How To Build Your Wealth Without Earning Big Bucks : April Net Worth Update (+1.96%)

YOU MUST BE EARNING BIG BUCKS IF YOU’RE DEBT FREE- Not exactly.   The misconception that you must be rich and earning big bucks if you’re debt free is SO WRONG. The first thought that comes to mind when a young person says they are debt free without a mortgage is that they must have inherited money from someone. Typically the parents are the first target of interest, but does that really matter? Not really. It helps but it’s not often parents have the spare cash to dish out but for those that get that kick-start if they aren’t money-wise they could lose it all. Buying a house depending on where you live in Canada is becoming out of reach for many people especially millennials looking to get into the real estate market. A recent house sale on our street went for nearly $700,000 at just under 1400sq feet. Have a look at how much we value our house at in our net worth chart below and you’ll see what I mean. Manulife Bank issued survey results on Tuesday that suggest 45 per cent of millennial home buyers received a gift of money or a loan from family. That compares […]

Fixed Income Seniors Struggle To Learn How To Budget

DON’T LEAVE YOUR FINANCIAL DREAMS SCATTERED ON THE GROUND   Learning how to budget after never using one has caused two seniors we know anxiety over their financial future. If they could do it all over again they would change so much about the way they managed their money. They know they can’t turn back the clock and must face the reality of living on a fixed income with little to no retirement savings and lots of grandchildren. They are not alone as many Canadians on a fixed income struggle to make ends meet and must juggle their money to balance their budget, if they use one. Living on a fixed income is a big deal especially for seniors or individuals who rely on money from sources other than from an employer. Cost-of-living increases can cripple those who live on a fixed income especially if they have no other sources of extra money to take from. People are talking about finance and income so much these days particularly in Ontario because most people are struggling with soaring utility costs and high debt loads. Comparing a Hydro bill to a mortgage payment is not unusual for some homeowners these days. If […]

Ontario Budget 2016 Will Affect Your Household Budget : The Saturday Weekend Review #161

ROLL OUT THE FINANCIAL RED CARPET   If you don’t think your household budget will be affected by the Ontario Budget 2016, think again. For the most part there are your typical increases but with every extra dollar spent that’s money you must account for. The new Ontario Budget 2016 lit up the internet and social media on Thursday when highlights of the new budget were announced. To be honest I wasn’t sitting by the computer waiting for the new Ontario Budget it kind of hit me in the face. It generated such a buzz that my Twitter and Facebook feed was littered with posts and comments. So over a cup of coffee I read article after article about the pros and cons but the bickering between students was outrageous on some Facebook pages. When money is concerned you can’t please everyone and the government knows this. You’re almost taking from one pot to fill another and hoping that they balance themselves. The deficit for 2016-17 is projected to come in at $4.3 billion and be reduced to zero the following fiscal year Ontario’s net debt will hit $308 billion in 2016-17, the largest of any sub-national jurisdiction in the […]

Twenty Year-Old Father Taught Me About Financial Responsibility In 30 minutes

I DON’T WANT TO BE BROKE LIKE MY PARENTS WERE WHEN I WAS YOUNG   Financial responsibility follows you for life and one young father shares his life plans with me and with two powerful words “He wants” becoming the driving force behind his journey in all aspects of life. Have you ever asked yourself, “What would you do differently if you could go back in time?” I have, and knowing what I know now there would be some changes to the way that I save money, earn money and invest it. My life was automated because I was so focused on school and working that even I may have paid more than I should have at times. Financial Responsibility was nothing my fellow University friends would think about while in school. It was no big deal to blow money down at the pub or to take a girl out on a lavish date with all the trimmings. Money was no object when it was given by the bank of mum and dad. When I was in my early twenties I bought my first house then sold it to buy a bigger house. I wanted in the real estate game […]

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