- What is the best decision you’ve ever made with your personal finances?
- What is the worst decision you’ve made with your personal finances and what did you learn from it?
- What advice would you give regarding personal finances?
- “Living below my means and saving the rest. Investing in a TFSA.”
- “My biggest mistake regarding my personal finances is that I did not buy a home sooner.”
3.“Invest in your future for retirement and lifestyle. It is a huge investment to age in your place, or to live in a retirement community. I have witnessed so many people who get to a point where they cannot live in their own homes unassisted, and do not want to move to an assisted living situation, and they cannot afford either decision…to bring in a caregiver service or to move into a senior living accommodation.”
Two: “Stop wasting your money buying gismos and toys for your grandchildren and invest in an RESP or trust instead. I see so many homes where the grandchildren have so many toys that the entire living room is cluttered. My children never had that many toys; they read books and played outside…even when they were less than a year old.”
Three: “Live below your means and invest in your and your family’s future.”
Four: “Get life insurance for you, your spouse, and your children.”
Five: “Stay out of debt. Pay off all your credit cards, and use them like debit cards. When you want to purchase something, deposit what you want to spend into the ‘Visa’ and then go make your purchase. There is nothing that says you cannot deposit more into your credit cards than your limit. For example: if your credit limit is $10K, and you want to buy a bed for $1500; deposit the $1500 into your credit card first, and then go purchase your bed. If you cannot do that, then make the purchase dipping into your credit, and pay it off before the next 30 days. Never make a purchase you cannot pay off within 30 days.”
Six: “Have a contingency fund you can draw from in case you are out of work or sick…enough to last your family 6 months to a year.”
Seven: “Have home insurance and make sure you have your mortgage covered with insurance, not the one that comes with the mortgage company or the bank. Talk to Alireza about how to do this and protect yourself the right way.”
Christine Till, The LinkedIn Marketing Mentress, www.marketingmentress.com