When a young couple has their first child, they immediately see the value in life insurance. Someone they love and have the responsibility to protect now relies on their income. Children aren’t cheap to raise and recent studies have shown it can cost more than $250,000 to raise a child to age 18.
Let’s talk about the elephant in the room that gets swept under the rug all too often when discussing our finances: personal debt. Our bills for borrowing can suddenly rack up as we establish new lines of credit and loans that are all too easily accessible via mail offers or pre-approvals.
For many early 20-somethings that are freshly graduated and are now facing credit card and loan bills, the last thing on their mind is investments.
Getting control of your finances can be an overwhelming task. Start by implementing these 10 strategies into your routine and by making small changes on a daily basis, you'll start to notice changes.
The moment that your first professional paycheck enters your bank account can be a euphoric experience. Finally you can trade in those frozen pizzas and microwavable popcorn for some real food! However, this new cash flow can also be overwhelming - post-university life comes with a host of additional financial and social responsibilities.
So your landlord has checked your references, received your damage deposit, and given a move-in date - you can finally breathe a sigh of relief as you move into your new place! After weeks of setting up new accounts, finding furniture, packing and unpacking, there is one last question that remains… do you want to purchase tenant’s insurance?
"Jumping off the cliff into adulthood" were the exact words a millennial client used to describe the process of buying a house recently. The paperwork needed to process the deal felt a little overwhelming. They had to collect Notice of Assessments, pay stubs, bank statements, employment letters, and more! At the end of the process, the lender offered them mortgage insurance.
Credit scores are Canadian’s financial identity - it is the three digit number that informs future lenders, creditors, or employers how financially responsible an individual is. This score will dictate a person’s ability to rent an apartment, buy their own home or vehicle, and qualify for loans at reasonable interest rates.
From the moment you apply for that first credit card or loan and your credit history commences, financial institutes and lenders will eagerly track your credit score. This score impacts almost every facet of Canadian’s lives - it determines your ability to rent an apartment, buy your own home or vehicle, and qualify for loans at reasonable interest rates.
Financial planning is a pretty broad subject. If you ask five different people what it means, you may get five different answers. In this blog, we break down financial planning into 6 topics.