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 […]

Buy the least expensive house in the most expensive neighbourhood

BE PICKY WHEN HOUSE SHOPPING   Typically we like to buy quality when we shop which included shopping for our home. This is why we scoured every available neighbourhood around our city for the best deal. The only thing we don’t like is paying full-price which meant we had our work cut out for us. Thankfully, it worked out in our favour. When buying a house you want to make sure that if you are buying a $400,000 house that the neighbourhood matches the price tag or you might struggle to sell as fast as you’d like down the road. This is why we hear over and over not to over-renovate but then again a smaller house in a bigger neighbourhood might have more luck finding a buyer than a house that costs far more than smaller surrounding homes. Today I have an email from a guy who is a first-time home-buyer with his wife and wants to know if they should spend the money and get the biggest house they can or a smaller house but in a more expensive area. Note: If you have a question for me please send me a detailed email similar to below so […]

Peer-Pressured Party boy is failing school with $30,000 debt

POPULARITY CAN BE COSTLY   Graduating from high school and moving on to higher education is life-changing for many young people who then turn to their friends for support. I remember when I was getting ready to move on from secondary school to University  in the UK I had no idea what I wanted to do with my life. I completed some education research through my school and finally decided on a career path that I wanted to take and a school that I thought I might enjoy going to.   Education or Friends   I had friends growing up but I was never one who was always out partying because my time was very limited. My parents always kept me busy and when I went on to University I kept myself busy with my studies and my part-time job. I needed a balance of friendship but that was small compared to wanting to graduate and find a good job. Some but not all the friends that I did have always wanted to go to the clubs drinking but I was never into all of that. I’d go once in a while but it wasn’t really my thing, thankfully. Personally […]

Not having one of the best paying jobs is embarrassing

NEVER GIVE UP ON YOUR LIFE   We all have dreams of graduating school and finding one of the best paying jobs around so we can get a kick-start on life because money is important just to survive. Last week we talked about a CBB fan whose financial success turned her friends towards jealousy and it happens because people give up on themselves and focus on what they wish they could have. My wife told me after she graduated the first time it was hard for her to find one of the best paying jobs in her field unless she moved into the heart of Toronto. Most often finding the rewarding careers means you literally have to seek them out. Not everyone is in a position to move to secure their passions but for those that move to the big cities to live out their dreams many of them end up going back home. Some people move to different countries after graduating just to gain valuable work experience then either stay, move on or move back to their hometown. Passion in life means doing what you love in hopes that one day you look back and are happy you took […]

Young adult teaches us about being house poor in 15 minutes

DON’T GET CAUGHT SINKING YOUR SHIP   Being house poor doesn’t necessarily mean that you simply have no money but it can mean that you have too much house you can’t afford. House poor can also mean you have too much stuff, no money and/or piles of consumer debt that you are struggling financially to make ends meet. The term “poor” means so many things to everyone that the only way to describe it from a financial perspective would be lack of money. Some people may not consider themselves poor until starvation kicks in and they have to go to the food bank or when they reach the point of bankruptcy. Others may take on a different view but no matter what poor means to you it’s not a place that people “dream” of.   House poor is not easy living   You might consider yourself house poor when you can’t pay your mortgage which could be for a variety of reasons. There are also plenty of poor people living in the ritzy part of town who are struggling to take control of their financial situation. I think there are many misconceptions of the word poor and the only person […]

Are aftermarket accessories for your vehicle worth it?

THAT BLING THING   Maintaining your vehicle is just as important as maintaining your house, even if it’s with aftermarket parts rather than OEM (Original Equipment Manufacturer) parts. For instance, the wheel nuts on our vehicle started to bulge and become distorted because corrosion had built up between the actual nut and the alloy coating on the outside. The price for the new parts were $8+ each so I picked up aftermarket plain nuts for $1.25 each. The vehicle now has new wheel nuts and they didn’t cost me the earth. Not only that but the vehicle still functions the same and it’s safe. I’m an avid fan of maintaining what you have because it will last longer and cost you less in the long run. In the last few weeks I have definitely noticed more and more people taking some time to give their vehicles a little TLC. We are no different, in fact our vehicle will be taken to the car wash place for a shampoo and blow dry too. Not only is it getting cleaned inside and out to get rid of all the salt that has hit it over this particularly nasty winter period, but the tires will be […]

Should your career choice be up to your parents?

WALK YOUR OWN PATH IN LIFE   When trying to pick a career choice for the rest of your life it’s not an easy task for someone who may still be a teenager and still in high school. The reality is that many people go on to change careers over the course of their life for many reasons. Does money and success buy you happiness? Sure, everyone wants that great career that pays out more money than the actual amount of effort put in. However, not everyone is built the same and one persons passion will be different from another. The work ethic, studying philosophy and creativeness begins at an early age, depending on what your child finds an interest in. I can quite easily say that there is also some inherent genetics that play a part as my own brain and interests are definitely similar to my fathers.   How to encourage your child   I can remember as a child growing up that my parents had obviously seen that I had an interest and certain developing skills that led them to encourage and pursue similar activities for me. They also bought toys and encouraged my interest in activities related to […]