Apart from being cold in Canada, February is RRSP season. Personal financial advisors and financial institutions blitz clients to make annual contributions to get a tax deduction from the previous year’s income. They tout RRSPs as the best tax deduction available, sometimes to students who pay little or no taxes, to boot! Let’s review Registered […]
Effects of COVID-19 on Canadians’ personal finances could be severe. But now might be opportune to make tough decisions to reset crucial lifestyle choices that led to massive debt build-up since the Great Recession. The federal government stepped up and is providing relief to workers and businesses to cushion the impact of job and income […]
Rising interest rates will harm you only if you gamble with your future and live beyond your means. To be sure, rising interest rates could be a blessing in disguise to help you get on top and stay on top of household finances. The result? More prudence with lifestyle decisions! It is essential we learn […]
I have written about becoming debt free, and staying debt free often. Each time I try to add something that might be more helpful than before. So when I see a different path that worked well for an individual, I share it excitedly. My prayer is that this current approach to becoming debt free, though […]
Why people spend consistently more than they earn? Seductive lies merchants set forth while peddling goods seep into their subconscious. They sink deep in debt as their quality of life plummets; they keep their cherished buys, but do not savor them. For over twenty years, I worked with churched people, couples, and families on personal financial […]
Household debt is a huge problem in Canada. In 2012 when I wrote about it, I thought it was a major crisis. Surprisingly, it’s gotten progressively worse. Canadians are in a debt mire, sinking deeper, but continuing with life unscathed. That’s the essence of a recent Manulife Bank survey. What has changed from previous polls? Nothing much. The […]
Modern teaching about personal finance encourages people to concentrate on credit scores, cheap credit, and credit cards. Essentially, it assumes you will live in debt forever. It does not mention the single, critical, controllable element in personal finance—individual choices that decide spending and lead to financial results. Getting out of debt is primarily a behavioural matter; […]
How to stop living paycheck-to-paycheck will take time, sacrifice, and patience. The solution won’t be easy, and it might be counter intuitive. It will focus primarily on lifestyle choices, not on strategies to get more money. How to Stop Living Paycheck-to-Paycheck Since the apparent problem is a lack of money, logically, it would seem more money […]
Why are Canadians acquiring so much debt and ignoring lessons from the USA’s sub prime debacle? Cheap, easy money is addictive! Besides, history would suggest that when housing prices fall and interest rates rise many people will have no problem using the victim card and blaming financial institutions, businesses, the one percent … everyone, but themselves. Still, there is hope to avoid the inevitable meltdown.
You can’t wait to get your tax refund to buy an Apple Watch, right? Perfect timing, isn’t it? You’ve ordered the watch and won’t pay until June when it is shipped. And voila! your refund will be available.