When you amalgamate your debt into a new fixed mortgage loan – it certainly makes the payments easier and often lowers the interest cost considerably – all very good things! But, remember that the banks are “in it to make money” and they definitely do make more money in a fixed rate product over a variable rate one. As well, they often tell you it is a good [...]
Ask the Money Lady, I’m in my second marriage and my partner and I have always had separate money. We never combine our income, but instead divide up our bills and pay things separately. I have been saving, but I don’t think my husband is doing the same. Now that we are getting closer to retirement, I am worried that we might not have enough. Debbie, (Worried About [...]
Have you ever been enticed by store merchants that offer extra discounts on your purchase if you open a department store card. It happens all the time. At some stores, they ask every person who comes up to the cash to pay. Don’t get sucked into this constant upselling by retailers to get you to fill out a credit card application to receive a “whopping 10% off” your [...]
6 REASONS FOR HAVING A CREDIT CARD: ONE: Having a credit card and using it occasionally helps you begin to increase your personal credit rating score. A Credit Bureau score is very important since this is the only way Banks measure your ability to maintain future credit. If your score is good, you will be able to get future lending products like school loans, lines or credit, car [...]
CPP and OAS are not the only Canadian pension benefits that you can get from the government. If you or someone you love is only relying on these benefits to get by day-to-day in retirement, why not consider the GIS benefit also. The GIS, or Guaranteed Income Supplement, is provided by the government to supplement those Canadians now in retirement. You could get an additional pension amount of [...]
Ask the Money Lady, I have 8 years until I would like to retire, but I still have a lot of debt. I know I probably don’t have enough saved and I’m worried about the future. Any suggestions? Sincerely, Mark XXXX (Wanting to Retire!) Dear Wanting to Retire! Most of us, regardless of need, want to become wealthier. There is great comfort in knowing that there is money [...]
Try as we may to not compare ourselves to others, sometimes we just can’t help it. It’s not like we are living in isolation. We are surrounded by people that we continually use as a personal yard stick for comparison to our own lives. Daily we are bombarded by media advertisements letting us know that if we buy more we will be more beautiful, smarter, healthier and of [...]
HAPPY THANKSGIVING!! I love this quote and wanted to share it because it is so true. Best wishes to you all and have a great Thanksgiving Weekend!! “Never blame anyone in your life. Good people give you happiness. Bad people give you experiences. The worst people give you life lessons, and the best people give you life memories.”
When dealing with your banker, don’t just take things at face value. We must become more knowledgeable. There is a massive expertise gap in stock picking for investment portfolios. All Advisors have moved to a more managed portfolio solution to protect the Banks, Advisors and the Clients. Today, MFs (Mutal Funds) are the product of choice, but the hidden fees and MER’s (Management Expense Ratios) can be eating [...]
Ask the Money Lady, My husband and I love our neighborhood, but our home is really dated and too small for our growing family. We have been with the same bank for 12 years and recently tried to refinance our mortgage to consolidate debt and take out funds to start our reno. I was shocked by the penalty that my bank planned to charge us. It was $12,869. [...]