Hub Blogs

Hub Blogs contains fresh contributions written by Financial Independence Hub staff or contributors that have not appeared elsewhere first, or have been modified or customized for the Hub by the original blogger. In contrast, Top Blogs shows links to the best external financial blogs around the world.

How to navigate all the newish alternatives to Twitter/X

Image from The Verge

It’s been two years since Elon Musk acquired the former Twitter, now X. That led to a steady Xodus (sorry!) of hundreds of thousands or millions of formerly loyal users to new platforms like Mastodon and, the following summer, Facebook’s Threads.

Since last week’s shocking re-election of Donald Trump, another wave of X users has left for bluer pastures, this time for Bluesky, founded in part by former X co-creator Jack Dorsey, and some venture capitalists.

There is also a surge of Xpatriates moving to the decentralized Mastodon service. Mastodon creator Eugen Rochko posted Friday on Mastodon that it has benefited from the Xodus as well. Official “app downloads are up 47% on IOS and 17% on Android.” Sign-ups are up roughly 27% compared to the previous month, with 90,000 new accounts.

Thus far, though, Bluesky has drawn more media attention this week. Bluesky has been around since 2021 but had a slow start, beginning with an “invitation-only” approach to big names or those with massive followings. It is now wide open and free to all comers.

But the floodgates have really opened since last week’s election and Musk’s infiltration of the new Trump 2.0 administration. A million new users flocked to Bluesky in the last week alone, bringing the total user base to 15 million, according to Time.  I am one of them, joining on Remembrance Day.

Truth to tell, (certainly not Truth Social!) I had NOT planned to join Bluesky, as I am already on Mastodon, Threads and — oh yeah — Linked In and Facebook. Since I have not yet left X, I felt 5 or 6 social media platforms was probably two or three too many. Even so, some contacts at X the past week suggested I try Bluesky as well, saying the new rush of sign-ups was reminiscent of the good old days of early Twitter.

So, somewhat reluctantly, I signed up, using the same handle as on most of my other accounts: @JonChevreau. I guess part of my reasoning was that when it comes to handles it’s a bit of a land grab and I didn’t want someone else posing as me at Bluesky. That appears to have happened to Mad Money’s Jim Cramer.

Now I’d be the first to say it’s ridiculous to be active on half a dozen social media accounts. It would be nearly impossible for someone with a full-time job and long commute but as I am semi-retired and work from home, it is (barely) manageable. Like most journalists, I’m a bit of a news junkie, though my focus is primarily financial (hence this website) and secondarily, politics (on the theory that politics is always going to impact our personal Financial Independence).

Social media splitting into Red and Blue Silos

Many journalists on X have been agonizing about staying there as standards have slipped under Musk and the site is rife with misinformation, most of it right of centre. In fact at Mastodon, we generally refer to X as “the Hell site.” I see broadcaster Don Lemon just announced his departure from X and arrival on Bluesky.

The problem is of course that many of us have spent the better part of 10 or 15 years building a large network of followers on X. In my case, I restrict most of my X posts to financial content, if only to promote the latest blog from this site. To the extent site sponsors like to see their guest blogs on the site promoted as much as possible on various social media, it’s hard to make the break. It takes years to build up a following in the tens of thousands.

But between Musk buying X and now joining the incoming Trump administration, the die seems to have been inevitably cast. Social media has fragmented into political siloes. X is now a Trump propaganda machine that amplifies what Trump’s own Truth Social was doing. It’s in effect Pravda for the incoming Republican White House. Call it the Red Silo. That was likely the main reason Lemon finally departed.

What you might call the “Resistance” is Threads, Bluesky and to a lesser extent Mastodon, which together I think of as the “Blue Silo.” But in addition to departures from X, I’m also seeing lots of Threads users moving this week to Bluesky: some abandoning it altogether and others opting to become “dual citizens.” One frustration I have myself with Threads is the current limit of following no more than 7500 people. Because of the still-common practice of “reciprocal following,” that policy also curtails Follower growth to a similar number.

Let me go through my evolving personal strategy for navigating these sites. I’ll list these in the order in which I tend to use them first thing in the morning and periodically throughout the day and often evening.

1.) Mastodon

This is my first port of call, even though my Follower account there after two years is less than 10% of what it is on X. Mastodon seems to me to be a bit of a Blue (i.e. U.S. Democrat) silo, as are the next two sites I’ll list: Threads and Bluesky. Presumably many liberal Canadians are sympathetic to that political orientation although things could change soon.

Why do I give Mastodon priority? For several reasons. First, it’s NOT owned by a single billionaire who can upset the apple cart and change the rules on some arbitrary whim. As I explained in a similar post to today’s when I joined Mastodon two years ago — Life After Twitter — unlike the centralized Twitter platform (or indeed Threads or Bluesky), Mastodon is decentralized.

That’s the first thing you need to know about it when signing on. First you have to pick a server, which is run by volunteers around the world. I often get pushback from people checking out alternatives who are under the impression Mastodon is too technical.

It’s not really: all these platforms behave in a similar way, albeit with subtle differences. The main stumbling block with Mastodon is picking the “instance,” which is another word for server. I picked one of the few (or only?) Canadian ones: mstdn.ca. It’s also called Mastodon Canada and bills itself as being run by Canadians for Canadians. Note too that  Mastodon is spelt with the letter o in two places, NOT the letter “a”!

The other big reason I prefer Mastodon is that unlike the billionaire-owned centralized platforms, Mastodon does not use an “algorithm” to steer content in your direction. X, Threads and Bluesky all do this to some extent: either they explicitly ask you what kind of content you want or they gradually infer what you want from the content you appear to gravitate to. Down the road, the danger is they will monetize all this for advertisers or other purposes. When they’re free, remember that YOU are the product! Continue Reading…

Podcast & transcript: What Business Owners need to know about Hacking threats

IT expert Darren Coleman of Coleman Technologies

In this episode of Two Way Traffic wealth management advisor Darren Coleman — who specializes in cross-border financial issues — discussed IT security with his namesake, Darren Coleman. Darren is founder of Coleman Technologies Inc., which handles IT managed services and cyber services. The latter Coleman – he’s been called Canada’s top IT expert – leads a team of technicians based in Langley, BC and Dallas, Texas. He says hacking is a trillion-dollar industry and business owners should take note.

Podcast host Coleman drew parallels between financial services and cybersecurity. He said he looks for gaps in a client’s financial plan, while in cybersecurity Coleman the IT expert looks for gaps or vulnerabilities in multi-factor authentication, threat protection to ensure business resilience, and endpoint protection (cybersecurity software that protects from viruses, malware and ransomware).

The two agreed what’s necessary in both their industries is prevention and managing risk. Another point is that Canada and the US have different tax regimes, and different laws for regulatory compliance.

“The U.S. government can gain access to your data if they want it,” said IT expert Coleman. “We believe the Canadian government can’t, but there are ways they can get it too.”

Their discussion explored …

  • Why clients of wealth management firms are good targets for hackers and what to do in a security breach when asked to pay a ransom.
  • How multi-factor authentication can prevent 99% of email breaches.
  • Why organizations devote too much security attention to senior management and not enough to everyone else.

Here is a link to the podcast …

https://podcasts.apple.com/ca/podcast/the-business-of-hacking/id1494816908?i=1000672496679

Darren Coleman of Raymond James [Darren Coleman or Darren #1 henceforth]

Welcome back to another edition of Two Way Traffic, the cross-border podcast. Today my guest is now, let me see if I pronounced your name correctly. Darren Coleman.

Darren Coleman of Coleman Technologies [Darren C #2 henceforth]

You got it.

Darren Coleman

So you and I are namesakes. You run a firm in Langley, BC called Coleman technologies and do outsourced IT infrastructure. You are a cybersecurity expert. Why don’t you take us through Coleman technologies.

Darren C #2

I am the founder and CEO. Part of my mission is to help protect a million people from hackers, so being here on your podcast supports that cause. I’ve shared my cybersecurity insights on ABC, Forbes, MSB Success Magazine. I’ve spoken at Harvard, and co-authored some books. So that stuff led my company down the road to be an expert within the cybersecurity realm. But more than that, we provide 24/7, direct-detect, flat fee, IT support to our clients. We really just become your IT department.

Are there off-the-shelf tools?

Darren Coleman

Our firm has a huge IT spend every year, but for a lot of medium and small businesses, can they not just get all the tools off the shelf?

Darren C #2

Not really. You can hire an IT professional, but you’re probably going to hire multiple people because they’re going to want to take holidays. You’re going to be looking at double the cost right there. But you can’t just buy antivirus. Antivirus isn’t good enough anymore. You need endpoint protection, threat hunting, content filtering, and audits. There are things the IT professional may be good at, but there are  things you need an expert for. If you’re looking for cybersecurity insurance, the forms are 10 or 12 pages long and require things you might not think about. Continue Reading…

How to Maximize Retirement Income with Hobbies

In retirement, hobbies, believe it or not, can seamlessly transition into income-generating ventures: thus presenting an opportunity for older adults to monetize their passions. Whether it’s woodworking, photography, gardening, or crafting, the key lies in recognizing the market demand for these skills or products and strategically positioning oneself to capitalize on it. Here’s a quick look on discovering how collecting and small businesses can boost your finances in your later years.

 

Image Adobe Stock/Pikselstock

By Dan Coconate

Special to Financial Independence Hub

Retirement offers a perfect time to turn hobbies into profitable ventures. Many retirees seek ways to supplement income through hobbies that provide both enjoyment and financial rewards.

Choosing hobbies with financial benefits allows you to maximize retirement income with hobbies while staying engaged in activities you love. The right hobby can provide personal fulfillment and a steady income stream that supports your retirement goals.

Explore Collecting as an Investment

Collecting serves as one of the most effective ways to generate income. Collectibles like vintage items, rare artifacts, and diecast car models can appreciate over time. Market trends and knowledge about item values help collectors make smart investment decisions.

Limited-edition diecast car models typically increase in value, offering a return on investment. Collectors who stay informed about market demand can identify items with the most potential for appreciation. Adopting eco-friendly collecting practices for diecast model cars enhances the long-term value of your collection and supports environmental conservation.

Turn Hobbies into a Small Business

Starting a small business based on a hobby provides another income source. Retirees can transform passions like crafting, gardening, or baking into profitable enterprises. Selling handmade goods, plants, or homemade treats on platforms like Etsy or at local markets offers a steady income stream.

Consider expanding your hobby-based business by offering workshops or classes. Teaching others how to create or maintain their own collections or crafts can generate additional income. For example, a retiree who enjoys gardening can teach a course on growing and maintaining a garden.

Monetize Knowledge and Expertise

Sharing knowledge and expertise related to your hobbies can also generate income. Retirees can offer workshops, create online courses, or write e-books to teach others about their hobbies.

This method monetizes your passion and keeps your mind active and engaged. For example, if you have extensive knowledge of vintage car models, you could create an online course or write a book about the history and intricacies of collecting these items.

Invest in Appreciating Assets

Hobbies that involve acquiring appreciating assets, such as art collecting, antique restoration, or wine collecting, offer financial rewards over time. These assets often gain value as they age, providing an additional source of income in retirement. Staying informed about market trends and seeking expert advice ensures that your investments yield the best possible returns. Continue Reading…

Market Forecasts: Potential Impacts of Trump’s Victory on U.S. Stocks, Global Markets, and Crypto

Image by Unsplash

By Toby Patrick

(Special to Financial Independence Hub)

Donald Trump is poised once again to become the president of the United States, becoming only the second president to be reelected after leaving the White House. The last time this happened Grover Cleveland was celebrating his second stint as president from 1893 to 1897.

Two world wars, a Great Depression, and 23 presidents later, it’s safe to say the world looks very different.

Cleveland’s second stint in office began with a decline in the New York stock market in what was known as the ‘Panic of 1893’. Fast forward over 130 years and the U.S. election is still closely linked to the performance of the U.S. stock market. Only this time we’re talking tariffs, tech companies, and cryptocurrencies. 

This article will explore what a Trump victory could mean for markets around the world.

What does Trump’s Victory mean for the U.S. Stock Market?

The general consensus is that Donald Trump’s victory will be good for businesses and the U.S. stock market. If the immediate reaction on the 6th of November is anything to go by, this would be true. Many U.S. shares hit record highs and the S&P surged by around 2.5% as investors bet on Trump’s pro-business policies.

At the heart of this initial boom were companies that stand to benefit from Trump’s hard-hitting tariffs that are to be imposed on international imports. Take the Elon Musk-owned Tesla for example. The world’s richest man acted as the President’s mouthpiece in the run-up to the election, and it’s easy to see why.

Not only do Trump’s policies favor high-net-worth individuals, but his threatened 60% tax on Chinese imports would essentially burden the competition to American-owned businesses. Tesla’s share price subsequently rose to a yearly high as news of Trump’s win filtered in.

On the flip side, Trump’s tariffs might not be good news for all American stocks. Large tech corporations rely heavily on Chinese imports. Increased costs could impact the share price of the “Magnificent Seven” stocks while also seeing the consumer pick up the cost through higher prices for electronic goods.     

What does the Trump Victory mean for the Global Stock Market?

Generally speaking, if a Trump victory is good for the U..S economy, it’s good for major global corporations that export to the U.S. Initial optimism across the rest of the world mirrored that in the U.S. However, unlike the U.S., the euphoria was dying out by Wednesday as investors realized the implications of the tariffs mentioned above and what they could mean for international trade.

While China has been threatened with the strictest of Trump’s tariffs, a 10% tax on all U.S. imports would impact Europe too. Take the U.K. for example. Rolls-Royce is one of the world’s biggest manufacturers of aircraft engines and heavily exports to the U.S. While companies like this may benefit from an upswing in the American economy, this could be wiped out by increasing taxes. 

This view would line up with performance too. Rolls-Royce Holdings initially rose as the news of a Trump victory filtered in before sharply declining to pre-election prices as investors possibly started to consider the future of international trade.

What does the Trump Victory mean for Cryptocurrencies?

Today, it’s becoming increasingly common for investors to look beyond traditional stock markets when it comes to investing. One of the most common alternatives, and a big talking point throughout the election campaign, is Bitcoin and other cryptocurrencies. Trump was seen as the pro-crypto option, publicly stating his positive view on crypto and even previously being involved in the promotion of NFTs. Continue Reading…

A few thoughts on Trump’s victory and investing under Trump 2.0

Deposit Photos

By now, there’s not much I can add to the ubiquitous media coverage of Donald Trump’s shocking imminent return to power.

Since our “beat” here is Financial Independence I’ll spin this that way. A few weeks back we looked at a Franklin Templeton webinar on the investment implications of either a Harris or a Trump victory. See this blog I wrote on October 23rd, headlined Don’t mix politics and investing but financial community thinks a Trump victory more positive for stocks.

You can say that again. As I write this in a daze mid Wednesday, the Dow Jones Industrial Average was up 1300 points or 3%. Bond prices, on the other hand, are going in the opposite direction.

Franklin Templeton also issued a press backgrounder conveying the view of various money managers. For obvious reasons, below I have cherrypicked the ones that address a Trump victory.

Before we get to that, I’ll point to a Globe & Mail column by Andrew Coyne published Wednesday (Nov 6th), in the aftermath of the election result. The headline tells the tale: Trump’s election is a crisis like no other, not only for the U.S. but the world. (likely under a paywall.) The world yes, but especially Canada. If you can access the column also check the hundreds of reader comments, which offer many and varied takes on the implications of Trump 2.0 on the Canadian economy and politics.

Personally, during the run-up to the election I did not tinker with our family’s portfolio to take advantage of any alleged “Trump trade” or “Kamala stocks.” Those who noted this site’s 10th anniversary the day before the election will probably feel this is a broken record, but I’ve found that a globally diversified balanced portfolio with exposure to all major asset classes is adequate preparation for whatever the investment world may have in store for us.

Asset Allocation ETFs play offence and defence

Let the money managers at places like Franklin Templeton, Vanguard Group, BMO ETFs, Blackrock or Robo advisors decide the relative proportions. Those who engage financial advisors or portfolio managers may want to check in for a portfolio update. For average DIY investors, those Asset Allocation ETFs often referred to in this site should allow investors to sleep at night no matter what horrors await us in January and beyond. In other words, the stocks component of these AA ETFs let you play offence and benefit from the rising of stocks as animal spirits take over investors. But a healthy fixed-income allocation also allows you to play defence in case things get too ebullient. As the old saying goes, you want to “Eat well and sleep well.”

Continue Reading…