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Some Links For The Weekend

I think we are finally seeing some nice weather here in Toronto – spring did come early, but then the cold came which wasn’t a lot of fun. I’m enjoying the hockey playoffs – my Leafs aren’t there but I will be cheering for other Canadian teams such as the Habs (shudder), Sens (shudder) and the Canucks (who I actually like).

Here are some links

Rob Carrick wrote about the rising cost of home insurance and all the lame excuses the insurers come up with.

Ending The Rat Race is thinking that RESPs are not a good deal. I beg to differ.

The Financial Blogger is selling his house and shows some pictures from his home staging efforts. He’s not using an agent to sell so it will be interesting to see how it will turn out.

Canadian Capitalist reviews the book Elements of Investing written by Burt Malkiel (Random Walk down Wall Street) and Charles Ellis (Winning the Loser’s Game).

Million Dollar Journey had a guest post on buying a car at an auction. Some interesting comments.

Mike from the Oblivious Investor (who is obsessed with index investing) has started a new site called IRA reviews.

Do you file your taxes late? The Wisdom Journal says that quite a few people file their taxes late or at the last minute.

Canadian Personal Finance Blog figured out how much water he uses.

MapleMoney gives us 14 fun and free ways to spend a Friday night. I’m assuming this will be a 7 part series?

Amateur Asset Allocator has three definitions of penny stocks.

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Canadian Experience

One of the things that drives me nuts and seems to have been getting more common in recent years is “Canadian experience”.  For those who haven’t encountered this, an applicant might get rejected from a job with the explanation “lack of Canadian experience“.  This euphemism could refer to the applicant having a strong accent, making some cultural “faux pas”, an unusual smell or in some other way being “too foreign” for the interviewer.

I certainly accept that when you move to a new country there are cultural expectations that you must adapt to.  In Thailand it’s considered very offensive to point the sole of your foot at someone (so crossing your legs in public is a no-no).  I did this, was told that it was rude, then I stopped.  It’s inevitable that mistakes like this are going to happen to someone in a new setting.

Where I think it gets offensive is when it’s used to reject someone outright from a job that doesn’t rely on a mastery of local customs.  Perhaps in sales it’s important to have a good understanding of local standards of behaviours, but does an engineer desperately need “Canadian experience”?  Is there no way for co-worker to make allowance for someone new to the country as they learn those standards?

A government run school provides training for new Canadians by simulating an office experience and having them work for 40 hours a week for 3 months or more.  To me this just seems crazy.  A *MASSIVE* amount of labour is being wasted.  For people who are highly skilled coming into the country there are better ways to help them get up to speed with local customs than getting them to play work for hundreds of hours.

Slightly better than this but still sub-optimal is an expectation that new comers volunteer to get Canadian experience.  Giving back by volunteering is a wonderful thing, but is someone who is newly arrived in the country, hoping to make a better life for themselves, really the person society expect to work for free?  I once found a particularly obnoxious posting where a man wanted newcomers to come work at his business for free, and he “generously” offered to lie and act as a reference saying they had double the experience they actually did (so if they’d work for him for 3 months, he’d claim they’d been there for 6 months).

Welcome to Canada!

I’ve talked to newcomers to Canada and they seem to be quite accepting of this.  If I was being treated this way in a country I’d recently moved to I would be VERY, VERY annoyed.

I don’t think there should be a law against this sort of thinly veiled discrimination (in my experience the law is a very crude instrument).  Instead, I think there’s a real opportunity for companies that are willing to look at the bigger picture.

If, after an interview, someone seems highly skilled but lacking in culture-specific graces, make them a job offer that reflects that.  Obviously someone who could effortless interact with co-workers and customers is worth more to the company, but the newcomer isn’t worthless:  offer them a salary that takes this into account (less than market rate, more than $0).  Make it clear to their co-workers that they’re new to the country and not to take offence at slips.  I’ve had Chinese friends tell me I’m fat MANY times, and it’s been explained to me that in China this type of honesty reflects a close friendship and a concern for someone (it isn’t considered as mean as it is here).  Try to create a culture where the established employees help get the newcomer up-to-speed and where the newcomer is receptive to suggestions on ways to interact more appropriately in the new country.

If, after time, the person shows no interest in adopting cultural specific behaviours and is causing problems with people they interact with, fire them just like (hopefully) any other jerk would be let go.  If, instead, they get more polished in their social graces, raise their salary towards market rate.

The company should hopefully be able to tap an overlooked labour market, once the employee is up-to-speed they should hopefully be more loyal than normal (since the company hired them when everyone else was showing them the door), and the company should develop a more global outlook (which will be helpful if they’re doing business in other countries).  I work with people from all over the world at my university and it’s FUN!  It’s a MUCH better environment then it would be if it was 100% Canadians.

For the workers, they get to work and actually get paid.  Imagine that!

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Carnival of Personal Finance – Blogthority.com Relaunch Edition! Make More Money Blogging

Welcome to Blogthority.com relaunch edition of the Carnival of Personal Finance. Blogthority.com is a blog dedicated to helping you earn more money from your blog without spending any extra time on it. It will also cover various blog maintenance, technical and design issues from time to time.
The site was started by Pinyo from Moolanomy.com and I took it over last year and just relaunched it last week. Please feel free to check it out and subscribe. Please read the introduction post for more information about the direction of the blog.

One of the key factors when talking about personal finance is income. In my opinion, more income is better. Cutting costs is certainly a valid way to improve your finances but it is limited. Once you pick the “low hanging fruit” then it becomes harder and harder to save the next dollar.
Making more income is also limited because you only have so many hours in a day. However if you can earn more money then it is possible to save more money and pay off debts without cutting your standard of living.
For those of you who are bloggers and want to make a bit more money from your blog then subscribe to Blogthority.com. My goal is to write about strategies to increase your blog income without you having to spend more time on your blog.

Now, on with the carnival!

Editor’s picks These are the best of the best!

One of the keys to increasing your blog income is knowing where the income comes from. A hint – it comes from your search engine visitors.


There are plenty of ways to make more money by blogging – Here are four different approaches you can try.


Sometimes selling your blog or business is how you make the most money – what is your exit strategy?


Promotion (or advertising) is good or any business. For blogs – writing a great guest post is king.

  • D4L from Dividends Value presents Increasing Dividend Yield Part IV: Bonds, and says, “This is the fourth installment in a multi-part series that looks at various options used by income investors to boost their yield while waiting for dividend growth to lift their portfolio’s overall yield-on-cost. Last week we looked at Preferred Stock. This week we are looking at Bonds.”
  • Bob from Christian Personal Finance presents 7 Tips to Involve Your Spouse in the Finances, and says, “Keeping your spouse involved in the management of finances can be a tough thing to do. In most situations, there is a nerd (as Dave Ramsey often puts it) in the family who likes doing the numbers stuff. But, this is a dangerous approach to family finances…”
  • Tom from MapleMoney presents What is Financial Literacy?, and says, “As a collective whole, we don’t save money because there are too many opportunities to spend it.”
  • FMF from Free Money Finance presents Plan on Budgeting Surprises, and says, “Many budgets are doomed to failure because of the challenge of planning for unplanned spending. Here are some of the items you either did not put in your budget or they shouldn’t be in your spending. “The Wise Squirrel from Squirrelers presents The New Rich – Frugal is Cool.
  • Silicon Valley Blogger from The Digerati Life presents Online Bill Pay Account From FNBO Direct: Review, and says, “This is a review of the FNBO Direct Online Bill Pay Account.”
  • Mr. Credit Card from Ask Mr. Credit Card presents Jobs and Credit Ratings.
  • Jason from One Money Design presents Should You Lease or Buy a Car: Which Saves More Money?, and says, “Should you lease or buy a car? In order to make a decision, you need to understand the pros and cons of each option and consider which one saves the most money.”


Time is money – Learn how to grow your blog efficiently.

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Bonus Good Reads From Around The Web

The Financial Blogger wrote a great article about why he wants to be an entrepreneur.  I love #6 “be able to walk my kids to school and pick them up”.  Although I’m sure the novelty would wear off about halfway to school on the first day, I’d still like to be able to try it.  🙂

Tenants from hell is a great warning tale about renting to “nice people” without checking their references.   Mr. Cheap has written many times that if you want to rent out your property you MUST check their credit and references.   Read about finding and selecting good tenants.

This is an older article about not giving unsolicited advice.  It makes a lot of sense since there isn’t much point in giving advice if it is not likely to be followed.   I work with someone who likes to vent every once in a while – she usually disguises her rants in the form of asking for help…but she really just wants to rant.

Apparently the Lexus SC 430 has a cd player for the first time replacing the cassette player.  I find it hard to believe that any car made in the last 5 years actually had a cassette player!

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Short LinkStuff For Friday, March 18

Very funny article about why bloggers are male.
Canadian Capitalist discovered that being mortgage free can save you money on house insurance. Hmm…I’ll bet those Money Sense guys made him write that post. 🙂

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Friday LinkStuff and Blog FreeLoaders Edition

The Canadian Capitalist site got a big makeover this week as a result of his new affiliation with MoneySense.ca which is a really good Canadian money magazine.  I’m very happy for Ram but I have to say I was extremely disappointed in some of the comments he received on the announcement.  Numerous commenters said he sold out and they were disappointed and blah, blah, blah, blah….

I think this is ridiculous – first of all, if you read Money Sense and the Canadian Capitalist then you know that they are a great fit.  They both have exactly the same approach to personal finance and investing so I don’t see how there would be any interference from MS.  Second of all – Money Sense doesn’t strike me as big business. I suspect that they need Ram a lot more than he needs them so I don’t think they will be trying to influence him at all.

Ramit from I will teach you to be rich has been promoting some self-made products over the last year or so and has gotten a bit of flack.  His answer is that people who read blogs and don’t want to pay for anything (including even looking at ads) are free loaders and he’s ok if they leave.  I couldn’t agree more – there is nothing wrong with “free” content but you get what you pay for.  I’ve been involved in blogland for about 3 years and I’ve seen a lot of blogs come and go.  One thing I’ve noticed is that the staying power of blogs has a lot to do with the ability of the blog to earn some money and make continuing the blog worthwhile.  Bloggers who aren’t able to monetize their site almost always end up fading away.  Readers who say they want Ram to “not sell out” and not make any money might not be so pushy if the result was a formerly great site that hasn’t been updated in ages like so many others.

The rest of the links

Financial Uproar rated the hottest personal finance blog chicks.  Sure, it’s sexist but I can’t say I disagree with his list.  😉  Check out his blog too – it’s pretty good.

Canadian Dream had a great post about guilt from not being able to get everything done.  He also uses bad words which I liked.  🙂

Krystal got laid off this week – sounds like she got a raw deal.

Million Dollar Journey (aka Kathryn) gave some tips to know when it is time to leave your job.

Squawkfox shows us how to make a budget.

Fiscal Geek asks if there is such a thing as good debt.

Preet has a 4 part series on going bankrupt in Canada.

Financial Blogger says that the media is full of sh*t.  Well duh!

Debt Free Adventure got a refinanced home loan and saved a bundle!

The Wisdom Journal says that Net Quote is a good place to look for home owner insurance quotes.

ABCs of Investing wrote about reasons for doing a Roth IRA conversion as well as explaining how to convert to a Roth IRA.

Carnivals

Carnival of Money Hacks

Festival of Frugality

Carnival of Personal Finance

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Introducing A New Writer At Four Pillars – Jay

Hi there, my name is Jay Harris.  I am a 21 year old guy living in Vancouver, B.C. I’ve been considering organizing my finances for a while now, but while I was a student I never felt that I was making/spending enough money to justify the effort of creating/maintaining a budget. However, having run out of money for school and being forced to find gainful employment – and with the hope that I will be able to save up enough money to return to school and finish my degree – I am today starting down the road of financial accountability, and I would like to invite you all to participate with me.

I will be penning a weekly article here on Four Pillars chronicling my exploration of this scary new world of financial accountability. Seeing as you may choose to read these articles from here on out, there are a few things that you should know.

  1. I’m not writing as an expert; I doubt you will ever see me do an “answer the reader’s questions” article on budgeting here on Four Pillars.
  2. I believe that budgeting my time to be at least equally as important as financial budgeting is, and I will be spending equal amounts of time covering the financial costs of things as well as the time cost/benefits of things.
  3. I am young, and while it is true that sometimes I feel like I have all the answers, this is not one of those times. I would greatly appreciate feedback and advice in the comments section. I am – for all intents and purposes – Four Pillar’s very own sentient budget lab rat with access to the internet. Don’t be afraid to blast me if you think I’m wrong, but please offer a counterpoint when you do so.

Okay, that’s about all I’ve got to say for the moment.  Next week I will take an in-depth look at my financial situation, my immediate and long term goals, as well as what kind of budget system I’m using to reach those goals.

Again, I’m really excited to be doing this, and I hope you all can help me as I try to implement solid budgeting skills that will hopefully stick with me for the rest of my life

I can’t promise to make budgeting sexy, but I will try to make it fun.

Many thanks to Mike for allowing me to have this opportunity; I sincerely hope that I can become an excellent addition to Four Pillars.

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LinkStuff For Sunday, March 7

One of the scarier parts of being a parent is worrying about safety hazards to your child. Parenting Squad has a list of food choking hazards and surprisingly (to me) is that hotdogs are by far and away the worst for your kid.
Brip Blap had an absolutely brilliant story about a smart couple that got the upper hand in a real estate negotiation by using FaceBook.

Canadian Capitalist discusses the stock option tax break in the recent budget.

Kathryn from Million Dollar Journey says to succeed financially you must know yourself first.

The Financial Bloggers asks what will the Canadian prime interest rate be at the end of 2010?

Thicken My Wallet has some ideas about why some small businesses fail.

Carnivals

Budgets are Sexy!

Festival of Frugality

Money Hackers Carnival

Carnival of Road to Financial Independence

Festival of Frugality

Festival of Stocks

Carnival of Financial Planning

Carnival of Taxes

Carnival of Twenty-Something Finances