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Author: Steven Porrello

Steven Porrello joined the Motley Fool Canada team in 2020 and has six years of experience writing on financial topics and investing. He's taken university courses on finances and accounting and has grown his passion for energy, materials, and growth stocks with post-graduate studies and writing.

Recent Articles

retirees and finances
Personal Finance

Is Canada on Track for a Retirement Crisis?

| Steven Porrello

Ask any three Canadians if the country is on the brink of a retirement crisis, and two will respond, “Yes.”…

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Personal Finance

Are You Part of the 28% of Canadians at the Doorstep of a Financial Emergency?

| Steven Porrello

If you’re living paycheque to paycheque, you’re not alone. According to the latest Financial Wellbeing Index by Lifeworks, around one…

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New virtual money concept, Gold Bitcoins
Personal Finance

Is China’s Crypto Ban Catastrophic for Bitcoin? Not For Canadian miners

| Steven Porrello

Bitcoin hit US$60,000 per share, nearing its all-time high of US$64,895. For anyone who has been following the catastrophes that…

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edit Women wearing red sweater shopping online and using credit card at home office
Personal Finance

Cash Back vs. Rewards: Which Will Earn You More This Holiday Season?

| Steven Porrello

Both cash-back and rewards cards can help you amass extra money this holiday season. But which will help you earn…

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Path to retirement
Personal Finance

Want to Retire Right Now? Consider Living in 1 of These 5 Countries

| Steven Porrello

Move to a place where the cost of living is substantially lower than where you live now.

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A golden egg in a nest
Personal Finance

How to Retire a Millionaire With $100 Per Week

| Steven Porrello

One technique has helped millions of average Canadians retire with dignity and wealth: compound interest.

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thinking
Personal Finance

What Does “Transitory” Inflation Mean?

| Steven Porrello

From food to gas, inflation has made the cost of living in Canada much more expensive. Banks are calling this…

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sad concerned deep in thought
Personal Finance

Here’s What an 18-Year High for Inflation Means for the Average Canadian

| Steven Porrello

The more I hear about inflation, the more I've come to believe we're living in a second pandemic -- this…

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Question marks in a pile
Personal Finance

Just How Bad Will Heating Bills Get This Winter?

| Steven Porrello

No, it’s not just in your head. In the last few weeks, your everyday needs have gotten more expensive. Gas…

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close-up photo of investor Warren Buffett
Investing

Want to Join the Billionaire Club in Canada? Here’s How Warren Buffett Can Help

| Steven Porrello

For years, Warren Buffett has astounded investors with his pithy wisdom, carefree attitude, and frugal living (he’s lived in the…

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Economic Turbulence
Personal Finance

3 Investments That Could Crush New Investors’ Dreams of Becoming Rich

| Steven Porrello

If you're looking for investments to avoid, here are three that top the list.

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Double exposure of a businessman and stairs - Business Success Concept
Personal Finance

5 Things I Really Hope the CIBC Costco Mastercard Doesn’t Have

| Steven Porrello

The CIBC Costco Mastercard will arrive sometime in 2022. Here are five things this writer hopes it doesn't have.

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Credit card, online shopping, retail
Investing

Here’s Why You Shouldn’t Cancel Your Credit Card Just Yet

| Steven Porrello

Before you cut up that credit card, here's why you should put down the scissors and give it a think.

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Burning gas and electric cooker rings
Personal Finance

Here’s Exactly Why Gasoline Prices Are Going Crazy

| Steven Porrello

It’s official: we’ve broken another national record. This week, the average weekly price of retail gas hit an all-time high…

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question marks written reminders tickets
Personal Finance

Is Now the Time to “Rate-Lock” a Historically Low Mortgage Rate?

| Steven Porrello

Historically low interest rates may be coming to a swift end. The good news -- by doing this, you'll lock-in…

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Credit card, online shopping, retail
Personal Finance

22% of Canadians Switched to a No-Fee Credit Card: Smart Move or Big Mistake?

| Steven Porrello

Wanna pay an annual fee to use a credit card? According to a survey by J.D. Power, around one in…

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edit Back view of hugging couple standing with real estate agent in front of house for sale
Personal Finance

The Risky Housing Play That Could Cost You $230,000

| Steven Porrello

We've all had buyer's remorse at some point. For some, it's spending that extra $100 on rental car insurance (don't…

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edit Person using calculator next to charts and graphs
Personal Finance

Buy Now, Pay Later: Here’s How You’ll Pay Now … and Later

| Steven Porrello

It’s every consumer’s dream. Buy something online and pay for it later. That’s the sweet promise of the new buy…

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retirees and finances
Investing

Sick of Working? Here’s What You Need to Retire Now

| Steven Porrello

It’s a dream most of us secretly have. We’ll wake up tomorrow, call the office, and tell our boss that…

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Canadian Dollars
Investing

Bank of Canada Isn’t Worried About Inflation: Here’s Why Canadians Are Panicking

| Steven Porrello

The law of supply and demand. It’s the bedrock of economics, the “invisible hand” that puts prices where they need…

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Community homes
Personal Finance

Soaring Home Prices: Tesla Reminds Us Why it’s a Problem for Businesses, Too

| Steven Porrello

House prices don't just affect homebuyers. They can affect an area's economy, too.

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edit Colleagues chat over ketchup chips
Personal Finance

How Much Can You Make on Airbnb? After Taxes, it Might Be Less Than You Think

| Steven Porrello

Any income you make in addition to your annual salary must be reported on your annual tax filing. That includes…

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Female hand holding piggy bank. Save money and financial investment
Personal Finance

TFSA vs. RRSP: What if You Had to Choose?

| Steven Porrello

Let's take a look at when you should use a TFSA and when you're better off with the RRSP.

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Early retirement handwritten in a note
Personal Finance

2 Reasons Early Retirement Scares Me (and 1 Reason It Doesn’t)

| Steven Porrello

The F.I.R.E. movement is attracting many young Canadians -- and skeptics. Here are two F.I.R.E. criticisms that concern me (and…

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Filling up at the gas pumps.
Investing

Gas Prices Hitting Historic Highs: Here Are 15 Ways to Save

| Steven Porrello

Here's how to save on gas prices.

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question marks written reminders tickets
Personal Finance

Banks Finally Hike Fixed Mortgage Rates: Will This Trend Continue?

| Steven Porrello

Will mortgage rates start soaring?

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A person suffering
Personal Finance

Why We Should Be Worrying (No, Freaking Out) About Canada’s Consumer Debt

| Steven Porrello

Though many of our pockets feel fatter from increased savings, MNP LTD. suggests we could be living in a false…

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consider the options
Personal Finance

Will the New CIBC Costco Mastercard Be Worth it?

| Steven Porrello

Will the CIBC Costco Mastercard be better than the Capital One Costco card?

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You Should Know This
Personal Finance

Warning: Many Canadians Are About to Make a Big Financial Mistake

| Steven Porrello

Wondering how to improve your financial picture? Here are some tips.

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Airport and plane
Personal Finance

Canada Loses 97% of U.S. Tourists: Air Canada’s Response? Priority Boarding for “Elite” Passengers

| Steven Porrello

To revamp Canadian tourism, Air Canada now offers status matching (through the Aeroplan loyalty program) to American frequent flyers from…

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Credit card, online shopping, retail
Investing

CIBC Is the New Costco Mastercard Partner: What Does This Mean for You?

| Steven Porrello

Here are the facts on CIBC's new Costco Mastercard -- and what we hope to see...

Read more »

Female hand holding piggy bank. Save money and financial investment
Personal Finance

No Savings at 40? Here’s How to Get Your First $1,000

| Steven Porrello

Though it can be nerve-wrecking to hit 40 without a dime saved for retirement, time is still on your side.…

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close-up photo of investor Warren Buffett
Personal Finance

50% of Canadians Have No Plan for Retirement: Here’s How Warren Buffett Can Help

| Steven Porrello

Panicking at the thought of the "R" word? Don't. Here's some retirement advice from Warren Buffett.

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edit Close-up Of A Piggybank With Eyeglasses And Calculator On Desk
Personal Finance

This 117-Year-Old Japanese Budgeting Method Could Help You Cut Expenses by 35%

| Steven Porrello

Kakaibo is a budgeting technique that encourages you to slow down and focus on your spending categories. Is it right…

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Mature financial advisor showing report to young couple for their investment
Personal Finance

Here’s Why This Popular Investment Is a Horrible Idea Right Now

| Steven Porrello

Wondering about the pros and cons of annuities? Here are some options...

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Personal Finance

Rising Inflation: 3 Ways You Could Profit

| Steven Porrello

About to hit the panic button over rising inflation? Here's why you shouldn't panic..

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edit CRA taxes
Personal Finance

Higher Taxes Ahead? Good News: Only 10% of Canadians Max Out Their TFSAs and RRSPs

| Steven Porrello

You can bypass the capital gains tax by taking full advantage of your TFSA and RRSP.

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Credit card, online shopping, retail
Personal Finance

Get Twice the Credit Card Rewards: How to Double-Dip

| Steven Porrello

When you double dip on a rewards card, you earn twice the rewards during a single transaction. How is it…

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Human Hand Placing A Coin On Increasing Coin Stacks In Front Of House
Personal Finance

Will You Pay 22% More for Home Insurance Next Year?

| Steven Porrello

These days, every prospective homebuyer is fixated on the housing shortage and rising home prices. But if there's one thing…

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Question marks in a pile
Investing

Evergrande Is on the Brink of Collapse: What Does That Mean for Canada?

| Steven Porrello

Wondering what the Evergrande collapse means for Canada? Look no further...

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