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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. His work has been featured regularly on MSN Money, Yahoo! Finance, Nerdwallet, and Motley Fool's The Ascent.

Recent Articles

Personal Finance

Here’s Why a Big Emergency Fund Is a Terrible, Terrible Idea

| Steven Porrello

Here's why saving more than six months' worth of expenses can be disadvantageous to your household.

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Personal Finance

5 Super-Simple Ways to Completely Ruin Your Credit Score

| Steven Porrello

Building your credit score takes time, dedication, and smart decisions. Tearing your credit score apart — well, you could do…

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Personal Finance

5 High-Paying Side Hustles That Could Help You Save for Retirement in 2022

| Steven Porrello

If you're struggling to save for retirement, here are five side gigs that could give your retirement fund a boost.

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Personal Finance

The Tax Deadline Is Almost Here! Here Are 5 Things You Need to Know if You Haven’t Filed Yet

| Steven Porrello

The deadline to file your taxes is May 2. If you haven't started yet, here's what you should know.

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Personal Finance

New to Investing? Be Sure You Avoid These 5 Newbie Mistakes

| Steven Porrello

If you're new to investing, here are five big mistakes you should watch out for.

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Personal Finance

Lazy Canadians: Here’s How You Can Make $200 Per Week in Passive Income

| Steven Porrello

To earn $200 a week, invest money in high-quality stocks or ETFs.

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gas station, convenience store, gas pumps
Personal Finance

Costco vs. Canadian Tire: Which Rewards Card Will Save You More on Gas in 2022?

| Steven Porrello

The CIBC Costco Mastercard earns 3% back at Costco Gas, and the Canadian Tire Mastercard earns 10 cents per litre.…

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Personal Finance

Finally! Apply for a CIBC Costco Mastercard Now to Get a Welcome Bonus!

| Steven Porrello

From now until December 31, 2022, CIBC will give you a welcome bonus on the new CIBC Costco Mastercard.

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Personal Finance

Should You Buy a Home in 2022? Here’s Why You Should Wait Until Next Year

| Steven Porrello

Here's why you should consider waiting until 2023 to buy a home.

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Personal Finance

Could Canada’s High Inflation Turn Into Stagflation? Here’s Why Canadians Shouldn’t Be Concerned

| Steven Porrello

Stagflation is caused by high inflation, high unemployment, and negative economic growth. Could Canada be on the brink of this…

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woman analyze data
Personal Finance

New Investors: Here’s How to Avoid Paying Over $2,000 in Investment Fees Per Year

| Steven Porrello

Canada has some of the highest fund and investment fees in the world. Here's how new investors can avoid paying…

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Personal Finance

Why You Should Think Twice Before Getting a Canadian Tire Triangle Mastercard

| Steven Porrello

Thinking about getting the Canadian Tire Mastercard? Consider these drawbacks first.

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Personal Finance

Can You Retire a Millionaire With $400 a Month? Only if You Do This…

| Steven Porrello

Yes, you can retire a millionaire off $400 per month. You just need a long time horizon and a good…

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Personal Finance

Don’t Get a CIBC Costco Mastercard Until You Consider These 5 Major Weaknesses

| Steven Porrello

The CIBC Costco Mastercard is now Costco's official rewards card.

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Personal Finance

Could Mortgage Rates Double Before the End of 2022? Here’s What You Should Know

| Steven Porrello

Could the Bank of Canada raise the benchmark rate to 3.25% by the end of the year?

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Personal Finance

3 Part-Time Jobs With Flexible Hours Perfect for Early Retirees

| Steven Porrello

Amassing enough savings for an early retirement is tough work. Here are three part-time jobs that could help you retire…

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Personal Finance

The Average Home Hits $816,720: Should You Invest Your Down Payment in Stocks to Keep Up?

| Steven Porrello

With home prices continuing to rise, you might bet tempted to invest your down payment. Here's why that might not…

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Personal Finance

Should You Invest Your Emergency Fund? Consider This First…

| Steven Porrello

Thinking of putting your emergency fund in stocks? Consider this first...

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Personal Finance

No Savings at 50? No Problem: Here’s How to Retire a Millionaire

| Steven Porrello

If you haven't saved a dime for retirement, here’s what you’ll need to save to retire a millionaire.

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Personal Finance

5 Stupid Mistakes I Made in My 1st Year of Freelancing (and How I Would Avoid Them Today)

| Steven Porrello

Don't make the same mistakes I made.

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edit
Personal Finance

This 1 Credit Card Tip Could Be the Secret to Beating Canada’s 5.7% Inflation

| Steven Porrello

How can you keep pace with Canada's 5.7% inflation? This credit card tactic could help.

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Personal Finance

Should New Investors Open a TFSA or an RRSP First?

| Steven Porrello

When should new investors open a TFSA, and when should they open a RRSP? Let's take a look.

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gas station, convenience store, gas pumps
Personal Finance

The Canadian Tire Mastercard Might Be the Best Gas Credit Card in Canada: Here’s Why it Is

| Steven Porrello

The Canadian Tire Triangle Mastercard now earns 10 cents per litre at Gas+ and Husky stations.

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Personal Finance

15 Super Simple Ways to Save on Gas This Summer

| Steven Porrello

Here's how to save on gas this summer.

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Personal Finance

No, Early Retirement Isn’t Just For Men. Here’s How Women Can Take Over the F.I.R.E. Movement

| Steven Porrello

Women: it's time to take over the F.I.R.E. movement. Here are three ways you can retire early.

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Credit card, online shopping, retail
Personal Finance

Is CIBC’s Takeover of the Costco Mastercard a Complete Fail?

| Steven Porrello

The CIBC Costco Mastercard launched on March 4.

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Personal Finance

Who Invests Better: Men or Women? The Answer Is So Clear It Might Surprise You

| Steven Porrello

Women are better investors than men. Don't believe me? Here's research to back it up.

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Personal Finance

Warren Buffett to Young Entrepreneurs: Don’t Think About Money

| Steven Porrello

Here's what Warren Buffett has to say about job satisfaction and paycheques.

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Personal Finance

Which No-Fee Credit Card Has the Highest Earn Potential? For Canadian Tire Shoppers, the Answer is Clear

| Steven Porrello

With a 4% earn rate and the ability to double-dip offers, the Canadian Tire Mastercard is a lucrative rewards card.

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Personal Finance

Should You File Your Taxes Yourself or Hire a Professional? 3 Things to Consider

| Steven Porrello

When should you hire a tax pro? Here are three surefire signs you shouldn't go it alone.

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Personal Finance

Yes, the Housing Market in Canada Could Be Cooling Off: Here’s What You Should Know

| Steven Porrello

What factors could be cooling off the housing market in Canada?

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Personal Finance

A Whopping 56% of Canadians Have Lost Faith in Their Retirement Plans: What Should They Do?

| Steven Porrello

For those feeling pessimistic about their retirement plans, here's how you can get back on track.

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Personal Finance

88% of Canadians Don’t Have a Detailed Retirement Plan: But Do They Really Need One?

| Steven Porrello

The majority of Canadians don't have a retirement plan. Here's why that's a problem.

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Personal Finance

How Does Canada’s Record-High Inflation Compare to Other Countries?

| Steven Porrello

Inflation in Canada surged to 5.7% in February. How does that compare to other countries?

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Personal Finance

Here’s Why More Than 87% of Canada’s Young Investors Are Smarter Than Their Parents

| Steven Porrello

Today's young investors are surprisingly savvy, perhaps more so than their parents. Here's what a recent survey has to say.

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Personal Finance

Canadian Tire Is Now Doubling Rewards on Gas: Here’s Why That’s an Amazing Deal

| Steven Porrello

The Canadian Tire Triangle Mastercard now earns 10 cents back per litre. How does it stack up next to Canada's…

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Credit card, online shopping, retail
Personal Finance

5 Big Credit Card Trends That You Can Expect For 2022 and 2023

| Steven Porrello

Many annual fee credit cards come with enough additional perks and rewards to make the fee worth the cost.

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Supermarket aisle groceries retail
Personal Finance

Will Bank of Canada’s Rate Hikes Bring Inflation Down? Here’s Why You Shouldn’t Hold Your Breath

| Steven Porrello

The Bank of Canada is fighting inflation with rate hikes. Disruptions in supply chains, however, might frustrate their efforts.

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Personal Finance

How Much Will the Bank of Canada Raise the Policy Rate in April?

| Steven Porrello

The Bank of Canada will meet on April 13. Can we expect another rate hike?

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Personal Finance

Could the Housing Market Crash? This Expert Predicts a 40% Drop in Prices

| Steven Porrello

Oxford Economics predicts home prices will drop by 24%, with a 40% drop as a worst-case scenario.

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