Money News You Can Use July 2015

MONEY NEWS YOU CAN USE JULY 2015

When it comes to money, what you don’t know can hurt you. Interest rates are lower, debt is higher, real estate is being highly speculated about, especially in Toronto. So what does all of this mean to you, your pockets and your financial future? I suppose that’s ultimately up to you to decide, but use the information written below as a guideline.

1-According to statistics Canada, Canadians Owe $1.63 for every $1 dollar of disposable income

2-Interest rates were very low, and were just lowered, meaning it is cheaper to borrow money. Those borrowing for liabilities will fall deeper in debt, those borrowing to invest can potentially see bigger returns.

3-Ontario has about a third of California’s population but has twice the debt load of the biggest U.S. State

4-There is talk that influential decision makers involved in the real estate industry are considering boosting the minimum 5% down payment required to purchase an owner occupied home in Canada.

5-In 2014, Canadians couples would have needed 1.3 million (Approx. 50K) a yr to retire comfortably in Canada.

 

Now that you’re armed with this information, you now know more than most Canadians on the subject. Use this info to navigate you to financial freedom and mitigate some of the risks many may face when approaching their retirement years. Many old ideas are no longer working and new ways of doing things are being introduced. Our job isn’t to blindly follow the masses, our job is to find out what works so we can retire with a bunch of assets (real estate, businesses etc.) instead of a bunch of debt. We are all capable of living the life we want.

Share this with someone you know who needs to see it. Thank you

 

 

 

 

 




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