3. Follow the Principle of One
Despite many encouragements from the banks, mutual fund companies and investment firms to buy more and more complicated new products, that we are told will save us tons of money in the long run, do not get caught in this trap. The best way is to keep your financial life as simple as possible. Get rid of unnecessary commercial junk. Follow the Principle of One:
One chequing account
One saving account
One small line of credit
One educational plan for children
One pension plan per adult
One spousal pension plan (if appropriate)
One non-registered investment account per family
One credit card attached to a loyalty program
One low-interest, low-fee backup credit card if you travel a lot.
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