Five things you should know before you start your work day on Jan. 17

The stock selloff will scrape discretionary income from the wealthiest of us.

Good morning, readers! A variety of reading for you today: The first of what will likely be a handful of banks cutting mortgage rates, regretful retirees experience something that prevents them saving enough for their post-working lives, Joe Chidley outlines why a hard-Brexit outcome is likely to lead to a no-Brexit outcome, there’s Trans Mountain interest at the indigenous energy conference, and finally, why Goldman says the rich will slow the economy in 2019.

TIME TO BUY?

RBC has cut its five-year fixed mortgage rate by 15 basis points, with other banks of course expected to follow. With volatility down, competitors have started undercutting the big banks, putting pressure on them to act.

REGRETFUL

Here’s the real reason people fail to save enough for retirement — and what you can do to limit the damage if that’s the case for you. Financial Planner Jason Heath says procrastination or being short of extra funds may not be the biggest impediment to saving enough, but he does detail a reason as to what the real issue is.

KEEP CALM AND … 

The likelihood of a hard Brexit may actually increase the odds of no Brexit— and that might be best thing for everyone, Joe Chidley writes. Theoretically, all sides would admit defeat and hang their heads in shame at failing the British people. But here’s why that’s unlikely.

PITCHING PROGRESS

The Assembly of First Nations in Alberta has made Finance Minister Bill Morneau aware of their interest in buying a stake in Trans Mountain, Geoffrey Morgan writes. “I believe that in order to create real economies on reserves, real progress must be made on real indicators,” influential Alberta regional chief Marlene Poitras said, adding that projects are needed to boost wages for Aboriginal people, educational opportunities and ownership opportunities.

LOOK OUT BELOW!

Goldman says rich people will drag down the U.S. economy this year. The stock-market selloff is going to be a significant drag on the U.S. economy as wealthy households feel its impact. The hit to the wealth level from a 1% decline in stock prices is now about three times larger than in the late ’80s for the top 10% of households, a Goldman economist says.

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