Recently, I wrote about the financial goals I have as I begin my 30s. However, in the comments, there was a request for a list of things that can be done when just starting out. As a result, I’ve thought about 5 things that you can before you are 20 to start out on the right financial foot:

1. Get a Job

Learn the value of work. It doesn’t need to be full-time, but an after school job in which you work 10-15 hours a week can be a great way to learn the value of work, and to get some experience — even if it’s the experience that tells you that you don’t want to be doing something for the rest of your life. You can also learn the value of working for yourself. I taught piano lessons out of my home while in high school, and enjoyed that much more than working as a cashier at the local craft store. I learned early on that I wanted to be my own boss. It is also possible to learn to love a profession, as my sister-in-law did as a runner in a law firm. Now she’s on her way to law school. Plus, you can learn basic money management lessons when you have a job.

2. Start Saving

It’s never to early to start saving — my seven-year-old saves 20% of his allowance each week. Devote a percentage of your income to savings, whether it is from your allowance or a part-time job. This will get you in the habit of saving, and that is a good habit to be in. You can even contribute to a 529 (that your parents set up) if you plan to attend college. Saving now will also set you up later, since you will have even longer to benefit from compound interest earnings. I wish I had been more consistent about saving money in my teen years.

3. Open an IRA (TFSA/RRSP for Canadians)

Even if you aren’t 18, you can open an IRA. Your guardian (probably one of your parents) has to sign if you are under 18, but if you are earning an income, you can open an IRA — either traditional or Roth. I know someone who opened an IRA at 16, and his retirement account is waaaaay ahead of mine, even though he doesn’t put in more than I do. Starting early in a tax-advantaged retirement account, and being consistent about your contributions, is a great way to build for the future. You may only be able to put in a few bucks a month now, but as your earning power increase, so can your contributions. [NOTE by RAY: Canadians can accomplish this by opening either a TFSA account or a RRSP account

4. Be Wary of Credit Cards

While credit cards themselves aren’t evil, it is very easy to fall into the debt trap. Of course, the Credit CARD Act has made it so that those under 21 can’t get a credit card without a co-signer, unless they can prove they are capable of making payments. So if you are 18, and have a job, you might still be able to get a credit card. However, you should be wary. Keep track of your spending, and if you do use credit cards, be careful to pay the balances off each month. Do not spend money that you don’t have. I can tell you that I regret the maxed out credit cards I had by my third year of college. I have credit cards now, and I pay off what I spend, and work the rewards, but I wish I had been responsible when I got my first card at 18 — I could have saved thousands in interest.

You can also find other ways to build credit, including getting a small car loan (your parents may need to co-sign) or getting a small personal loan from your bank. Just make sure you make regular, on time payments.

5. Learn to Budget

Now is a good time to learn basic budgeting principles. Learn how to make a budget. This includes tracking your spending, setting spending priorities, and practicing discipline to follow your budget or spending plan. Sometimes it means learning to delay your gratification (which can be hard). Learning to monitor your habits, and adjust them to fit your financial goals is a vital part of creating a secure financial foundation.

Bonus: If you are planning to attend college, your teen years are an ideal time to place yourself in a position to save money down the road. Work on your grades, and extracurricular activities. Of course, you still have to be responsible with money, even if you have part of your schooling paid for. My full-tuition scholarship didn’t stop me from getting into debt through stupid money mistakes.

Can you think of additional money moves that can be made before you are 20?

2008 was difficult year for most investors, the stock market lost all its gains from the pas 10 years and we saw the biggest “correction” since the great depression. Blue chip companies, strong and stable companies, cut dividends and had massive layoffs some even begged the fed to bail them out. Then there were the stories of Bernard Madoff and Ed Earl Jones costing investors their lifetime of savings. More and more investors have decided to become “Do it Yourself” (DIY) investors and often rightly so, but what is the secret to becoming a good DIY investor? There really is no magic to investing; anyone can do it as long as you follow a few simple rules. Previously we published 10 investing tips to become a successful investor to help DIY investors. Although there is no magic to investing if you are a new DIY investor you can easily fall into the common investing traps and ruin your portfolio – detailed below.

1. Buy, Sell, Buy, Sell…

Short term trading, quick buying and selling is one of the best ways to destroy your investment portfolio. Online discount brokers make it is very simple to just buy and sell securities with the click of a mouse, sit in front of your monitor and constantly watch your stock price. Of course when you see your stock take a little hit just click sell and it’s sold. Thank god you acted fast and took a 2% loss; you do that a few times a month and got yourself a 10% loss. Add the trading fees on top of that and your losses increase. Statistics show that short term trading fails over the long term in overwhelmingly majority of cases. Very few people can be profitable day traders. So if you want to destroy your investment portfolio, start with short term trading.

2. HOT Stock Tip – Get Rich Quick

A few weeks ago a friend of mine called and said a co-worker had given him a good tip on a stock and he should buy some, he was considering a $10,000 purchase. So I asked him some basic questions: “What does the company do”, “What do analysts say”, “What’s the management’s history?”… He did not know the answer to any of these, and decided to ask the person who tipped him…he had no clue either but was sure it’s a good investment his brother-in-law’s friend had said so. I advised him against the purchase and his colleague is now down 35% in 2 weeks …OUCH! There is almost no better way to demolish your portfolio than to follow the “hot” stock tips or the get rich quick stocks. Purchasing strong, stable companies is boring!

3. Find the Exotic

The investment industry loves creating new investment products, every few months some new exotic investment is brought to the market. Investors jump at these investment vehicles without understanding the risks associated with them. A great way to destroy your investment portfolio: put a large chunk of your retirement fund into these exotic investments and watch them disappear.

4. Asset Allocation is Not For You

One of the first things any investor should do before investing is have an asset allocation and stick to it, well that is for anyone who wants to see their investment portfolio grow. Asset allocation ensures you are diversified among all asset classes (stocks, bonds, cash etc). Studies show that over 90% of your portfolios variability is due to your asset allocation – not sticking to your asset allocation is crucial to the destruction of your investment portfolio.

5. Diversification is Overrated

Every investor knows or has at least heard of diversification, it’s the cornerstone of every good investment portfolio. Simple concept: don’t put all your eggs in one basket. Diversifying your investment portfolio will ensure that your investments are spread out and you are not taking more risk than you need to. Just ignore this important concept and your investment portfolio will surely vanish.

You combine these five tips and you are guaranteed to lose more money in the stock market than you have ever dreamed of.

What tips do you have for those who want to demolish their investment portfolios? Any bad investment decisions you have made in the past?

[Share your thoughts and win one of our Anniversary Prizes!]

So you missed the RRSP deadline last week and are not sure what to do now? There is not much you can do for 2009 unfortunately, but you can learn from your mistakes and avoid them for 2010. Although RRSP contribution from this point on cannot be used to reduce taxes for 2009,  you can do a few things to prevent this from happening again.

First of all one important lesson should be taken from this: Do not leave RRSP contributions for the last minute. Often people ignore their RRSP contributions till the “RRSP Season” however I don’t believe there is such a thing as “RRSP season.” RRSP contribution and planning should be done throughout the year, not just a few months before the deadline. By contributing to an RRSP plan throughout the year, you can avoid the last minute scramble for cash.

Focus On Retirement

Although RRSP contribution gives Canadians a nice tax break, the primary purpose of the RRSP should not be tax reduction, rather it should be retirement planning. RRSP is a retirement vehicle and its purpose is to ensure you have sufficient funds in your retirement years to maintain your lifestyle. Often people make tax reduction the primary goal for their RRSP plan and investment a secondary goal. You should think investment first and tax shelter second.

Spousal Plans

Spousal RRSP plans can have many advantages; for example if you are in a higher tax bracket than your spouse you can benefit from spousal contribution. Consider contributing to a spousal RRSP plan, if you have any contribution room left, this way you will get the tax deduction while your wife will pay the tax when she withdraws the funds.

Free Money

Some employers offer RRSP matching programs, where you contribute to an employer sponsored RRSP plan and your employer will match it up to a certain limit. Usually you do not have a wide variety of investment options within these plans, but it’s free money from your employer so why leave it on the table?

Get Refunds Earlier

Set up a monthly contribution plan and get your employer to send a portion of your paycheque to your RRSP plan. In doing so your payroll department will make those contributions before taxing them so you’ll be getting the refund on them right away rather than months later. As a bonus you also benefit from compounding and will not have to scramble for cash last minute before the deadline.

Have you missed RRSP deadlines in the past, what have you learned from them? How do you ensure you do not miss the deadline?

[Share your thoughts and win one of our Anniversary Prizes!] Winner of Yesterday’s Prize Micheal, CONGRATS!

I turned 30 at the end of last year. Reaching this milestone has really got me thinking about what I want to accomplish in the coming decade — especially in terms of finances. I made a lot of money mistakes while in my 20s, but, for the most part, those are rectified. But I don’t want to fall behind financially like I did during the first part of the last decade. So I’m making 8 financial goals for my 30s. Here are some things to consider as you move into the next phase of your life:

1. Pay off non-mortgage debt: It’s best if you have already paid off your credit cards. But if you haven’t, now is the time to tackle what remains of youthful indulgences with plastic. (And get out of the debt cycle once and for all.) Once that is done, your early 30s should be devoted to getting rid of auto loans, student loans and other debt that isn’t mortgage related. When your non-mortgage debt is paid off, you can start thinking of paying down your mortgage.

2. Protect what you have: Review your insurance policies. Make sure your home, auto and health are adequately covered. Look for ways to save money on insurance, yes, but make sure that you aren’t sacrificing the coverage you need. Consider the possible catastrophes that could occur, and plan for disability, accident and other unexpected expenses.

3. Check your life insurance: Now that you are more established, and possibly have a family, you need to make sure your dependents will be cared for should the unthinkable happen. Get coverage for your life. You can actually get good term life insurance coverage for very little while in your 30s.

4. Make a will: I admit that I still need to do this — and my son is seven years old. Thank heavens nothing has happened to my husband and me. It is vital to draft a will, and to make provisions for what happens if you become incapacitated in some way. Make sure that friends and family know where this information can be found, and that a couple of trusted people have copies.

5. Up your retirement contributions: Hopefully, you began saving for retirement in your 20s. If you didn’t, open a retirement account (or three). If you have a spouse, open retirement accounts for him/her as well. Look at what you have been investing in your retirement, and then figure out how much more you can put in. Reconsider your priorities; your kids can get loans for college, but you are on your own for retirement. Get serious about the future.

6. Consider your asset allocation: Now is the time to take a look at your investment portfolio and consider your asset allocation. Make a plan that fits your long term financial goals, and consider asset allocation and appropriate diversification as part of that plan. You might need professional help as you plan ahead. Just make sure you re-visit your portfolio at least once a year throughout your 30s to re-balance as needed.

7. Live a simple lifestyle: Find contentment with who you are and what you have, and attempt to live simply. This doesn’t mean that you can’t get out and enjoy yourself with the occasional treat or vacation, but it does mean that you need to train yourself to live within your means, and save up for those fun extras. Develop a sense of yourself, and contentment with that, and you will be less tempted to spend yourself into debt in order to keep up with friends and family who appear to be living large.

8. Keep your skills sharp: Continue learning so that you are up with technology, industry trends and certifications. Even if you aren’t pursuing a degree, engage in personal and career development so that you remain competitive and marketable.

Your 30s are a great time to improve your finances. It’s not too late to start over if your finances are a mess, and if you have managed to lay a solid financial foundation in your 20s, it’s the perfect time to build on it.

[Share your thoughts and win one of our Anniversary Prizes!]

It was a little over one year ago when Financial Highway launched, at that time I had no idea what I was doing nor did I know where it was going. A year later and…wow…let’s just say I am happy I started this.

Some of the Highlights of Year 1:

Over a dozen mentions in mainstream media such as Globe and Mail Wall Street Journal, Consumerist and others. See a full list if FH in the news.

Twitter: For the first little while I stayed away from twitter, but eventually gave in on March 22^nd and now have over 925 followers and on 75 lists. Not sure why all these people are following me, but am glad to have such loyal followers ! FOLLOW US ON TWITTER

Our article 11 Dumb Ways to Get in Debt became best finance article of 2009! And is currently playing in March Madness 2010.

Plutus Nominations
We received 4 nominations in this year’s Plutus Awards, including Blog Of The Year! It’s a tremendous honour to be nominated in the same category as Get Rich Slowly, Simple Dollar, Consumerism Commentary and many other legendary blogs. If you have not voted at the Plutus Awards head over and vote now.

Offer to Buy
A few weeks ago we received an offer (unsolicited) to sell the blog for a very reasonable price. After some thought I decided to decline the offer. Although I have never intended to sell the blog it was a nice confidence booster.

What’s Next?
Needless to say I have very much enjoyed the first year of blogging and very happy with the accomplishments so far. What’s in store for 2010? Well…A LOT! Over the next few months Financial Highway will be going through some changes not only in terms of design but also in terms of content. You will see new staff writers with different opinions and writing styles. Some exciting times are ahead! You will see their articles over the next few weeks as we hire them; a more formal introduction is coming soon!

FREE FREE FREE PRIZES!
An anniversary is not an anniversary if there is no prize to be given away, so here is what you can win this year!

1. Dr. Bernstein was kind enough to donate 3 copies of his latest book The Investor’s Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between

Dr. Krueger is also providing us with a few goodies:
2. Two Copies of his newest book The Secret Language of Money

3. Two Copies of his E-book: Outsmart Your Brain: An Instruction Manual

4. One Copy of New Money Story ™ ROADMAP for Money Mastery (A 5 CD seminar series with Workbook) (Valued over $120)

5. Our friends over at Questrade Discount Brokers are giving away one Apple iPod shuffle 2 GB Black (4th Generation) NEWEST MODEL

6. Since it is Tax time we can’t forget a tax software giveaway. Inuit will give away 2 Desktop versions for QuickTax and 3 Online versions of QuickTax.

7. Three Premium Subscriptions to Pocketsmith!

How to Enter?

Simple! Everyday we will giveaway one of these prices and all you have to do is just leave a comment on the post that day, we will randomly select the winner that night and announce them the next day. You can double your chance by not just commenting but also tweeting the post. Total value over $1000! Good luck!

Tax season is in high gear, and April 15 is creeping closer, April 30th for Canadian readers. However, it’s important to double check your tax return — even if it is prepared by someone else. Anyone can make a mistake, and the information entered into a tax prep program is only as good as what you put in. Before you hit “send” on your electronic filing, or before you put your paper return in an envelope, carefully check for these 10 common filing mistakes:

1. Social Security Number: Double check the Social Security Numbers for you, your spouse and your dependents. Everyone’s numbers should be on the form, and they should all be correct. Also, realize that multiple people can’t claim one dependent. This is a common mistake among siblings who contribute to their parents’ care.

2. Identification numbers: If you plan to take a credit for child care or some other purpose, you will need the correct identification numbers. This goes for the identification numbers of those you pay as part of a business you own.

3. Filing status: Make sure your filing status matches up with your spouse’s. You can’t be married filing jointly, while your spouse marks that you are married filing separately. You also need to make sure you have checked the right box if you are single, or filing as head of household. And remember: You can only have one filing status.

4. Address: Is your address filled in correctly? I have to admit that I once transposed two numbers on my address. Luckily, the nice people across the street who received my tax refund were kind enough to bring it by.

5. Financial institution: If you are having your refund direct-deposited, make sure all of the information is correct. This means you need to have your bank’s routing number correctly entered, as well as your bank account number. I’m guilty of this mistake as well. It took for-ev-er to get it all straightened out, and in the end I got a paper check anyway.

6. Unsigned return: After putting it all together, there are a number of folks, according to the IRS, who neglect to sign the return. If you owe money, this could actually result in interest penalties being assessed. If you are married and filing jointly, your spouse needs to sign the return as well.

7. Undocumented deductions: This is a biggie. When you file a tax return — especially if you itemize — you need to have documentation to back up your deductions. Charitable deductions need to be accompanied by receipts showing the date, amount and name of the non-profit. You should also have documentation to back up deductions you take for medical expenses, property taxes, mortgage interest and business expenses.

8. Credits: Double check your credits. You should also do a rundown of new credits. There are more than 300 changes to the tax code for 2009 taxes. This means that you might eligible for some credits you don’t even know about. On the flip side, double check your eligibility for the tax credits you do take. Many people claim credits they shouldn’t, and that can mean interest and penalties.

9. Math: Just like you had to double check your math in high school, it is a good idea to double check your math work on your tax return. Math errors can lead to still greater errors later in your form. Get out the calculator and make sure you’ve added and subtracted properly.

10. Tax computation:  Go over your deductions sure have correctly added up your taxable income. This is one of the mistakes that can cost you big, if you aren’t careful. Then, when figuring your tax liability, make sure that you are in the right column of the tax table. After you have determined your tax requirement, take a short break, and then look at the table again — just to be sure.

Your tax return is an important document, and it is easy to make mistakes. Before submitting it in any form, look over the completed return and check for errors. This applies even when a professional has prepared your return. Do a check to make sure everything really is in order, and you will be more likely to avoid errors that could cost you in terms of time and money.

Every year at about this time, advertisements for income tax services appear everywhere. Tax preparation services and the leading software providers post advertisements on billboards, radio, television and the internet. For the average full-time student, the subject of taxes seems far-fetched and not very interesting. Many students do not understand the concept of filing income taxes and may feel as if they will need to pay the Taxman, rather than getting paid by the Taxman and benefiting from all that Revenue Canada has to offer to full-time students.

Do you have to file a return? As a student you are required to file a tax return if any of the following situations apply:

• You have to pay tax for the year.
• You have worked during the year.
• You have not yet paid back all the amounts withdrawn from your Lifelong Learning Plan.
• You have received the Working Income Tax benefit advance payment in 2009 and wish to apply for advance payments in 2010.

Even if none of these situations apply, you should still file your income tax return for the following reasons:

• You want to apply for a tax refund.
• If you will turn 19 years old before April 2011 you may be eligible to receive GST & HST credits. For this tax year this amounts up to $549 if you are living alone.
• You would like to carry forward or transfer your unused tuition credits.
• You want to report income which will start opening up RRSP contribution room.

So what does it mean to apply for a tax refund? As a Canadian resident you receive a basic personal exemption of $10,320 for 2009 which means that you can earn up to this amount during the year tax free! If you worked during the year and your employer deducted Federal and Provincial Income Taxes, you will be refunded back all this money when you file your tax return. If you do not file your tax return, the government will not come knocking at your door to tell you that if you file your taxes you are entitled to get this money back!

How does the GST/HST credit work? Why am I getting money even if I was not employed during the year? The GST/HST Credit program issues payments to Canadians with low and modest incomes to help offset all or part of the GST/HST they pay on the purchase of goods and services. Even if you did not work during the year, you are still eligible to receive payments. GST payments are made quarterly in July, October, January and April.

What is required from my school to prove my student status and to report my tuition paid during 2009? Each year during the month of February, schools will issue official tax slips to all students on record. The Federal slip is titled T2202A and if you live in Quebec, the Provincial slip is titled Releve-8. Print these slips or save them digitally in a secure location. If your tuition tax credits cannot be used in the current year, you will be able to transfer them to a parent or spouse or carry them forward to a future year. In many cases, if your tuition credits are carried forward to the future, you will receive some large tax refunds in the first few years when you begin to work full-time after school.

What is an RRSP? Isn’t that for my retirement? I’m young, why would I want to worry about this now? An RRSP stands for a Registered Retirement Savings Plan and yes the RRSP is an investment vehicle geared to help you save for retirement. However by opening up some contribution room early it will allow you to make contributions right away when you begin to work full-time. When you contribute to your RRSP, you receive valuable tax credits which can amount to refunds of 30-40% of your RRSP contribution!

Before you get started on filing your taxes, you are required to have a Canadian Social Insurance Number. If you don’t have one, please contact Service Canada www.servicecanada.gc.ca for an application. If you are an International Student there is the Individual Tax Number which will still allow you to file your income taxes and reap the same benefits. The form is available on the Service Canada website as well.

The deadline to file your income taxes is April 30 each year. If you are expecting a refund, this deadline will not apply and you can file anytime, however it is not recommended as the money is better in your pocket than that of the Government.

As a student, there are many different routes you may take in order to get your taxes filed on time. You may opt to try to file on your own or you may visit your local Accountant and/or Tax Preparation Service. Many Accountants or Tax Preparers offer discounts to Full-Time Students, so please go ahead and inquire.[NOTE by Ray: Often schools also provide tax services for students by students, alternatively you can check out Quick Tax or Ufile.]

This is a guest post by Allan, he will be providing us with a few tax related articles of the next few weeks. Allan is a CGA residing in Montreal and works at Better Tax Services.  Each year he prepares hundreds of Personal Tax files and serves individuals across Canada.  To learn more, check out the website or follow Allan on Twitter.

A common question I often get is “How do I become a better investor?” I have mentioned before that there is no secret to successful investing…well there is one secret: keep it simple. Some might say that it is easier said then done, but it really isn’t. Just following a few investing principles can make investing a much more enjoyable and successful task.

Identify Your Risk Profile
Sometime ago we discussed the importance of understanding your investor profile. How much risk can you take? Are you a conservative investor or more aggressive? Most novice investors overestimate their risk tolerance until the first market crash, so be realistic when you are assessing your investor profile. Complete this Risk Profile Questionnaire to assess your risk profile.

Keep Expenses Low
Investing costs can eat up a large chunk of your profits, so it is important to pay attention to the investing expenses you incur and find ways to reduce them. A few things you can do is not purchasing fancy and expensive mutual funds; rather look for low cost index funds, find a discount broker with low fees and avoid excessive trading.

Investment Policy Statement
Every investor should have a written investment policy statement to help them keep emotions out of investing. An investment policy statement dictates your investment goals, restrictions, when you’ll buy and sell as well as your asset allocation. Think of it as your map to your destination, without it you’ll get lost.

Keep Investments Simple
A key component of keeping investing simple is…well keeping your investments simple. Avoid exotic investments and an investment you do not understand, follow Buffet’s golden rule: invest in things you understand. Stay away from individual stock portfolio unless you have sufficient funds to diversify appropriately, keep investing boring.

Start Investing Early
I cannot say this enough, start investing early even if it is only a small amount. The power of compounding is the 8^th wonder of the world. The best time to invest was yesterday; the next best time is today. By missing out a few years of investing you can miss out on thousands of dollars in interest and gains.

Don’t Panic
Do not panic when markets crash! If you have a long time horizon, ignore the media and market corrections. The worst thing an investor can do is rushing out of the market when there is a correction, always stay the course and do not panic. In fact, investors see market corrections as sales…so go out and buy!

Time in the Market NOT Timing The Market
This relates to the previous point of not panicking. Investing should not be about timing the market, trying to pick the bottom and top of the market, when you try to time the market you will lose about 99% of the time. Investing is about time in the market, have a long time horizon and you’ll be fine. This will not only keep your investing costs low, but it will also dramatically improve your chances of surviving.

Becoming a better investor does not involve expensive classes or seminars nor does one need an overpaid advisor to be good investor. Just these few simple investing principles can go a long way.

What are your investing principles?

The last few weeks have been all about the winter Olympics here in Canada. Although we had a slow start in the games, Canada  finished very strong with 14 Gold Medals (The most gold medals won in the winter Olympics by any country). After spending pretty much all of my weekend watching Canada scoop up gold after gold, I realized that there are some money lessons one can learn from the Olympic events.

Practice
The athletes don’t wake up the morning of the event and win a gold medal. It requires years of training and dedication to master the sport. Most athletes spend months and months in preparation for the Olympic games and only the most dedicated ones make it to the finals.

Finance: In order to become the master of your finances you need to put in the boring hours in prep work such as budgeting, reviewing and documenting things. You cannot expect to just go with the flow and still be in charge of your money, dedication and work is required.

Focus
Staying focused till the end is key in winning a gold medal in the Olympics. In several events I noticed that the leader would lose focus at the end and that split second cost him or her the gold. No matter how far he or she is ahead, only those who stay focused from start to finish will make it to the top.

Finance: Staying focused is just as important in your finances. If you start to lose sight of your goals and lose focus chances are that you will not reach your goals.

Perseverance
Sometimes bad things happen that are not always in the athletes control, he or she has to persevere through it in order to achieve their goals. One example is the emotional story of Canada’s figure skater Joannie Rochette. Joannie’s mother died unexpectedly two days before her big event, Joannie was able to work through this emotional time and still end up winning a bronze medal with an outstanding performance.

Finance: Sometimes bad things happen that are not in your control such as a market crash, an emergency or another unforeseen event. You have to remember that these events are not in your control and deal with the situation without letting it affect your long-term goals.

Pace
In most Olympic events the athletes have to pace themselves to avoid burnout and failure. If they try too hard at the early stages they may lead, but will most likely burnout quickly or risk an injury.

Finance: Setting financial goals and a financial plan can be very exciting at first and you may be very eager to work hard to achieve your goals. Budget, review, Invest and work hours on the weekends on your finances maybe fun at first, but will become strenuous and “boring” very quickly. That is why it is important to keep things simple and not to overload yourself with finances, setting up specific short tasks over the long term is better than overloading in the short term.

I guess the Olympics and personal finance have more in common than one would suspect.

Any money lessons you have learned from the Olympics?

This week the Plutus Awards finalists were announced and to our pleasant surprise we are nominated in four categories, including Blog of the Year!

We are nominated for the following categories:

Best Canadian Blog

Best Multi-Part Series (Myth Series)

Best Microblog (our twitter account @moneyhighway)

Blog of the Year

Given that next week we will only be celebrating our first anniversary just being nominated in the four categories is a tremendous honor.

Check out the lists of the finalists and voting will be running till mid March so take some time and vote

10 Ways to Save Money on a New Car @ Million Dollar Journey

Get the most out of Ontario Sales Tax Transition Benefit @ Canadian Capitalist

The Hidden Advantages of Dividend Investing @ The Dividend Blog Guy

Real test for markets is still to come @ The Globe & Mail

Our Man Goes Undercover and Tells All @ Kiplinger

Investing Lessons from Hockey @ Michael James on Money

How much time do you spend on your finances? @ The Globe & Mail

High Yields Aren’t Always a Good Thing @ The Wall Street Journal

Throughout the week I highlight other interesting articles through my twitter account, you can follow me on twitter or follow your twitter feed. Enjoy your weekend!