Around this time of year, there are two stresses people often go through.  One, dealing with the debt incured due to Christmas, and second, the pressure of trying to maximize RRSP contributions before the March 1st deadline.

This is really brought to light in this artcle in the Globe and Mail:  “Majority Of Canadians stress about finding RRSP cash”

I think I can help.  With my mortgage restructuring strategies, I can not only help you get your debt paid off way faster, but help you get money to maximize your RRSP contributions before March 1st.

Connect with me for help.

This article came out in the Globe and Mail today: Money stress catches up with Canadians

Nothing in the article is a revelsation of any sort, but it did make me think about how I help my clients, and have been helping them a lot lately…managing debt.  I think it is interesting that people have financial planners to manage their $20,000 in RRSP’s, but carry much more in debt, and have no plan or advice how to manage that, and pay it off sooner.

Recently, I have been helping people do just this.  We sit down, see where we stand debt-wise (this might or might not include a mortgage), and come up with a plan to get rid of the debt.

If you struggling with debt give me a call, I would like to help.

Elections are often tough to decide where to align your views.  You would think it might be easier with a two party system as in the States, but it is not.  Now, I need to put out a disclaimer here, I am nowhere near totally informed with the issues and stances of both Romney and Obama, and quite frankly, I can often see where both sides are coming from.

I have to say, I am leaning Obama, for the simple fact that he took over the US in one of the worst economic times, with promise of big change that the US needs and I think these things take time, and I would like to see him get a fair shot at achieving his goals but needs all 8 years.

But, I guess we’ll see.

Globe and Mail:  Five Things To Watch For In Today’s U.S. Election

I have to say, I am glad I am a mortgage broker, and not an insurance advisor…talking about a tough sell!  As a broker, I always feel obligated to make sure I have the “life insurance” conversation by means of protected their biggest asset.  Many young people don’t see the point yet.  Some of the older generation feels it is just too expensive.  What most don’t realize is how powerful of a tool life insurance can be!  I found this great article demonstrating just this:

Globe and Mail:  8 Way to make life insurance work for you

Financial Post:  “Canadians would feel the squeeze of higher interest rates: BMO”

I know this is starting to get a little redundant.  I keep talking the about the effects or rising interest rates, but the impact could really be that big.  I came across this article that just furthers my point.

What are you doing to make sure you are ready for this?

To no surprise to me, there was no increase to the overnight lending rate by the Bank of Canada.  There have been no significant changes in the economy and although we see modest growth in some sectors; outside of Calgary, the housing market has cooled.

But what I did find interesting was the language Carney used leading to his desire to raise interest rates in the future.  The fact is, neither you nor I  have any control about whether interest rates on mortgages go up or down, but what we can control is if we are prepared or not.

Think about it.  What if your mortgage payments went up $400 per month, could you keep your place?  I think it is a pretty scary thought, but quite frankly, with the government’s desire to curb spending and consumer debt via mortgages and the thoughts of increasing interest rates, this could really happen.

So, what can you do about it?  How can you protect your family and home against such a disaster?  Just like your assets and investments, have an expert review your mortgage on at least an annual basis, and get them to provide you with strategies to protect against such things.

Article:  Bank of Canada keeps rate hike on radar, Financial Post

Okay, this Lance Armstrong thing has been beaten do death.  Let’s face it, the guy was a cheater and got everything he deserved including today, being stripped of his 7 Tour de France titles.  Here is the kicker all the way through he has lied, he claimed he was innocent.  I think the world is a forgiving place.

When the baseball world had it steroid issues, the players that people loathed, are the ones that denied every using.  Andy Pettitte of the NY Yankees and former player Mark McGuire both “came clean” about using either HGH or steroids.  As a baseball fan, and someone that enjoys players that do things the right way…seems to me that most people have forgiven these two guys, and both are still be big parts of baseball.

Lance Armstrong has lost everything.  Relationships, his career and most endorsements.  We can never take away how he beat cancer, regardless of performance enhancing drugs, he is still a warrior.  I just think if he came clean, people would start to forget about “Cheater” Lance, and focus and remember “Warrior” Lance.

TSN:  ICU Strips Artmstrong’s Seven Tour De France Titles

What can I say, life happens.  Unemployment, loss in the family, and struggling business, these things can take a toll on you, and your credit.

When money is tight, sometimes you find yourself struggling to makes ends meet, and things don’t get paid.

If you have been discharged bankrupt, or have gone through a consumer proposal, you can still help you buy a home…and if not, we help you plan to get there.

Alternatively, if you are thinking about bankruptcy or a consumer proposal, call us first…maybe we have a better solution!

Globe and Mail:  How to buy a house when your credit has been trashed

I was having a conversation with one of my realtor partners about the best strategy for one of her clients that is retired and thinking about making one last down size.  She was wondering what was the best strategy and mortgage product for them.

I suggested a big old line of credit.  Why?  Simple, equity is like your dad, you need to ask it permission to use it.  By getting a big line of credit, you will always have access to a big portion of equity.  What I cautioned was that as someone who is retired, cash flow could be an issue, and a line of credit would allow interest only payments.  But the other key is access to funds.  Will their pension really last forever? What if the government stops paying it?  Long shot, right…

Then I saw this article today about the government reinstating pensions for veterans’ affairs.  Globe and Mail:  Ottawa ends claw back on veterans’ affairs pensions.  You know what that means right?  At some point they clawed back on these pensions?  Pension for disabled veterans.  Disability benefits for people who defended our country.  So, you think OAS is safe…think again.

By taking a line of credit out, pensioners and retirees can have access to equity in case something happens to their source of income and with a line of credit you only pay if you use it…never need it, never pay.

Anyone you know, retired or close to…we need to chat.

The title of this article says it all in the Globe and Mail:  “It’s not fun or sexy but life insurance is a must for all families.”

The two things about life insurance that bug me:

1)  Opportunity cost.  Granted we are all going to “call it a day” someday, but what if you took those monthly life insurance premiums, and invested in something with a great return, then where would you be in 25 years.  The kicker for me, is that I have a young family that relies on me, so I need to have life insurance to protect them.

2)  Life Insurance from a bank or credit union generally sucks.  Their premiums are generally higher, but often don’t even pay out on death.  Knowing what you are really getting in to is key.

Bottom line, the younger you are, the cheaper it is.  If you have a family that relies on you, or any thoughts of having a family that relies on you, life insurance is a must.  However, talk to a pro, not the bank.  Here are three guys that knock it out of the park:

Travis Strain

Greg Brown

Ferd Milan