It has taken a lifetime – or two – or several million – to witness the recent realization that the government in Newfoundland-Labrador has had in understanding the draconian nature of lending huge sums of money to poor people to get a post-secondary education that’s necessary for finding a job – and doing something about it.
As reported by CBC news on August 3rd 2015, provincial student loans have now been replaced with non-repayable grants.
I’ve often wondered why the major political parties, federal and provincial, have methodically steered away from the issue of student loans for decades. The … Read More >
Look out renters. The news is out. Rents are predicted to go up in Metro Vancouver.
An article in the Vancouver Sun today announced that low vacancy rates and unprecedented demand is pushing rents higher and higher. It appears that the high cost of home ownership (real estate) is kicking would be buyers down the food chain a couple of notches to expensive rental accommodation.
High rents have a tendency to keep people poor and out of the real estate market.
Once again a cry for affordable housing can be heard from an important part of the population – middle … Read More >
Before rushing into my usual tirade about banks doing surveys and leaving the impression their findings are indisputable facts, I just loved the reference quote in the article in the Vancouver Sun today about a boomer who lived through double-digit interest rates in the 1980s and over the years missed more than one naïve financial goal.
Yes. How many naïve financial goals are we still being subjected to?
I have recently researched the top selling personal finance books and suddenly realized that pretty much all of them make the roadway to wealth and retirement sound far too easy.
Dave Ramsey, … Read More >
Attention to the student debt crisis in Canada received a headline today in the Vancouver Sun under the title of Growing Number of Students rely on Food Banks.
This is a special category of debt that highlights the financial struggle of those without wealthy parents or shall we say the overwhelming majority of students. It reminds me of the origins of student loan funding in the 1960s.
The student loan program originated in Canada partly because of the wave of social justice that swept through governments and society seeking out fairness and equality for all in the 1960s. It … Read More >
Recently an article in the Vancouver Sun got my blood boiling.
It was a story about a man in St. Catherines Ontario who lost his home, his car and many of his possessions. A fraudster emptied his bank account, mortgaged his home and in total stole $200,00 leaving the senior with $20 to his name. Although they could not provide any details, the police called it the worst case of elder abuse they had ever seen.
It seems that the fraudster was someone the senior knew and trusted – an employee of the credit union where he banked.
Abuse generally … Read More >
Also posted in Debt, Retirement
In Canada, you are innocent until you’re proven guilty. It would appear that our banking system has forgotten this simple fact.
Lyndsay Passmore (http://www.theprovince.com/Woman+issues+warning+after+thieves+ring+thousands+credit+cards+bank+says/11333047/story.html) had 4 credit cards stolen. When she noticed them missing, she contacted the appropriate banks. In the interim between the cards being taken and her reporting them stolen, the thieves had taken approximately $15,000 in cash advances and charges. Her bank, while absorbing some of the charges, tried to put Ms. Passmore on the hook for $4000, citing the fact that her Personal Identification Number (PIN) was inputted correctly the first time (which it … Read More >
Behold, judgement day is upon us, or more accurately, money judgement day.
When I first looked at the new law being proposed in BC about money judgements I almost cried. It’s terrifying to see how many bad things can happen to people if they should have serious debt problems. They even use the word execution.
Money judgements are the second last step in the collection of debts before the final solution for an impossible debt problem, a bankruptcy. Creditors must go to court, first, to get what is known as a judgement so they can begin to take property away … Read More >
Nothing like waking up on a Friday morning to find out that the Bank of Canada governor says house prices are overvalued by 30 %. As reported in the Vancouver Sun, Stephen Poloz, the Bank of Canada Governor said, “The vulnerability associated with household indebtedness is edging higher and the overall risk to financial stability in Canada is slightly higher…..house prices overvalued 30%”
Hidden behind the carefully worded text is another warning. As reported, “The bank continues to expect a constructive evolution of imbalances in the household and housing sectors as the economy improves and interest rates begin to … Read More >
Today there is good and bad news.
The good news came from a StatsCan report about all of the household debt in Canada that many experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.
As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip … Read More >
A good friend of mine knows all about phishing and never to visit unknown websites – or to open unexpected attachments. Even so, last Friday night at 11:30pm he received a file he was expecting from a known colleague.
The files were big and were sent through Sendspace. When he got it he clicked on Sendspace after which a prompt popped up and informed him that he needed a software upgrade to gain access. So far so good.… Read More >
At the start of a New Year, many of us feel the urge to create resolutions. But, as you might have heard, the average New Year’s resolution is abandoned a few weeks into January.
If we know how often we fail our resolutions, why do we create them in the first place? Most people feel that the beginning of a new year is a ‘fresh start’ and the perfect time to begin rolling out the perfect version of themselves.… Read More >
Also posted in Women and Money
By Courtney @ Women & Money Inc.
The other night I received $20 worth of coupons to use at a local restaurant, with no restrictions.
We had never been to this restaurant before so I checked out the website to read the menu, which had a variety of tasty sounding dishes as well as kid’s meals, but no prices listed. My husband and I didn’t have a dinner planned for that night, so we thought we’d pack up the kids and have a cheap dinner out.… Read More >
Are the credit card bills piling up from your holiday spending? If you won’t be able to pay them off for a while, you’re probably resigned to the fact that debt is just a part of life.
Debt comes, and it may go, but more will come. Debt will always be a part of your finances.
But you are wrong. Because debt does not need to be your close friend/enemy.… Read More >
Recently I met with a couple to do their bankruptcy counselling, and as we were talking the wife asked me a very interesting question. She asked my opinion on joining a “gifting circle” after being invited to do so by a close friend. The buy-in was $5000, and the promised reward was $40,000.
Sounds too good to be true doesn’t it? And you know what they say…
My first response was — that sounds like the “Birthday Girl” scheme. She said “Yes! That’s what they call it, the ‘Birthday Girl’ gets the money when it’s her turn”.… Read More >
Also posted in Women and Money
If you’re a new entrepreneur facing the big decision – should you work from home or rent an office – there are some important points to consider to make the right decision. As you think about the pros and cons of each, remember that the details of your particular business as well as your own personality will determine which is best for you.… Read More >
Doing It My Way: How to Organize Your Affairs, Clarify your Wishes and Leave a Lasting Legacy
By Margaret H. Johnson
When my dad passed away very suddenly, his financial affairs were well organized, but we didn’t know what any of his last personal wishes were. My mom, siblings and I had to make difficult decisions, not knowing what he truly would have wanted us to do. All that stress was compounded by our grief.
After that experience I realized I needed to organize my own affairs and clarify my wishes. And I wondered, how many others are in the … Read More >
A fresh new year is a motivating time for change; you want to move closer to your financial goals, you want to gain new habits; you want things to be different this year. This is how most of us feel this time of year — it’s in our nature.
But you’re not quite sure how to go about achieving your goals. You try to save money where you can, you try not to overspend, but you still can’t seem to get a good handle on your money and gain real progress towards your goals.
And at the back of your … Read More >
By Margaret H. Johnson
It’s beginning to look a lot like Christmas – now that I pulled myself away from the internet and escaped to Vancouver Island to pick up my mother.
2014 has been such a busy and fulfilling year for me, for my staff and all the programs we have worked so hard to produce for our stakeholders. The wheels have been spinning so fast that I have truly been lost in the gravitational pull of daily routine and the solar heat of managing your own business. Sometimes I forget that my family and friends are all waiting … Read More >
A good friend of mine, Michael Gillette, a renowned guitarist and teacher, gave me a great Christmas CD of traditional music with a delicious new flavour. Only two instruments play – a flute and acoustic guitar – that reinvigorate the classics with lively nuances and brilliant flurries.
An added feature to their vivacious touch makes this tribute to Christmas fresh: the songs are short. They are mindful the audience already knows the melodies. So, rather than keep repeating the refrains and verses they serve up tasty appetizers that bring back all of the joyful memories in exactly the right portions … Read More >
We conjured up our best Posts of Christmas Past so you can revel in all this Women and Money and Christmas goodness!… Read More >