Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.
- Ogden Nash
Debt Management
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When you start in the workforce, you are full of dreams and aspiration. The whole purpose in embarking the workforce is to build a net worth so that we can live the life of our dreams, send our kids to a good school by providing them with enough Education Savings so that they get accepted to the school they want. The only way these two dreams become reality is by keeping track of how much we earn and how much we spend while paying down our biggest debt first and building up assets.
In order to achieve these goals, as much as no one loves to hear the word “Budget” as much as we want to fight it, this very word is the key to our success. A budget helps us to put on paper and visualize in a quantifiable way what we spend and where our hard-earned money is actually going. You are able to see what your habits are and what you view most important. It is a great mirror to your spending habits and what you can do to reach your goals. Only you can decide what your future will be through your Debt Management strategy. In order to gather all the facts and make the right decision, a budget is your best bet.
Debt Management involved comparing our assets versus your debt, and the result is called net worth. The average Canadian household spends beyond their means.
Why? Because most do not have an Investment Advisor to help them set a proper debt management program which starts with a solid budget self-assessment.
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Our methodology
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Involves an analysis focused on saving on credit card interests, car loans or line of credit. Any debt which depreciates in value.
That said, the reality is we often have to take out a loan to buy an item such as a car that depreciates in value. It's important to try to reduce or eliminate bad debt as quickly as possible.
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Managing debt is a simple concept but can be much more challenging in practice if we do not rely on the expertise of an Investment Advisor. Assessing your spending patterns and determining whether you should focus on paying down debt or saving for other goals such as retirement can be hard, especially when there never seems to be enough money to do it all. With our debt management tools, our clients have appreciated the benefits of receiving a complimentary budget evaluation.
As your Investment Advisor, our goal is to work with you to create a budget you can stick to. I want to help you develop quantifiable strategies to reduce your interest costs and make the most of the funds you have available. And that's what good money management is all about! Don't hesitate, contact us immediately you are one click away to find your solution to debt management.
