Debt
RESPs — How will your Child Escape Student Loans?
Posted by Brad Speniel | May 23, 2015 at 8:50 am
ESTIMATED READING TIME: 2 minutes
Since it’s back to school month, I thought it would be timely to talk about your kid’s college fund and student loans. According to MoneySense magazine, experts forecast that the cost of a four-year university education in Canada, including tuition and accommodation, will run upwards of $100,000 by the time today’s toddlers graduate from high school.
But if you start planning while your kids are young, the costs of education can be affordable. Plus, you’ll save them from being burdened with thousands of dollars in student loan debt! Here are some ways to start.
Smart Debt Management gives First-Time Home Buyers an Edge
Posted by Brad Speniel | May 23, 2015 at 8:37 am
ESTIMATED READING TIME: 3 minutes
Warning bells that Canadians are too overextended on debt might be keeping some potential first-time home buyers up at night. Although home debt is ‘smart’ debt,
it’s a huge financial decision and there is a lot to think about. That’s why professional advice is recommended when making one of the most important financial decisions that most Canadians will make in their lifetime.
Homebuyers want to take advantage of today’s low rate environment but it’s hard to sort through all of the options out there and get the right combination of mortgage features, privileges and rate that is best matched to their needs. The right mortgage goes beyond just the rate — it’s important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
more Smart Debt Management gives First-Time Home Buyers an Edge
Save for Retirement by Pulling Debt Together with your Mortgage
Posted by Brad Speniel | May 22, 2015 at 6:51 pm
ESTIMATED READING TIME: 2 minutes
Many Canadians are facing the financial pressures of trying to save for retirement, but with perhaps too much debt and a tight monthly cash flow, it can seem impossible. Luckily with the right plan in place, it is possible to simplify your debt, reduce your interest costs and save for retirement without earning more or cutting your spending budget.
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Good Debt vs. Bad Debt
Posted by Brad Speniel | May 22, 2015 at 8:35 am
ESTIMATED READING TIME: 2 minutes
While it is possible to live completely debt-free, it isn’t easy and isn’t cessarily smart. For the average Canadian, it isn’t likely you will ever have enough money to pay cash for some of your most important, and certainly largest, purchases – a car, post-secondary education and a home. And avoiding debt at any cost will mean depleting your savings for emergencies. The challenge in acquiring debt is in understanding which debt makes sense and does not, then wisely managing the debt you have.
Bad debt
Basically, bad debt is debt that makes you poor – consumer debt. This includes debt you have acquired by purchasing things you don’t need and can’t afford.