Why A Second Income Sometimes Isn’t Enough: April 2018 Budget Update

MORE THAN ONE INCOME STREAM DOESN’T MEAN YOU’LL BE RICH!   When people tell me that they earn a second income I’m impressed and nosey at the same time. Who wouldn’t be? I’m always keen to understand why people choose to earn extra money whether it be to get ahead or to stay afloat. A few months back I had a gentleman send me an email to ask about a third income stream because the money he earned wasn’t enough to make ends meet. As you know I worked two full-time jobs for many years just to get my foot in the door to where I am now a permanent employee but it’s not something that was easy. Sometimes I dread thinking back to all the time it took away from my family but it was something I did for all of us. A second income however doesn’t mean a second full-time or even part-time job it simply means earning extra money aside from your main money source. There are many of you reading this right now who probably have multiple money streams and YES that is awesome but as we all know the best money earned is that where […]

Top 6 Retirement Mistakes To Avoid [$1000 Give Away!] : The Saturday Weekend Review #214

STEER CLEAR OF THESE 6 RETIREMENT MISTAKES THAT CAN THROW OFF YOUR PLAN TO RETIRE COMFORTABLY.   We all hope that by carefully planning for retirement we will not have to worry about anything in the future. While making a plan does make you more comfortable and prepared, there are still ways that cause your retirement plan to derail.   Getting divorced   No one plans on getting a divorce, but life happens. Divorce is something that can have a lasting impact on your finances and subsequently on your quality of life. Even if divorce is amicable, legal fees can quickly spiral out of control in dividing the family assets. You probably saved money and made a retirement plan based on the assumption that there will be two people enjoying the family nest egg in the golden years. However, in divorce the savings will end up being divided among two households, which means less money for both of you. Marriage and Common-law partnerships needs to be looked after and time need to be spent nurturing the relationship and taking care of each other. Since at the end of the day it is both a romantic and a business relationship. This […]

How To Keep Debt From Causing A Marriage Crisis

EVERY COUPLE HAS A STORY TO TELL BUT YOU PROBABLY WON’T HEAR ABOUT IT.   A marriage crisis is about to turn your world upside down, so what do you do? You write me an email looking for a twinkle of hope. Marriage is knowing you’re in love with someone but not sure if you can continue to love them based on events that occur in future dealings with-in your relationship. This is where YOU needs to become WE. What does this all mean? This means that anything can happen even to couples who are in love. One minute you’re all mushy about each other and the next you’re ringing up the lawyer because you no longer can stand each other. The annual amount of divorces in Canada tops 70,000 according to the feldstein-family-law-divorce-fact-sheet-2016. Not only that but 33% of first marriages end in divorce. Some of the reasons for divorce documented from Stats Canada in the fact sheet states the following; Communication breakdown Unreasonable behaviour Infidelity Midlife crisis Financial issues Physical, psychological or emotional abuse Relationship “runs out of steam”/fall out of love Where did you both go wrong? Most often lack of communication leads the way to a bigger […]

How to prevent financial secrets in a relationship

TOGETHER MEANS TWO   Unfortunately if you are married debt is a family affair and if there are any financial secrets hiding in your closet you still may be on the hook for them. “My spouse secretly racked up credit card debt.” How many times have we heard that scenario, over and over again? A guy I know went through this relationship changing scenario with his now ex-wife. He got married shortly after University to the woman of his dreams. She was a happy, smart woman whom he had lots of fun with and they connected well, they were in love. On the outside it seemed like she had her stuff together. I met her a few times and she was always pleasant. Over the years they bought a house and worked their way up the corporate ladder. It was in 2012 when his wife lost her job due to downsizing that everything went downhill for them, and fast. She struggled to find a new job in her field of work that year but as far as he knew she was still looking for work. They had less and less money to keep their huge house running so they had […]

Why marrying for financial security back-fired on her

MONEY ONLY GOES SO FAR   It’s true that money happiness can be stretched to certain limits but eventually that financial security that so many crave turns to a desire to be loved especially if they married for all the wrong reasons. Sometimes I wonder if we learn about love and money from the way we are brought up. We either look for what our parents were or total opposite, what they were not. Don’t teach your children to find someone based on financial security because you may just be doing your child an injustice of having to rely on someone else for their happiness. Teach them to be independent and that true love will come when they least expect it.   Believe in yourself   If we could all see the numbers hidden behind the scenes of customers at financial institutions there would be even more unhappy marriages ending in divorce. Why? Some people marry for money because they think it’s the only way to create happiness in their lives, especially when they aren’t motivated by their own success. This may even lead to controlling relationships. People may not believe in their abilities to become financially successful so they […]

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