Finance

Although we are in the business of building wealth for our clients, we are always on the lookout for those “pearls of wisdom” from the ultra-rich that might bring some elucidation to those who wonder why they’re not.

An increasing number of Canadians are facing an uphill battle just trying to save enough and earn enough on their savings to be able to retire on time.

Whether I am busy at work or simply relaxing at home, the one thing that is always by my side is my phone. This is hardly out of the ordinary; over 30 million Canadians currently own a cell phone¹. Our handheld devices are now the primary method of communicating with others, entertainment, planning our schedules, and even dealing with our bills.

If you have woken up in the middle of the night to a money-related panic attack, do not worry - you are not alone. It is natural for us to worry about our financial situation as it dictates so many facets of our everyday life. Nevertheless, financial stress is a big deal and needs to be addressed.

These are truly remarkable times in the mortgage industry. Mortgage rates are still at their lowest point in more than 50 years presenting homeowners with a once-in-a lifetime opportunity to lock in rates while they’re at or near the bottom. No one can say for certain whether rates can or will drop even further, but what is certain is that, at some point, they will go up.

It’s no secret to any parent with aspirations of paying for their child’s post-secondary education that the cost of doing so is quickly inching beyond the reach of even the most affluent families. Post-secondary education costs continue to increase at a much faster rate than the rate of inflation.

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. In certain circumstances it can even determine future employment opportunities!

Despite the massive ramifications of this three digit number, many Canadians are completely unaware of their credit score.

You’re 25 and feeling alive. You’re settling into life after university, paying off your debts and slowly figuring how to “adult”. But with the responsibility of bills, rent, and even keeping up social appearances, prioritizing financial planning is something far too often pushed to the side.

What to do when Your Adult Child Comes Looking for a Loan

It’s an unfortunate sign of the times that an increasing number of adult children, caught in the convergence of a sluggish economy, a slow job market, and tight lending, are turning to the Bank of Mom and Dad for financial help.

If given the choice, most people would choose financial freedom over financial servitude. Who doesn’t want to be financially independent, having your money work for you, as opposed to you working for your money?