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Author: Phil Osagie

  • ‘It’s not taxed at all’: Warren Buffett said this is the ‘best investment’ you can make to fight inflation — how to put his advice into action

    ‘It’s not taxed at all’: Warren Buffett said this is the ‘best investment’ you can make to fight inflation — how to put his advice into action

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    With an estimated net worth of $161.8 billion, Warren Buffett, the CEO of Berkshire Hathaway, has built a tremendous financial empire.

    Now, At 94 years old, Warren Buffett has finally decided to retire from his longtime post, having announced the decision at the company’s annual shareholder meeting in early May. Vice-chair Greg Abel will take over the top job as of Jan. 1, 2026, and Buffett will remain as chairman.

    With a net worth like his, you might anticipate Buffett living a lavish retirement. But unlike the high-roller lifestyles of other extremely rich celebrities and business people, Warren Buffett lives by smart — and surprisingly simple — investment philosophies that have positively influenced millions of investors around the world. One of his most famous rules is to buy and hold for as long as possible.

    “You’ve got to be prepared when you buy a stock to have it go down 50% or more, and be comfortable with it… but some people are not really careful. Some people are more subject to fear than others.”

    Don’t miss

    Invest in yourself

    At the 2022 Berkshire Hathaway annual shareholder’s meeting, Buffet said “Whatever abilities you have can’t be taken away from you. They can’t be inflated away from you,” he said. “The best investment by far is anything that develops yourself, and it’s not taxed at all.”

    While this isn’t a traditional investment tip, Buffett firmly believes that by regularly investing in knowledge and self-improvement, you yourself become an asset and can more easily access opportunities for growing your wealth.

    Even now, Buffett has wise investment advice for investors seeking to shield their wealth and even grow it while keeping their tax obligations low.

    Here are some of his top investing strategies.

    Real estate

    Real estate is generally a “good investment” during times of inflation, according to Buffett.

    “They’re the businesses that you buy once and then you don’t have to keep making capital investments subsequently. So, you do not face the problem of continuous reinvestments involving greater and greater dollars because of inflation,” he said during the 2015 Berkshire Hathaway shareholders meeting.

    But, while real estate might be a good investment, its barrier to entry can be difficult to cross. Luckily, there are plenty of platforms out there that allow you to invest in real estate with ease.

    First National Realty Partners makes it easy for accredited investors to diversify through opportunities in grocery-anchored, necessity-based retail space.

    Through FNRP’s online platform, accredited investors can potentially collect quarterly cash flow through a diverse real estate portfolio.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Stocks pricing power

    Buffett has been around the block a few times, experiencing many highs and lows in the U.S. economy. He has managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of insight on what to own when consumer prices spike.

    Buffett likes high-quality businesses with low capital needs, such as Apple. The technology company boasts some impressive financial metrics — a testament to the company’s efficiency, strength and negotiating power — which have enabled it to thrive during this period of inflation.

    If you’re looking for a low-stress way to start your investing journey, consider signing up for Acorns, an automated savings and investment app.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. Right now, when you sign up for Acorns, you can get a bonus $20 bonus investment to start growing your savings.

    Gold

    While Buffett is known for being uninterested in gold investing — describing it in a 2011 letter to shareholders as an asset “that will never produce anything” — other money mavens consider it to be a solid hedge against inflation because its purchasing power has remained relatively stable over time.

    Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

    If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover.

    Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    What to read next

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    Breakups can be painful, but the pain can be amplified if you relied on your ex-partner to handle your finances.

    Elliot from Toronto, called into The Ramsey Show explaining that his separation from his wife has left him both emotionally and financially vulnerable. Although he earns $73,000 a year — it’s unclear if this was in U.S. or Canadian dollars — he’s not confident in managing the family budget by himself.

    “She used to handle all of the money in the house, so I’m just kind of figuring things out for myself now,” Elliot said in a clip posted Jan. 6, 2025.

    At the same time, he’s also figuring out how to raise his 18-month-old daughter as a single parent. He admits he hasn’t been able to stick to a budget and has struggled to save any money.

    Ramsey took the opportunity to highlight how heartbreak can be reflected in bank statements.

    Tackle the budget

    It’s common in marriages for one partner to take the lead in handling the household budget.

    If you’re not used to doing this type of work, you may struggle, if the relationship falls apart and suddenly the responsibility drops on you. Nearly half of Canadians say they’ve lost sleep because of financial worries, according to FCAC.

    To be fair, Elliot says he crafted a budget that should be leaving him $300 in savings every month. However, he hasn’t been able to stick to his plans and that excess money always seems to disappear.

    Ramsey believes Elliot’s emotional distress could be the reason why his budget plans haven’t worked out as expected.

    However, one of the main reasons why budgeting can be challenging is the difficulty of tracking multiple accounts and daily expenses at the same time. Juggling various bank accounts, credit cards, and cash transactions can quickly become overwhelming. That’s where Monarch Money’s expense tracking system comes in.

    The all-in-one money app seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.

    Whether you’re looking to save, buy a car, pay off debt, or simply control your spending, Monarch Money brings together everything you need to manage your finances effectively. For a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Curb emotional spending

    Following a budget is challenging at the best of times, but it becomes even harder when you’re dealing with the emotional weight of a breakup. Financial expert Ramsey cautions that emotional spending — like eating out or shopping to combat loneliness — can quickly derail your finances if not addressed. “You’re going through a heartbreak,” he told Elliot. “That pain will show up in your money if you don’t get ahead of it.”

    Research from the Bank of Canada also shows that financial stress can cause people to either cut back or overspend, depending on how they respond emotionally.

    Elliot admitted he’s not always attentive to his spending, though he didn’t confirm if emotions were driving it. Ramsey recommends taking a proactive approach: before the month begins, assign every dollar a job and track where your money goes.

    “The only way to make the money behave is, before the month starts, write every dollar down and where it’s going to go,” Ramsey advised. “You’re in charge of it, but you need to tell it what to do.”

    Setting up regular, automated contributions to a high-yield savings account can help curb emotional spending, as every dollar has a designated purpose. Using a chequing account that pays high interest — like the EQ Bank Personal Account — will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high-interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it. The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.

    Building your savings in this way can help you create a short-term emergency fund or reserve money for essential expenses like childcare.

    Build a strong foundation

    As a single parent, prioritizing savings for your daughter’s future can make all the difference in giving her a strong start in life — whether it’s for education, unexpected costs or her important milestones. One effective way to do this is by opening a Registered Education Savings Plan (RESP) through Wealthsimple Investing.

    An RESP is a government-registered savings account designed specifically to help parents, grandparents, and guardians save for post-secondary education expenses. By investing in an RESP with Wealthsimple, you can take advantage of the Canada Education Savings Grant (CESG), where the government adds up to 20% on contributions — helping your savings grow faster without extra effort on your part.

    You can get a $25 bonus when you open your first Wealthsimple account and fund the account with at least $1 within 30 days.

    After securing your child’s education fund, it’s just as important to plan for your financial future. By opening an RRSP and TFSA with Wealthsimple and setting up regular contributions, you can steadily save for retirement or a future home, allowing you to balance both your personal and family’s long-term goals.

    Wealthsimple RRSP and TFSA accounts provide a smart, effortless way to invest and grow your savings with low fees and no hidden charges. Designed to help Canadians reach their financial goals, these accounts offer automated investing with diversified portfolios tailored to your risk level. Whether you’re saving for retirement with an RRSP or building tax-free growth with a TFSA, Wealthsimple makes investing simple, accessible, and transparent — so you can focus on what matters most.

    The next step is buying a home. When you’re ready to do so, finding the right mortgage can feel complicated and time-consuming. That’s why using Nesto could be a smart choice. Nesto is Canada’s first fully digital mortgage broker, designed to help you find the best mortgage rates quickly and easily.

    No matter where you are in the country, Nesto lets you instantly compare low rates on a wide range of options — from 3-year fixed to 5-year variable mortgages.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)

    I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.

    About 20% of Americans aged 50 and older have nothing saved for retirement, according to a recent survey by AARP.

    For those starting late, the challenge to save enough in time might seem daunting. Americans believe they’ll need nearly $1.26 million on average for a comfortable retirement, based on a 2025 study by Northwestern Mutual. About 54% of Gen X — people between the ages of 45 and 60 — believe that they aren’t financially prepared for retirement.

    Even if you’re one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — here are six ways to catch up fast.

    Don’t miss

    Automatically invest your spare change

    You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.

    Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

    Plus, if you sign up now, you can get a $20 bonus investment when you set up a recurring deposit.

    Supercharge your retirement contributions

    Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.

    If you’re looking for other options to fund your retirement, you might consider investing directly in precious metals.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to potentially hedge their retirement funds against economic uncertainties.

    Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.

    Qualifying purchases can also receive up to $20,000 in free silver.

    Maximize your current savings

    Americans saved only 4.9% of their disposable personal income in April, based on data from the Bureau of Economic Analysis (BEA).

    Plus, 57% of Americans put their money in traditional savings accounts, according to the Federal Deposit Insurance Corporation (FDIC). These accounts have an average percentage yield of only 0.42%.

    If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like those offered by Wealthfront.

    Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 4.00% APY — almost 10 times the national average.

    With full access to your money at all times, Wealthfront also offers fast and free transfers to internal Wealthfront investing accounts, as well as external accounts.

    To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

    And if you fund your account with $500 or more, you’ll get a $30 bonus with Wealthfront Cash.

    Find additional sources of capital

    With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

    Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

    Terms and Conditions apply. NMLS# 1136.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Ensure your loved ones are taken care of

    Many retirees are part of a couple, relying on the income from two people to make ends meet.

    If the worst should happen, you’ll want to ensure your partner has the funds they’ll need to cover unexpected costs.

    Life insurance can offer a versatile solution to help support your family, providing coverage to potentially replace lost income or settle outstanding debts in the event of your death.

    Opting for term life insurance through a provider like Ethos, ensures that as you age, your loved ones are protected from unexpected costs. With term life insurance, you can secure affordable coverage while managing your other financial responsibilities.

    Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms spanning from 10 to 30 years. To get a free quote, simply answer a few questions about yourself. Then, you can compare various policies and choose one that best suits your needs.

    Talk to a financial advisor

    If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

    Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    The stock market has long been the go-to choice for people looking to invest their money. But that could be about to change as a younger generation — with a preference for alternative investments outside the shaky stock market — enters the scene.

    According to a recent survey from Bank of America, individuals aged 21 to 43 with at least $3 million in assets only have 25% of their portfolio invested in stocks — compared to 55% for wealthy investors aged above 43.

    Most rich, young Americans (93%) say they plan to allocate more of their portfolio to alternatives in the next few years. So, what alternative investments are capturing the interest of these young millionaires?

    Don’t miss

    A golden opportunity to hedge against inflation

    The Bank of America survey revealed that among wealthy young investors, 45% own gold as a physical asset, and another 45% are interested in holding it.

    Historically, gold has served as a hedge against inflation and market volatility. Many investors turn to “safe haven” assets like gold during economic and geopolitical instability to preserve their wealth.

    The enthusiasm of investors has indeed propelled the price of gold to record levels with the precious metal recently sitting around the $3,300 per ounce mark as of June 2025.

    There are lots of gold assets to choose from, including gold bars, coins and gold stocks.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to potentially hedge their retirement funds against economic uncertainties.

    Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.

    Qualifying purchases can also receive up to $20,000 in free silver.

    Real estate: rich with opportunity

    Real estate has long been considered a solid portfolio hedge, as rent and property values tend to increase with inflation. It’s no surprise that high-net-worth individuals — regardless of their age — see opportunity in this asset.

    In the Bank of America survey, 31% of younger people said real estate presents the greatest opportunities for growth. Federal Reserve data also shows that the top 1% of Americans hold over $6 trillion in real estate assets.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Artwork: a creative way to diversify

    More than 72% of younger investors (ages 21-43) believe it is no longer possible to achieve above average investment returns by investing solely in traditional stocks and bonds. Art is one of the alternative investments that has captured the attention of smart investors.

    With over $67 billion in annual transaction volume and a total estimated global value of $1.7 trillion, art represents a massive asset class, according to Deloitte.

    In fact, fine art has historically outperformed the S&P 500, with contemporary art achieving an annual return of 11.5% from 1995 to 2023, compared to the S&P 500’s 9.6% during the same period.

    In the past, you had to be ultra wealthy to invest in art, considering you needed to have the millions it takes to buy a painting at an auction.

    But Masterworks has now changed that. This investment platform has made it possible for more investors to access this prized asset.

    Instead of buying a single painting for millions of dollars, you can now invest in fractional shares of blue-chip paintings by renowned artists including Pablo Picasso, Basquiat and Banksy.

    All you have to do is select how many shares you want to buy and Masterworks will take care of the rest.

    How it works

    • Step 1: Accredited investors need to visit Masterworks.com, where they’ll be prompted to enter a few details about their portfolio and investment goals.

    • Step 2: Investors can schedule a call with one of Masterworks Advisers — registered investment representatives — to determine which current art holdings match their investment goals. The benefit is that you can select one or many art pieces, buying fractional shares based on your interests and goals.

    • Step 3: As soon as Masterworks sells a piece you invested in, you get a return from the net proceeds. While every artwork performs differently, overall the past three exits — where Masterworks has acquired, held and eventually sold the art work — delivered median returns of 17.6%, 17.8%, and 21.5%.

    See important Regulation A disclosures at Masterworks.com/cd.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Private equity investing

    Private equity refers to investments in companies that are not publicly traded on a stock exchange. This asset class involves investing directly in private companies, often during their growth stages or through buyouts.

    It remains a popular choice among young investors seeking higher returns and more control over their investments.

    The Bank of America survey showed that over 25% of young wealthy millionaires identified private equity as one of the greatest growth opportunities.

    While private equity offers significant upside potential, it also requires a longer-term commitment and comes with higher risks than public equities.

    Private equity is a broad category that spans a wide range of assets. So, finding a firm that can help you allocate your capital to the right assets, could be a way to dip your toe into this lucrative category.

    With Fundrise you get access to an expansive portfolio of alternative investment opportunities spanning real estate, private debt and venture capital.

    With over two million investors and managing over $7 billion in real estate assets alone, Fundrise is an accessible way to diversify your portfolio with the potential of yielding dividends every quarter.

    To get started, all you have to do is share some details about financial background and investing style, then Fundrise will build a portfolio for you that aligns with your goals and risk tolerance

    We earn a commission for this endorsement of Fundrise.

    Cryptocurrency: more than a craze

    Investors used to be skeptical about cryptocurrency, perhaps due to its speculative and highly volatile nature. But it has now entered the mainstream, and especially with President Trump vowing to create a “strategic national Bitcoin stockpile”, crypto has surged to a global market cap of $3.72 trillion.

    It’s no surprise that the wealthy millennials and Gen Z are fond of this asset class. In the Bank of America survey, 29% of younger people said cryptos offer the greatest opportunities for growth, while only 7% of the older group agreed.

    Rich young Americans also allocated 15% of their portfolios to crypto, compared to 2% of the older generation.

    If you’re interested in getting in on the crypto game, you can join the club through platforms like Gemini, which allows users to buy, sell and stores bitcoin and 70 other cryptocurrencies.

    You can place instant, recurring and limit buys on our growing and vetted list of available cryptos.

    But if you’re not ready to buy just yet, you can still invest in crypto with their Gemini credit card.

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    Breakups can be painful, but the pain can be amplified if you relied on your ex-partner to handle your finances.

    Elliot from Toronto, called into The Ramsey Show explaining that his separation from his wife has left him both emotionally and financially vulnerable. Although he earns $73,000 a year — it’s unclear if this was in U.S. or Canadian dollars — he’s not confident in managing the family budget by himself.

    “She used to handle all of the money in the house, so I’m just kind of figuring things out for myself now,” Elliot said in a clip posted Jan. 6, 2025.

    At the same time, he’s also figuring out how to raise his 18-month-old daughter as a single parent. He admits he hasn’t been able to stick to a budget and has struggled to save any money.

    Ramsey took the opportunity to highlight how heartbreak can be reflected in bank statements.

    Tackle the budget

    It’s common in marriages for one partner to take the lead in handling the household budget.

    If you’re not used to doing this type of work, you may struggle, if the relationship falls apart and suddenly the responsibility drops on you. Nearly half of Canadians say they’ve lost sleep because of financial worries, according to FCAC.

    To be fair, Elliot says he crafted a budget that should be leaving him $300 in savings every month. However, he hasn’t been able to stick to his plans and that excess money always seems to disappear.

    Ramsey believes Elliot’s emotional distress could be the reason why his budget plans haven’t worked out as expected.

    However, one of the main reasons why budgeting can be challenging is the difficulty of tracking multiple accounts and daily expenses at the same time. Juggling various bank accounts, credit cards, and cash transactions can quickly become overwhelming. That’s where Monarch Money’s expense tracking system comes in.

    The all-in-one money app seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.

    Whether you’re looking to save, buy a car, pay off debt, or simply control your spending, Monarch Money brings together everything you need to manage your finances effectively. For a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Curb emotional spending

    Following a budget is challenging at the best of times, but it becomes even harder when you’re dealing with the emotional weight of a breakup. Financial expert Ramsey cautions that emotional spending — like eating out or shopping to combat loneliness — can quickly derail your finances if not addressed. “You’re going through a heartbreak,” he told Elliot. “That pain will show up in your money if you don’t get ahead of it.”

    Research from the Bank of Canada also shows that financial stress can cause people to either cut back or overspend, depending on how they respond emotionally.

    Elliot admitted he’s not always attentive to his spending, though he didn’t confirm if emotions were driving it. Ramsey recommends taking a proactive approach: before the month begins, assign every dollar a job and track where your money goes.

    “The only way to make the money behave is, before the month starts, write every dollar down and where it’s going to go,” Ramsey advised. “You’re in charge of it, but you need to tell it what to do.”

    Setting up regular, automated contributions to a high-yield savings account can help curb emotional spending, as every dollar has a designated purpose. Using a chequing account that pays high interest — like the EQ Bank Personal Account — will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high-interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it. The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.

    Building your savings in this way can help you create a short-term emergency fund or reserve money for essential expenses like childcare.

    Build a strong foundation

    As a single parent, prioritizing savings for your daughter’s future can make all the difference in giving her a strong start in life — whether it’s for education, unexpected costs or her important milestones. One effective way to do this is by opening a Registered Education Savings Plan (RESP) through Wealthsimple Investing.

    An RESP is a government-registered savings account designed specifically to help parents, grandparents, and guardians save for post-secondary education expenses. By investing in an RESP with Wealthsimple, you can take advantage of the Canada Education Savings Grant (CESG), where the government adds up to 20% on contributions — helping your savings grow faster without extra effort on your part.

    You can get a $25 bonus when you open your first Wealthsimple account and fund the account with at least $1 within 30 days.

    After securing your child’s education fund, it’s just as important to plan for your financial future. By opening an RRSP and TFSA with Wealthsimple and setting up regular contributions, you can steadily save for retirement or a future home, allowing you to balance both your personal and family’s long-term goals.

    Wealthsimple RRSP and TFSA accounts provide a smart, effortless way to invest and grow your savings with low fees and no hidden charges. Designed to help Canadians reach their financial goals, these accounts offer automated investing with diversified portfolios tailored to your risk level. Whether you’re saving for retirement with an RRSP or building tax-free growth with a TFSA, Wealthsimple makes investing simple, accessible, and transparent — so you can focus on what matters most.

    The next step is buying a home. When you’re ready to do so, finding the right mortgage can feel complicated and time-consuming. That’s why using Nesto could be a smart choice. Nesto is Canada’s first fully digital mortgage broker, designed to help you find the best mortgage rates quickly and easily.

    No matter where you are in the country, Nesto lets you instantly compare low rates on a wide range of options — from 3-year fixed to 5-year variable mortgages.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘It’s not taxed at all’: Warren Buffett said this is the ‘best investment’ you can make to fight inflation — how to put his advice into action

    ‘It’s not taxed at all’: Warren Buffett said this is the ‘best investment’ you can make to fight inflation — how to put his advice into action

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    With an estimated net worth of $161.8 billion, Warren Buffett, the CEO of Berkshire Hathaway, has built a tremendous financial empire.

    Now, At 94 years old, Warren Buffett has finally decided to retire from his longtime post, having announced the decision at the company’s annual shareholder meeting in early May. Vice-chair Greg Abel will take over the top job as of Jan. 1, 2026, and Buffett will remain as chairman.

    With a net worth like his, you might anticipate Buffett living a lavish retirement. But unlike the high-roller lifestyles of other extremely rich celebrities and business people, Warren Buffett lives by smart — and surprisingly simple — investment philosophies that have positively influenced millions of investors around the world. One of his most famous rules is to buy and hold for as long as possible.

    “You’ve got to be prepared when you buy a stock to have it go down 50% or more, and be comfortable with it… but some people are not really careful. Some people are more subject to fear than others.”

    Don’t miss

    Invest in yourself

    At the 2022 Berkshire Hathaway annual shareholder’s meeting, Buffet said “Whatever abilities you have can’t be taken away from you. They can’t be inflated away from you,” he said. “The best investment by far is anything that develops yourself, and it’s not taxed at all.”

    While this isn’t a traditional investment tip, Buffett firmly believes that by regularly investing in knowledge and self-improvement, you yourself become an asset and can more easily access opportunities for growing your wealth.

    Even now, Buffett has wise investment advice for investors seeking to shield their wealth and even grow it while keeping their tax obligations low.

    Here are some of his top investing strategies.

    Real estate

    Real estate is generally a “good investment” during times of inflation, according to Buffett.

    “They’re the businesses that you buy once and then you don’t have to keep making capital investments subsequently. So, you do not face the problem of continuous reinvestments involving greater and greater dollars because of inflation,” he said during the 2015 Berkshire Hathaway shareholders meeting.

    But, while real estate might be a good investment, its barrier to entry can be difficult to cross. Luckily, there are plenty of platforms out there that allow you to invest in real estate with ease.

    First National Realty Partners makes it easy for accredited investors to diversify through opportunities in grocery-anchored, necessity-based retail space.

    Through FNRP’s online platform, accredited investors can potentially collect quarterly cash flow through a diverse real estate portfolio.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Stocks pricing power

    Buffett has been around the block a few times, experiencing many highs and lows in the U.S. economy. He has managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of insight on what to own when consumer prices spike.

    Buffett likes high-quality businesses with low capital needs, such as Apple. The technology company boasts some impressive financial metrics — a testament to the company’s efficiency, strength and negotiating power — which have enabled it to thrive during this period of inflation.

    If you’re looking for a low-stress way to start your investing journey, consider signing up for Acorns, an automated savings and investment app.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. Right now, when you sign up for Acorns, you can get a bonus $20 bonus investment to start growing your savings.

    Gold

    While Buffett is known for being uninterested in gold investing — describing it in a 2011 letter to shareholders as an asset “that will never produce anything” — other money mavens consider it to be a solid hedge against inflation because its purchasing power has remained relatively stable over time.

    Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

    If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover.

    Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • How to put Dave Ramsey’s ‘7 Baby Steps’ into action

    How to put Dave Ramsey’s ‘7 Baby Steps’ into action

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Breaking out of the debt cycle isn’t easy.

    According to research by Empower, 37% of Americans can’t cover a $400 emergency expense without borrowing money or dipping into their savings. And a startling 145 million Americans have less than $1,000 in savings.

    Don’t miss

    So how do you beat debt and build wealth if you’re living paycheck to paycheck?

    You may have already heard of Dave Ramsey’s 7 Baby Steps. The radio host and personal finance personality has popularized this step-by-step guide to take control of your money.

    "It’s not a fairy tale. Anyone can do it, and the plan works every single time,” according to Ramsey. “Many people have used the plan to ditch debt, increase wealth, and live and give like no one else.”

    Whether it’s high-yield savings accounts or low-fee investment options, here are tools that can help you put Dave Ramsey’s 7 Baby Steps into action.

    Baby Step 1: Save $1,000 for your starter emergency fund

    An emergency fund is a savings buffer set aside for unexpected expenses like home or car repairs – so you can avoid going into debt in case of an unplanned financial situation.

    “Without an emergency fund, you are one car repair or medical bill away from financial disaster,” Ramsey noted.

    But starting an emergency fund doesn’t have to be overwhelming.

    One of the easiest ways to kickstart your emergency fund is by automatically saving your spare change with Acorns. When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio.

    For example, if you buy coffee for $4.30, Acorns will round up to $5.00 and automatically save that 70 cents. These small amounts can add up significantly – just $2.50 in daily round-ups could accumulate to $900 per year, helping you build your emergency fund without thinking about it.

    Plus, if you sign up now you get a $20 bonus.

    Another smart way to grow your emergency fund is by reducing monthly expenses.

    For instance, many people are overpaying for car insurance simply because they don’t compare rates regularly.

    OfficialCarInsurance.com makes it easy to compare quotes from leading insurers in your area, potentially saving you hundreds of dollars annually on premiums.

    The process is 100% free and won’t affect your credit score. In just a few clicks, you could pay as little as $29 a month.

    The money you save on lower insurance rates can go directly into your emergency fund, accelerating your progress toward financial security.

    Baby Step 2: Pay off all debt (except the house) using the debt snowball

    As of the third quarter of 2024, total credit card debt in the U.S. reached an all-time high of $1.17 trillion, according to the Federal Reserve.

    Dave Ramsey recommends using the debt snowball method to pay off your debts. Focus on paying off the smallest debt first while making minimum payments on the others. Once the smallest is paid off, move that payment to the next smallest debt and keep going.

    "Debt isn’t a math problem; it’s a behavior problem. The debt snowball method helps you change your behavior by giving you quick wins and keeping you motivated,” according to Ramsey.

    Consolidating all your debts into a personal loan through Credible is an effective way to get rid of your debt faster. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.

    Through Credible’s online marketplace, the process of finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.

    In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.

    Even after consolidating your major debts, staying debt-free can be challenging, especially with rising costs and unforeseen expenses. A budget tool like Origin can help you monitor your spending and stay on track with your goals.

    Named by Forbes as the best budgeting app in 2024, Origin helps track your spending, save for your financial goals, view your net worth and invest on the platform to build wealth. Link your accounts so you can take a big-picture look at your net worth, investments and credit score. This allows you to see where you’re overspending and hit your financial goals faster.

    You can prioritize saving for short or long-term goals — like a vacation or a down payment for a house — with the help of their new AI budget builder, which can create a personalized budget instantly.

    Get started with a 7-day free trial today, plus 35% OFF your first year.

    Baby Step 3: Save 3 to 6 months of expenses in a fully funded emergency fund

    Now that your debt is behind you, keep moving forward with Dave Ramsey’s Baby Steps by focusing on building your fully funded emergency fund. “Take the money you were using to pay down debt and set aside three to six months’ worth of expenses,” according to Ramsey.

    This will safeguard you from life’s bigger unexpected bumps – like job loss or a medical emergency – and help you stay on track without slipping back into debt.

    Parking your cash in a high-yield savings account can significantly boost your savings and keep you on course to reach your financial goals. Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%.

    Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

    SavingsAccounts.com, is an online platform that compares savings accounts from over 400 banks and financial institutions. It provides up-to-date information on interest rates, fees and account features. SavingsAccounts.com can help you maximize your savings potential by finding accounts that best match your financial needs.

    You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

    Baby Step 4: Invest 15% of your household income in retirement

    The next Baby Step is to start investing 15% of your gross income towards retirement.

    “By the time you’re 67, you should still be working because you want to, not because you have to,” said Ramsey.

    A trusted, pre-screened financial advisor can help you develop a solid retirement strategy.

    According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For instance, if you start with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Baby Step 5: Save for your children’s college fund

    By this point, following Dave Ramsey’s 7 Baby Steps, you’ve paid off most of your debts (except the mortgage) and started saving for retirement. The next step is to begin saving for your children’s college expenses.

    For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

    The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

    By combining these two powerful tools – earning higher interest rates on your cash while systematically funding a tax-advantaged 529 plan – you can build a solid college savings strategy that works in the background while you focus on other aspects of family life and the next Dave Ramsey Baby Step.

    Baby Step 6: Pay off your home early

    Now, bring it all home. Your mortgage is the only thing between you and complete freedom from debt. Ramsey said, “Baby Step 6 is the big dog!”

    Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two effective ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

    When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

    Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

    Their team of experienced professionals will guide you through the process, helping you understand the potential savings and timeline to become mortgage-free and cross out another Ramsey Baby Step.

    When you finally pay off the mortgage, you can then start making your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

    Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

    Baby Step 7: Build wealth and give

    Ramsey said the last step is the most rewarding: keep building wealth, become outrageously generous and leave a legacy.

    Real estate has long been a proven path to building generational wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a new Gallup survey.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    The next factor to consider is the preservation and protection of your wealth. Life insurance is one such tool for protecting your wealth, offering financial security for your family and ensuring your legacy is preserved.

    When selecting an insurance type, Dave Ramsey recommends that families choose term life insurance over whole life insurance and invest the significant savings in a tax-advantaged retirement account.

    Term life insurance offers coverage for a predetermined period that typically ranges from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option compared to whole life insurance.

    Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

    With Ethos, you can get a policy with up to $2 million in coverage, starting at just $2 per day. The application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

    What to read next

    Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    Breakups can be painful, but the pain can be amplified if you relied on your ex-partner to handle your finances.

    Elliot from Toronto, called into The Ramsey Show explaining that his separation from his wife has left him both emotionally and financially vulnerable. Although he earns $73,000 a year — it’s unclear if this was in U.S. or Canadian dollars — he’s not confident in managing the family budget by himself.

    “She used to handle all of the money in the house, so I’m just kind of figuring things out for myself now,” Elliot said in a clip posted Jan. 6, 2025.

    At the same time, he’s also figuring out how to raise his 18-month-old daughter as a single parent. He admits he hasn’t been able to stick to a budget and has struggled to save any money.

    Ramsey took the opportunity to highlight how heartbreak can be reflected in bank statements.

    Tackle the budget

    It’s common in marriages for one partner to take the lead in handling the household budget.

    If you’re not used to doing this type of work, you may struggle, if the relationship falls apart and suddenly the responsibility drops on you. Nearly half of Canadians say they’ve lost sleep because of financial worries, according to FCAC.

    To be fair, Elliot says he crafted a budget that should be leaving him $300 in savings every month. However, he hasn’t been able to stick to his plans and that excess money always seems to disappear.

    Ramsey believes Elliot’s emotional distress could be the reason why his budget plans haven’t worked out as expected.

    However, one of the main reasons why budgeting can be challenging is the difficulty of tracking multiple accounts and daily expenses at the same time. Juggling various bank accounts, credit cards, and cash transactions can quickly become overwhelming. That’s where Monarch Money’s expense tracking system comes in.

    The all-in-one money app seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.

    Whether you’re looking to save, buy a car, pay off debt, or simply control your spending, Monarch Money brings together everything you need to manage your finances effectively. For a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Curb emotional spending

    Following a budget is challenging at the best of times, but it becomes even harder when you’re dealing with the emotional weight of a breakup. Financial expert Ramsey cautions that emotional spending — like eating out or shopping to combat loneliness — can quickly derail your finances if not addressed. “You’re going through a heartbreak,” he told Elliot. “That pain will show up in your money if you don’t get ahead of it.”

    Research from the Bank of Canada also shows that financial stress can cause people to either cut back or overspend, depending on how they respond emotionally.

    Elliot admitted he’s not always attentive to his spending, though he didn’t confirm if emotions were driving it. Ramsey recommends taking a proactive approach: before the month begins, assign every dollar a job and track where your money goes.

    “The only way to make the money behave is, before the month starts, write every dollar down and where it’s going to go,” Ramsey advised. “You’re in charge of it, but you need to tell it what to do.”

    Setting up regular, automated contributions to a high-yield savings account can help curb emotional spending, as every dollar has a designated purpose. Using a chequing account that pays high interest — like the EQ Bank Personal Account — will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high-interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it. The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.

    Building your savings in this way can help you create a short-term emergency fund or reserve money for essential expenses like childcare.

    Build a strong foundation

    As a single parent, prioritizing savings for your daughter’s future can make all the difference in giving her a strong start in life — whether it’s for education, unexpected costs or her important milestones. One effective way to do this is by opening a Registered Education Savings Plan (RESP) through Wealthsimple Investing.

    An RESP is a government-registered savings account designed specifically to help parents, grandparents, and guardians save for post-secondary education expenses. By investing in an RESP with Wealthsimple, you can take advantage of the Canada Education Savings Grant (CESG), where the government adds up to 20% on contributions — helping your savings grow faster without extra effort on your part.

    You can get a $25 bonus when you open your first Wealthsimple account and fund the account with at least $1 within 30 days.

    After securing your child’s education fund, it’s just as important to plan for your financial future. By opening an RRSP and TFSA with Wealthsimple and setting up regular contributions, you can steadily save for retirement or a future home, allowing you to balance both your personal and family’s long-term goals.

    Wealthsimple RRSP and TFSA accounts provide a smart, effortless way to invest and grow your savings with low fees and no hidden charges. Designed to help Canadians reach their financial goals, these accounts offer automated investing with diversified portfolios tailored to your risk level. Whether you’re saving for retirement with an RRSP or building tax-free growth with a TFSA, Wealthsimple makes investing simple, accessible, and transparent — so you can focus on what matters most.

    The next step is buying a home. When you’re ready to do so, finding the right mortgage can feel complicated and time-consuming. That’s why using Nesto could be a smart choice. Nesto is Canada’s first fully digital mortgage broker, designed to help you find the best mortgage rates quickly and easily.

    No matter where you are in the country, Nesto lets you instantly compare low rates on a wide range of options — from 3-year fixed to 5-year variable mortgages.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here’s what Dave Ramsey told him

    Breakups can be painful, but the pain can be amplified if you relied on your ex-partner to handle your finances.

    Elliot from Toronto, called into The Ramsey Show explaining that his separation from his wife has left him both emotionally and financially vulnerable. Although he earns $73,000 a year — it’s unclear if this was in U.S. or Canadian dollars — he’s not confident in managing the family budget by himself.

    “She used to handle all of the money in the house, so I’m just kind of figuring things out for myself now,” Elliot said in a clip posted Jan. 6, 2025.

    At the same time, he’s also figuring out how to raise his 18-month-old daughter as a single parent. He admits he hasn’t been able to stick to a budget and has struggled to save any money.

    Ramsey took the opportunity to highlight how heartbreak can be reflected in bank statements.

    Tackle the budget

    It’s common in marriages for one partner to take the lead in handling the household budget.

    If you’re not used to doing this type of work, you may struggle, if the relationship falls apart and suddenly the responsibility drops on you. Nearly half of Canadians say they’ve lost sleep because of financial worries, according to FCAC.

    To be fair, Elliot says he crafted a budget that should be leaving him $300 in savings every month. However, he hasn’t been able to stick to his plans and that excess money always seems to disappear.

    Ramsey believes Elliot’s emotional distress could be the reason why his budget plans haven’t worked out as expected.

    However, one of the main reasons why budgeting can be challenging is the difficulty of tracking multiple accounts and daily expenses at the same time. Juggling various bank accounts, credit cards, and cash transactions can quickly become overwhelming. That’s where Monarch Money’s expense tracking system comes in.

    The all-in-one money app seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.

    Whether you’re looking to save, buy a car, pay off debt, or simply control your spending, Monarch Money brings together everything you need to manage your finances effectively. For a limited time, you can get 50% off your first year with the code MONARCHVIP.

    Curb emotional spending

    Following a budget is challenging at the best of times, but it becomes even harder when you’re dealing with the emotional weight of a breakup. Financial expert Ramsey cautions that emotional spending — like eating out or shopping to combat loneliness — can quickly derail your finances if not addressed. “You’re going through a heartbreak,” he told Elliot. “That pain will show up in your money if you don’t get ahead of it.”

    Research from the Bank of Canada also shows that financial stress can cause people to either cut back or overspend, depending on how they respond emotionally.

    Elliot admitted he’s not always attentive to his spending, though he didn’t confirm if emotions were driving it. Ramsey recommends taking a proactive approach: before the month begins, assign every dollar a job and track where your money goes.

    “The only way to make the money behave is, before the month starts, write every dollar down and where it’s going to go,” Ramsey advised. “You’re in charge of it, but you need to tell it what to do.”

    Setting up regular, automated contributions to a high-yield savings account can help curb emotional spending, as every dollar has a designated purpose. Using a chequing account that pays high interest — like the EQ Bank Personal Account — will allow you to earn high interest on your day-to-day spending and be better prepared if you need funds to fall back on.

    The EQ Bank Personal Account offers the interest-earning potential of a high-interest savings account, at a rate of 3.50% per dollar, while also having easy access to your money when you need it. The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.

    Building your savings in this way can help you create a short-term emergency fund or reserve money for essential expenses like childcare.

    Build a strong foundation

    As a single parent, prioritizing savings for your daughter’s future can make all the difference in giving her a strong start in life — whether it’s for education, unexpected costs or her important milestones. One effective way to do this is by opening a Registered Education Savings Plan (RESP) through Wealthsimple Investing.

    An RESP is a government-registered savings account designed specifically to help parents, grandparents, and guardians save for post-secondary education expenses. By investing in an RESP with Wealthsimple, you can take advantage of the Canada Education Savings Grant (CESG), where the government adds up to 20% on contributions — helping your savings grow faster without extra effort on your part.

    You can get a $25 bonus when you open your first Wealthsimple account and fund the account with at least $1 within 30 days.

    After securing your child’s education fund, it’s just as important to plan for your financial future. By opening an RRSP and TFSA with Wealthsimple and setting up regular contributions, you can steadily save for retirement or a future home, allowing you to balance both your personal and family’s long-term goals.

    Wealthsimple RRSP and TFSA accounts provide a smart, effortless way to invest and grow your savings with low fees and no hidden charges. Designed to help Canadians reach their financial goals, these accounts offer automated investing with diversified portfolios tailored to your risk level. Whether you’re saving for retirement with an RRSP or building tax-free growth with a TFSA, Wealthsimple makes investing simple, accessible, and transparent — so you can focus on what matters most.

    The next step is buying a home. When you’re ready to do so, finding the right mortgage can feel complicated and time-consuming. That’s why using Nesto could be a smart choice. Nesto is Canada’s first fully digital mortgage broker, designed to help you find the best mortgage rates quickly and easily.

    No matter where you are in the country, Nesto lets you instantly compare low rates on a wide range of options — from 3-year fixed to 5-year variable mortgages.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)

    I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.

    About 20% of Americans aged 50 and older have nothing saved for retirement, according to a recent survey by AARP.

    For those starting late, the challenge to save enough in time might seem daunting. Americans believe they’ll need nearly $1.26 million on average for a comfortable retirement, based on a 2025 study by Northwestern Mutual. About 54% of Gen X — people between the ages of 45 and 60 — believe that they aren’t financially prepared for retirement.

    Even if you’re one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — here are six ways to catch up fast.

    Don’t miss

    Automatically invest your spare change

    You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.

    Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

    Plus, if you sign up now, you can get a $20 bonus investment when you set up a recurring deposit.

    Supercharge your retirement contributions

    Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.

    If you’re looking for other options to fund your retirement, you might consider investing directly in precious metals.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

    Maximize your current savings

    Americans saved only 4.9% of their disposable personal income in April, based on data from the Bureau of Economic Analysis (BEA).

    Plus, 57% of Americans put their money in traditional savings accounts, according to the Federal Deposit Insurance Corporation (FDIC). These accounts have an average percentage yield of only 0.42%.

    If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like those offered by Wealthfront.

    Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 4.00% APY — almost 10 times the national average.

    With full access to your money at all times, Wealthfront also offers fast and free transfers to internal Wealthfront investing accounts, as well as external accounts.

    To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

    And if you fund your account with $500 or more, you’ll get a $30 bonus with Wealthfront Cash.

    Find additional sources of capital

    With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

    Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

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    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Ensure your loved ones are taken care of

    Many retirees are part of a couple, relying on the income from two people to make ends meet.

    If the worst should happen, you’ll want to ensure your partner has the funds they’ll need to cover unexpected costs.

    Life insurance can offer a versatile solution to help support your family, providing coverage to potentially replace lost income or settle outstanding debts in the event of your death.

    Opting for term life insurance through a provider like Ethos, ensures that as you age, your loved ones are protected from unexpected costs. With term life insurance, you can secure affordable coverage while managing your other financial responsibilities.

    Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms spanning from 10 to 30 years. To get a free quote, simply answer a few questions about yourself. Then, you can compare various policies and choose one that best suits your needs.

    Talk to a financial advisor

    With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

    Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

    All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

    Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

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    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.