BUDGETING FOR THE FIRST TIME DOESN’T HAVE TO BE AGGRESSIVE WITH A BASIC BUDGET. LET ME SHOW YOU HOW EASY IT IS TO GET THE NUMBERS YOU NEED TO START SAVING AND PAYING DOWN DEBT TODAY. Yes, yes, yes a basic budget is important and I will say it until I’m blue in the face. Don’t believe me? I don’t care because what you do with your money is your business and I can assure you that this blog is for the people who want money control and the weight of debt lifted from their shoulders so they can go on living life without financial burdens. It may sound unrealistic but if we don’t have anything to believe in then there’s no point budgeting in the first place or setting goals for that matter. If you already plan to fail then you’ve failed. If I could go back 10 years now and tell myself that budgeting would allow us to live debt free in our 40’s including wiping out mortgage I might have laughed but certainly listened to what advice I had to give. My money mindset has changed today compared to then and it’s because I have experienced […]
Why A Second Income Sometimes Isn’t Enough: April 2018 Budget Update
MORE THAN ONE INCOME STREAM DOESN’T MEAN YOU’LL BE RICH! When people tell me that they earn a second income I’m impressed and nosey at the same time. Who wouldn’t be? I’m always keen to understand why people choose to earn extra money whether it be to get ahead or to stay afloat. A few months back I had a gentleman send me an email to ask about a third income stream because the money he earned wasn’t enough to make ends meet. As you know I worked two full-time jobs for many years just to get my foot in the door to where I am now a permanent employee but it’s not something that was easy. Sometimes I dread thinking back to all the time it took away from my family but it was something I did for all of us. A second income however doesn’t mean a second full-time or even part-time job it simply means earning extra money aside from your main money source. There are many of you reading this right now who probably have multiple money streams and YES that is awesome but as we all know the best money earned is that where […]
Yearly Banking Fees of $1000 Seniors Could Have Avoided : Net Worth Update 2018 March (+0.51%)
MONEY OUT THE WINDOW OR MONEY WELL SPENT- THE CHOICE IS YOURS! You might be paying banking fees for every bank account you own whether it’s with the same financial institution or not. I know plenty of people who bank with several Big 5 banks and I’m not sure if they understand the costs of monthly banking fees and how it may be affecting their overall yearly savings power. Banking in Canada seemed fairly straight-forward to me when I arrived as a permanent resident. I was fortunate to set up my bank account at the time through President’s Choice Financial since my wife banked there but before I moved to Canada. It made life far easier for me especially when I needed to transfer money from my UK bank account to my Canadian bank account. What I loved about PC Financial what is now known as Simplii Financial Canada was that there were no banking fees. We didn’t have to pay for cheques either. If we had any issues we could make a phone call or visit any Canadian Imperial Bank of Canada (CIBC) for help. In total since I moved to Canada over 10 years ago now we’ve […]
A Frozen Bank Account After Death Leaves Widow Broke : March 2018 Budget Update
LEARNING THAT YOUR SAVINGS ARE FROZEN MAY CAUSE FINANCIAL STRESS When dealing with the loss of your spouse life can be turned upside down especially when you are trying to use money that you have no right to get access to without following a process. No one expects a financial officer to tell them that their late spouse will have a frozen bank account which includes all the family savings. It’s certainly a stress not needed after death but very important to understand why and the implications. This exact scenario happened to my mother-in-law recently and I hope today that we shed some light on her situation in hopes of inspiring other couples to educate themselves about their finances before death. Even if you are named the executor in a WILL you still need to jump through legal hoops to unfreeze the bank account. Sadly, a frozen bank account happens quite often according to the banking representative we met with especially for couples who choose to bank separately. This sort of lit a fire under our butts since all of our bank accounts are not joint bank accounts. The costs of a funeral can run into the thousands of […]
10 Wealth Strategies: How To Train Your Brain To Think Rich – Net Worth Update Feb 2018 (+0.69%)
TO THINK RICH YOU NEED MORE THAN JUST IDEAS! We went from nothing to simple millionaires in 40 years by going to work and saving our money! It took us a long time with plenty of ups and downs but with the wealth of knowledge available today YOUR rich can be done even faster. Can you remember a time when you earned (first job, first career, extra cash), won (Bingo, Jackpot, Contests etc.) or was given money? I can. Perhaps you can recall the feeling that electrified throughout your body as if you had just eaten the biggest most delicious dessert in the world. (that would be brownies for me) Some may describe it as a money high filled with excitement or thrills that lasts until you do something with that money. It’s almost as if a bit of stress is allowed to fall from your shoulders depending on the situation it is feeding. This is the feeling you want to have every day and it’s called financial peace. In order to get to this point you have to train your brain to think rich. This type of mindful financial education comes with a full buffet of rules set out […]
