16 - North Shore Nows — Wednesday, February 23, 2000 IT’S always good to diversify, both in your investment program and in your career. So as part of my semi- retirement, I have been teaching journalism at uni- versity part-time. This all started almost a dozen years ago when our son went away to school. I really missed him and the contact I'd had through him with other young people. LAE RATES: Day IcBC rales o Open 7 days a week (yer) eWeekly Cars, Teucks,Vans & Minivans Eames Monthly Call for tree pick-up "Bi cai or crop ©) Aeak details. HIGH TECH Spend that raise until you see a cheque So I got involved with a local high school as a volun- teer. F taught the basics of journalism and helped the students set up a school paper. This eventually led to my current university job, a mind-expanding experience as I have been learning as much about tertiary educa- tion as my students have about both reporting the news and also writing for profit. (The students really like the lecture about all the tax breaks a self-employed sideline can produce.) After a couple of years of earning not much more than the minimum wage based on the hours I invested, I nego- tiated a raise. My first paycheque reflecting this raise has just arrived. I knew what to expect, having often warned others of the same thing. But it was still a bit of a shock: While my gross pay jumped 67%, my take-home pay rose only 45% — thanks to higher income tax and other deductions. Now I can practise another couple of the guide- lines I preach: 1) Don’t spend a raise until you see your first post- raise paycheque. 2) Do decide how to allocate the extra money as soon as that fatter cheque hits your account. Keep it simple. For exam- ple, direct one-third to a savings-investment program, one-third to paying off the most expensive debt and onc-third to spending. If you have been manag- ing on your previous income, you could have the entire increase autemaiically transferred to savings toward a special project like a first or next home, new furni- ture, special holiday, early retirement and so on. Raises come in many forms: an annual cost-of-liv- ing increase (not much these days), a raise you negotiat- ed, regular overtime or bonuses, a higher-paying job. In any of these cases, resist — or at least delay — the temptation to go on a spending spree until you sec how much (too often, how little) your take- home pay has risen. Mike Grenby is a columnist . Perfect for the secure part of your RRSP. Buy yours before February 28. So 515% "160%" Year.1 “Year 3 6.25% tnt ‘, 5m for "Series 13 and 64 are avaiable until March 4 “As. you’ re probably well a aware, the RRSP deadline i is fast approaching. And if you haven’t considered New Canada Savings Bonds before, you should seriously think about holding them as_ - one of your investments within your RRSP. You'll receive all the security of New Canada Savings — Bonds combined with all the benefits of an RRSP. : “The new Canada Premium Bond may be ideal for your RRSP as it offers a higher rate of - return z and is cashable once'a year on the anniversary date of issue or during ' the 30 days thereafter. : The. original Canada Savings Bond is as flexible as ever and cashable at any time- Both bonds are "100%: ‘guaranteed by the Government of Canada, are available for your RRIF, and have a. \inimum purchase of only $100. Both bonds can be held within a Self-Directed RRSP or an RRSP designed to exclusively hold these only. If you choose the exclusive RRSP or RRIF option, the minimum purchase i is just $500. “And now New Canada Savings Bonds are easier than ever to buy. Not only are there no fees - -of any ‘kind, you now have the convenient option of purchasing them over the phone by calling 1-800-575-5151. Or as always, they’re just as easy to buy wherever you bank or. invest. : A EV SANADA AVI IGS BONE YOU'RE. ON SOLID” GROUND. = and independent personal financial adviser. He'll answer questions in this col- unin as space allows but can- not reply personally. Contact him at P.O. Box 50029, South Slope R.P.O., Burnaby, B.C. . VS] 5G3; e-mail . Reaching every desktop on the internet We deliver the News: © 14 hours 6 if sa 07 ~ Over yeas ef.