It’s hard to think about business news with so much sad news hitting the wires, like the terrorist or hate-crime attacks in Tunisia, France and South Carolina.
But there was some good news – the US Supreme Court declared that Americans had the right to marry people of their own sex. So what does that really mean from a financial perspective? The right to benefits and the right to inherit, to name two.
The right also not to disclose your salary to your spouse. Okay, that’s not a right, and if it was you wouldn’t have to be married to exercise it. But a story from the Guardian suggests it’s okay not to tell your spouse how much you make. And a survey cited in the story found that more than 40% of respondents didn’t know how much their partner earned.
Hard to make solid financial decisions (like can you afford that house or can you afford to retire) without knowing these things. Perhaps that’s why so many people are in financial trouble. Or maybe they are in trouble because of over-aggressive debt collectors, or small print on loan documents that allow for unexpected increases in payments. Those are just two of the financial horror stories listed in a new database launched by the Consumer Financial Protection Bureau.
If you are short of money and a millennial or GenX-er, one thing you shouldn’t do is take money out of your RRSP. This story is about the US equivalent, the 401(k), but it has much the same consequences in Canada. Interestingly, according to the story, young people often take money out of their retirement plan when they are optimistic for the future ie the economy is good, so they quit their job to look for a new one, all the while spending what was supposed to be save up for a long-distant retirement.
One source of a few bucks? Anheuser-Busch. If you drank even one Beck’s beer since 2011 you may be owed money by the US brewer who claimed Beck’s was a German beer when it wasn’t. You had to read the small print to see it said, “made in the USA.”
A bad idea for money-making? Investing in the Chinese stock market. Even after the big drop this week, there is still more downside potential.
And my favourite story of the week? Tim Horton’s has released Canadian emojis, called ehmojis. Just in time for Canada Day, eh.
