They come every year to Kelowna, seminars promising financial success in a few easy steps, using your credit card and a new method. 
Another year is behind us. For many it was a time for family and friends. But for some this year has been one of tremendous transition. Posted: 08:01 AM ETThe economy may stink now, but this could be the perfect time to start your own business. Our Josh Levs went to an economics conventions and had the opportunity to get advice from economists. One expert told Josh if you do it right, on your own, you will be a leader of the future economy.
If you are like me the smell of cooking turkey, and apple pie means one thing ... Thanksgiving is finally here.Kelowna Capital News - Thanksgiving tour of Fintry House
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We've all been there before. We are asked to speak for our son/daughters wedding, give a talk to our co-workers or present to a potential client ... now what are you going to do. What will you say? What if you make a mistake? Maybe you can call in sick or say only a few words and get off the stage quickly.
If you are like most Okanagan Families the coming sunshine this weekend meant only one thing ... cleaning the back yard, raking the yellow grass and digging out all the gardening implements from the storage shed. In sunshine we made our plans for this years harvest of tomatoes, lettuce, beans and green peppers.Review your needsCleaning up your financial life at least once a year is like cleaning out your storage shed. Once it is done you feel good you did it. Best of all when you need to find some thing at least you know you have it and where it is.
- Do you have enough or too much life insurance?
- Have you incurred more debt this year and how will it effect your projected debt freedom date?
- How has the value of your portfolio changed your FIN number and your retirement date?
Revisit your written plan
- Are your goals still relevant in this current environment?
- How are your spending habits?
- Are you going to able to manage if you get laid off and have to wait 6 to weeks for benefits?
Simplify
- Consider using one tern insurance policy instead of multiple policies.
- Consolidate or optimize debt for better cash flow and quicker debt reduction.
- Put all your RSP assets properly diversified with one company. Easier to manage risk and easier to understand how your money is managed.
According to the February 1,2008 issue of Newsweek, the average household "owes 20 percent more than it makes each year." With the current financial crisis, that percentage may even increase as families go deeper into debt just to maintain their lifestyles.
Avoid the revolving consumer debt trap.
Most credit card debt is revolving debt. Because of the way interest is calculated on revolving debt, it’s hard for clients to know exactly how long it will take to pay off their balance. All that interest can add up to big bucks along the way.
With fixed debt, clients make payments over a set span of time. It’s easy to tell when the principal will be paid off and – even with the same interest rate and monthly payments – the pay off date is usually much sooner than with revolving debt. Consolidating revolving debt into one fixed rate loan can potentially eliminate those debts sooner and reduce a client’s monthly payment.
Understand compound interest.
With a revolving debt account, compound interest can eat away at a client’s financial health. But when a client uses compound interest in their favor, it can really help savings grow. The more a client saves, the more interest they can potentially earn on that money.
Make a lifestyle change.
When it comes to reducing debt, little changes can make a big difference. By separating “wants” from “needs,” and making the “needs” the priority in spending, clients can begin saving toward their future.
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Plan for Financial SUCCESS !