PF Weekly Grab a Brew 31: I don’t care about debt…push!

I’m sure you know someone who is deep in debt and shrugs it off like it’s no big deal saying they don’t care about debt. Sometimes I wonder how someone gets to that point but from another perspective I can understand how overwhelming debt can be for some people, myself included. Every one in a while we need motivation in our lives, and I’m here to share some of mine with you. Yes, when I bought my first condo that amount of debt and unexpected bills were piling up even though some people would say a mortgage is not a bad debt it loomed over my head. I’s not near as bad as having thousands in consumer debt that you just can’t pay off no matter how you accumulated it. Some people are comfortable paying the minimum payments until the bitter end no matter how much they pay in interest. It’s easier to close our eyes than to take the steps to iron out the wrinkles. 12 per cent of them — said they are comfortable carrying the debt and don’t intend to pay it off. The CIBC telephone poll that I read said “14% of Canadians won’t pay off […]

Too Many Bills Not Enough Money Each Month

Some Canadians are faced with the reality that they simply can’t get to the end of  the month before running out of money. We humbly turn to credit cards, lines of credit or even borrowing from family and friends to make ends meet. For some Canadians having a high debt load and spending more than they earn spells disaster and for some debt denial is better than acknowledging it. This ends up leaving no room for  retirement savings, the kids RESP let alone an emergency savings account. With grocery prices slated to increase in 2013 it’s time to buckle down and make a game plan before the going gets tougher. Do you feel like your hands are tied and you don’t know where to turn? You’re not alone but there are ways to tackle this problem so don’t give up. What do you need to do? You need to either improve your income or reduce your expenses meaning that you have to take a hard look at your finances. Do you know your net worth? You should. Do you use a budget? You should. Budget, but why should I budget when I don’t have enough money each month? That’s OK, you still need […]

Killing Your Mortgage In 3 Easy Steps

Killing your mortgage in 3 easy steps I was honoured when Mr. CBB invited me to share some mortgage tips on CBB.  It’s evident that he really values his readers so this is a real honour. I’m speaking from experience. Derek and I became mortgage free at 28 (we purchased our first home at 23, and built a new, bigger home when we were 25.)  These are the 3 most important actions we took in killing our mortgage early.  In the interest of full disclosure our current home is worth between $280,000 and $300,000.  It’s a lovely home, but the bank would prefer us in something bigger and more expensive. Pay your mortgage first and last. We’ve all heard the concept that you should pay yourself first. If you’ve been living under a rock, avoiding any personal financial advice, this means that you should set aside your savings as soon as you’re paid before you spend a dime.  The story goes that if you never have access to the savings you won’t miss it, and you’ll be forced to live within your means. This works unless you’re a credit addict, then cut up your cards and return to step one. Decide how much […]

Book Review: How To Be Richer,Smarter And Better Looking Than Your Parents

“But I’m already richer than my parents, and I’ve always been smarter and better looking!” All of us like to think that of course, but regardless of whether or not it’s true for you, Zac Bissonnette’s best-seller is a must read. “How to be Richer, Smarter, and Better Looking Than Your Parents” is a book that focuses mostly on personal finance topics, especially frugality and wise money management. The book starts out with some rather hilarious mockery of celebrities who have gone broke, and shows the logical reasons why. No matter how much money you make, if you spend it all, you’ll be gaining nothing. These celebrities made millions, and then blew it all with regular $25,000 shopping trips. Bissonnette then goes into how the mistakes of the rich and famous can be avoided (albeit on a smaller scale money wise) in your own life. The golden rule of personal finance, spend less than you earn, is at the heart of his philosophies. For those of us who grew up in frugal households, this seems like common sense. But to others who didn’t, it can be a big shock to the system. But the rewards are incredible if you apply his advice. His chapter […]

My Biggest Money Mistake-Co-Signing and Taking On Debt

Money Mistakes aren’t always in your face but we learn from these mistakes to make it right the next time. There are many reasons people fall into debt but there are more reasons about why they should get out of debt even if that means fighting for your legal rights. You don’t need to make millions to use a budget but you do need to see the numbers. One of my fans contacted me with a story she wanted to share about her biggest money mistake. Not everyone is willing to step up to say “this is what happened” and “this is what I had to do to fix it“. Julie took steps to get back on track and I hope others can learn from her story and not be taken advantage of. Take your failures and make them a success story like Julie. Here is Julie’s Story…… Hello Mr. CBB! When I separated from my ex-husband, I had to file for bankruptcy. I wasn’t mismanaging funds but what landed me in hot water was failure to protect myself from love and money. This chapter in my life has taught me to become fairly self-reliant whilst living on no credit. Great lessons learned […]

How To Get The Best Car Leasing Deal

Leasing a car rather than purchasing one can prove to be much more cost-effective and is an option being chosen by a growing number of people. Some people like to change their cars every so often and others use them for their business. Some chose to purchase the car at the end of the lease as an option. However, there a few ways to make sure that you get the very best car leasing deal for you:  Commit To The Right Lease Length, Longer Can Be Cheaper Lease companies will offer you their lease cars for specific amounts of time. Over commit and you could be left with a car that you don’t want, under commit and you could be handing your car back before you are ready. Car leasing tends to vary around two years to five years although different terms are available. Make sure that you commit to the amount of time best for you but do keep in mind that in general, the longer you keep the car, the more cost-effective it will be. Because an advanced payment will be required, the longer you keep the lease car, the further that initial payment will stretch. For example, if […]

Building Credit In Canada As A New Permanent Resident

Building Credit all over again in a new Country is not easy but is certainly possible to do. I’m still here and living it up and don’t fancy heading back any time soon. I’ve battled through all the permanent resident requirements with my lovely wife at my side and it’s been such a learning experience that I hope to share with all of you. It took me just over 100 days from the time I sent out my package that I prepared to Immigration Canada to being accepted as a Permanent Resident of Canada. I am truly blessed to be living in such a beautiful country like Canada and all the opportunities it has given me. Now I’m doing my part and giving back. Many people who land in Canada as new residents often find themselves lost when trying to establish credit to build a credit history. New Permanent Resident When I moved to Canada from the United Kingdom I was what they used to call a “Canadian Landed Immigrant” now called a “Canadian Permanent Resident”. Although I did some research on a Canada Immigration Forum it was more about the legal aspect rather than the financial. I already knew how to […]

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