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 […]

I Doubled My 20% Savings Rate By Cutting Out These 5 Things

YOU CAN ALWAYS SAVE   By: Des from Half Banked One of the fastest – and safest – ways to reach your financial goals is to increase your savings rate. I say that as a millennial who isn’t making the “big bucks”, so this is a widely applicable concept. Increasing your savings rate isn’t just for people looking to retire early! Related post: A Beginners Guide To Early Retirement Let’s say you’re saving $100 a month, and your goal is to build a $5000 emergency fund. At $100 a month, it will take you just over 4 years to hit your goal, assuming you’re saving your emergency fund in a high-interest savings account that pays 1% interest, compounded monthly. If you were to double that savings rate, and put $200 towards your emergency fund every month, you’d reach your goal in just over two years. You’ve just slashed the time it will take you to reach your savings goal in half, just by increasing your savings rate. You didn’t need to rely on any high-risk investments, and your emergency fund is good to go a lot sooner.   Why did I increase my savings rate?   As a millennial, I’m […]

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