After four long months, the Canucks and Trevor Linden have finally come to a deal for the 2007/2008 season. After hearing about all the returning and prospect players signing deals with the Canucks over the summer months, everyone wondered when Trevor Linden was going to do the same. I had no doubt that he was going to return as a Canuck, he really stepped up his game and showed his experience during the 2006/2007 playoffs. Hopefully this coming season we'll see a little more of Trevor Linden on the ice during the regular season as opposed to being on the bench or in the box as a healthy scratch.
Source
Tuesday, August 21, 2007
Monday, August 20, 2007
Top 10 Money Drains
It's easy to fritter away money on daily expenses. If you fall into these money traps, learn to avoid them and pocket the savings.
1. Coffee
2. Cigarettes
3. Alcohol
4. Bottled water
5. Manicures
6. Car washes
7. Weekday lunches out
8. Vending machines snacks
9. Interest charges on credit cards
10. Unused memberships
1. Coffee -- According to the National Coffee Association, the average price for brewed coffee is $1.38. There are roughly 260 weekdays per year, so buying one coffee every weekday morning costs almost $360 per year.
2. Cigarettes -- The Campaign for Tobacco Free Kids reports that the average price for a pack of cigarettes in the United States is $4.54. Pack-a-day smokers fork out $1,660 a year. Weekend smoker? Buying a pack once a week adds up, too: $236.
3. Alcohol -- Drink prices vary based on the location. But assuming an average of $5 per beer including tip, buying two beers per day adds up to $3,650 per year. Figure twice that for two mixed drinks a day at the local bar. That's not chump change.
4. Bottled water from convenience stores -- A 20-ounce bottle of Aquafina bottled water costs about $1. One bottle of water per day costs $365 per year. It costs the environment plenty, too.
5. Manicures -- The Day Spa Magazine Price Survey of 2004 found that the average cost of a manicure is $20.53. A weekly manicure sets you back about $1,068 per year.
6. Car washes -- The average cost for a basic auto detailing package is $58, according to Costhelper.com. The tab for getting your car detailed every two months: $348 per year.
7. Weekday lunches out -- $9 will generally cover a decent lunch most work days. If you buy rather than pack a lunch five days a week for one year, you shell out about $2,350 a year.
8. Vending machines snacks -- The average vending machine snack costs $1. Buy a pack of cookies every afternoon at work and pay $260 per year.
9. Interest charges on credit card bills -- According to a survey released at the end of May 2007, the median amount of credit card debt carried by Americans is $6,600. Rate tables on Bankrate.com indicate that fixed interest rates on a standard card average 13.44 percent. Making the minimum payment each month, it will take 250 months (almost 21 years) to pay off the debt and cost $4,868 in interest. Ouch!
10. Unused memberships -- Costhelper.com reports that the monthly service fee at gyms averages between $35 and $40. At $40 per month, an unused gym membership runs $480 per year.
Source
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I don't know if I agree with everything on the list, but for the most part I can see how those little things can really add up. Some other considerations are:
11. A girlfriend - Eating out, entertainment, gifts and other miscellaneous expenses can really add up.
12. A car - For some, it's a necessity, but maybe not for all. Insurance, gas, maintenance, parking can be quite hefty.
Anything else to add to that list?
1. Coffee
2. Cigarettes
3. Alcohol
4. Bottled water
5. Manicures
6. Car washes
7. Weekday lunches out
8. Vending machines snacks
9. Interest charges on credit cards
10. Unused memberships
1. Coffee -- According to the National Coffee Association, the average price for brewed coffee is $1.38. There are roughly 260 weekdays per year, so buying one coffee every weekday morning costs almost $360 per year.
2. Cigarettes -- The Campaign for Tobacco Free Kids reports that the average price for a pack of cigarettes in the United States is $4.54. Pack-a-day smokers fork out $1,660 a year. Weekend smoker? Buying a pack once a week adds up, too: $236.
3. Alcohol -- Drink prices vary based on the location. But assuming an average of $5 per beer including tip, buying two beers per day adds up to $3,650 per year. Figure twice that for two mixed drinks a day at the local bar. That's not chump change.
4. Bottled water from convenience stores -- A 20-ounce bottle of Aquafina bottled water costs about $1. One bottle of water per day costs $365 per year. It costs the environment plenty, too.
5. Manicures -- The Day Spa Magazine Price Survey of 2004 found that the average cost of a manicure is $20.53. A weekly manicure sets you back about $1,068 per year.
6. Car washes -- The average cost for a basic auto detailing package is $58, according to Costhelper.com. The tab for getting your car detailed every two months: $348 per year.
7. Weekday lunches out -- $9 will generally cover a decent lunch most work days. If you buy rather than pack a lunch five days a week for one year, you shell out about $2,350 a year.
8. Vending machines snacks -- The average vending machine snack costs $1. Buy a pack of cookies every afternoon at work and pay $260 per year.
9. Interest charges on credit card bills -- According to a survey released at the end of May 2007, the median amount of credit card debt carried by Americans is $6,600. Rate tables on Bankrate.com indicate that fixed interest rates on a standard card average 13.44 percent. Making the minimum payment each month, it will take 250 months (almost 21 years) to pay off the debt and cost $4,868 in interest. Ouch!
10. Unused memberships -- Costhelper.com reports that the monthly service fee at gyms averages between $35 and $40. At $40 per month, an unused gym membership runs $480 per year.
Source
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I don't know if I agree with everything on the list, but for the most part I can see how those little things can really add up. Some other considerations are:
11. A girlfriend - Eating out, entertainment, gifts and other miscellaneous expenses can really add up.
12. A car - For some, it's a necessity, but maybe not for all. Insurance, gas, maintenance, parking can be quite hefty.
Anything else to add to that list?
Sunday, August 19, 2007
Superbad
The movie Superbad is exactly like the commercials you see on TV; lots of crude jokes and slapstick humour. Some of the jokes were pretty good and reminded me of the good'ol days of high school, but some of them were just bad. I guess you just can't have it all right? There were definitely more bad ones than good ones though, so I didn't think it was that good of a movie. Slapstick humour just isn't my kind of thing. The commercials for the movie already gave away some of the jokes and a lot of them weren't really funny the second time around. If you are looking for a movie with that kind of humour, this is it.
Friday, August 17, 2007
Calgary Traffic Court
About two months ago, I received a violation ticket for not having proof of payment on the C-Train in Calgary. I had the ticket but forgot to use the machine to validate it. Anyways, i was ticketed for $150! Being a starving student, I decided to go to court to try and get it reduced or tossed out. The date the officer wrote down was for today, so I showed up with my case prepared. Here is my first experience with the Calgary Traffic Court system.
I walked into the traffic court area when it opened at 8:15am. There was already a lineup for the court room and the Justice of Peace (JOP) windows. I initially thought that there would be a reception area where we checked in before we proceed to the court room for our hearing with a JOP, but this was not the case. There is an area with windows for up to five JOP. The line for the courtroom was separate from the line for the JOP. The JOP essentially acted as pre-screener. If there was a matter that can be negotiated easily, the JOP would do it and the person would not have to go see a judge. If the person requests to go to the court room or the issue cannot be resolved with the JOP and needed to go to a judge, they were sent to the court line.
When it was my turn, I told the JOP that I would like to have the ticket reduced and/or have alternate arrangements. She then went to look for my ticket that is on file on their end. However, she couldn't find it and dismissed my ticket. I guess the officer thought I wouldn't pay the ticket because I was from BC. She stamped my ticket and off I went with $150 saved. I am not sure if it is the same in Vancouver, so perhaps someone could shed some light in the comments section? It would be good information if I ever get a violation in Vancouver *knock on wood*.
I walked into the traffic court area when it opened at 8:15am. There was already a lineup for the court room and the Justice of Peace (JOP) windows. I initially thought that there would be a reception area where we checked in before we proceed to the court room for our hearing with a JOP, but this was not the case. There is an area with windows for up to five JOP. The line for the courtroom was separate from the line for the JOP. The JOP essentially acted as pre-screener. If there was a matter that can be negotiated easily, the JOP would do it and the person would not have to go see a judge. If the person requests to go to the court room or the issue cannot be resolved with the JOP and needed to go to a judge, they were sent to the court line.
When it was my turn, I told the JOP that I would like to have the ticket reduced and/or have alternate arrangements. She then went to look for my ticket that is on file on their end. However, she couldn't find it and dismissed my ticket. I guess the officer thought I wouldn't pay the ticket because I was from BC. She stamped my ticket and off I went with $150 saved. I am not sure if it is the same in Vancouver, so perhaps someone could shed some light in the comments section? It would be good information if I ever get a violation in Vancouver *knock on wood*.
Thursday, August 16, 2007
White Spot, Calgary, AB
You must be wondering why I am writing about White Spot. I normally wouldn't write about restaurants that are pretty common, but this White Spot was a little different. What warrants a note for this White Spot is the building itself. My roommate and I went to the White Spot on Macleod Trail just south of Southland Dr.
Ambience
I was amazed as soon as I walked in; amazed that it was a White Spot. It essentially was a large cabin inside the building. It had very high open ceilings and lots of windows. It also had a fireplace in the lounge area. Everything had a wood finish and felt like I was inside a cabin on top of a ski resort. It was a very comfortable place to have dinner.
Menu
The menu was the same as every other White Spot that I've been to. Everything was pretty cheaply priced compared to other similar restaurants (ie. Boston Pizza, Moxies, etc). I ordered my favourite Monty Mushroom burger and was not disappointed. The fries however, were very disappointing. It was soggy, a bit cold, and looked like it had been sitting out for hours. It did not look appetizing at all. Since I was hungry, I just smothered it with the gravy that came with the fries and wolfed them down. The fries were bottomless but I wouldn't get more unless it was a fresh batch. The burger with the fries and a bit of coleslaw came to $10.54 after taxes. Definitely worth it.
Final Comments
The food is the same as any other White Spot, but the place was furnished to be a cabin and it really did feel like it. The next time you decide to go to a White Spot in Calgary, consider this one.
Ambience
I was amazed as soon as I walked in; amazed that it was a White Spot. It essentially was a large cabin inside the building. It had very high open ceilings and lots of windows. It also had a fireplace in the lounge area. Everything had a wood finish and felt like I was inside a cabin on top of a ski resort. It was a very comfortable place to have dinner.
Menu
The menu was the same as every other White Spot that I've been to. Everything was pretty cheaply priced compared to other similar restaurants (ie. Boston Pizza, Moxies, etc). I ordered my favourite Monty Mushroom burger and was not disappointed. The fries however, were very disappointing. It was soggy, a bit cold, and looked like it had been sitting out for hours. It did not look appetizing at all. Since I was hungry, I just smothered it with the gravy that came with the fries and wolfed them down. The fries were bottomless but I wouldn't get more unless it was a fresh batch. The burger with the fries and a bit of coleslaw came to $10.54 after taxes. Definitely worth it.
Final Comments
The food is the same as any other White Spot, but the place was furnished to be a cabin and it really did feel like it. The next time you decide to go to a White Spot in Calgary, consider this one.
Wednesday, August 15, 2007
An Overview of RRSPs
What is a RRSP?
A RRSP is a Registered Retirement Savings Plan. It is a plan created by the Canadian government to encourage saving for one’s retirement as opposed to completely relying on the Canadian Pension Plan (CPP) and/or Old Age Security (OAS) when he/she retires. The RRSP can be a Guaranteed Investment Certificate (GIC), mutual fund, individual stocks or any other applicable investment as defined by the Canada Revenue Agency (CRA).
What are the benefits?
The two main benefits of starting a RRSP are: 1) the tax refunds and 2) tax deferred growth of your investments.
When you declare an investment as registered, you will get a tax slip from the bank or company you have the investment with when tax time comes. When you file your tax return, you deduct the amount invested in your contribution to the registered account that year from your income; effectively deferring your tax on that amount and getting a larger tax refund.
While your investments are registered in your plan, they will grow tax free. If you refer to my last article on the Tax Effect of Savings, you will realize that the government takes a lot of money from our savings. If they are registered, they cannot tax it until later on, thus allowing the compounding effect to occur at its fullest.
Can’t I just put all my money in a registered plan to protect it from tax then?
No. There is an annual limit to how much you can put into your registered plan and it is generally 18% of your income up to a maximum. The maximum for 2007 is $19,000 and increases every year as per the CRA guidelines. If you go over the amount you’re allowed to contribute, you will get taxed on the excess amount.
When you decide to use this money, the government will tax however much you take out based on the marginal tax rate you have that year. So, even if you can put all your money into a registered savings plan, you still pay tax when you take it out to use.
What’s the point if I still get taxed later?
When you have tax deferred growth, your money grows a lot faster. Even if you tax it later when you take it out of the plan, you will still end up ahead of a non-registered plan.
The second reason is that the purpose of a RRSP is for retirement income. Generally, during your working life your income is higher, resulting in more tax. When you retire, your income should be lower, so when you take out money from your plan, you pay less tax. The tax refund you get back from putting money into a RRSP during your working life should be more than the tax you pay when you take it out to use at retirement.
Another reason is that the RRSP has some options such as the Lifelong Learning Plan (LLP) and first time Home Buyer’s Plan (HBP) that many people can take advantage of. I will go into more detail of these two plans in future articles.
Should I start a RRSP?
The short answer to that question is yes. Everyone should have a RRSP plan. Whether or not it is the BEST plan for your situation will depend on a few things. One thing to consider is whether or not you expect an increase in salary in the next few years. If you do, it may be worth while to accumulate some RRSP contribution room for when you get taxed more, thus getting a larger tax refund. Whether or not this offsets the time lost in compounding will have to be calculated on an individual basis. However, as I suggested earlier, you should stil start saving ASAP even if it's not in a registered plan.
If you have any other concerns about RRSPs, please visit the CRA website for more detailed information at the CRA website.
A RRSP is a Registered Retirement Savings Plan. It is a plan created by the Canadian government to encourage saving for one’s retirement as opposed to completely relying on the Canadian Pension Plan (CPP) and/or Old Age Security (OAS) when he/she retires. The RRSP can be a Guaranteed Investment Certificate (GIC), mutual fund, individual stocks or any other applicable investment as defined by the Canada Revenue Agency (CRA).
What are the benefits?
The two main benefits of starting a RRSP are: 1) the tax refunds and 2) tax deferred growth of your investments.
When you declare an investment as registered, you will get a tax slip from the bank or company you have the investment with when tax time comes. When you file your tax return, you deduct the amount invested in your contribution to the registered account that year from your income; effectively deferring your tax on that amount and getting a larger tax refund.
While your investments are registered in your plan, they will grow tax free. If you refer to my last article on the Tax Effect of Savings, you will realize that the government takes a lot of money from our savings. If they are registered, they cannot tax it until later on, thus allowing the compounding effect to occur at its fullest.
Can’t I just put all my money in a registered plan to protect it from tax then?
No. There is an annual limit to how much you can put into your registered plan and it is generally 18% of your income up to a maximum. The maximum for 2007 is $19,000 and increases every year as per the CRA guidelines. If you go over the amount you’re allowed to contribute, you will get taxed on the excess amount.
When you decide to use this money, the government will tax however much you take out based on the marginal tax rate you have that year. So, even if you can put all your money into a registered savings plan, you still pay tax when you take it out to use.
What’s the point if I still get taxed later?
When you have tax deferred growth, your money grows a lot faster. Even if you tax it later when you take it out of the plan, you will still end up ahead of a non-registered plan.
The second reason is that the purpose of a RRSP is for retirement income. Generally, during your working life your income is higher, resulting in more tax. When you retire, your income should be lower, so when you take out money from your plan, you pay less tax. The tax refund you get back from putting money into a RRSP during your working life should be more than the tax you pay when you take it out to use at retirement.
Another reason is that the RRSP has some options such as the Lifelong Learning Plan (LLP) and first time Home Buyer’s Plan (HBP) that many people can take advantage of. I will go into more detail of these two plans in future articles.
Should I start a RRSP?
The short answer to that question is yes. Everyone should have a RRSP plan. Whether or not it is the BEST plan for your situation will depend on a few things. One thing to consider is whether or not you expect an increase in salary in the next few years. If you do, it may be worth while to accumulate some RRSP contribution room for when you get taxed more, thus getting a larger tax refund. Whether or not this offsets the time lost in compounding will have to be calculated on an individual basis. However, as I suggested earlier, you should stil start saving ASAP even if it's not in a registered plan.
If you have any other concerns about RRSPs, please visit the CRA website for more detailed information at the CRA website.
Tuesday, August 14, 2007
Tony Roma, Calgary, AB, Canada
My roommate took me out to Tony Roma's for my birthday today to try the Tuesday all you can eat ribs. We went to the one just south of Chinook Centre before heading further south to go to Golf Town. Here is what I thought of it:
Ambience
It was a very casual place which reminded me of The Old Spaghetti Factory. It had a lot of booths and some tables that filled in the space between them. It had a family feel to it and was comfortable for a casual meal.
Menu
We were there for the ribs. For the all you can eat ribs, you have a choice of any two sides which included mashed potatoes, rice, fries, vegetables, and some others. For the ribs, you get to choose from either the pork ribs or the beef ribs. We ordered one of each for the first serving and found that the beef ribs were much better. It had better flavour, juicier, and more tender than the pork ribs. I found the pork ribs to be dry and lacked that punch from the BBQ sauce the beef ribs had. The mashed potatoes were decent but the fries were far from extraordinary. However, the gravy that came with the meal makes you forget the fries suck. When you want more ribs, just asked the server and he/she will bring you another serving of ribs less the sides. The all you can eat ribs meal will set you back $21.99.
Final Thoughts
Overall, the meal was pretty decent. The beef ribs were quite good, but the pork ribs were a little disappointing. The ribs I had at Earls were much better. For the price of $21.99 I did not think it was worth it. You will be better off just ordering ribs from the menu, especially if you're a small eater. It would end up being cheaper and you'd have more choice of ribs and sauce.
Ambience
It was a very casual place which reminded me of The Old Spaghetti Factory. It had a lot of booths and some tables that filled in the space between them. It had a family feel to it and was comfortable for a casual meal.
Menu
We were there for the ribs. For the all you can eat ribs, you have a choice of any two sides which included mashed potatoes, rice, fries, vegetables, and some others. For the ribs, you get to choose from either the pork ribs or the beef ribs. We ordered one of each for the first serving and found that the beef ribs were much better. It had better flavour, juicier, and more tender than the pork ribs. I found the pork ribs to be dry and lacked that punch from the BBQ sauce the beef ribs had. The mashed potatoes were decent but the fries were far from extraordinary. However, the gravy that came with the meal makes you forget the fries suck. When you want more ribs, just asked the server and he/she will bring you another serving of ribs less the sides. The all you can eat ribs meal will set you back $21.99.
Final Thoughts
Overall, the meal was pretty decent. The beef ribs were quite good, but the pork ribs were a little disappointing. The ribs I had at Earls were much better. For the price of $21.99 I did not think it was worth it. You will be better off just ordering ribs from the menu, especially if you're a small eater. It would end up being cheaper and you'd have more choice of ribs and sauce.
Monday, August 13, 2007
The Effect of Tax on Savings
Now that you understand the power of compounding and saving early from my earlier article, we can dive a little deeper and look at how much the government is actually taking from us on top of the 15-49% (in BC) tax they take from our pay cheques, the sales tax from our purchases, and property taxes on our land.
The best way to illustrate this is to use a VERY simplified example.
Suppose you find $1 on the ground outside a casino. You decide to try your luck on the roulette table inside. You place it on your lucky colour, red. The wheel is spun and the ball lands on red and you double your money. Since it isn’t your money to begin with, you leave the winnings and the original bet on red, for a total of $2. The ball lands on red and now you have $4. You keep repeating this for 20 times and end up with $1,048,576 (a probability of 3.23428E-7 chance of happening, but that’s not the point). The table below summarizes the winnings.
Now suppose that every time you won, the government takes 34% of your winnings. For example, you bet $1 and you win $1, so the government will take $0.34 of that, leaving you with $1.66 to bet with the next round. How much will you have left after doubling up 20 times with the government taking 34% of your winnings each time? Take a guess before you scroll down. I’ll give you a hint: it’s less than half of the amount above. Scroll down to the table after you have made a guess.
As you can see from the table, the government has taken over $1,000,000 from you! Of course this is an extreme example as you can never get a 100% return every year for 20 years, but it gives you an idea of how much the government takes from our investments and limits the compounding effect of money. In my next finance article, I’ll be going over RRSPs and how they can help with this tax problem. Check back soon!
The best way to illustrate this is to use a VERY simplified example.
Suppose you find $1 on the ground outside a casino. You decide to try your luck on the roulette table inside. You place it on your lucky colour, red. The wheel is spun and the ball lands on red and you double your money. Since it isn’t your money to begin with, you leave the winnings and the original bet on red, for a total of $2. The ball lands on red and now you have $4. You keep repeating this for 20 times and end up with $1,048,576 (a probability of 3.23428E-7 chance of happening, but that’s not the point). The table below summarizes the winnings.
Now suppose that every time you won, the government takes 34% of your winnings. For example, you bet $1 and you win $1, so the government will take $0.34 of that, leaving you with $1.66 to bet with the next round. How much will you have left after doubling up 20 times with the government taking 34% of your winnings each time? Take a guess before you scroll down. I’ll give you a hint: it’s less than half of the amount above. Scroll down to the table after you have made a guess.
As you can see from the table, the government has taken over $1,000,000 from you! Of course this is an extreme example as you can never get a 100% return every year for 20 years, but it gives you an idea of how much the government takes from our investments and limits the compounding effect of money. In my next finance article, I’ll be going over RRSPs and how they can help with this tax problem. Check back soon!
Sunday, August 12, 2007
The Bourne Ultimatum
Firstly, I'd like to let everyone in Canada know that there is an opportunity to go watch the Bourne Ultimatum free. All you have to do is go to a Volkswagen dealership and ask about the Bourne Ultimatum promotion. You will be given a DVD set with the first two Bourne movies and two passes to watch the Bourne Ultimatum. All you have to do is go for a test drive in the Touareg. The contest will be available while supplies last so your mileage may vary. If you don't get it at one dealership, try another Volkswagen dealership. The passes are not good for Cineplex and Famous Players theatres, so go find the appropriate theatre before going.
Now on to the movie.
I will try to keep it short so I don't spoil it for people that haven't seen it yet. The action is good, the soundtrack keeps your heart going and there isn't much downtime from the action once it gets going. Of course it isn't a Bourne movie without the car chases and explosions! The camera is very similar to the second one; very fast moving and close to everything. The quick cuts, shaky close up angles, and soundtrack definitely give a chaotic feeling to the scenes. The one thing I don't like about the movie is the shaky camera during the non-action scenes. I guess the director is trying to give a voyeuristic feel to it.
Overall, it was a good movie and definitely worth watching in the theatres.
Now on to the movie.
I will try to keep it short so I don't spoil it for people that haven't seen it yet. The action is good, the soundtrack keeps your heart going and there isn't much downtime from the action once it gets going. Of course it isn't a Bourne movie without the car chases and explosions! The camera is very similar to the second one; very fast moving and close to everything. The quick cuts, shaky close up angles, and soundtrack definitely give a chaotic feeling to the scenes. The one thing I don't like about the movie is the shaky camera during the non-action scenes. I guess the director is trying to give a voyeuristic feel to it.
Overall, it was a good movie and definitely worth watching in the theatres.
Friday, August 10, 2007
Saving Early: The Power of Compounding
One of the most important things I've learned in Finance and Accounting over the last few years is to start saving money early. The power of compounding interest is massive over many years, so saving early is a must to accumulate wealth. To demonstrate, I will be using an example with Rob and Tom.
Rob: Rob is a university student and loves to party. He goes out every night partying at the bars or a local bubble tea joint. He also likes expensive things and buys only brand name clothing. He doesn't save a single penny until he turns 25 and realizes that he should start saving for a house or retirement. Starting at age 25, he saves $2,000 every year until age 60.
Tom: Tom is also a university student, but understands the importance of money and starts saving $2,000 every year until he turns 36, when he starts a family and needs the money.
The following screenshot summarizes Rob and Tom's saving habits:
Looking at the table, you can see that Rob invested $40,000 more than Tom did. Even though it's $40,000 over 20 years, that's a lot of money that can be spent on other things such as an annual vacation!
Rob: Rob is a university student and loves to party. He goes out every night partying at the bars or a local bubble tea joint. He also likes expensive things and buys only brand name clothing. He doesn't save a single penny until he turns 25 and realizes that he should start saving for a house or retirement. Starting at age 25, he saves $2,000 every year until age 60.
Tom: Tom is also a university student, but understands the importance of money and starts saving $2,000 every year until he turns 36, when he starts a family and needs the money.
The following screenshot summarizes Rob and Tom's saving habits:
Looking at the table, you can see that Rob invested $40,000 more than Tom did. Even though it's $40,000 over 20 years, that's a lot of money that can be spent on other things such as an annual vacation!Now let's take a look at the earnings. To isolate and simplify the demonstration of the time value of money, the following screenshot is based on the assumption of a 10% return without taxes.
At the age of 60, Rob has accumulated $658,079 while Tom has $856,910, almost $200,000 more! This is with $40,000 less in investments too! This illustrates that saving early is very important and is something you can't buy back by saving more in the future to try and "catch up."
I am not advocating that you should just save for 10 years and stop, but rather to start saving as soon as you can!
So, when's the best time to start saving? YESTERDAY! Since we can't travel back in time, the next best time is as soon as you finish reading this. GO!
Thursday, August 9, 2007
Chicago Chophouse - Calgary, AB, Canada
Please bear with me, this is my first ever blog post!
After placing third in an online freeroll poker tournament over the weekend, my roommate somehow conned me into treating steak for the both of us. So... being the steak lover he is, he started looking up some steakhouses in Calgary. After reading some good reviews, he decided that we should go to the Chicago Chophouse downtown.
Ambience
My first impressions of the place was that it was dark, but then again I don't recall going to a steakhouse that isn't dimly lit. There weren't that many people there on a Tuesday night, so we got a booth seat facing the bar where the televisions were. It definitely felt like a lounge type restaurant. The place was pretty quiet when we went, but I'm sure on the weekends it gets quite packed. There was a second floor to the restaurant off to one side which formed an atrium in the middle with high ceilings. To one corner there was a smaller room with booth seats for people that want to get a more enclosed feeling. Overall, I'd say it was a very comfortable place to be having a fine steak or just a drink at the bar and lounge area.
Menu
The menu had a selection of 4-5 different cuts of steak that started at $34, excluding sides. The side menu had mushrooms, asparagus, mashed potatoes, lobster mac and cheese, and a few others ranging from $8-$12. I believe there were other entrees as well, but I didn't pay much attention to them because I was there for the steak! Who goes to a steakhouse and doesn't eat steak anyways? On the recommendation of my roommate, we both ordered the 14oz ribeye steak for $39 with the mushroom trio (shitake, portobello, and one other) and lobster mac and cheese as sides.
The steak was cooked medium rare and for once wasn't overcooked! It was very tender and juicy, with what I believe is the house BBQ sauce. The marbled fat mixed with the tender steak is what makes the ribeye cut one my favourites. This was the best steak I've had to date! It easily blows out The Keg's ribeye! The lobster mac and cheese had a strong lobster taste and was also very good. As for the mushrooms, they were delicious and went well with the steak.
Being in a good mood, I also ordered some red wine to go with the steaks. I am pretty clueless when it comes to wine so I just took the server's recommendation. She brought over a light tasting red wine that had a very good after taste. It was $11 a glass and had a fruity taste to it, sort of like ice wine. Cheaper stuff just doesn't compare (perhaps it was a placebo effect?). I didn't really catch the name, so I can't help you there.
Final Comments
This was the best steak I've had to date. Coupled with the wine and sides, I'd say it was the best experience I've had at a restaurant. The bill was a bit hefty for a student, but it was worth every penny. I'd definitely recommend the Chicago Chophouse for anyone in or visiting Calgary looking to try out some good Albertan beef.
After placing third in an online freeroll poker tournament over the weekend, my roommate somehow conned me into treating steak for the both of us. So... being the steak lover he is, he started looking up some steakhouses in Calgary. After reading some good reviews, he decided that we should go to the Chicago Chophouse downtown.
Ambience
My first impressions of the place was that it was dark, but then again I don't recall going to a steakhouse that isn't dimly lit. There weren't that many people there on a Tuesday night, so we got a booth seat facing the bar where the televisions were. It definitely felt like a lounge type restaurant. The place was pretty quiet when we went, but I'm sure on the weekends it gets quite packed. There was a second floor to the restaurant off to one side which formed an atrium in the middle with high ceilings. To one corner there was a smaller room with booth seats for people that want to get a more enclosed feeling. Overall, I'd say it was a very comfortable place to be having a fine steak or just a drink at the bar and lounge area.
Menu
The menu had a selection of 4-5 different cuts of steak that started at $34, excluding sides. The side menu had mushrooms, asparagus, mashed potatoes, lobster mac and cheese, and a few others ranging from $8-$12. I believe there were other entrees as well, but I didn't pay much attention to them because I was there for the steak! Who goes to a steakhouse and doesn't eat steak anyways? On the recommendation of my roommate, we both ordered the 14oz ribeye steak for $39 with the mushroom trio (shitake, portobello, and one other) and lobster mac and cheese as sides.
The steak was cooked medium rare and for once wasn't overcooked! It was very tender and juicy, with what I believe is the house BBQ sauce. The marbled fat mixed with the tender steak is what makes the ribeye cut one my favourites. This was the best steak I've had to date! It easily blows out The Keg's ribeye! The lobster mac and cheese had a strong lobster taste and was also very good. As for the mushrooms, they were delicious and went well with the steak.
Being in a good mood, I also ordered some red wine to go with the steaks. I am pretty clueless when it comes to wine so I just took the server's recommendation. She brought over a light tasting red wine that had a very good after taste. It was $11 a glass and had a fruity taste to it, sort of like ice wine. Cheaper stuff just doesn't compare (perhaps it was a placebo effect?). I didn't really catch the name, so I can't help you there.
Final Comments
This was the best steak I've had to date. Coupled with the wine and sides, I'd say it was the best experience I've had at a restaurant. The bill was a bit hefty for a student, but it was worth every penny. I'd definitely recommend the Chicago Chophouse for anyone in or visiting Calgary looking to try out some good Albertan beef.
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