Money Happens: What to do when becoming a homeowner feels out of reach

NEW YORK (AP) — Ever since graduating from high school, Tyler Jones hasn’t stopped working and doesn’t have any debt. Still, homeownership feels like an unattainable goal, only possible for past generations.

“Every time I get a paycheck, it’s all already spoken for,” said Jones, a 21-year-old who works at a deli and a nonprofit in Springfield, Massachusetts. Being a homeowner is one of Jones’ dreams, and his inability to save for it frustrates him.

Currently, 65% of working-age renters can’t cover their monthly expenses after paying for housing, according to an analysis from Harvard’s Joint Center for Housing Studies. Nearly half of all renters were cost-burdened by rent in 2024, that means they spent more than a third of their income on housing and utilities, which is based on data from the most recent census.

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Framing household money conversations correctly key when talking to kids

When David Walter's preteen daughter offered to contribute rent money out of the blue, he decided it was the perfect moment to talk about housing costs.

"She's a bit of an entrepreneur," he said of his eldest of four kids. The 11-year-old was already earning her own money, buying and selling repackaged items.

Walter, a financial planner at Sun Life, recalled discussing housing costs and why it was inappropriate for parents to charge a preteen for accommodation. However, that income could still be put to good use.

He recommended his daughter sock the money away in a savings plan for her education, her first car, or another bigger goal. And so she did.

Money Happens: Tips for dealing with student loan debt when it affects your mental health

NEW YORK (AP) — Between her college and master's degrees, Justene Bologna accumulated over $200,000 in debt. It has affected not only her finances but also her mental health.

“I have severe stress and anxiety," said Bologna, 30.

While student loan debt is at the root of Bologna's worries, it's not her only financial constraint. After she gave birth to twins a few years ago, she also accumulated medical debt. Her debt has impacted how much money she has in the day-to-day, impacting her ability to afford groceries and other basic needs. But it also is affecting her relationships.

“Sometimes people underestimate the way that these big financial stresses impact all of the aspects of our lives,” said Helen Colby, a professor at Indiana University.

Money Happens: Expert tips for managing medical debt

NEW YORK (AP) — In 2020, Jennifer Vall’s son was diagnosed with leukemia. A year later, she found out she had thyroid cancer. While Vall was debt-free and had a great credit score, medical bills kept adding up, leaving her with thousands of dollars in debt.

“I was able to utilize my credit to survive because one thing with cancer is (that) bills don’t stop just because somebody gets sick,” said Vall, 37, a healthcare training specialist for the state of Minnesota’s Department of Human Services.

Taking care of her and her son’s health and paying off debt became Vall’s main priorities, leaving her emotional well-being to the side.

“When you’re under a great deal of financial stress, it does present physically in forms of insomnia, migraines, and relational troubles,” said Ashley Agnew, a certified financial therapist.

Ready to take the next step in your investing journey? What to look for in an adviser

Handling your own investments on a DIY platform has become increasingly common. While that can cover your basic investment needs, the trick is knowing when to seek professional help.

For some of Wendy Brookhouse's clients who were once self-investors, the need for more guidance brought them to consider a financial planner.

"They had done what they knew, but they didn't know what they didn't know," said Brookhouse, a certified financial planner and founder of Halifax-based Black Star Wealth. "That was a point when they called me."

Social media forums and artificial intelligence chatbots likely don't have all the answers you're looking for in your financial journey. That's where a finance professional could come into play. But the question is, where do you start? Experts say it depends on your needs and how complex your situation is.

Canada is getting a sovereign wealth fund. What does that mean and how do they work?

Prime Minister Mark Carney announced the creation of the country's first-ever sovereign wealth fund on Monday, called the Canada Strong Fund.

Carney pitched the new fund as a way for Canadians to invest in nation-building projects in areas that include energy, infrastructure, mining, agriculture and technology.

Here's what you need to know about sovereign wealth funds and how they operate.

What is a sovereign wealth fund?

Buying a home is a process. Make sure you have the right real estate agent

OTTAWA - The right real estate agent can make all the difference when you are hunting for a new home, guiding you past unseen pitfalls.

But finding the right agent to help you navigate the process may also take a bit of time to ensure you have a good match.

Jess Hammell, a real estate broker at Real Broker in Toronto, said it's important to have someone you feel comfortable with, but they also need to be able to deliver value because looking up listings has become easily accessible online.

"I would talk to a handful of people and see what are their different approaches," she says.

High gas prices have you dreaming of life without a car? Consider this first

Work and amenities are close, you have good transit options — do you really still need that car?

A lot of advisers say no. After shelter and food, transportation is the third most expensive cost for Canadians, Statistics Canada confirmed. Ratehub found that, over nine years, car expenses can total more than $139,000.  That figure was calculated before gas prices surged. What else could you do with that money?

On the other hand, if you give up your car, there are limitations and new costs to consider.

Mark Lotocky, owner and financial planner at The Dixon Davis Group, a fee-only financial planning firm in Victoria, lived car-free from 19 to 35 years old.

Wealthsimple’s new X partnership brings opportunities and risks, experts say

TORONTO - A new partnership Wealthsimple has struck with social media platform X could greatly expand the finance company's reach — but some critics are raising concerns about the risks for investors. 

Through the partnership launched this week, Wealthsimple customers who have its app on their phone can click stock tags on X and be taken to a page that shows the share's performance. It also has a button that leads to the fintech’s platform, where they can trade shares. 

Experts say the arrangement is likely to expose Wealthsimple, a Toronto-based financial services company increasingly squaring off against larger traditional banks, to an even bigger audience but may also lure customers into making riskier trades hyped by influencers or other social media users.

"It's a marketing tool, it's a way to attract revenue and it is a way to reach out to the population of X users, who especially given the recent political shifts, are very much into trading and DIY investing," said Marius Zoican, the Canada Research Chair in Financial Technology and associate professor at the University of Calgary.

Tipping in tough times: What to do when rising requests strain tight budgets

With many Canadians facing greater financial constraints, sentiment around tipping culture is shifting.

Over the past few years, customers have seen "suggested" tipping amounts rise, and with more people paying on debit and credit machines instead of cash, they are being asked to tip more often. 

Some say they are feeling annoyed at a time when they might be strapped for cash even before the bill arrives, but experts say there are ways to mitigate the issue. 

"People need to do a bit of soul checking," said Stacy Yanchuk Oleksy, CEO of Money Mentors.  

In the world of dynamic pricing, here’s when you should buy concert and game tickets

Your favourite artist is coming to town, or your favourite team is heading to the playoffs — you want to go, but don't want to pay top dollar. Here's your dilemma: do you buy tickets now or wait until closer to the show in hopes prices will fall?

Investors can’t fully remove emotional bias but can put guardrails

Investing your money in the stock market can be more emotional than analytical, especially when the markets are volatile. And at times, it can be hard to keep those emotions in check.

That's when behavioural biases start driving investment decisions — moves that are purely based on how you're feeling and your past experiences, rather than focusing on the facts. If not kept in check, experts say biases can be a bigger risk to your portfolio than the market swings. 

"Investment isn't just about numbers and spreadsheets. It's more emotional and based on experiences and instincts," said Ryan Gubic, founder of MRG Wealth. "Some of those instincts, while helpful in life, can quietly work against us when it comes to our money and personal finances."

Biases often come up when an investor starts panicking, leading them to do things like sell when the market drops or chase a stock that's been performing exceptionally well, he said.