marygfinancial

Low interest rates This is the best time to borrow - Getting or refinancing your mortgage? Yes! Be as financially prepared as you can be I’m sure we can all agree, we will never know what’s going to happen. THIS IS SO IMPORTANT. Think about your financial foundation. Is it strong? Do you have enough protection before focusing on investing?... Kill those credit card balances A strategy - now don’t be afraid - is to borrow money to pay off your credit cards (if it isn’t possible to use your own money). Your personal line of credit most likely has a much lower interest rate than your credit card - meaning you’d pay less in interest. Think about it! Learn about investing - this is how you make money work for you. Unless we want to work until we die, it’s imperative we learn how to make our money work for us! Stick to your long-term plan We are humans. And we have emotions. But don’t be an emotional investor! Stick with the long-term. The economy will always bounce back up. Learn about dollar-cost averaging. Seriously, it’ll help. And if you ever need help, never be afraid to reach out. As an independent broker, my number one priority is my client. Not a company, not myself. I would slowly die inside otherwise LOL. The past couple of decades we have seen the cost of everything rise exponentially. How about our income? Pfft! (Sorry, not sorry) It’s time we realize that the way we live our life needs to change. Reach out so we can get you on that path to financial freedom.

With all the Recovery Benefits Canada has been providing to Canadian residents, tax hikes are definitely a given. If not now, when will be the time for us to wake up and take control of our money? There are many ways we can save ourselves from dumping our hard earned dollars into the tax bucket (nay! tax pit!). Consider an RRSP especially if you fall into a higher tax bracket (anyone heard of the First Time Home Buyer plan?). ... If not, consider contributing to a TFSA. However, I'd say, why not both? If you already have one, definitely find its interest rate. Is it good enough to surpass inflation? Is it good enough for you to reach your goals (that new car or your forever home)? Is it enough to really help your kids with their education? And if you don't have any, consider opening one up ASAP. They say, "the best day to invest was yesterday, the second best is today". Just do it! (No Nike sponsorship unfortunately lol). Send me a message if you have any questions or want to start really saving up YOUR money for YOURself.

Don’t be emotional - be smart with your money. Ride the wave, don’t take your money out. It’ll go back up. Dollar Cost Averaging - buy now while the prices are low... Reach out for more help and information.

Some of you might be looking at your investments and are feeling a little (or a lot) of anxiety with the drop in numbers. It’s okay to feel that way, it’s your hard earned money! However, don’t be an emotional investor - do not take out your money. The market goes up and down, it always has. Just ride this low because it will eventually start to go up again. Dollar cost averaging is the answer - contact me if you need further explanation.... Annual check ups are so important for your physical health. Why not your financial health? Maybe your risk tolerance is changing? Consider segregated funds to ensure (insure) you never lose too much. And of course, don’t be afraid to reach out if you have any concerns, questions, or need advice. You guys have my genuine help during these troublesome times.

If you live in Toronto or are planning to move here, check this out. At the bottom of the page gives a summary of average costs for renters and homeowners who commute or drive. Expenses are so important to keep track of especially when living in a city like Toronto. So many of us live paycheque to paycheque and we don’t understand why. Is it because of overspending? Maybe it’s obvious but you won’t know until you start tracking your expenses. ... Maybe it’s because you truly aren’t making enough money (see my previous post about wages needed for a one-bedroom apartment). If so, it’s time to get a side hustle. Toronto is an amazing city to be in. Let’s make the most of it by taking care of our finances and not letting money hold us back from living to the fullest. Message me to get your financial house in order. If you need to make that extra income, let me know and we could work together!