Happy New Year! We normally equate the New Year to resolutions. Make 2018 memorable by implementing one, some or all of the following resolutions to achieve financial well-being.

PAY CREDIT CARDS OFF MONTHLY

Credit card companies will never make a cent off of me. You can make the same claim by making credit cards work for you. Use their money free of charge for 30+ days per month, depending on the billing cycle, plus earn cash back, travel points and/or other lucrative incentives. If you are on the ‘never-never plan’, making minimal monthly payments, consider a small loan, line of credit or refinance your mortgage to consolidate outstanding balances. Once you’ve achieved that, be disciplined enough to charge only what you can pay off monthly.

LIVE WITHIN YOUR MEANS

There are two kinds of people, those who are millionaires and those who spend like millionaires. Working hard to earn a healthy annual income serves no purpose if you spend more than you earn. Reign in your spending by differentiating between what you want and what you need.

PAY YOURSELF

Make an automatic monthly deposit of your pre-tax income into an investment account. Once established, you won’t even feel it. Consider it an investment in your retirement.

BECOME AN INVESTOR

Investing in stocks or bonds may be a frightening proposition if you are not knowledgeable in this field. Seek advice from a professional about good mutual funds or exchange-traded funds. Stocks are volatile on a short-term basis, but perform quite consistently over the long term. Consider this a long-term investment vs a short-term strategy.

DEVISE A PLAN

Find a knowledgeable fee-for-service financial planner. Depending on what stage of life you’re in, he or she can help you to; fund your children’s education create an emergency fund, save for a new car, pay off your mortgage, implement a tax-free savings account or retirement plan.

Feel free to contact me, by email: adoria@mtgarc.ca or call me: 647-201-0167, to discuss consolidation of high-interest debt or how to pay off your mortgage early.

Important News

Effective July 22, The Bank of Canada has lowered the benchmark rate used to qualify your mortgage from 5.34% to 5.19%. This means you can qualify for a larger mortgage.

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