Category Archives: Your Financial Portfolio

Are You A Poor Money Manager?

We would all like to think we are good at managing money, but unfortunately–many of us are not! Good money management is a process, it’s not something you are just good at. Now, even if you want to become proactive and become a good money manager, you’re going to have to do more than just read a bunch of articles. You have to be willing to take accountability and take that responsibility.

You shouldn’t wait until your drowning in debt to begin to be a responsible money manager either. If you don’t begin to pay attention to your habits and especially, your spending habits–it’s easy to end up in a nightmare situation you can’t get out of fast enough! So, how do you know if you are a poor money manager? Well, there will certainly be signs.

Let’s examine some of the characteristics of a poor money manager right now and see if we can find solutions to correct these traits.

How You Can Avoid Becoming a Poor Money Manager


  1. Not keeping or maintaining a budget is a sure sign you’re a poor money manager and this will always set you up for failure. Setting a budget and managing it well is the only real way you can begin to take control of your financial life. Also, don’t think because you have few bills you have more reason to spend. The wise thing to do is save your money and plan for the future. Here is a fact–if you don’t know how much money you have how can you properly establish and set up a budget? You can’t! So, get smart and start making a plan for your money today.
  2. You don’t have to buy everything new, but there are so many Canadians who fall into this trap. You also don’t have to buy name brand either. If you visit a second hand shop, you’ll see the quality is still there. You don’t want to go broke trying to keep up with every new gadget or clothing fad that materializes. So, don’t! New items do cost more, and staying in this bad habit is just no good!
  3. Stop spending more than you make! Too many Canadians use credit for personal expenses and other unnecessary spending. You don’t need to try to pretend you’re something you’re not and then end up financially blind-sided down the road. Be happy with what you have and start enjoying life without endless shopping! You’ll be far happier and live with minimal stress too.
  4. Are you saving for emergencies? This is also an area that many people don’t pay enough attention to. Emergencies arise at one point or another in life–the question is “Are you ready?” Being financially prepared for the unexpected really demonstrates proper money management!

If you follow just one of these tips you can improve your financial situation and become a better money manager as well. Don’t follow the crowd and end up with the same problems. Be independent and be ready to make a difference in your financial life! As you grow older you’ll be glad for making those smart choices now!

How To Go Broke


Learning how to go broke is an odd topic, isn’t it? Well, we felt it was a smart one too. It’s important what NOT TO DO if you don’t want to go broke. Too many people today keep making the same financial mistakes over and over again. The same excuses are used. Canadians claim to have no time to budget, and no time or money to purchase software programs to help them manage their money better. While there are improvements across Canada, there is still a huge problem. Still, today, there are more than enough families learning how to go broke. They are one paycheck away from eternal loss. It’s sad, but as we’ve always said–choices lead to consequences.

You can certainly buy nice things and not go broke, it’s all in how you approach your finances. The main goal should be to not live above and beyond your current means–this is where the problem comes in at. Now, if you think living above a standard you can afford is going to make you happy, you’re wrong. This is only going to give you a great load of anxiety and stress. So, if you don’t want to go broke when you spend money you should be aiming to improve your life, not live above your means.

Below is some wise advice on how not to go broke. You can break all those habits that have led you down that path of destitution in the past. Live better–take care of your money and it will take care of you!

Never Go Broke Again


Let the following tips be your friendly guide to improving your happiness and always having some money in the bank! You can save and still live a fulfilling, satisfying life!

  • Stay out of debt–You should only pay for big purchases you can afford, and that means pay with cash! If you do use a credit card, pay it off in full each month.
  • Use one credit card–If you can manage a credit card stick to one, and take advantage of the points you can earn! Pay it off every month and never exceed what you can afford. Too many dig themselves a hole they can’t get out of. One can be good, but more can be evil!
  • Don’t pay bank fees–If you manage your money properly you won’t have bank fees. Don’t go into overdraft, and if you have bounce protection, try not to use it. You’ll pay excessive fees for minor transactions
  • Stop being an impulse buyer–Pay attention to your purchases and don’t over indulge on shopping in anyway.

This advice really might start helping you make some changes in your spending and your financial habits in general! It never hurts to try!


Learn How Leaders Maintain Their Composure and Remain Secure


Life  is demanding and stressful. For many Canadian families there is constant worry or some form of anxiety lurking.   Sometimes it comes from simply feeling like you’re trying to do it all.  And sometimes life is just difficult period. Natural leaders have discovered ways to manage stress and maintain their composure in order to stay ahead of the game. Canadian professionals who can learn how to overcome personal problems on the job, and juggle other responsibilities at the same time are the very ones who manage their finances perfectly too. Well—maybe not perfectly, but pretty darn close to it.

Now, to be sure, mistakes happen on the job, there’s no getting past that. But, if you remain calm and recover, you’ll be more productive and definitely feel better.  Recently, research from Harvard Business School has shown the proper way to remain calm. It is amazing how so many go about this the wrong way and only stress themselves more. If you can begin to welcome a challenge, and effectively overcome it with excitement—you just might be one who can be successful in all facets of your life!  However, if you try to force yourself to be calm you can end in disaster! So, know the right ways to keep your composure in any situation on and off the job!

Don’t be too hard on yourself, but do get your head on straight!

Manage Those Emotions and Improve Your Performance

Young successful businessman

 Let’s examine how work behavior improves your financial management skills!

None of us like making mistakes, but remember—these can happen.  The first thing that you need to be aware of is to not beat yourself up over and over, because this isn’t going to help you achieve a state of calmness nor rectify your problem either.  The best thing an individual can do is to funnel their energy into moving past their mistake and focus on the things they can change to become better.  Once again, with this kind of attitude, hard workers can also excel when it comes to managing their personal finances.  In fact, the goal here is to show career professionals within Canada that their work behavior has an impact on everything they do—especially with how well they control and spend their money.

  • Just like making a business plan can help keep you on track professionally, this can also teach you to do a budget plan to properly manage your wallet!  They go hand and hand, one helping the other.
  • Being conscious and aware of past mistakes can carry over and help you to pinpoint financial mistakes and avoid these from being carried out again!
  • Remember in your career you funnel your energy into positive ways to avoid mistakes—this can help you devise a financial plan and vision for the future.  Where do you want to be financially 10 years from now?
  • Just like you work with your co-workers in a collaborative way, you should work with your significant other on how to better manage and plan your finances for a brighter future.
  • When you commit to being the best employee of your company, you can also take this and commit to being the best financial planner in your family!  Becoming more responsible with money is important, and it takes commitment.

All of these tips and ideas are meant to help you be successful in every area of your life. If you apply just a few of these to your career and your personal life you might be able to let go of anxiety and stress and live a more productive, happy life!  Give it a try and just see what happens.


Tips to Avoid My 5 Personal Money Mistakes

Depressed and stressed university student. CREDIT: Janine Wiedel/Getty Images

Finances can be confusing to many young Canadians across British Columbia–and stressful, I know this personally. It is never easy admitting mistakes we might have made in the past, especially when it comes to your money and spending–but it is the only way you can really transform for the better. Now, it is common to make money mistakes in your 20’s and 30’s, and even sometimes into your more mature years–definitely if it’s about investments gone awry. Hopefully our tips we share with you here will help you to avoid any and all types of financial blunders throughout every phase of life. It would be helpful, wouldn’t it?  Please read on for some of the most common, and easiest financial mistakes people make daily.

Financial Mistakes That Are Totally Avoidable

Remember, there are unique financial mistakes for different phases of life, some more critical than others even. For example, when you’re 18 you don’t think much about how you’re spending money, but it can have an impact. However this isn’t as detrimental as it would be when you’re at the age of saving for retirement. Something to think about, right–because really, you’re never too young to start saving. Let’s look a bit closer at what works and what doesn’t and how you can stay ahead of the financial game!


Mistake #1 Why are you trying to keep up with all of your friends? You don’t need to splurge and spend money like a crazy person just to look cool, this isn’t high-school anymore! Looks can be extremely deceiving, so don’t fall into the trap you’re trying to avoid.

Mistake #2 Lose the reckless attitude about managing your money because you’re young. It’s all too common. You think that you don’t have to worry about managing and saving your money properly because you’re just a college student. Well, think again. Developing the right mindset about money when you’re young helps you better manage it when you REALLY need to!

Mistake #3 Don’t go into credit card debt! Too many college students go into debt to pay for college, or to get by while a student. Many creditors take advantage of young people during this time, so try your best to avoid credit cards and other high interest loans. These money mistakes can have long-term consequences.

Mistake #4 Don’t spend too much on a car! Going into large debt for a car can be a college students biggest mistake. If you can save the money for a good running vehicle, a few years older, it will be the best solution for you. This will help you avoid the stress of making a car payment month after month.

Mistake #5 An inability to start a budget can cause financial stress when you don’t need it. You’re never too young to begin keeping track of what you spend and where your money goes. You should plan and document all of your transactions, finding ways to mend holes and begin putting money aside for that possible rainy day.

Stanford University students listen while classmates make a presentation to a group of visiting venture capitalists during their Technology Entrepreneurship class in Stanford, California March 11, 2014. Stephen Lam/Reuters (UNITED STATES - Tags: EDUCATION) - RTR3QTMX

Saving Or Investing: What Is Right For Canadians?


You have to weigh what is going to give you the best return for your financial future.  If you have a great job, good benefits, and an excess in funds, perhaps investing some of that excess is right for you.  However, if you work a traditional job and have very little left over after bills and other necessities–saving that extra might be the smarter choice.  60% of Canadians appear to be saving more for their retirement, in comparison to others who are choosing investing.  Remember though, some Canadians don’t have enough money left over to do much of anything with, but this can be changed too.

BlackRock, a well known global investor recently polled 2000 Canadians and 52% of those saving for retirement were between 25 to 34 years of age.  Older Canadians are saving for retirement as well, but out of these groups, none are really saving wisely, or seriously weighing in on investment plans.  When it comes to investing, it seems that a lack of investment knowledge is the problem.

Below, you’ll find various considerations to make when it comes down to choosing to save or invest.  It is important to point out that age is one of the primary reasons for so many Canadians not going the investment route.  It is seen as too risky.  However, if you invest in what you know, what you’ve researched, and what seems almost certain to give you a return–you’ll find this is the wise decision!  The below tips will possibly help you find some solid footing when you’re debating what is right for you.

Tips To Help Canadians Make The Right Financial Choice

Red car over a lot of dollar bills

  1.  A middle-class Canadian couple should begin by crunching their numbers and determining what it is they are going to need to have a comfortable retirement.  If they are already in the income bracket of $42,000 to $72,000 should easily be able to invest and still have a nice nest egg for retirement at the same time.  So, again, beginning to analyze finances is the first tip that should dramatically make a difference.
  2. Weigh in on low interest rates and consider inflation!  These are critical key factors when you’re trying to choose between saving and investing.  What is going to give you the better return, and what is going to secure your retirement comfortably?
  3. You do need to consult with a financial adviser if you’re not meeting your target goals!  Too many think it would be a waste of time, but the fact is only 38% of Canadians utilize a financial adviser, which is a huge mistake.  This is especially true when looking at the economic disappointments so many feel burdened by.
  4. Pay attention to your personal economy!  This is often overlooked–more to the point, commonly overlooked. The economy can tell you a lot about what direction to go in financially.  So, think about your job, your earnings and where you want to be in 20 years!