Mark J. Carney, the Governor of the Bank of Canada controls what our central bank does on interest rates. Governors get paid between $431,80 to $507,900. The reason our mortgages are so affordable today, and why Canada didn’t have an economic meltdown during the last recession is largely because of Mr. Carney. Prior to his current job he had a 13 year career with investment bank, Goldman Sachs and has worked in their Tokyo, New York, and Toronto offices.
Earlier this week, Mr. Carney was appointed to become the next governor of the Bank of England. His new job will start around summer of 2013. This is most certainly a loss for Canada, but we should celebrate that a Canadian has been chosen to become one of the most influential financial leaders in the world. Nobody knows why he decided to accept the offer, but I think it might have something to do with the ₤624,000 ($993,000 CAD) compensation at his new job It’s hard to say no to practically doubling your salary. It’s okay Mr. Carney, we understand it’s nothing personal. It’s just business
The TFSA contribution limit is going up next year from $5,000 to $5,500. This means one month from now we can invest more of our money and not get taxed on the interest or dividends we make \(^_^)/ If you’ve been keeping track, that’s a total of $25,500 contribution room from 2009 to 2013 inclusive. The loonie bin blog takes a more in debt look at the announcement. If you are making less than $60,000 a year, I would strongly recommend you consider maxing our TFSA before your RRSP. On the other hand if you make six-figure annual income like more than a quarter of you readers apparently are (referring to the poll on the right ->) then contributing to your RRSP is most likely a better strategy, especially if you’re married.
In global news, a couple in China has refused to allow the government to destroy their home to build a freeway. They claimed the relocation compensation offered to them by the government would not be enough to build a new home for themselves so they decided to stay put and the road was forced to be built around the intact home, probably making this an unintentional tourist attraction now It’s nice to see that Chinese citizens do have property rights after all.
Foot traffic analyst ShopperTrak estimates nearly 308 million shoppers hit the streets for Black Friday sales, a year-over-year increase of about 3.5 percent. Yeah, go consumers! Keep buying stuff at record amounts so the companies I own will continue to make record profits! The S&P 500, Dow Jones and NASDAQ were up 1.3%, 1.35% and 1.38% respectively on Black Friday, Nov 23rd.
Cyber Monday 2012 was also a huge success, with preliminary figures showing a 17 percent increase over the already robust sales from 2011. A total of $1.46 billion was spent online in that single day, making it the busiest day for online commerce in American history :0)
Blog roundup – PF related and other interesting articles from around the web
-Dividend Growth looks at Caterpillar (CAT), one of my favorite US stocks that I personally own. I agree that it’s fairly cheap now if anyone wants to get in. Caterpillar paid money to be in the new James Bond film :0)
-Maria from Money Principle gives us the one personality trait that all wealthy people have in common, they control their wants.
-Nurse Frugal shares an interesting visual way to track paying down the mortgage, and has recently gotten their mortgage debt under 6 figures.
-I currently have a part-time job working at a school, but here are 5 other things people can do to make some extra money as explained by Young Adult Money.
-Dividend Ninja explores why some people don’t invest. And why some excuses to not invest, are simply excuses.
-Modest Money explains how personal loans aren’t necessarily bad debt. This fits well with my interest for leveraging.
-Alex from Freedomig reminds us that even if we’re among the poorest in North America, we should still be thankful for what we do have compared to the rest of the world.
-If you’ve ever wanted to try and sell stuff on craigslist because you’re moving, or just want to make some extra money the Outlier Model has some pretty useful tips.
-Don’t yet understand how brokerage accounts work to buy ETFs? Don’t like paying for high mutual fund fees? Vix Money can introduce you to the world of TD e-Series funds. No trading commission to buy or sell, but also low management fees. The best of both worlds :0)
-Timeless Finance point out that re-usable diapers probably isn’t for most people.
-Mo’ Money reflects on her career path and believes that even if we have the same job related goals in mind we can all get there in our own different ways.
-Renovating a home can be a daunting task to some, luckily, as add vodka explains, there are things you can do to prepare like getting financing to make it easier.
-Live Well on Less recommends some ways to stay warm and thrifty this holiday season like buying expanding foam at your local hardware store to seal up those gaps in your house to keep the cold air out and lower your utility bill.
-Making Sense of Cents shares her experience of being a victim of identity theft and how she handled the problem. Scary world we live in.
-If you are currently in debt and need some advice, this article from My Alternate Life suggests you should not be afraid to ask for help.
-Reach Financial Independence has a great recipe for a veggie pizza. Looks yummy. I would probably add some feta to it as well.
-Dividend Lifestyle posted major dividend income for the month of November. Always nice to see what kind of stocks people south of the border are buying.