Finance
Pets make for the best financial advisers and motivators. They force you to be more mindful about your spending, study shows
Pets really are becoming the major alternative to having children. In fact, more than half of pet owners not only consider their pets to be a part of their family, but they say they are just as much a part of their family as a human member, according to Pew Research Center.
Pets show affection and can give life more meaning—but they undoubtedly become a major line item in a budget, considering the cost of insurance, vet care, food, shelter, and of course, the trendiest bandanas and leashes. Still, having a pet is considerably more affordable than having a child. Parents can expect to pay between $16,000 to $18,000 per year, according to USDA estimates. Pets, on the other hand, cost their owners a little more than $1,300 per year, according to Empower, a financial services company offering planning, investing, and advice.
While having a pet is more affordable than having a child, these lovable furry friends actually serve as a great catalyst for financial health. Indeed, nearly 40% of people say having a pet inspires them to be more financially responsible, and another 36% says they motivate them to reach their financial goals, according to Empower’s survey of 1,000 pet owners in the U.S.
This is particularly true for Julio Bedolla, a wealth manager with LourdMurray. He and his wife have six dogs, which “significantly impact our spending,” he tells Fortune.
“Regular expenses for food, health care, grooming, and other consistent costs teach owners the importance of budgeting, planning for future expenses, and building emergency funds for unexpected vet trips or paying for vet insurance,” Bedolla says. “Because we plan accordingly, we are able to make it work.”
Pets can be a primer for having kids
While they’re not ready to have kids, Bedolla says caring for pets gives them “an eye-opening sense of responsibility,” and prepares them for making ongoing financial investments. However, he acknowledges that the cost of having a child is still much greater than caring for a pet, especially when you factor in childcare and education.
But pet parents still have to take into consideration their pets when making other major financial decisions, like buying or renting a home. Not all homes are suitable for pets—or even allow them there. This similarly plays into other major costs such as planning and saving for travel.
“You need to factor in pet costs, whether it’s boarding them or taking them with you,” Bedolla says.
Good money habits—and ‘not-so-good’ money habits
Owning three cats—and planning to add a puppy to her household in the next month—has inspired millennial public relations specialist Kristi Hedrick to adopt some good money habits as well as some “not-so-good” money habits, she tells Fortune.
The good money habits include always having money stored away in case an emergency were to happen with one of her pets. Plus, her cats are on a special diet, so she has to incorporate the cost of their food into her monthly budget.
However, “the not-so-good money habits tend to come from wanting to spoil my pets and get them new toys or treats,” Hedrick says. “My animals have plenty of toys, so that’s not always the best way to spend some extra cash that I may have.”
Still, Hedrick and other professionals say it’s “incredibly important” for pet owners to really understand how much it costs to raise a pet. Ali Smith, CEO and founder of dog training company Rebarkable, encourages aspiring pet parents to do their research about the average costs for their breed, as well as any health issues and temperament issues that come with owning that type of animal.
“If you choose to rescue, be aware that with unknown health and temperament issues, you could be facing large health bills and training bills in order to achieve a happy, harmonious home,” Smith says. “Budget for those.”
Pet parents spend the most on golden retrievers, beagles, german shepherds, labrador retrievers, and dachshunds, according to Empower.
Other costs of pet ownership stem from lifestyle choices and employment. The Empower survey shows, however, that pet parents are willing to make major life changes with their pets in mind. Nearly 60% of respondents said they switched jobs for more pet-friendly benefits while the pay was the same. And more than a quarter said they would take a pay cut with flexible hours in order to spend more time with their pet.
“Think critically about your lifestyle,” Smith says. “Do you need support from a doggy daycare? Or a dog walker? All of that costs money. Making that commitment is potentially 14 years of financial commitment. Sure, there’s no college or cars to buy, but [pets] can be a costly luxury in our lives.”
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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