Good debt vs. bad debt: https://youtu.be/WqWwKKPysCM
Improving your credit score: https://youtu.be/Akiq4D8UW2c
Credit score mini series: https://www.youtube.com/playlist?list=PLGyu3db0g-Dq4ms1XYsM6ioEe0hGR0rbH
Debt can be extremely overwhelming, especially when it begins to spiral out of control. Because of this, it’s important to have a simple approach to pay off your debt. Here are the two steps to do so.
1) Focus on the item with the highest interest rate. This is probably going to be a credit card for most people. A good way to keep track of your debts is to list them out onto a spreadsheet and place them in order from highest interest rate to lowest.
2) Create a plan to pay off your debt. You’re going to have to make sacrifices if you want to get rid of your debt. Do some thinking and find areas where you can cut back on spending and use those funds to pay off your debt. Here is a useful calculator to find the true cost of your debt: https://www.practicalmoneyskills.ca/calculators/calculate/loancost.php?calccategory=debt
One potential option would be to move to a cash only budget. If you can’t pay cash, then do not buy it (home excluded).
Debt can be an absolute killer to your retirement plan, so it’s extremely important to get it under control when you can.
Parallel Wealth offers three options to all Canadians to help meet their financial planning needs. We want to help support you in 2021 so you can succeed with all of your goals. If you are interested in any of these options, we would love to answer any questions you have for us:
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2) Fee for Service Financial Planning: Our office specializes in Financial Planning. We help with all aspects of the financial plan including retirement, budget, income, investing, debt, pension, tax and estate planning.
3) Fee Based Financial Planning: If you have a combined household investment portfolio of $250,000 or more, then our fee-based planning might be a better fit for you. Our clients usually see a fee reduction of close to 1% on this model compared to what they are currently paying their bank or financial institution they are currently invested through.Find out more about our firm at https://www.parallelwealth.com/
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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