Many Millennials Are Facing Overwhelming Debt
Millennials can’t seem to catch a break. The generation born between the late 1980s and the early 2000s often gets ridiculed in society as a group of carefree hipsters who love the latest tech innovations but loathe work and real responsibility. Even if they can shake off this unsavory reputation, Millennials all seem to agree…
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10 Habits of People Who Are Debt Free
After helping consumers file bankruptcy for as many years as I have, I have become very aware of the power of debt and the havoc it can wreak on someone physically, mentally, and emotionally. I have seen marriages tested (or destroyed) because of money. I have met with clients who suffered heart attacks or stokes because…
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Creating a Financial Checklist
These days, most people I know don’t have a financial plan. We spend a lot of time planning for other aspects of our lives, such as our careers, marriages and having kids, but many of us fail to build a plan to achieve our financial goals. Checklists are great, especially when it comes to finances….
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Should you invest in a TFSA?
The answer is a resounding yes, if you have the means to do so. But if you’re in debt, it may be better to pay down some of your debt. Actually, consider completely eliminating all your debt before venturing anywhere near a TFSA. This is especially true of “bad debt” such as credit cards, consumer…
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Know what you’re getting yourself into when it comes to your credit card!
When you sign up for a credit card, you are signing up for a lot of responsibility. It’s easy to say “make sure you read your credit card agreement” but the fact of the matter is, a credit card agreement isn’t simple to understand. I believe they make it hard to understand so that you…
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Valentine’s Day doesn’t have to be expensive!
There is a lot of pressure on Valentine’s Day to spend a lot of money to show someone how you feel about them. Being frugal on Valentine’s Day could be a detriment to you on Valentine’s Day as it may give off the wrong impression. I definitely understand the pressure to spend money on Valentine’s…
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How can I save money?
A question I often get after someone files bankruptcy, or after they are discharged from bankruptcy, is “how do I start saving money?” Once someone has been in debt, and have gone through the steps to get out, they never want to get into debt again. So this is a legitimate question. It’s good to…
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RRSPs and Bank Loans
It’s that time of year again. It feels like it was just tax season, but alas, it’s arrived again. With tax season, come RRSP contributions. Some people set aside money throughout the year to contribute to their RRSP, and others tend to wait too long and when the RRSP deadline approaches (this year the deadline…
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5 Biggest Mistakes People Make When Paying Off Debt
The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that. Getting out of debt involves more than just paying off a few credit cards. It means: changing spending habits learning how to budget knowing who and how much you owe prioritizing debts creating emergency and retirement…
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Holiday Debt Hangover Cure
The celebrations have come and gone, the gifts have been opened, and now it’s time to think about how you’re going to pay off that holiday debt as quickly as possible. In a perfect world, you’d pay it all off on the next billing cycle to avoid accruing any interest. If that’s just not feasible,…
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