait There on 06.28.21 at 1:48 pm
I still don’t get it. Everybody is driving newer autos, we supposedly have record household debt but at the same time we supposedly are sitting on 230B of excess cash. So what is real?
Then 70% of the population own homes. So most people owe a lot but are sitting on a pile of cash?
But wait, most are also one paycheck away from not meeting the bills at the same time.
Numbers add up or do they?
——————
Agree.
I’m an accountant.
And as much as try, the numbers just don’t add up.
I live in a middle class/working class hood.
Decent houses, average price around 1.5 mill.
3 nice cars.
Many just added decks and improved the landscaping.
Kids are well dressed, seem happy go lucky.
So what gives?
Maybe it’s just a new math where 2 plus 2 no longer equals 4.

#3 Ponzius Pilatus on 06.28.21 at 2:35 pm

#187 TurnerNation on 06.28.21 at 12:00 pm
Never saw this coming eh! Endless revenue streams.
https://www.marketwatch.com/articles/moderna-ceo-covid-vaccine-booster-shot-51624646804?mod=mw_quote_news
The Covid-19 Booster Market Just Keeps Getting Bigger, Moderna’s CEO Says
Published: June 27, 2021
———————
TN,
Are you a Sozi even (yuk) a commie now?
Isn’t this what capitalism is all about?
Milking the consumers, oh sorry, giving the consumers what they need.
Cynics claim that the cure for cancer is out there.
But BIG PHARMA won’t have any of it.
Much more profit in selling expensive drugs, than working on a cure.

#4 crowdedelevatorfartz on 06.28.21 at 2:40 pm

An 18 year old thats saving money!
Well done.
I have several friends that started saving like her in their teen years.
They are all retired before 55 and or still working because they enjoy it and are multi millionaires.

Sadly I didnt start until 30 so I’ll be working a few years yet.
:)

My flag goes up in my Apartment window tomorrow am.

#5 truefacts on 06.28.21 at 2:41 pm

#1 Prince Polo…”chasing high divvy stocks like a fool”
____________________________________

What went wrong for you with dividend stocks?
Many have had good results … “Dogs of the Dow” or “Beating the TSX” or just good old div stocks in general…

#6 Points on 06.28.21 at 2:42 pm

Just summary of yesterday comments…it’s quite telling to read it.

1) PM broke it really really bad. So bad, I can’t believe anyone truly wants to be the one to try and fix it. It’s beyond fixing.

2) Finance Ministress plays ball for the PM. The other guy quit and said “not on my watch” so that problem got solved. Now we can all stress as well.

3)For 2019 (the fiscal year ending 31 March 2020), total financial liabilities or gross debt was $2.434 trillion ($64,087 per capita) for the consolidated Canadian general government (federal, provincial, territorial, and local governments combined). This corresponds to 105.3% as a ratio of GDP (GDP was $2311 billion).

4) Note – above number is PRE-PANDEMIC!

5) Election? Seriously – it is in the bag for Justin. He knows it. You know it.

6) As George Carlin said – I don’t vote. If you vote you have no right to complain! You’ve created the problem and I can complain about it because I had nothing to do with it!

7) If you vote or if you don’t vote, if you vote for other guy or if you spoil your vote in protest, it all really doesn’t matter. Justin wins with 1/3rd! Welcome to democracy. Wasn’t really that hard to manipulate the democratic system, was it? Hey, transfer your rights to make decisions to someone else and shut up!

8) Governments giving people things – isn’t it amazing how that’s not bribing at all? Fascinating how you can target things at a certain group and no one considers it a bribe.

9) If government dare not hurt the financial stability of housing, how is that a FREE market? Especially when they crated the situation in the first place? Also, why must the government dare not hurt the financial stability of housing group and not the financial stability of stock market group? Oh they stabilize that also.

FREE MARKET boys and girls! DEMOCRACY boys and girls!

Human greed and selfishness, has no limits.

#7 Classical Liberal Millennial on 06.28.21 at 2:42 pm

We are blessed to have 2 DB pension plans in this house so I just “XGRO and chill” with the amount we invest on our own.

#8 Andy on 06.28.21 at 2:43 pm

Nice pictures Garth, but I sure hope you don’t get a by-law ticket for putting up that flag!

I just read that Lunenburg has cancelled Canada Day.

https://www.explorelunenburg.ca/

“Town of Lunenburg Pausing Canada Day Celebration 2021

Published: June 25, 2021, 5:16 pm

In respect for the painful losses suffered by First Nations’ communities, made fresh by the recent findings of Indigenous children’s remains on the sites of former residential schools, Lunenburg Town Council has cancelled the Canada Day virtual event for 2021.

At this moment, our Mi’kmaq sisters and brothers are mourning the unearthing of generations of lost children. Council suggests that July 1st be a day of solidarity and reflection.

Town Council offers its thanks for the generous outpouring of videos and photos from the community to make up the Canada Day event, and commits to finding other times and circumstances to share many of them.

Thank you for your understanding.

Lunenburg Town Council”

Don’t get me started… – Garth

#9 Thomas Schmidt on 06.28.21 at 2:43 pm

The yahoo stock-cowboy crowdies will tell you to go all-equity and high risk because you’re young, have a long time horizon and can afford to weather market gyrations. They’re wrong.-Garth
*********************
This is especially true for those interested in early retirement (FIRE)
Huge gains on meme stocks are great and all, but since you are starting early and putting away a significant % of income your most powerful tool is compounding and a big setback early on can wipe that out.

Traditional thinking that you have time to recover is only true if you’re ok with the possibility of needing to work for another 5-6 decades, possibly until you die.

#10 TurnerNation on 06.28.21 at 2:51 pm

From the UBI dept.
Welcome to the New System, since March 2020. All animals are equal. Some moreso.
Which will be forced onto a UBI? Or into State-sponsored apartment blocs?

https://www.nationalreview.com/2021/06/our-cruel-covid-class-system/
Three tiers: essential, inessential, and expendable

In the United States, though, one profession fell in between the two categories, thereby revealing a more sinister Orwellian meaning in the terms “essential” and “inessential.” That profession was public-school teachers, who effectively argued — if they were backed by powerful enough teachers’ unions — that they were “inessential workers” who should stay tightly locked down at home and far from their usual work in the classroom. This is an odd turn of events if you’ve ever been accustomed to the self-importance of public-school teachers.

——
Deadly!!

https://dossier.substack.com/p/follow-the-science-deadly-delta-variant
“Don’t take it from me. Here’s the data straight from the U.K. government, which is tracking this mutation as sporting a case fatality rate of 0.1%.”

It’s been said Australia is the test zone for all of this. An isolated island.
Prison island – again. This is the global reset, get over it.
It’s been said only two words accomplished it: Mandatory, and Asymptomatic.

.Perth going into lockdown as of midnight after new COVID-19 case detected (watoday.com.au)

.New Zealand considers mandatory masks, QR scanning amid COVID Delta variant concerns (reuters.com)

#11 ElGatoNerodeYVR on 06.28.21 at 3:04 pm

#2 Ponzius Pilatus on 06.28.21 at 2:24 pm
196 Wait There on 06.28.21 at 1:48 pm
————
Agree.
I’m an accountant.
And as much as try, the numbers just don’t add up.
I live in a middle class/working class hood.
Decent houses, average price around 1.5 mill.
3 nice cars.
Many just added decks and improved the landscaping.
Kids are well dressed, seem happy go lucky.
So what gives?
Maybe it’s just a new math where 2 plus 2 no longer equals 4.
————————
I will venture an educated guess: HELOC financed life style.
The recipe:
1.Buy at market the maximum the bank will give you with the maximum HELOC the will give you.
2. A year later get a HELOC I crease based on new assessment
3.Repeat until they say NO which is when house prices fail to appreciate in your hood.
4.Sell
5. GO TO 1.
IF ERROR Then Foreclosure.

See,it was that easy…

The above ofcourse does not apply to all of those houses where the “owners” sold land in their native country for the large down-payment and truly only pay a small rent under the table to keep up the appearances so the lifestyle you see is real, think if one has no mortgage, 20k-30K median yearly mortgage can support a nice lifestyle, even in BC.
Neither does it apply if the “owner” has one of those businesses that have high revenue yet somehow the store fronts are devoid of people with high prices , or they sell online only.
A small percentage for sure but the domino effect has to start somewhere.

#12 I’m stupid on 06.28.21 at 3:06 pm

Garth you failed, you should just shut down the blog. This poor girl asked her father (who reads your blog) about investing and he couldn’t help out at all? Does he know how to read? Or does he just come here for the pictures? How in the world can someone read every blog post you write and not learn a thing? I’m disappointed in him.

Good on the girl for wanting to learn.

#13 WTF on 06.28.21 at 3:15 pm

Kudo’s to the young lady, smart beyond her years! Her Dad must be very proud.

East coast, west coast and everything in between, Cancel culture wins the day….common sense, not so common.

Cant wait till the pendulum swings hard and these pandering dolts get kicked to the curb.

Lou Reed circa 1985 “give me an issue and ill give you a tissue”

#14 Squire on 06.28.21 at 3:21 pm

This is the first time in my life i have witnessed this call to cancel Canada Day. What’s behind all this ? On the surface we want to believe it’s the sad deaths of many children. It’s interesting to note how the Liberal government is throwing the Catholic Church under the bus. Be careful, it may come back to bite you sock boy. The Catholic Church is not dumb.
Maybe TurnerNation has a point…. maybe there is alot more to all this than we want to believe or accept. All we can hope for at this point is that a Liberal majority is
better than a Liberal minority. Good luck Canada, you’re going to need it badly.

#15 just a dude on 06.28.21 at 3:21 pm

Kiren,

Good on you for taking an interest in your financial future and taking the time to write in.

Garth’s advice is worth gold. Keep reading his daily post and when you have enough saved up, hire his team to manage your investments and keep you from doing silly things (like time the market, buy penny stocks or flavour of the month investments like “NFTs” etc … there are sooo many ways to get hosed … do some research and you will learn lots).

Until then, if it can help you with your immediate savings, I decided to invest my kid’s savings in the VGRO ETF from Vanguard that is allocated 80% equities and 20% fixed income. My reasons for this:

– When young it typically makes most sense to have more invested in equities (more growth opportunity but also more risk which is best taken when you’re young and free).

– A globally diversified portfolio (made possible by the likes VGRO ETF as one example) reduces risk over the long term.

– ETF(s) with low fees maximizes your portfolio’s growth over the long term (fees are a killer over the long term).

– Easy to dump money once per year in this one ETF and to thus have all this new money immediately diversified across all sectors and geographically.

– Dumping savings accumulated over one year into the one ETF keeps trading fees to a minimum (again, fees are a killer over the long term).

– Super easy to invest (ie., you need to make just one single transaction per year); this will become even more important as you get older and become super busy (you’ll see what I mean soon enough).

Good luck!

#16 I’m stupid on 06.28.21 at 3:24 pm

#7 Classical Liberal Millennial

XGRO is a dog.

Look at the holdings

https://www.blackrock.com/ca/investors/en/products/239447/ishares-balanced-growth-coreportfoliotm-fund?switchLocale=y&siteEntryPassthrough=true

It hold other Black Rock etfs. Not a group of actual companies just more etfs. So that means the MER rate is much higher than stated because each of the other etfs in XtRo are taking Mer rates as well.

It’s the same as paying tax on tax. Dump that dog and buy better etfs.

#17 joe kahn on 06.28.21 at 3:25 pm

Prince Polo, lays down the gauntlet.

#18 Des Pudels Kern on 06.28.21 at 3:31 pm

X2 Pontius Pilatus at on 06.28.21 at 2:24 pm

“Decent houses, average price around 1.5 mill.”

Isn’t this your answer? A middle class / working house in the 90s used to be $150,000. Now there’s another zero.

If an average single-earner salary is $50,000, it takes 20 years to earn $1 million gross or an entire career to earn $2 million. Let’s be charitable and say of that $2 million, a net of $1.5 million remains, but actual disposable income will be a fraction of that amount.

Not only are housing gains not taxed, nor are there deduction linked to salary (CPP, union dues, etc.), all of the gains are disposable income. So in the case of your neighbours, their house probably generated more disposable income than a lifetime of working. And, since the money did not have to be earned, it is psychologically easier to spend it.

I am a five-percenter salary-wise, but even then $1.5 million would take me 17 years to earn based on my net (as opposed to gross) income. Based on disposable income, it would probably take me more than 25 years. So you are really dealing with someone who may be from a middle class background but has the wealth of someone in the top three percent.

An extra seven figures of disposable income buys a lot of cars and other toys.

#19 James on 06.28.21 at 3:36 pm

#4 crowdedelevatorfartz on 06.28.21 at 2:40 pm

An 18 year old thats saving money!
Well done.
I have several friends that started saving like her in their teen years.
They are all retired before 55 and or still working because they enjoy it and are multi millionaires.

Sadly I didnt start until 30 so I’ll be working a few years yet.
:)

My flag goes up in my Apartment window tomorrow am.
___________________________________________
Put my flag up on Friday and came back home Sunday evening to find it gone! Going out to purchase one tonight. A bigger one and this time I’m turning my WiFi Camera towards the pole on my front porch!

#20 James on 06.28.21 at 3:39 pm

#10 TurnerNation on 06.28.21 at 2:51 pm

From the UBI dept.
Welcome to the New System, since March 2020. All animals are equal. Some moreso.
Which will be forced onto a UBI? Or into State-sponsored apartment blocs?

https://www.nationalreview.com/2021/06/our-cruel-covid-class-system/
Three tiers: essential, inessential, and expendable

In the United States, though, one profession fell in between the two categories, thereby revealing a more sinister Orwellian meaning in the terms “essential” and “inessential.” That profession was public-school teachers, who effectively argued — if they were backed by powerful enough teachers’ unions — that they were “inessential workers” who should stay tightly locked down at home and far from their usual work in the classroom. This is an odd turn of events if you’ve ever been accustomed to the self-importance of public-school teachers.

——
Deadly!!

https://dossier.substack.com/p/follow-the-science-deadly-delta-variant
“Don’t take it from me. Here’s the data straight from the U.K. government, which is tracking this mutation as sporting a case fatality rate of 0.1%.”

It’s been said Australia is the test zone for all of this. An isolated island.
Prison island – again. This is the global reset, get over it.
It’s been said only two words accomplished it: Mandatory, and Asymptomatic.

.Perth going into lockdown as of midnight after new COVID-19 case detected (watoday.com.au)

.New Zealand considers mandatory masks, QR scanning amid COVID Delta variant concerns (reuters.com)
___________________________________________
George was an oracle when it came to future possibilities. Animal Farm should be a standard book in every school. Oh whats that it was, never mind.

#21 joe kahn on 06.28.21 at 3:43 pm

I am an admirer of Canada. PM Trudeau Seems Like Jesus to me.

#22 New Woke Order on 06.28.21 at 3:43 pm

#8 Andy on 06.28.21 at 2:43 pm

Nice pictures Garth, but I sure hope you don’t get a by-law ticket for putting up that flag!

I just read that Lunenburg has cancelled Canada Day.

__________________________

It’s as if you were expecting better…. Like they say “small town, small brains.”

It’s all part of the “New Woke Order” . They think they were hired to follow what others do. They are incapable of making their own decisions.

You don’t see the Catholic Church kowtowing and cancelling services! Now pull out your wallet and give till it hurts!

#23 Millennial 1%er on 06.28.21 at 3:49 pm

I had a large sum of USD money just fall out of the sky. Instead of turning the USD into CAD & getting pwn’d by exchange fees, I simply bought the USD equivalent to VGRO in my TFSA.

I have a very large brain indeed

Also, about investing in different funds. I know I should do that, but I’m just too lazy. I think I’m going to stick to VGRO & chill.

#24 Dr V on 06.28.21 at 3:53 pm

16 I’m stupid – from the link

“Management fee of 0.18% includes all underlying ETF
management fees.”

#25 SoggyShorts on 06.28.21 at 4:00 pm

#16 I’m stupid on 06.28.21 at 3:24 pm
#7 Classical Liberal Millennial
XGRO is a dog.
Look at the holdings
It hold other Black Rock etfs. Not a group of actual companies just more etfs. So that means the MER rate is much higher than stated because each of the other etfs in XtRo are taking Mer rates as well.

**********************
XGRO is fine.
“iShares XGRO has a very low management fee of 0.18% and a Management Expense Ratio of 0.20%”
The $5 transaction fees if rebalancing by yourself probably cost more than that tiny MER increase.

Even on a $1,000,000 holding of XGRO the difference in MER is less than a dollar a day.

#26 G on 06.28.21 at 4:00 pm

Good looking crew that helped you hang the large flag which has some history attached to it as well! Hopefully you`ll never feel the need to hang it upside down. Can`t realy ever go wrong starting to save and invest as soon as you can given what compond growth does for you. Will be one of the best thing her Dad was able to have instill in her. Remember to thank your Dad for his helping you with that leason in life.

#27 ogdoad on 06.28.21 at 4:18 pm

Agreed. It’s a paradise…unfortunately, inhabited by entitled wannabees who think, they’re better than everyone and they’ll never kick it.

Karin – 35%? you keep that up, you’re a goddess by 35. Lol! Hope you’re having fun, though. :)

Og

#28 Dwilly on 06.28.21 at 4:19 pm

Awesome stuff! I wish I had started saving and investing (properly) when I was as young as you are. I’m pretty sure if I had done so and avoided some mistakes I made in my 20s, I’d have at least a couple hundred thousand today more than I do.

Garth never recommends specific ETFs but for your amount & starting out, you 100% definitely want to just buy an all-in one from Vanguard, iShares or similar.

Look up VBAL, VGRO from Vanguard (depending how much equity / risk you want), or similar from iShares (XBAL, etc). Just keep buying them. When you hit $100,000, then think about adding others.

https://www.vanguard.ca/en/investor/products/products-group/etfs/VBAL

#29 ValleyBoy on 06.28.21 at 4:29 pm

How can the cost of money Rise? If interest rates rise the cost of everything rises as everything is controlled by you interest. And government debts explode again creating inflation meaning our money in therory is worth less?

#30 Linda on 06.28.21 at 4:30 pm

‘Kirin’ – if you should withdraw $ from your TFSA, make sure you don’t try to put them back until the year following any such withdrawal. The CRA rules do let you take $ out without tax or penalty, but woe betide you if you replace them the same year!

Great flag photo Garth. My partner put our own flag up last week. While I have some sympathy for those who want to ensure injustices of the past never occur again I fail to grasp the logic that the only way to do that is to ask/demand that others give up their cultural customs or celebrations. What is wrong with adding to the celebration instead?

#31 ROBOCOP on 06.28.21 at 4:34 pm

…far fewer jobs because of AI and the legacy of this pandemic, your middle-age could be a challenge.

^^^^^^^^^^

Don’t worry Noob, the PM will take care of you in older age with money saved from terminating the ROBOCOP program.

#32 RG on 06.28.21 at 4:40 pm

Agree that VBAL or XBAL are the right picks for Kiren. And don’t sell when it drops! That just means it’s on sale ;)

#33 Ponzius Pilatus on 06.28.21 at 4:43 pm

To all the posters who wish they could relive their youth.
Hindsight is 20/20.
Get over it.
You could have been a rich man, married a trophy wife and she’d divorce you and clean you out like a Hoover.
Enjoy the rest of your time on earth, and make sure you collect lots of karma brownie points.

#34 NSNG on 06.28.21 at 4:47 pm

#6 Points on 06.28.21 at 2:42 pm

6) As George Carlin said – I don’t vote. If you vote you have no right to complain! You’ve created the problem and I can complain about it because I had nothing to do with it!

I hear this bit of propaganda all the time. My right to complain does not come from my vote.

What about the people who pay taxes but can’t vote in the country? Do they not have a right to complain?

So you’re saying that if my choice is between a Nazi and a communist and I abstain, I have lost my civil right on top of it?

===============================

To Kiren,

Remember this. When you are young it is about how much you put into savings. As you grow along with your savings, it becomes about how much you earn. Many people get that backward.

#35 crowdedelevatorfartz on 06.28.21 at 4:50 pm

@#21 Joking
” PM Trudeau Seems Like Jesus to me.”

+++

Our PM is the Immaculate Deception.

#36 Sail Away on 06.28.21 at 5:01 pm

#23 Millennial 1%er on 06.28.21 at 3:49 pm

I had a large sum of USD money just fall out of the sky. Instead of turning the USD into CAD & getting pwn’d by exchange fees, I simply bought the USD equivalent to VGRO in my TFSA.

I have a very large brain indeed

——–

Never ever pay exchange fees:

1. Hold both CAD and USD checking/savings and non-reg investing accounts.
2. Buy good equities interlisted on both the US and Canadian markets (CN Rail, CP Rail, Nutrien, BCE, etc.) in one currency
3. Transfer the equity through Securities Transfer (or Norbert’s Gambit if your platform is still stone age) to the desired exchange.

Presto. Currency transfer, zero exchange cost.

#37 TurnerNation on 06.28.21 at 5:03 pm

#3 Ponzius Pilatus I will become commie the day I get free money from the State. Turn that tap on and I’ll get under it. For now I am a cradle-to-grave tax slave.

-Paul McCartney/Wings sang.

“If I ever get out of here
Thought of giving it all away
To a registered charity
All I need is a pint a day
If I ever get outta here”

-Tragically Hip:

“Lining up, waiting on the trickle down
Something’s up, taking time to get around
Belly up, all the drinks are on the Crown
It’s just a matter of a trickle down”

– Bruno Mars:

“Stop
Wait a minute
Fill my cup, put some liquor in it
Take a sip, sign a check
Julio, get the stretch
Ride to Harlem, Hollywood, Jackson, Mississippi
If we show up, we gon’ show out”

——

Anyway I’m sure all of this will ‘be over’ soon right?

.Thousands stranded in Bangladesh ahead of sweeping Covid lockdown (news.yahoo.com)

.Abu Dhabi will only allow vaccinated people in some public spaces from Aug 20 (reuters.com)

#38 Moose on 06.28.21 at 5:05 pm

I just replaced my old worn out Canada flag in time for Canada day.
No one will tell me I can not celebrate that special day.
Happy Canada day everyone.

#39 Where do you live? on 06.28.21 at 5:12 pm

“Canada” means settlement in Huron. If the settlement of colonialists caused all of the problems in this country, isn’t it time that we cancel Canada? Any ideas for a new name?

#40 I’m stupid on 06.28.21 at 5:15 pm

Soggy Shorts and Dr V

Am I mistaken? I looked at the top 10 holdings of XGRO and they’re all other etfs. So XGRO has a Mer rate of .20% but each other etf within it has met rates within them. I didn’t look at each specific etf within XGRO but if they all have .02% mer rates the total would be double the mer rate. Why Buy XGRO and not the other etfs individually?

#41 Prince Polo on 06.28.21 at 5:24 pm

5 truefacts on 06.28.21 at 2:41 pm
#1 Prince Polo…”chasing high divvy stocks like a fool”
____________________________________

What went wrong for you with dividend stocks?
Many have had good results … “Dogs of the Dow” or “Beating the TSX” or just good old div stocks in general…

The problem was chasing high divvies, 8+%, without knowing anything about the underlying business. Normal blue-chip divvies are OK if your portfolio is large enough and even then, only buy them when they are on sale. March/April 2020 was a great fire sale for the big5 banks!

#42 Ponzius Pilatus on 06.28.21 at 5:27 pm

#39 Where do you live? on 06.28.21 at 5:12 pm
“Canada” means settlement in Huron. If the settlement of colonialists caused all of the problems in this country, isn’t it time that we cancel Canada? Any ideas for a new name?
————-
How about “Nova Austria”.
Don’t have to change the Colors of the flag.
Arnie would become PM.

#43 Brunett43 on 06.28.21 at 5:31 pm

Good advice to the wee kid Garth. I started reading your books when I was 24, a long time ago. I must say, I’ve kept the course and doing well with my investments and living a debt free life. I’ve also referred my son, now 25 to your dog blog. He’s saved over 90k and has most of it in a TFSA . My Canadian flag is out for Canada Day, I am not only proud of our country, but fortunate that my parents chose this country to immigrate to after WW2. It may not be 100% perfect, but I wouldn’t want to live anywhere else. Taxes may suck at times, but we are truely free!

#44 Barb on 06.28.21 at 5:32 pm

Good for you Kiren!
Re Questrade…open their site and read what a Margin Account is and how it works.

Garth, nice to see that iconic flag … unfurled and free.

Check the Best Before date on the fireworks.
Glad they’re not here in the Okanagan…they’d spontaneously combust in our brutal heatwave. The backyard was 46C last night.

#45 Ustabe on 06.28.21 at 5:42 pm

I have yet to see any individual, any hereditary or elected chief, any association or whatever from the indigenous side calling for the cancelling of Canada Day. Nor can I find any indigenous parties spreading blame, they seem to be just asking to wait and see, let this play out. The right however is going nuts. The spin some of you are attempting on this is a bad take bordering on the odious blame shifting straw-man.

2) Ever wonder why the grass looks better over there? Maybe its because you aren’t there.

iii) Ever notice those advising you to move to the US aren’t there themselves? I can tell you that unless you’re are uniquely qualified they will eat you up and not even think about it. Even the much venerated Smoking Man came home when it got tough because they just don’t care.

Four: Garth is not leaving, nor giving up on Canada, I’m sure as hell not either. This country is going through a period of disturbance, much of it fomented by a very vocal yet small percentage of the population. It will prevail.

Cinq: I know a lady who lives in Fort Liard. Her grandmother has no teeth, lost them while in residential school. Pulled, forcibly, by the priest. She along with a number of other young, native girls. I’ll leave it to you, dear reader, to decipher why a priest would deem it needed to have a number of young girls with no teeth under his care. In the meantime go for a walk rather than comment on this as yet unresolved situation.

#46 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 06.28.21 at 5:48 pm

Garth, if I may, I’d like to explain further the pictures you are showing today to Toronturds who may be reading this blog and feeling confusion.

The flag pictured in red is the Canadian Maple Leaf, a symbol of a nation that can actually achieve things. It is not an artifact of shame and embarrassment.

This is in contrast to the blue Make Believe flag, a symbol of perpetual incompetence and the fleecing of delusional fans for generations.

But wait – there was actually some Good News for all the GTAHoles suffering from TDS (Toronthole Derangement Syndrome) in 2021!

This weekend the Scotiabank Morgue was converted into something actually useful – a vaccination clinic!

https://www.cp24.com/news/more-than-26k-doses-administered-scotiabank-arena-clinic-achieves-record-breaking-vaccine-milestone-1.5487460

Imagine that! A large scale operation, competently managed, in the same building where the 54-Year Loser Leafs have done nothing but disappoint and prove how utterly incompetent they have been again and again!

There may be hope for Toronthole after all – just get rid of the Make Believes forever. Then use the arena as a clinic for free rectal exams for GTAHoles, and later as a rest stop with outhouses and free snack foods for poor FOMO losers who can’t afford to pay the mortgage anymore for a slanty semi or glass walled condo in that warm and caring city, a city filled with hardly even 100,000 homicidal drivers and merely thousands of people who are willing to shoot guns at childrens’ birthday parties!

Think about it – Toronthole could be WINNING!

#47 crowdedelevatorfartz on 06.28.21 at 5:51 pm

@#42 Patriotic Ponzie
“How about “Nova Austria”.”

+++

Nah. Too Colonial.
It would never make it past the Woke crowd.
How about

Ponzania?
Where everything is free, no one has to work, we all smoke dope and cry about all the things our ancestors did wrong….
Never mind.
We already do that.
Lets just stick with
Ponzania.
The flag will be the same colors but the Maple Leaf will be replaced by a circle with a diagonal line through it to indicate “Nothing” “Zero” etc….
That shouldnt offend anyone other than a few purist mathematicians…

#48 crowdedelevatorfartz on 06.28.21 at 5:54 pm

Almost forgot.
41 cel in Burnaby at 3pm……. a new record for the Climate Deniers to chew on.

#49 Setting your Fees Straight on 06.28.21 at 6:07 pm

#40 I’m stupid on 06.28.21 at 5:15 pm

Yes, you are mistaken. XGRO’s MER includes the fees paid to the underlying ETFs. They are not in addition to as per Blackrock. This as per their XGRO website:

“As reported in the fund’s most recent Semi-Annual or Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, and includes the fund’s proportionate share of the MER, if any, of any underlying fund in which the fund has invested.”

These all-in-one ETFs make for a fantastic investment product that is very simple to manage and at a fraction the cost of a robo-advisor. Much less effort required than managing the individual (underlying) ETFs as you can buy them all with one purchase and the ETF auto-rebalances quarterly. Great product that I suggest to family and friends alike, and am invested in too.

#50 NOSTRADAMUS on 06.28.21 at 6:14 pm

GARTH’S ECHO!
We’re the generation that spent too much. Instead of saving, like our parents did, we’ve put everything on a credit card. Kicked it out into the long grass, hoping for the best. Assuming somehow it will sort itself out is not very useful- it won’t. Start making financial plans now. Retirement is fast heading your way. Will you be ready?
Have you given any thought as to what you will do in your retirement years? Which leads me to IKIGAI.
Ikigai is a Japanese concept, it refers to having a direction or sense of purpose. It roughly translates as ” a reason for being”, and has been scientifically proven to help people live a longer happier life. How can you identify your personal retirement Ikigai? Think of something you are good at and enjoy doing, that the world needs and will pay you to do. Combine them and you’ve struck gold. You can call me a dreamer, but I’m not the only one.

#51 Bezengy on 06.28.21 at 6:17 pm

[email protected]

Old friend of mine (doctor, smart guy) just had a bad experience with an online scammer. Took control of his computer and proceeded to setup his sting which involved his victim going to the bank and sending money to the scammer. [email protected] refused to do it knowing it probably was a scam, and saved him 10k. So, [email protected] ain’t all that bad all the time, just sayin.

#52 Don Guillermo on 06.28.21 at 6:26 pm

#35 crowdedelevatorfartz on 06.28.21 at 4:50 pm
@#21 Joking
” PM Trudeau Seems Like Jesus to me.”

+++

Our PM is the Immaculate Deception
******************************************
He was born on Dec 25th and Maggie told him he was destined for great things.

#53 Doug t on 06.28.21 at 6:29 pm

Kiren – IF you marry, marry for love and if they are rich that is called “Winner Winner Chicken Dinner”

#54 Flop... on 06.28.21 at 6:33 pm

#116 Flop… on 06.27.21 at 6:44 pm
#106 Doug in London on 06.27.21 at 5:54 pm

I’m reminded of a place I stayed where they had bikes for rent. They were all junk, some weren’t in working order, but I found one that was rideable after some minor repairs. The NDP are like that bike, the best of a poor quality lot.

///////////////////////////

NDP huh?

I hope you like riding a bike that has had the seat removed…

M47BC

—————————————–

#152 Doug in London on 06.27.21 at 10:47 pm
@Flop, post #116:
You got any better ideas? I’ll vote for any party that actually has the balls to do something about this housing problem, failing that I’ll vote NDP. To word it differently, I’ll vote for APBL, any party but Liberal. Oh and yes, my bike has a comfortable seat, and so did the one I borrowed.

////////////////////////////////////

If it makes you feel any better I will sledge all the other parties as well with the same line of thinking.

The Block Québécois only cares about a tiny little bit of the bike, the gears, they grind them down slowly.

The Greens don’t want anyone to ride a bike, since bike paths are made of bitumen and want everyone to walk in rags on gravel.

The Conservative bike has no handlebars and therefore lacks direction.

The Liberals had a brand new bike, and decided to take the front wheel off, so the only way they can get around is doing a show-off wheelie on a bike paid with other people’s money to rub it in your face…

M47BC

#55 crowdedelevatorfartz on 06.28.21 at 6:41 pm

Ponzania where housing prices and sales are uppa uppa uppa.

Ponzania where massive govt deficits dont matter.

Ponzania where the country’s history is erased.

Ponzania where no one dares to speak the truth if it is offensive to anyone.

Ponzania where Austrian Body Builders can be Leader( unlike the US).

yes Ponzania is Utopia on earth…..until the bills are due.

#56 tbone on 06.28.21 at 6:44 pm

I just saw mayor Tory on cp24 talking about changing the
name of Dundas St .
Appears the Dundas dude was involved in the slave trade.

Think about all the business address changes… lol .
These guys are nuts .

#57 Ballingsford on 06.28.21 at 6:51 pm

Nice post Garth. This is the first time you mentioned online brokerages to use. QT is great for us who dont have a lot of money, but the others are probably good too.

When she goes thru the questionnaire, answer the questions like she can absorb risk and gets put in the 60/40 65/35 bracket.

#58 VladTor on 06.28.21 at 6:53 pm

By the way,
The Canadian flag on the Peace Tower in Ottawa is changed every weekday and since 1994, Canadians have been able to apply to receive one of the flags free of charge. That allows for 248 flags per year from the tower to be mailed out to Canadians.

here is the link for apply : https://www.tpsgc-pwgsc.gc.ca/citeparlementaire-parliamentaryprecinct/decouvrez-discover/drapeaux-demander-flags-request-eng.html

Waiting period is extremely long.

If I still will be alive when I received flag (here is more details why I so pessimistic about that – https://www.cbc.ca/news/canada/ottawa/peace-tower-flag-program-broken-1.4967196), I will donate it to my grandchildren’s school.

#59 Ballingsford on 06.28.21 at 7:05 pm

As I said previously, great post! Driving my 13 yr old son to soccer this evening we had a little discussion.
Hes been putting money in his bank account since about 1 and now has about $2000. He was wanting to be able to use his debit card. He already uses it for deposits.

Long story short, I said save that $2000 for when your 16 and get a car. If you get a job right now, for example strawberry picking, you can open another acct and use your debit card.
I always worked since I was about that age because my parents weren’t as free as I am with money.

As an aside I was smart enough to open an RESP for him when he was young, 1 yr. My goal was 4 yrs of tuition at $8000/yr, so $32,000. Then I saw engineering was $12,000/yr, so goal $48,000.
Currently, RESP sits at $55,000.

He doesn’t know any of this that his education will be paid for. Itll not stop me from encouraging him to find jobs as he grows, even just stocking shelves at Farmboy until age 16.
Age 16, he can become a lifeguard. All the training has been done and just age holding him back now.

#60 jess on 06.28.21 at 7:23 pm

French, Israeli Police Bust a Gang Stealing Millions in Jobless Benefits

French and Israeli police have dismantled a criminal network that is believed to have swindled France out of 12 million euro (US$14.32 million) in COVID-19 unemployment benefits, Europol said in a statement on Wednesday.

After the fraudulently obtained benefits were paid onto French bank accounts, the group would transfer the money abroad and move it across Europe before exchanging it into cryptocurrencies, the agency said.

The gang allegedly ran a call center in a coastal resort of Netanya, near Tel Aviv, from where the “large-scale scam” was allegedly organized, the statement said.

French police arrested the main suspect — a 30-year-old Franco-Israeli citizen — close to Swiss border as he and his wife were heading to Geneva, from where they were planning to continue to Tel Aviv. They had booked a flight at the last minute, according to the statement.

….Simultaneously with the French police actions, Israeli police detained an accomplice and searched the alleged gang’s call center in Netanya, seizing phones and high-tech IT equipment found there.
https://www.occrp.org/en/daily/14719-french-israeli-police-bust-a-gang-stealing-millions-in-jobless-benefits

===================
https://www.occrp.org/en/daily/14710-ukraine-imposes-sanctions-on-two-business-tycoons-with-ties-to-rudy-giuliani

#61 Flywest29 on 06.28.21 at 7:35 pm

More Kirens. Less Farons. Hope

#62 Catalyst on 06.28.21 at 7:50 pm

@#2 Ponzius Pilatus

I have observed this as well and it wasn’t until after working at a bank that I realized what was true. People have insane amounts of wealth that many ‘poorer’ people cannot understand. You have 70% household ownership rates and over 50% have no mortgage whatsoever. Their $70k salary is pure spending power and the renter forking over $2.5k a month doesnt understand how this happening.

Secondly, I believe the lies like “80% of canadians are living paycheck to paycheck” are purposeful lies to make those with small amounts of dough think, ‘hey, im actually doing better than average’. Additionally, they roll out the stats can data that shows average household income at like $60k to make people think they are doing really well if they make $60k. It reminds me of the, half the world lives on $2/day nonsense I got repeated to me in school as a kid.

There is alot more money out there than you would believe, just gotta go get yours. Kids these days making $1Mil off youtube, ticktok, twitch etc. Don’t settle for less.

Lastly, rich parents is a real thing, and feels not uncommon in the GTA. Many with several 100k handouts at key moments in life, it almost seems like the norm now.

#63 Wrk.dover on 06.28.21 at 7:52 pm

I don’t miss the money I didn’t save at 18, but it sure would be cool having the time back that I wasted at work that year. Still have the record albums I bought.

Compounding, wazzat?

#64 crowdedelevatorfartz on 06.28.21 at 7:54 pm

@#52 Donnie G
“Our PM is the Immaculate Deception
******************************************
He was born on Dec 25th and Maggie told him he was destined for great things.”

++++

Immaculate Deception….confirmed.

#65 Yukon Elvis on 06.28.21 at 8:02 pm

#45 Ustabe on 06.28.21 at 5:42 pm

Cinq: I know a lady who lives in Fort Liard. Her grandmother has no teeth, lost them while in residential school. Pulled, forcibly, by the priest. She along with a number of other young, native girls. I’ll leave it to you, dear reader, to decipher why a priest would deem it needed to have a number of young girls with no teeth under his care. In the meantime go for a walk rather than comment on this as yet unresolved situation.
…………………….

Common practice back in those days. My mother was a farm girl born in 1925 and had all her teeth pulled when she was a teen. Bad teeth they told her. Nothing sinister about it. You need to take a pill, go to the nearest mental health clinic and ask for treatment and some historical education.

#66 Burnaby Boy on 06.28.21 at 8:04 pm

#8 Andy.
Lunenburg has not canceled Canada Day. Its still a stat and the staff either get the day off or double pay.

#67 SW on 06.28.21 at 8:06 pm

We hung all our flags out over the weekend. A couple of big ones, one humongous one (on special at $13.99 from Home Hardware) and a smaller one on a teak pole that used to hang behind our old cruising boat.

I am very, very sad, and angry about the residential schools and their terrible effects on generation after generation of indigenous people. And to the people that behaved criminally to children and their parents just because they could.

The ideal of Canada is not that; we should work towards a better country where such things can never happen again.

#68 COW MAN on 06.28.21 at 8:11 pm

What would our country be if only one half of our elected officials were of the same DNA as Garth Turner ? Are still allowed to dream of elected officials who represent the best interest of the voters instead of the perceptions parroted by the MSM.

Catherine McKenna: “If you actually say it louder, we’ve learned in the House of Commons, if you repeat it, if you say it louder, if that is your talking point, people will totally believe it.”
Quote Tweet

At least McKenna is gone.

#69 Leftover on 06.28.21 at 8:14 pm

“Pausing” Canada Day? Maybe not such a bad idea since it’s just a drunk-fest around here anyway.

Time think about our flag and what it stands for (all good as far as the rest of the world is concerned) and what our country has been through (not all good, as First Nations can attest).

Self-reflection isn’t self-loathing, time to respect ourselves and one another.

#70 Nonplused on 06.28.21 at 8:21 pm

#14 Squire on 06.28.21 at 3:21 pm
This is the first time in my life i have witnessed this call to cancel Canada Day. What’s behind all this ? On the surface we want to believe it’s the sad deaths of many children. It’s interesting to note how the Liberal government is throwing the Catholic Church under the bus. Be careful, it may come back to bite you sock boy. The Catholic Church is not dumb.

—————————————-

The funny thing is, these graveyards are not “news”. Their existence has pretty much always been known. I guess it just became time to reconcile with the past.

#71 Ed on 06.28.21 at 8:24 pm

Alberta sets another 23 new record lows over past 2 days as cold snap continues.
Environment Canada says 23 new record lows were set in Alberta on Tuesday and Wednesday as a prolonged cold snap continues throughout the province.

A total of 53 records have been broken since the cold outbreak began, the national weather agency said.

Read more: 15 new record lows set in Alberta as extreme cold continues

Here’s Jesse Beyer’s Thursday, February 11, 2021 Global News at Noon afternoon weather forecast for Edmonton, Alberta and the surrounding area. – Feb 11, 2021

Of the 11 communities with new or tied record lows on Wednesday, the coldest was in Hendrickson Creek, which saw temperatures drop to -41.6 C — breaking the area’s previous record for that day of -39.1 C, set in 2019.

For the climatologists here that think a record high is global warming rather than mathematical probabilities.

#72 Yukon Elvis on 06.28.21 at 8:30 pm

How many know this about Canada ?

From the late 1860s right up to 1948, over 100,000 children of all ages were emigrated right across Canada, from the United Kingdom,  to be used as indentured farm workers and domestics. Believed by Canadians to be orphans, only approximately 12 percent truly were. These children were sent to Canada by over 50 organizations including the well-known and still working charities: Barnardo’s,  The Salvation Army and Quarrier’s, to name a few.
For the most part, these children were not picked up from the streets but came from intact families, who, through sickness or even death of one of their parents, had fallen on hard times. Because there was no social system in place to help them get through these difficult circumstances, the family had no other way than to surrender their offspring to the organizations.
Once in Canada, the children were sent to receiving homes right across the country until farmers picked them up or they were sent on to their destinations with a cardboard sign around their necks. There were at least seven applicants for every child shipped to this country.

Full article here:

https://canadianbritishhomechildren.weebly.com

https://www.cbc.ca/news/canada/toronto/british-home-children-farms-abuse-1.4314384

#73 Ponzius Pilatus on 06.28.21 at 8:32 pm

#63 Wrk.dover on 06.28.21 at 7:52 pm
I don’t miss the money I didn’t save at 18, but it sure would be cool having the time back that I wasted at work that year. Still have the record albums I bought.

Compounding, wazzat?
————–
I wish I would have kept my vinyls, too.
The other day, I saw a machine that refurbishes old records at London Drugs.
Kinda pricey, though. 1k.
But if you have many records and some of them are collectors, it might be worth it.

#74 Nonplused on 06.28.21 at 8:39 pm

#30 Linda on 06.28.21 at 4:30 pm
‘Kirin’ – if you should withdraw $ from your TFSA, make sure you don’t try to put them back until the year following any such withdrawal. The CRA rules do let you take $ out without tax or penalty, but woe betide you if you replace them the same year!

Great flag photo Garth. My partner put our own flag up last week. While I have some sympathy for those who want to ensure injustices of the past never occur again I fail to grasp the logic that the only way to do that is to ask/demand that others give up their cultural customs or celebrations. What is wrong with adding to the celebration instead?

————————————

Maybe those crazy rednecks in Calgary have had it right all along. The First Nations of Alberta have always played a big role in the Calgary Stampede. This year the the Stampede parade marshal is Katari Right Hand, a Dancer from the Siksika First Nation.

#75 Nonplused on 06.28.21 at 8:42 pm

#35 crowdedelevatorfartz on 06.28.21 at 4:50 pm
@#21 Joking
” PM Trudeau Seems Like Jesus to me.”

+++

Our PM is the Immaculate Deception.

——————————-

Another point for Fartz.

#76 Sail Away on 06.28.21 at 8:44 pm

#73 Ponzius Pilatus on 06.28.21 at 8:32 pm
#63 Wrk.dover on 06.28.21 at 7:52 pm

I don’t miss the money I didn’t save at 18, but it sure would be cool having the time back that I wasted at work that year. Still have the record albums I bought.

Compounding, wazzat?

———

I wish I would have kept my vinyls, too.
The other day, I saw a machine that refurbishes old records at London Drugs.
Kinda pricey, though. 1k.
But if you have many records and some of them are collectors, it might be worth it.

———-

The two things that really excite me about vinyl are the expense and inconvenience.

#77 S.Bby on 06.28.21 at 8:45 pm

#16 I’m Stupid

Well in this case you are about XGRO… from the Blackrock website:

3. A low cost fee structure that allows investors to keep more of what they earn. Management fee of 0.18% includes all underlying ETF management fees.

#78 Cici on 06.28.21 at 8:47 pm

#2 Ponzius Pilatus on 06.28.21 at 2:24 pm
196 Wait There on 06.28.21 at 1:48 pm
I still don’t get it. Everybody is driving newer autos, we supposedly have record household debt but at the same time we supposedly are sitting on 230B of excess cash. So what is real?
Then 70% of the population own homes. So most people owe a lot but are sitting on a pile of cash?
But wait, most are also one paycheck away from not meeting the bills at the same time.
Numbers add up or do they?
——————
Agree.
I’m an accountant.
And as much as try, the numbers just don’t add up.
I live in a middle class/working class hood.
Decent houses, average price around 1.5 mill.
3 nice cars.
Many just added decks and improved the landscaping.
Kids are well dressed, seem happy go lucky.
So what gives?
Maybe it’s just a new math where 2 plus 2 no longer equals 4.
___________________________________________

Yes, it’s definitely odd math, but I believe it’s the magical home equity that’s skewing things.

Example: Couple A bought three years ago, were already feeling squeezed in 2019, but alas, COVID hit, interest rates dropped and their home went up in value by $300,000. They did not sell to lock in the gain, but they were still able to borrow from it. So, they got a $150,000 HELOC, bought new cars and did some home renovations… all to the tune of $150,000 in new debt. But, it’s free money and despite the debt, their net worth is still up $150,000 thanks to the magical home equity paper gains. And of course, thanks to COVID restrictions and WFH, they’ve been spending less on commutes, eating out and work attire. They may also have cashed in on some CERB and/or other benefits as well.

And that’s just the recent buyers…those with paid-off mortgages have seen even greater gains in net worth.

This is pretty much what Garth was referring to last night (that homeowners have been spoiled at the expense of everyone else, who’ve been spanked) when he said:

“In other words, he suggests the feds will take no action to corral prices because real estate has become “the bedrock of financial stability” for the “vast majority.” Too bad, kiddos. You can rent. By all means let’s protect the unearned, windfall 38% one-year, tax-free gain of others, and shut you out.”

#79 Don Guillermo on 06.28.21 at 8:47 pm

#64 crowdedelevatorfartz on 06.28.21 at 7:54 pm
@#52 Donnie G
“Our PM is the Immaculate Deception
******************************************
He was born on Dec 25th and Maggie told him he was destined for great things.”

++++

Immaculate Deception….confirmed

**************************************

Apparently Jordan agrees with you.

https://www.youtube.com/watch?v=Ah1WGYv3yhs

#80 Terry Musane on 06.28.21 at 8:48 pm

When is the talk about how terrible GIC’s going to end. GIC’s, term deposits, savings accounts were never made to make anyone rich but the massive long term manipulation of cutting and cutting more and more interest rates and the unreported high real inflation, cost of living for many years now is a to discourage working people and savers just to feed this debt binge, debt junkie society. It is out of hand.

My friend had to pay a 4.95%+ some fees hundreds for a 7 year fixed rate mortgage on his rental property that is worth $700,000 and lives in and has only $150,000 mortgage left on it so it has 79% equity. This is the best rate from the mortgage broker he could get and qualify for. It is just because he is 55 and getting C.P.P. disability and living on some monthly disability payments. He did not include the rental income since it is only rented 70% of the time. He has not had a steady job for 3 years now but the lender has very little risk with almost 79% equity in it to use as collateral. Why the high mortgage rate.

However, the some lender only pays 1.925% for a 7 year GIC, term deposit and wants a minimum $5,000 deposit. Also, they only give a 0.25% point bonus interest for deposits of $25,000 or more.

#81 VladTor on 06.28.21 at 8:50 pm

to #62 Catalyst…
There is alot more money out there than you would believe, just gotta go get yours. Kids these days making $1Mil off youtube, ticktok, twitch etc. Don’t settle for less.

*************

Sorry, this is idle chatter for those without brains (don’t take it personally!). You take isolated cases of success and imagine as if everyone can do it tonight.

Many people really live from paycheck to paycheck and all their hope is only that house prices will go up forever and when they cannot pay debts they will sell the house and will be in chocolate.

Only comrades from Wall Street do not work to keep everyone covered in chocolate. The mousetrap of debt is ready to slam shut.

Yours and many others mistake is that you regard only very good scenario, but real life is different.

For evening reading, I recommend about Survivorship bias (sometimes it called “Downed Pilots Theory”) —> https://en.wikipedia.org/wiki/Survivorship_bias

How is Wald’s theory and real estate related? The answer is very simple – we are always shown only successful cases of investing in real estate or simply its successful acquisition, but there is very little information about how and under what circumstances an investor or buyer lost his money.

#82 S.Bby on 06.28.21 at 8:52 pm

Garth, you are missing the big picture. It is not business as usual anymore like it was in the ’19s. The FED is not able to keep up growth like they want to and they cannot even reach their 2% inflation targets on a regular basis. This means that in their pathetic attempt to keep inflating the economy like they were able to do with the boomers they will have to keep rates low and even go negative and introduce UBI and digital currencies to try and keep this monster they have created from tanking all together. With these low interest rates they continue to rob future generations in a vain attempt to keep the status quo for as long as possible.

#83 S.Bby on 06.28.21 at 8:53 pm

#48 crowdedelevatorfartz

Like it’s never been hot in Burnaby before today?

#84 Flounder on 06.28.21 at 8:58 pm

Canada is a hot mess. My advice would be to move to another country and start a new life.

#85 Grunt on 06.28.21 at 9:02 pm

Team Ulbricht for being more iconic and interesting under difficult duress.

https://youtu.be/sGg4gzRsX38

#86 yvr_lurker on 06.28.21 at 9:02 pm

#59 Ballingsford

As an aside I was smart enough to open an RESP for him when he was young, 1 yr. My goal was 4 yrs of tuition at $8000/yr, so $32,000. Then I saw engineering was $12,000/yr, so goal $48,000.
Currently, RESP sits at $55,000.

He doesn’t know any of this that his education will be paid for. Itll not stop me from encouraging him to find jobs as he grows, even just stocking shelves at Farmboy until age 16.
Age 16, he can become a lifeguard. All the training has been done and just age holding him back now.

————————

I think we have a similar mindset on this. We have saved just a hair under 100K for our 16 year old in an RESP (despite me screwing up and playing a very conservative route last year at the start of COVID), that my kid has no idea about. Last summer when there were no jobs for 15 year olds, he put out signs for gardening and did well, and did zoom classes in math for grade 8’s as tutoring. which I helped out with a bit. Did well and learned a lot. This summer is working at Buy-Low stocking shelves getting up at 6am for his shift. No CERB no gifts. When the time comes to pay for University he will only then know what we have done. The key is to do whatever is needed so that they develop a strong work ethic.

In this household my wife and I are effectively economic immigrants (in contrast to our T2) as we had none of these advantages growing up.

#87 ImGonnaBeSick on 06.28.21 at 9:07 pm

#36 Sail Away on 06.28.21 at 5:01 pm
#23 Millennial 1%er on 06.28.21 at 3:49 pm

I had a large sum of USD money just fall out of the sky. Instead of turning the USD into CAD & getting pwn’d by exchange fees, I simply bought the USD equivalent to VGRO in my TFSA.

I have a very large brain indeed

——–

Never ever pay exchange fees:

1. Hold both CAD and USD checking/savings and non-reg investing accounts.
2. Buy good equities interlisted on both the US and Canadian markets (CN Rail, CP Rail, Nutrien, BCE, etc.) in one currency
3. Transfer the equity through Securities Transfer (or Norbert’s Gambit if your platform is still stone age) to the desired exchange.

Presto. Currency transfer, zero exchange cost

—–

Use DLR and journal to DLR.U or vice versa instead.

#88 Ustabe on 06.28.21 at 9:14 pm

#65 Yukon Elvis on 06.28.21 at 8:02 pm

…You need to take a pill, go to the nearest mental health clinic and ask for treatment and some historical education.

I lived and worked on the Mathias Colombe Band Reserve, Pukatawagon, Manitoba for almost two years.

I can speak Cree (Dene), admittedly at a kindergarten level.

I can swear in Cree at a junior high level.

I made my chops with the Progressive Conservative Part of Saskatchewan over two campaigns by doing outreach on the reserves of mid and northern Saskatchewan. No one else could or would do it, even competing political parties.

I’ll place my mental health up against yours any day, anytime, anywhere.

Matter of fact just by trying to impinge my mental health speaks way louder about you that it does me.

Piss poor comment, devoid of any intellectual acuity, reeks of school yard bully boy tactics. Par for the course from what I’ve seen of you so far.

Oh, almost forgot, I have actually read the Indian Act cover to cover because at one point in my life it mattered to me.

#89 Shawn on 06.28.21 at 9:15 pm

Ponziuos pilot….

How can there be huge added debt plus huge added savings at the same time?

because bank lending creates deposits. Millennial takes out a giant mortgage to buy a house from a senior. The senior ends up with a massive cash deposit. Savings as it were. Even if she spends that deposit it merely gets transferred to say a business’ bank account. It does not disappear from the banking system until someone uses it to pay off a loan.

There are no average people. Some owe and others own bank deposits.

Nothing nefarious about this.

All that government borrowing also created massive amounts of bank deposits. We call it money printing.

#90 Nonplused on 06.28.21 at 9:18 pm

#45 Ustabe on 06.28.21 at 5:42 pm

Cinq: I know a lady who lives in Fort Liard. Her grandmother has no teeth, lost them while in residential school. Pulled, forcibly, by the priest. She along with a number of other young, native girls. I’ll leave it to you, dear reader, to decipher why a priest would deem it needed to have a number of young girls with no teeth under his care. In the meantime go for a walk rather than comment on this as yet unresolved situation.

——————————-

My dad had all his teeth pulled by the time he was 35. “Your 3rd set is your best set”, as my grandmother used to say. She had no teeth either. By the time I was 12 I had to have multiple cavities filled because my parents didn’t think dental hygiene was important, under a “low income” arrangement. I had my wisdom teeth pulled by a dentist after hours for cash using local anesthetic, because I was in school and did not have insurance. No assistant. I’m sure he would lose his license today.

Since I graduated from university I have more or less had dental insurance most of the time. All those silver fillings have been replaced, I get cleanings regularly, and I have an implant and a bridge, both gold. Just the copay would have been beyond the abilities of the residential schools.

Folks, we can’t just keep doing this. The past is not today. Prior to the 50’s dentistry was mostly about pulling teeth and making dentures. Even today people lose all their teeth and head to Mexico for a full denture set pinned by implanted studs. I’ve lost 2 teeth because they cracked and the root canal failed. The priests running the residential schools could not do root canals. Or fill cavities.

I mean what’s next? Should we seek restitution for polio that occurred before the vaccine was invented? Or deaths from heart failure before the defibrillators and heart surgery were developed? Come on!

We have to stop judging people from the past through the lens of our current technology, knowledge, morals, and resources.

Almost nobody had dental insurance prior to WWII. You paid for it cash. And if a gold filling wouldn’t do it the tooth came out. Anyone who has had an irredeemable tooth knows that having it pulled is the best option, pain wise.

So, when we hear tell of Priests pulling teeth, we assume it was torture or whatever connotation Ustabe was making. But yet a third option exists: The teeth could have been irredeemable. And if they were “baby” teeth, which are softer than adult teeth, going to fall out anyway, and more prone to decay, even today dentists do not bother to fill the cavities they just pull them.

My son just had his wisdom teeth yanked out. Yes, they were yanked out, we still have them intact in a little plastic bottle. He wasn’t even out although the drugs he was on made him really funny. Those drugs were not available in the time period we are vilifying.

But noooo, we have to assume the priests had torture on their minds, or whatever Ustabe has on his. It could not possibly be the case that wooden dentures were the best the priest could do with the resources he had.

#91 Nonplused on 06.28.21 at 9:31 pm

#71 Ed on 06.28.21 at 8:24 pm
Alberta sets another 23 new record lows over past 2 days as cold snap continues.
Environment Canada says 23 new record lows were set in Alberta on Tuesday and Wednesday as a prolonged cold snap continues throughout the province.

A total of 53 records have been broken since the cold outbreak began, the national weather agency said.

Read more: 15 new record lows set in Alberta as extreme cold continues

Here’s Jesse Beyer’s Thursday, February 11, 2021 Global News at Noon afternoon weather forecast for Edmonton, Alberta and the surrounding area. – Feb 11, 2021

Of the 11 communities with new or tied record lows on Wednesday, the coldest was in Hendrickson Creek, which saw temperatures drop to -41.6 C — breaking the area’s previous record for that day of -39.1 C, set in 2019.

For the climatologists here that think a record high is global warming rather than mathematical probabilities.

————————————

Global warming is probably real, and it is probably a little over 1 degree so far on average. Likewise, these new highs are about 1 degree over the previous highs, but higher none the less.

Call me when something that matters happens.

#92 Andrewski on 06.28.21 at 9:34 pm

Simple and straightforward advice Garth. Every age group will benefit from this “noob talk”!!

#93 Nonplused on 06.28.21 at 9:40 pm

And on to another subject, I think I am going to get an air conditioner. Not because of the heat wave exclusively, we are surviving fine in the basement. But because if I get a “heat pump” (can heat and cool) Trudeau will pay for part of it! Electrification after all so maybe some days it can run on pinwheel power. If you have to play the game, try and win even if you hate it.

#94 Yukon Elvis on 06.28.21 at 9:45 pm

#88 Ustabe on 06.28.21 at 9:14 pm

I’ll place my mental health up against yours any day, anytime, anywhere.

Matter of fact just by trying to impinge my mental health speaks way louder about you that it does me.
++++++++++++.

You would lose. Victim. And your mental health is obviously impinged by the content of your posts.

#95 Ballingsford on 06.28.21 at 9:45 pm

#86 yvr_lurker on 06.28.21 at 9:02 pm

I think we have a similar mindset on this. We have saved just a hair under 100K for our 16 year old in an RESP
****
You are doing better than me. I went [email protected] route.

#96 Brad on 06.28.21 at 9:47 pm

Definetly got your value for the price of admission on this post

#97 Yukon Elvis on 06.28.21 at 9:58 pm

#90 Nonplused on 06.28.21 at 9:18 pm

Thank you for the reality check and the sanity.

#98 SoggyShorts on 06.28.21 at 10:02 pm

#36 Sail Away on 06.28.21 at 5:01 pm
#23 Millennial 1%er on 06.28.21 at 3:49 pm

Never ever pay exchange fees:

1. Hold both CAD and USD checking/savings and non-reg investing accounts.
2. Buy good equities interlisted on both the US and Canadian markets (CN Rail, CP Rail, Nutrien, BCE, etc.) in one currency
3. Transfer the equity through Securities Transfer (or Norbert’s Gambit if your platform is still stone age) to the desired exchange.

Presto. Currency transfer, zero exchange cost.
********************************
What’s this? Securities Transfer?
Google isn’t zeroing in on it for me. Am I stuck in the stone age with Questrade? I don’t find NG to be too onerous, but if there’s a better way…

#99 Sail Away on 06.28.21 at 10:11 pm

#87 ImGonnaBeSick on 06.28.21 at 9:07 pm

Use DLR and journal to DLR.U or vice versa instead.

——–

I dislike DLR.TO since you can get caught on the wrong side of an exchange move and prefer instead to buy interlisted stocks that are solid keepers regardless of currency exchange.

Example: June 16-18 going from USD to CAD would have lost 2.4% in the time to settle. Better in that case to use Transferwise (now Wise).

#100 Sail Away on 06.28.21 at 10:18 pm

#93 Sail Away on 06.28.21 at 10:11 pm
#87 ImGonnaBeSick on 06.28.21 at 9:07 pm

Use DLR and journal to DLR.U or vice versa instead.

———-

I dislike DLR.TO since you can get caught on the wrong side of an exchange move and prefer instead to buy interlisted stocks that are solid keepers regardless of currency exchange.

Example: June 16-18 going from USD to CAD would have lost 2.4% in the time to settle. Better in that case to use Transferwise (now Wise).

———-

Whoops, looked at the wrong ETF.

Yes, DLR.U and journaling looks good.

#101 the Jaguar on 06.28.21 at 10:25 pm

Is this for real?
‘Lunenburg Town Council has cancelled the Canada Day virtual event for 2021.’
After sixteen months of a world wide pandemic that has brought nothing but misery everywhere one looks we’re going to cancel the nations birthday? And this ain’t even over yet. Just wait till Alberta gets pulled into the quagmire. We had quite a few of those schools.
The world’s gone mad. Might as well just face it and plan accordingly. I have no plans to go quietly into the night. Nyet, nyet. I just love the Russians. No one can doubt their patriotism.

#102 Ustabe on 06.28.21 at 10:30 pm

Sure are a lot of posters with relatives with no teeth.

I’m in my mid 70’s and I don’t know nor have I known anyone with no teeth. A few missing or replaced? Sure, but none? Not the dentistry I’ve been exposed to.

And Nonplused, the lady (granddaughter) who told me her grandma’s story and I have a long relationship. My wife and I buy all her end of season inventory so she can keep the ladies busy over winter making more hand crafts for their gift shop/artist co-op. She manages it.

The Dene of that region do birch bark berry baskets, etc but instead of using bead work they dye porcupine quills and use them. No beaded iPhone covers, the closest they get to tourist junk is caribou antler earrings. Wonderful stuff. Take your RV and go visit. Spend money. They consider 3-4 vehicles stopping by a busy day.

The oral history relayed to me is as you have surmised. You and I should be rightfully skeeved out and mad, we neglect the stories at our peril. Instead of the “but my mother had no teeth” marching orders, why not sit a spell and listen, learn, grow?

kîwêtinohk itohtê

#103 Alberta Nomad on 06.28.21 at 10:42 pm

Kiren, check out Bryce and Kristy’s blog Millennial Revolution and their book Quit Like a Millionaire. They also have an excellent workshop on their website that walks you through the steps of setting up a portfolio of ETFs.

Guess who helped them get where they are ;)

#104 crowdedelevatorfartz on 06.28.21 at 10:48 pm

@#83 S. Bby
“Like it’s never been hot in Burnaby before today?”

++++

What part of “record breaking temperatures” do you not understand?
Its June and we have July and August to go.

#105 crowdedelevatorfartz on 06.28.21 at 10:52 pm

@#75 Nonplused
“Another point for Fartz.”

+++

I wonder it I could market “Fartzcoins’ in the “ether” as a new cryptocurrency….

They would be hard to trace, generate a lot of heat during their creation, be in the cloud, and no one would admit to owning them…..

#106 will on 06.28.21 at 11:12 pm

“Maple up”!

Yup! No us$ dollar denominated securities for me!

#107 Fortune500 on 06.28.21 at 11:19 pm

Thanks for flying the flag Garth and for all you do.

#108 kommykim on 06.29.21 at 12:00 am

RE: #16 I’m stupid on 06.28.21 at 3:24 pm
#7 Classical Liberal Millennial

XGRO is a dog.

Look at the holdings

https://www.blackrock.com/ca/investors/en/products/239447/ishares-balanced-growth-coreportfoliotm-fund?switchLocale=y&siteEntryPassthrough=true

It hold other Black Rock etfs. Not a group of actual companies just more etfs. So that means the MER rate is much higher than stated because each of the other etfs in XtRo are taking Mer rates as well.

It’s the same as paying tax on tax. Dump that dog and buy better etfs.

=======================================

That’s not how it works. The underlying ETFs fees are INCLUDED in the posted MER and MF. If you’d actually READ the link you yourself posted:

“A low cost fee structure that allows investors to keep more of what they earn. Management fee of 0.18% includes all underlying ETF management fees.”

Management Expense Ratio (MER) 0.20%
“As reported in the fund’s most recent Semi-Annual or Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, and includes the fund’s proportionate share of the MER, if any, of any underlying fund in which the fund has invested.”

#109 Ballingsford Balls on 06.29.21 at 12:07 am

#59 Ballingsford on 06.28.21 at 7:05 pm

As I said previously, great post! Driving my 13 yr old son to soccer this evening we had a little discussion.
Hes been putting money in his bank account since about 1 and now has about $2000. He was wanting to be able to use his debit card. He already uses it for deposits.

As an aside I was smart enough to open an RESP for him when he was young, 1 yr. My goal was 4 yrs of tuition at $8000/yr, so $32,000. Then I saw engineering was $12,000/yr, so goal $48,000.
Currently, RESP sits at $55,000.

He doesn’t know any of this that his education will be paid for. Itll not stop me from encouraging him to find jobs as he grows, even just stocking shelves at Farmboy until age 16

______________________

Sorry, Dad…. You shouldn’t leave your search history on the computer. And thanks for paying for my education. Now I can just sit back and enjoy every summer… That is, if you don’t want me to tell mom about those other websites you visit!

#110 Mean Guy on 06.29.21 at 12:37 am

Imagine confusing weather with climate (only when it confirms your bias) and thinking you are the “science believer”.

The climate is changing as it always has. Gets hotter and colder in multi-thousand year cycles, roughly.

We’re on an upswing with another 1% or so higher to go.

Stop panicking over nothing. Destroying our economy while China plows forward is not smart.

#111 Elon Fanboy on 06.29.21 at 1:05 am

So here on the island Port Alberni hit a new record high, 42.7 deg.

Previous high was 41.7 deg, set in 1926.

1926…..so was that global warming then?

#112 No Left Turn on 06.29.21 at 2:56 am

https://www.dailywire.com/news/trudeau-demands-papal-apology-on-canadian-soil-for-unmarked-indigenous-graves

Hey, China, if you are listening. Please accept this deal. We’d like our two Michael’s back, in exchange you can have Justin Trudeau. Please arrange costume dress and black face paint to accept his arrival.

How useful idiot isn’t yet in the daily jargon is bizarre. Where there is absurdity, the useful idiot is sure to be found. These lefties have gone way off the deep end.

Keep right.

#113 westcdn on 06.29.21 at 4:49 am

I forgot to mention my families lived in Stanfield long johns and did sponge bathes. My mother hated the weekend as Saturday was laundry day with the wash tubs and boards. They had lots of cloth lines. Sunday was worse because after the obituary they were not allowed to do anything fun because it was a sin (damn Anglican Church). I see lockdowns in the same light.

I got a kick when she washed my shirts and hung them out in minus 30 weather. She said it was the best way to get out stains. I could stand them in a corner before hanging them in the closet.

One thing I don’t like about REITs is a return of capital dividends. It complicates my tax return and I really have to understand what management is doing – it does not seem to be to my benefit. I think I will slide out of few of them if they don’t change their behavior.

#114 Wrk.dover on 06.29.21 at 6:15 am

#76 Sail Away on 06.28.21 at 8:44 pm
#73 Ponzius Pilatus on 06.28.21 at 8:32 pm
#63 Wrk.dover on 06.28.21 at 7:52 pm

I don’t miss the money I didn’t save at 18, but it sure would be cool having the time back that I wasted at work that year. Still have the record albums I bought.

Compounding, wazzat?

———

I wish I would have kept my vinyls, too.
The other day, I saw a machine that refurbishes old records at London Drugs.
Kinda pricey, though. 1k.
But if you have many records and some of them are collectors, it might be worth it.

———-

The two things that really excite me about vinyl are the expense and inconvenience.
_____________________________________

I had to have been the only 18 year old in Canada, grooving on a copy of Allman Bros Live at Fillmore East back in 1971. The alternative was reel to reel?

About that time an Engineer invented 8 track though.

Fail!

Is that how you rocked it back in Venezuela?

The compound enjoyment I have had from side one of that album still pulls me through during winter storms when I am out in the machine shop working away right next to the old school six foot tall I-pad, and can cue up the old albums at will.

It’s fun having the challenge of not breaking the stylus while cueing up a song, when you are piss bombed drunk too!

CD’s are for Noobs, this posts title….

#115 NSNG on 06.29.21 at 7:02 am

#93 Nonplused on 06.28.21 at 9:40 pm

If you have to play the game, try and win even if you hate it.

Philosophically, you might be right but the problem is that, when everyone does that, it creates a momentum that perpetuates the problem with our culture.

They do these things to keep us trapped.

#116 Sail Away on 06.29.21 at 7:44 am

#98 SoggyShorts on 06.28.21 at 10:02 pm

What’s this? Securities Transfer?
Google isn’t zeroing in on it for me. Am I stuck in the stone age with Questrade? I don’t find NG to be too onerous, but if there’s a better way…

———

About a year ago, TD Direct started offering the option in their direct investing. You pick interlisted equity in one location (RRSP CAD), choose location to transfer (RRSP USD) and # of shares… click and done. Previously it required a call to journal over.

Efficiency is improving. Now if the insurance geniuses can ever figure out how to renew car insurance without a 1.5 hour face to face with the Vogons, we might be advancing as a species. Argh.

#117 the Jaguar on 06.29.21 at 8:16 am

Excerpt from William Watson’s column today in the NatP: Well said, Bill.

“In 2019 we lost 359 kids aged five to 14. In 1921, 4,327 kids that age died — more than 12 times more, though Canada’s population was just 8.8 million. And, as we have learned in the last few weeks, many more may have died whose deaths went unrecorded.

In 1921 we lost 24,915 kids in their first four years of life — 13 times more than in 2019, despite a population less than a quarter ours. Multiply 13 by four and you get 52. In effect, infant death was 52 times more common in 1921 than in 2019. I assume the data for 1891 and 1871 would be even worse.

None of this is to say that kids dying is OK or that all deaths in residential schools merely reflect higher childhood mortality of poorer, less hygienic times or that taking kids from their parents without cause was fine. (We knew a British couple who worked overseas and saw their kids only twice a year during British school holidays. And this was pre-zoom. We could not fathom such behaviour. Nor could we imagine having such behaviour forced on us.)

It is to say, however, that past times were different, that though our forbears did things we now consider beastly they were not by and large beasts, and that, though we should certainly honour those in bygone eras who held more enlightened views, we should not neglect the achievements, often astonishing and fundamental, of those who nevertheless failed to overcome the common prejudices of their own times.

This July 1 we will not be cancelling Canada Day.

THOUGH OUR FORBEARS DID THINGS WE NOW CONSIDER BEASTLY THEY WERE NOT BY AND LARGE BEASTS.”

#118 Ballingsford on 06.29.21 at 8:18 am

#109 Ballingsford Balls on 06.29.21 at 12:07 am

Sorry, Dad…. You shouldn’t leave your search history on the computer. And thanks for paying for my education. Now I can just sit back and enjoy every summer… That is, if you don’t want me to tell mom about those other websites you visit!
****
You’re cute. It all depends on how you raise them, so not a problem there.
As for tracing my path on websites, he’d quickly learn how boring and old the old man is and give up on that.

#119 crowdedelevatorfartz on 06.29.21 at 8:26 am

@#110&111 Mean Goy and Fanboy

100 year old heat records have fallen consistently in the last decade.

The 7 out of the last 10 years have broken heat records.
World wide.

https://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature

More and more people are concerned about the environment and Global Warming.

You guys just keep beating that Denialist drum in the air conditioned padded cell if it makes you feel better.

#120 James on 06.29.21 at 8:59 am

#119 crowdedelevatorfartz on 06.29.21 at 8:26 am

@#110&111 Mean Goy and Fanboy

100 year old heat records have fallen consistently in the last decade.

The 7 out of the last 10 years have broken heat records.
World wide.

https://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature

More and more people are concerned about the environment and Global Warming.

You guys just keep beating that Denialist drum in the air conditioned padded cell if it makes you feel better.
_________________________________________
What happens when the power system is overloaded and the AC goes out? I don’t believe they will be feeling anything at all other than delirium just before their lights go out!

#121 NSNG on 06.29.21 at 9:48 am

Almost 120 years ago Jack London wrote an expose of London’s east end called The People of the Abyss. It tells a horrifying story of what life was like for the poor in one of the most powerful cities in the world at the time.

It has been talked about on this blog before. It is shocking to see how far we have come in just over a century. The world they lived in back then is nothing compared to the world the west lives in today. This wasn’t “The Colonies” If this doesn’t cultivate gratitude in your soul, you might not have one.

You can read it here, free:

https://freeclassicebooks.com/London%20Jack/The%20People%20of%20the%20Abyss.pdf

#122 IHCTD9 on 06.29.21 at 10:13 am

#197 Wait There on 06.28.21 at 1:48 pm
I still don’t get it. Everybody is driving newer autos, we supposedly have record household debt but at the same time we supposedly are sitting on 230B of excess cash. So what is real?
Then 70% of the population own homes. So most people owe a lot but are sitting on a pile of cash?
But wait, most are also one paycheck away from not meeting the bills at the same time.
Numbers add up or do they?
———

They add up good. Trudeau has gutted the middle class. What you’re seeing is the ever increasing wealth gap since 2015 as asset owning Canadians see their wealth soar, and the rest sink. The middle is wasting away.

On top of that, credit and financing have never been so easy or cheap. You can finance a car over 8 years in some cases, lots of people lease too. Offers of 0% appear regularly.

There are a pile of regular Canucks who bought a house before Trudeau showed up and eliminated this option, almost half of Canadian homeowners are mortgage free, and I’d guess another 25% who are nearing the end of their mortgages who have a payment that is cheaper than rent.

What you have today in Canada is a lot of older asset rich folks with savings + easy credit, and a lot of folks who are euchred. Then a smaller group who hold the vast majority of mortgage debt.

#123 Trojan House on 06.29.21 at 10:20 am

#119 crowdedelevatorfartz on 06.29.21 at 8:26 am

100 years? Dude, the earth is 4.5 billion, that’s billion with a ‘b’, years old! 100 years is but an ant on the ass of an elephant.

#124 Mean Guy on 06.29.21 at 10:38 am

#120 James What happens when the power system is overloaded and the AC goes out? I don’t believe they will be feeling anything at all other than delirium just before their lights go out!

One can only laugh at the people clamoring for the end of the use of fossil fuels (same people who clamored for the end of nuclear power in the past, what science loving geniuses these greenies are) now use their destruction of a workable power grid as a threat if we don’t do as they say.

As if a government that can’t build a workable ferry boat can change the earth’s climate, lol.

A little bad news for you ‘weather person on the idiot box’ believers: There are things called generators, powered by propane, which is stored in tanks of 1,000 gallons (about 3,800 l). They rent for $200 annually. Propane is currently expensive, about 0.74 cents a liter, according to my last fill. (Usually between 0.48 and 0.62)

That setup will allow you to heat or cool a nice sized home for months if the grid goes down.

Now who is more likely to prepare this way? The people who think government is the answer to everything, or the ones (like me) who think government is the cause of more problems than solutions?

If anyone is going to suffer heat stroke, I can pretty much assure you, James, CEF and their greenie pals will be frothing at the mouth long before I am. Sorry to ruin your fantasy.

#125 jess on 06.29.21 at 10:55 am

Yukon Elvis on 06.28.21 at 8:30 pm

the brits had the ships became the most efficient slavers
slave /wage industry
the cotton was grown by slaves and then shipped to england to the mills which employed many in the mills
The Lancashire Cotton Famine, also known as the
Cotton Famine or the Cotton Panic … The price for raw cotton increased by several hundred percent due to blockade … In 1860, there were 2,650 cotton mills in the region, employing 440,000 … With the ending of the American Civil War, these new cotton farmers became …

Eye inflammation, deafness, tuberculosis, cancer of the mouth and of the groin (mule-spinners cancer) could also be attributed to the working conditions in the mills. Long hours, difficult working conditions and moving machinery proved a dangerous combination.

Panic
Some workers left Lancashire to work in the Yorkshire woollen and worsted industries. A small number of mills such as Crimble Mill, Heywood converted to woollen production buying in second hand fulling stocks, carding equipment, mules and looms.[15] The towns of Stockport, Denton and Hyde diversified into hat making. Tameside was the worst affected district and suffered a net loss of population between 1861 and 1871.[16] In 1864 there were 2,000 empty houses in Stockport and 686 in Glossop, along with 65 empty shops and fifteen empty beer houses. The exodus was caused primarily by evictions. The spring saw a wave of emigration stimulated by special agencies. The steamship companies cut their rates (steerage to New York cost £3 15s 6d), the Australian and New Zealand governments offered free passage, and 1,000 people had emigrated by August 1864, 200 of them from Glossop.[17

#126 Sail Away on 06.29.21 at 11:05 am

Heh. Received a totally unexpected and unneeded $4,200 US Treasury cheque in the mail for ‘Economic Impact Payment’ today. Silly Dems and Liberals.

I feel like the fat kid at Halloween who keeps getting more candy forced on him.

#127 jess on 06.29.21 at 11:17 am

how much water is used to cool energy systems?

https://www.anthropocenemagazine.org/2018/09/this-is-how-much-water-it-takes-to-produce-energy-in-the-us/

#128 Elon Fanboy on 06.29.21 at 11:51 am

#119 crowdedelevatorfartz on 06.29.21 at 8:26 am

Well you didn’t answer my question…what caused the previous 1926 record temp?

Or how about what happened in 1911…?

https://www.newenglandhistoricalsociety.com/the-1911-heat-wave-was-so-deadly-it-drove-people-insane/

There are tonnes of examples of record heatwaves from early last century.

Why is this one special?

#129 The Awakened One on 06.29.21 at 12:23 pm

Garth, I see a nude bear skinny dipping in the background..

This interesting blog has diversified from doggy to teddy overnight!

#130 kommykim on 06.29.21 at 12:25 pm

RE: #128 Elon Fanboy on 06.29.21 at 11:51 am
There are tonnes of examples of record heatwaves from early last century.
Why is this one special?

=======================================

It’s not just about the the extremes but rather a steady increase in the mean temperature since industrialization. Not only that, it is the rate of change that is alarming. Sure the climate has changed dramatically in the past, but what took 10000 years in the past has happened in the last 150…

#131 zxcvbnm on 06.29.21 at 12:41 pm

Hey So basically I’m just gonna vote PPC

I Know….. UGH I know… It’s just that I’m gonna vote PPC is all

HAHAHAHAHAHAHAHA HAHAHAHAHA

#132 kommykim on 06.29.21 at 12:44 pm

#105 crowdedelevatorfartz on 06.28.21 at 10:52 pm

I wonder it I could market “Fartzcoins’ in the “ether” as a new cryptocurrency….
They would be hard to trace, generate a lot of heat during their creation, be in the cloud, and no one would admit to owning them…..

=======================================

Considering that Dogecoin was started as a joke and now has a market “value” of $54 billion dollars…
The idea of Fartzcoins is no more ridiculous. Being the original emitter, before the elevator door opens, would have it’s benefits.

#133 crowdedelevatorfartz on 06.29.21 at 1:11 pm

@#128 Elon’s fan cools me down

“There are tonnes of examples of record heatwaves from early last century.

Why is this one special?”

++++

Oh I dont know.

A little thing like population and crop failures?

1900 : World Pop 1.6 billion
2020 : World pop 7.8 billion

Thats a lot of mouths to feed.

But I’m sure an extra 6.2 billion people have absolutely no affect on the planets environment, weather, deforestation, extinctions, etc.

No. It’s just another warming spell…

Get ready for much higher food prices.
China has lots of money and way more mouths to feed and they are willing to pay the price increases.

#134 Stoph on 06.29.21 at 1:12 pm

#90 Nonplused on 06.28.21 at 9:18 pm
————————————————————-

Thanks for the reminder for me to brush my teeth this morning. That part of the morning routine has been easier to miss during Covid WFH.

Yup, times were different in the past. My dad mentioned that growing up a trip to the dentist meant either a filling or extraction. My mom’s teeth and that of her sisters were all pulled when she was young because they always had toothaches – with the promise that they’d never have toothaches again. I shudder at the thought.

Makes sense that some priests would have had to perform dentistry. The explanation you gave could have been given by a priest to satisfy a government official’s questioning on why girls were missing their teeth. Seems to me though that Ustabe knows more to the story of the lady in Fort Liard. An acceptance of the rational explanation without further investigation would have enabled abuse to perpetuate.

As has been said on this site before, though in somewhat different words, without further investigation, today’s conjecture of yesterday’s actions can lead to false conclusions.

#135 Doug in London on 06.29.21 at 1:44 pm

@Flop, post #54:
You’re quite right, none of the parties can get their act together. I’m reminded of a book by Lee Iacocca with the title: Where have all the leaders gone? I ask the same question everyday.

#136 Buford Wilson on 07.01.21 at 8:37 pm

The Canadian flag looks like something that should be a beer can label.