The Lottery and your retirement

The Lottery and your retirementDon’t be one of the boneheads counting on the lottery to retire. Here’s why: Your chances of retiring?  Pretty close to 100% (unless, fate forbid, you die before you retire).  Your chances of winning the Lotto Max?  1 in about 29 million.  (Mathematically it’s closer to 1 in 86 million, but because the way the tickets work it’s about 1 in 29 million.)  1 in 29 million is 0.0000034483%. So,…

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Beware the Debit Card

Beware the Debit CardAs a society, we love the convenience that comes with swiping a piece of plastic. However, many of us are wary of credit cards. Debit cards, though, are connected to your checking account, so, in theory, what you spend is what you already have in the bank. As long as you are careful to record your transactions in a ledger or using personal finance software, you can still enjoy the…

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How to Get a Bridge Loan?

How to Get a Bridge Loan?Can banking get any more complicated? Hey man, you have no clue .  But in fact, clients can make banking and the loan industry complicated: At first, somebody wants to buy a house but doesn’t have any cash available for a down payment. So, banks create mutual funds to help him save. Then, this same individual can’t manage his budget so he can’t really save. And, banks come up with…

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Canadian Mortgage Concerns: Banks

Canadian Mortgage Concerns: BanksI’ve often heard in business that once is a coincidence, but twice is a trend. Canadian banks have performed quite well both during and after the credit crisis of 2008/2009 and despite a low interest rate environment have had robust mortgage numbers for a number of consecutive years. We’ve all heard Canadian politicians touting the health of the Canadian banking industry but I have to wonder at which point problems…

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Mortgage rates creeping up, a sign of things to come

Mortgage rates creeping up, a sign of things to comeIf you’ve been listening to the news then you know that posted mortgage rates at some of Canada’s biggest banks have edged up .35 %, you can read about it HERE AT CTV. To put it in more tangible terms that equates to about a 7% increase in carrying costs as compared to current rates. Our fragile economic recovery hinges on the ability of consumers to take on debt, and…

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