Million Dollar Journey

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Building Wealth through Saving and Investing

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Managing DRIPs and SPPs, Value Village High-Pricing, Free Chequing Account Comparison, and More!

Save 10% on everything at Chapters online until Sunday November 18th, 2012

Managing ‘real’ DRIPs and SPPs @ Canadian Money Forum

Treat Fixed-Rate Mortgages as a Kind of Insurance @ Michael James on Money

Not all advisors understand investing for income @ Retire Happy Blog

Are you getting gouged at Value Village? @ Squawkfox

The True Cost Of Owning An ETF – The MER Is The Main Thing @ Money Smarts

Is Dividend Investing a Bad Bet Because It Is So Popular? @ Canadian Finance Blog

Psychology plays a big role when it comes to saving money @ Balance Junkie

Free Chequing Account Comparison @ Boomer & Echo

Mortgage Free at 34 @ Canadian Dream Free at 45

How to Make Money with Online Teaching @ Financial Highway

No More Jobs in October, but No Less @ Canadian Personal Finance Blog

5 Benefits of Working For Yourself (Online Business) @ The Digerati Life

7 Comments, Comment or Ping

  1. Thanks for the inclusion!

  2. 2. SST

    Re: Mortgage Free at 34 — The real key? Buy your house in one of the lowest priced RE markets in Canada – Saskatchewan.

    Would love to hear from from someone in the Vancouver area (Clare?) to see how close they are to being mortgage-free after 6 years.

  3. 3. Echo

    Thanks for the mention, FT!

  4. Thanks for the mention. I felt pretty good about viewing fixed-rate mortgages as insurance being useful.

  5. 5. Emilio

    @ Michael James,

    Since your robo-screener would not let me post in your blog, I have some feedback for “fixed-term” mortages.

    1) Why do you always hear the banks pressure-push for “fixed-term” mortages, all while predicting sky-high interest rates in the near future? They never try to direct the customer towards the variable interest rate. This alone, would tell anyone with two bits of brain, that the variable rate is clearly the better choice.

    2) Where do you get a 10 year fixed rate in Canada? “Fixed rate” mortgages exist only in the US, where you can guarantee a rate for the duration of the loan, up to 20-25 years. I would be willing to pay extra for that sort of deal.

    3) In Canada, with our fantastically conservative banking system, a fixed-term mortgage of 3-5 years, is merely an illusion. The banks take none of risk, while increasing their rip-off by an easy 2-3%, again by using scare tactics. Pure-profit for the bank.

    4) I like your style though. I am sure you don’t believe a word of what you are writiing for yourself. Insurance on top of insurance, on top of insurance. I bet you advise people to wear suspenders with a belt as well. Our irresponsible federal governments of the developed world are insurance enough for anybody who can think for themselves. Interest rates will continue to be low, and varible rate will save people a ton of money in the next 20 years….

  6. @Emilio: Your comment made it to my blog. Google’s CAPTCHAs are getting tough to get through.

    You seem to be under the impression that I think people should get fixed-term mortgages. In general, I don’t. I’m no fan of many types of insurance. When I say that you should think of a fixed-term mortgage as insurance, I’m suggesting that you evaluate it like you would evaluate other types of insurance. My hope is that when poeple view it in this way, they will either go variable or decide to buy a less expensive home so that they are more comfortable going variable. I agree with you that 3-5 year fixed mortgages offer little protection. I said this in my post. If you really need the protection of a fixed rate, you likely need a longer lock-in period than 5 years.

    According to, there are 16 lenders who offer 10-year fixed mortgages (and RBC offers an expensive 25-year fixed mortgage). However, I’m not necessarily suggesting that anyone should choose this option. You should look at how much higher the payment would be and decide whether it is worth it to you to pay this much extra money as protection against rising rates. For me, the answer would be no because I would never buy a home so expensive that I couldn’t afford rising rates.

    Before accusing me of lying and misleading people, perhaps you should read what I write more carefully.

  7. Thanks for the inclusion with this prestigious group


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