As a parent, one of the things you are most likely to teach your child is that they shouldn’t touch a hot element on a stovetop because it will hurt them. However, it is just as important to teach them about other less obvious things that can hurt them as well, such as mismanaged finances. … Continue reading Teaching Your Kids About Debt
20-year financial veteran Paul Murphy shows you why the Rule of 72 is the most powerful (and dangerous) personal finance rule to master. It’s the most powerful rule in all of personal finance. A simple formula that has helped geniuses like Warren Buffett turn millions into billions. And a powerful weapon that Canadians can either … Continue reading The simple rule that keeps banks rich—and Canadians stuck in debt
Good and Bad Debt – What’s the Difference? There is an abundance of coverage in the news these days about how Canadian household debt has climbed steadily in recent years and hit record levels, fueled by mortgages and low interest rates. While debt is generally perceived as bad, some debt is necessary and if well … Continue reading Good and Bad Debt – What’s the Difference?
Emergency Funds—An Important Part of Financial Planning How long would your current savings last in an emergency? What if you suddenly lose your job or face unexpected expenses, such as urgent home or car repairs? Maybe you want to make a career change, possibly to self-employment, and will experience a less stable financial situation for … Continue reading Emergency Funds—An Important Part of Financial Planning
Remember the surge of excitement that came with getting your first credit card? It felt like a rite of passage; that somehow you were finally an adult. Over the years the thrill of getting your credit card statement has decreased. In fact, for a great many Canadians, just the thought of their credit card bill … Continue reading Credit Card Debt in Canada: The Good, the Bad, and the Ugly
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