Tag Archives: investing

Smart Ways to Live Like Your Rich

We’d all like to learn brilliant ways to live rich and feel richer, right? It feels difficult, and there might be times where it truly is, but you can work through any financial struggle when you think smart. There are numerous ways to live like your rich even when you’re not. Keeping up with the Jones’s doesn’t have to break the bank–there are smart ways to get ahead. For instance, you might not have thought about using your credit card reward points to score those fabulous trips you wouldn’t ordinarily be able to afford–but you can.

You can live a life free from financial stress. You do need to be accepting of your limits though, and be more aware of what the priorities are. For instance, you certainly need to be well rested to be able to work hard for a higher income, so investing in a great mattress should be a priority. This is just one example of where to start in smart spending decisions. Now, when you do earn more money that doesn’t mean you should start spending more either.

The following tips we will share below should give you an idea on how you can live like your rich and be happier, wiser and more comfortable in your every day life.

Living the Rich Life Wisely

You have to invest and save to get rich. So, what the experts say is to determine exactly how much money you need a year to enjoy your life. Once you have that figure all the rest of your earnings should be saved every time you get paid. When you want to take a trip, take advantage of those frequent flyer miles, or cash rewards on your bank or credit card. When you want that big item at the department store, put it on layaway or save for it every week and then go pay cash. The idea is to try and pay outright for everything you acquire then you’ll avoid debt and be able to live with less stress and financial worry!

These tips can help, but everyone is different so take your time, plan a strategy and stick to it! We can all enjoy the better things in life when we think smarter and not act on unwise impulses. It’s time to put a plan into motion to live rich! Follow these additional tips to live the life you deserve today:

  • Never spend more than 25% of your income toward housing costs
  • Stick to a grocery budget and shop for sales
  • Set financial goals and stick to them
  • Wait for an item to go on sale and purchase it off season
  • Listen intently and read financial newsworthy material 
  • Stay on top of your bank finances and know what you have in the bank

 

 

Saving Or Investing: What Is Right For Canadians?

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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!