Master Your Finances in 2024: Expert Tips on Credit Cards, Savings, and Investing
In a recent newsletter, the author discusses their achievement in updating their wills in 2023 and shares their goal for 2024, which is to focus on estate planning and review all their savings and investment accounts to ensure they have chosen beneficiaries or successor account holders/annuitants. They offer their assistance to anyone looking for ideas or inspiration for their own 2024 financial resolutions.
To kick off the year, the author provides a curated collection of links to advice on credit cards, saving money, investing, and commentary on the economy. They emphasize the importance of not only setting financial resolutions but also following through with them. However, if individuals are facing financial challenges due to inflation or high borrowing costs, the author suggests prioritizing survival with minimal damage and shifting focus to these goals in 2025.
The newsletter then offers a toolbox of resources for personal finance and investing in 2024. It includes lists of the best and worst credit cards, with insights on improved credit card rewards. Additionally, there are tips for finding savings at home, lessons on money management from Lord of the Rings, insights into the mortgage market, information on buying affordable vehicles, economic forecasts, dividend stock considerations, resolutions for millennials and Gen Z, and guidance on where to invest.
The author also addresses a reader’s question about income tax on different forms of investments, comparing high dividend stocks and guaranteed investment certificates (GICs). They provide an example of someone with a $75,000 income, highlighting the varying tax rates on regular income, GIC interest, and dividends from publicly traded companies. They also note that GICs offer virtually risk-free investments, whereas dividend stocks can be more volatile and may cut or suspend their dividends in rare cases.
The newsletter concludes by mentioning the financial well-being dashboard created by the federal Financial Consumer Agency of Canada, which documents people’s sentiments about money. Finally, the author shares a recommendation for an album called London Ko by Malian musician Fatoumata Diawara, describing it as fresh, upbeat music to start the year on a positive note.
In summary, the newsletter offers expert tips and resources to help individuals master their finances in 2024. The author covers a range of topics, including credit cards, savings, investing, mortgages, vehicle purchases, economic trends, tax considerations, and recommendations for personal finance resolutions. By providing links and insights, the author aims to support readers in achieving their financial goals and making informed decisions.
