How To Escape A Financial Mistake Without Selling Your Soul

 LIFE IS FULL OF FINANCIAL LESSONS   I’ve made a ton of financial mistakes over the years from buying a timeshare, to making bad investment choices, to refinancing to a bad mortgage. The reality is we all make bad choices with our finances at one point or another. My worst financial mistake came when I bought a $4500 timeshare on my honeymoon of all places because I thought it would be a great to force us to take a vacation every year. This lead into other financial issues when we decided we wanted to sell our timeshare and found out it’s next to impossible to sell them. We tried for over 2 years to sell our timeshare with literally no luck at all. Our lowest point came when we decide to sign up for a couple of timeshare resale companies and this only lead sticking $1100 into a losing battle. Finally, after 6 long years of owning this timeshare, paying maintenance fees, and losing our money to the timeshare resale companies, I was able to contact my resort and get a buyback option that allowed me to get out from under this black hole that had done nothing more than […]

Will the Ontario minimum wage hike help? PF Friday Grab a brew #57

IN ONE POCKET OUT THE OTHER   Surviving on minimum wage is not easy in fact when I moved to Canada the only jobs I could find were minimum wage jobs although that was still a struggle at times. Living in the UK was equally as difficult because prices for petrol and food not to mention housing accommodations were astronomical compared to what we earned. I was already used to living on a tight budget and working hard to make ends meet to stay ahead of the game but I guess I expected more moving to Canada but knew I would have to work my butt off no matter what challenge I was given. No road is an easy road unless it’s all handed to you on a silver platter but even then those people still fall. Unless you haven’t heard the Liberal government is giving a $0.75 boost to the minimum wage in Ontario raising it to $11.00 an hour. They say this is in line with inflation but is it really enough to get by on?   Finding a job   I struggled to find work even with my University Degree from the UK because it wasn’t fully […]

Buying my first property: Was I too young?

Minimum Pay For Maximum Workload I bought my first property at the age of twenty-one even though some of my friends thought I was too young and crazy. I loved to work hard and equally play hard afterwards. It would have been comparable if I were to buy my first condo here in Canada or flat for those of a British background. I wanted to buy vs rent because with my down-payment I knew that my mortgage would be less than rent. My parents already had a few homes on the go and were renting them out so the mortgage would pay for themselves. It was the best decision they ever made, investing in real estate. They are still enjoying the benefits today of those mortgage-free homes and rental income. Somehow I wanted in on the action early so off I went and I found my first home fresh out of University. How much do you need to buy a home? More than I bargained for and many people suffer because they fail to plan. I was almost one of those people. Living pay to pay Contrary to popular belief, I know what waiting for the next chunk of hard-earned money […]

What My Life Is Like With Terrible Credit

I am a person living with debt that I can’t pay and terrible credit. I am a single mother of a now 17-year-old son soon to be 18. Over the years there was never enough money and debt just seemed to keep piling up and I wasn’t sure what to do about it. I needed the car to get my son to daycare, then me to work. It  seemed every time I turned around there was a repair that needed to be made on it. My one credit card with the highest balance which is now in collections was typically used for repairs to my vehicle at the time. I was working full-time to pay some of the mechanic’s bills as well as to keep paying my everyday bills and putting food on the table which was hardly enough. That meant that the repair bills often ended up on the credit card. I eventually refrained from using that credit card because the balance was just too high but luckily had a low-interest rate of only 10%. What’s worse is the car had to be junked as it was no longer in a state of repair. I haven’t had a vehicle since that time […]

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