Canadian Students College or University Bound Prepare Your Finances NOW!

I remember when I was a young bloke and on my way to University the world was in the palm of my hands (so I thought).  I truly believe I had my head on straight back then and today given the way I continue to pay myself first. That doesn’t’ ring true for most of my school mates, at least what I witnessed even here in Canada. I went back to school for 5 years and learned that debt is debt no matter  what country you live in. Most of my mates who did work while attending University simply blew the money on pints of beer down at the pub and buying crap they didn’t need. I was a simple guy who just wanted an education and a good career. Before cutting the umbilical cord from me mum and dad to start what would be a journey of reality I set some clear goals for myself. I knew I didn’t want to come out of school with any debt. I was young when I started to learn about the value of money so this was a must. I worked on weekends and in the evening to save money for University. I […]

How To Maximize Your Mortgage

  TAKE ADVANTAGE OF SHAVING YEARS OFF YOUR MORTGAGE Many people get into their first home and are so busy fixing it up, moving in and just getting used to their new home they quickly forget about their mortgage, other than that big chunk of cash that goes out of their account every month. They are losing money by ignoring it! Many banks don’t explain much in the way of “best practices” with mortgage repayment.  One of the simplest is paying your mortgage on either a Weekly or biweekly basis to speed up the repayment process, but beware, some banks offer non-accelerated weekly or biweekly which do nothing to pay back your mortgage faster! Follow this simple system when setting up your payments: If you are paid every 2 weeks, pay your mortgage with biweekly accelerated  If you are paid any other way, pay your mortgage weekly accelerated. The reasoning is simple, say your mortgage is $1000 per month, paying biweekly accelerated puts more onto your mortgage in a year ($500 x 26 = $13,000 vs. $1000 x 12 = $12,000), same with weekly accelerated ($250 x 52 = $13,000). So apart from your mortgage payment, what else can you […]

Top 6 Reasons People Go Into Debt!

Why do people go into debt? Well, over the years I have seen it all, heard it all and lived through most of it! I’ve come up with my list of why people go into debt but realize this list could be much larger. Your debt load depends solely on your own situation as people who have a high debt load are there for their own reasons. I’m not here to say what is right or wrong or to point fingers, rather simply to share the most common reasons that I have come across in my years. Reasons Why People Go Into Debt 1-Divorce or Separation- When couples split they don’t realize the amount of debt they can incur when dealing with lawyers, real estate agents or spouses debt etc. Factor in child or spousal support and that can take a big bite out of your pay leaving you short to pay the bills. Keep in mind money is the number one reason couples fight and split up! Rebuilding life and finances after a divorce is possible but like anything is a journey to a destination. 2– No Budget– I’ve said it over and over but a Budget is imperative no matter how much money you make. Some people […]

Our Canadian Home-Tips to Save for a mortgage Down Payment

A HOME IS A BIG INVESTMENT   Saving for a down payment on a home is probably one of the biggest goals many people set out to achieve when they want in on the real estate market. Are you thinking of making the move into home ownership? Deciding whether you should continue to rent or buy a home is a decision only you can make. People often ask me why I chose to buy a home so young when I was living in the UK. I decided to buy so young because my parents taught me the value of money early. I saved my money because I knew that I should be able to make more money over time if I invested it wisely. I also realized that I didn’t want to rent but that I’d rather own my piece of land in this world. I’m not going to lie and say it was easy as that’s simply not the truth. I worked hard and long hours to get me into the home ownership scene. I had no debt and paid cash for everything I needed. My wife was the same way growing up so we both had an understanding […]

Did You Order Your Credit Report Canada? It’s Free There’s No Excuse!

YOUR CREDIT REPORT IS YOUR HISTORY   When I asked my fans if they had ordered their credit report or if they knew what was on their credit report the answer was an astounding no for many of them.  Most had no idea how to go about ordering a free credit report in Canada. Today, I’m going to show you just how easy that is and it won’t cost you a dollar. Some fans didn’t even care about seeing their credit report and that’s fair as some people truly don’t care but for others it is crucial to know what is happening behind the credit scenes. The worst thing is being uninformed until something goes wrong and then you rush to fix any financial concerns. Sadly, fixing credit doesn’t happen overnight and will take time. A friend of ours moved into an apartment and wanted to get some furniture from the Buy Now, Pay Later place only to find out her credit report came back with an unhealthy mark so she was denied credit. When I asked my Facebook community about their credit report I was also surprised to learn that most had no idea where to find out about […]

The What If’s in Life with Life Insurance- Staring out the Canadian Glass Window

What if I lose my job, What if I get injured, What if I die,What if this What if that.. blimey, are you tearing your hair out? Are you thinking about life insurance yet? Sometimes preparing for the future seems like it’s silly but perhaps it’s just a way to put off the inevitable. Some people I know didn’t think they needed life insurance or thought it was only something senior folks think about. Scenario:  Older Couple who never purchased Life Insurance Little Savings Age 50’s with children/grandchildren Mortgage until they are in their 70’s Little Investments Health Status- bad Heart Condition, Diabetes Source: EverydayHealth.com What we do know for sure is: We WILL all DIE! Face it mates, it’s going to happen whether you like it or not. ** Note: if you are reading this and have some sort of secret potion to prolong this send me a quick email so we can meet up** If you plan to remain single and childless for the rest of your life and have money put aside for your funeral costs then you can sweep the insurance idea under the mat. Do you really need to pay for Life Insurance when there […]

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