Gold Table

Money Saving Tips! ✅

💸 Track your spending and budget.

📉 Look at debt elimination strategies to help free up cash.

🛍️ Understand your lifestyle and live within your means.

💪 Have a goal! Having a plan will get you closer to your goals than the person without.

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Financial independence is a skill that is learnt. 📚 Financial literacy is the first step. Financial responsibility is the second. Financial freedom is the third.

Understanding your financial struggles, financial goals, and finding the right avenues to get there is not something you have to do on your own! 🧑🏾‍🤝‍🧑🏾
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🌱💰 Money growing tips! You’ll need:

1) A Plan
Free up cash with strategies, and proper planning.

2) Time
Don’t wait to save. Start now!

3) Invest
Put your money in proper avenues to outpace inflation and taxes.

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To build wealth and utilize the time that you have, you need to have money. If 70% of Canadians are working just to pay their bills, only 1-2% of their paycheck actually goes towards their savings (if any).

We can change this by restructuring a few things with debt management strategies to free up some cash. Once you get from A → B, you can start building wealth!

❗ But saving money is not enough. You need to put it in avenues that have growth potential so that you can outpace things like inflation and taxes.

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If RRSP withdrawals are 100% taxable, why would I even open one? 🤔

Or if a TFSA has no tax deduction, wouldn't an RRSP make more sense?

If you are a first time home buyer, and if perhaps you're going to a post secondary school, then perhaps you can get the best of both worlds!

❗ There are only two ways the Canadian government will allow you to withdraw from your RRSP tax-free.

✅ If you qualify as a first-time homebuyer under the home buyer’s plan (HBP); or

✅ If you are using the RRSP to go back to school under the lifelong learning plan (LLP)

Speak to your financial representative to better understand your options!

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Some things to remember come retirement ⬇️ :

✅ There will be expenses that will never go away, even after your debt is paid off and your dependents are out of the nest.

✅ You cannot rely on supplementary income from the government. It is not enough for retirees to pay for all fixed and living expenses at present (i.e. property tax, utilities, gas, groceries, etc). With Canada’s tax burden, supplementary income may not even exist in 15-20 years from now.

✅ Other variables matter! Such as how often you withdraw and what emergency cushions you want to have left.

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🤔 Ask yourself these questions before buying an insurance plan:

1) What do you want to protect? Short term debt, final disposition and funeral costs, and/or wealth transfer?

2) What do you need based on Debt, Income, Mortgage, and other Expenses? D.I.M.E.

3) Based on your age, health, and budget, customize the plan to tackle your objectives i.e. term, permanent or a bit of both.

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Debt Management Tips 101 💰:

📊 Know where your money is going and identify how much is going towards fixed, living, and optional expenses.

👩🏽‍💼💼 Speak to a professional to help with a debt roll-up plan and review available consolidation strategies.

💪 Prioritize your needs and stick to the plan!

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Knowledge is power, but knowledge is completely useless if you do not apply it! 💪

“You miss 100% of the shots you don’t take.” - Wayne Gretzky 💯