“The Top 10 Myths Of Canadian Home Ownership” [Video]
Because of this video I was interviewed recently by Marla McAlpine, (from healthywallet.com/) a well known Canadian personality in the financial services industry.
I guarantee that this call will forever change the way that you will look at your current mortgage, debts, RRSPs and investments ever again!
Listen to the interview AND get your FREE report!
“The Top 10 Myths Of Canadian Home Ownership – Exposed”
Mark Huber, CFP
“The Top 10 Myths Of Canadian home Ownership – Exposed”
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“The Top 10 Myths Of Canadian home Ownership – Exposed”
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Now, read below to see why we decided on the interview…
Most financial (and personal) problems are caused because of debt!
Here’s the deal! If you don’t spend your earnings carefully, even a six-figure salary won’t safeguard you from money troubles.
Remember: It’s not how much you make, but what you do with the money you have that counts…
So to begin, here’s a quick story: I have a family friend who earned several hundred thousand dollars a year as a specialist in an advanced field. He went bankrupt a few years ago and will probably need to work for the rest of his life. I know another who never earned more than $50,000 a year but retired comfortably on his own terms.
The only real difference between these two friends is that one used debt to live beyond his means while the other avoided it and accepted a realistic standard of living.
Just as saving gives you options in the future, debt takes options away.
Not having the option of flexibility is the root of most financial problems. You can be a brilliant worker (or investor) and find yourself in financial ruin if you don’t respect the power of debt.
Income, wealth and standard of living aren’t as correlated as most people think…
Whether you make a modest living or bring in millions, you’ll always do well if you live below your means, save the difference, invest it wisely, and wait patiently.
It’s pretty basic advice, but usually simple is better than smart!
The some statistics of debt:
The ‘average Canadian’ (non mortgage debt) is $13,141 (way low! in my experience)
34% of Canadians feel anxious about their debt
40% of Canadians feel comfortable about their debt. (I say ‘complacent’ because they are meeting their monthly payment obligations.)
Money problems don’t just strain our bank accounts. They strain our relationships!
Money problems are still one of the top reasons for divorce. (I’ve even seen money problems affect people’s health.)
So when I help people learn how to increase their financial security, I find I’m often helping them in other, more important ways, too.
It all comes down to the proper management of cash flow
The #1 secret of the rich?
Spend less than you make and invest the difference in tax advantaged ways!
In today’s “finance everything” world – how you think about and use debt is the foundation to your financial success…
“Keeping up with the Joneses…” syndrome
‘Appear Rich’ and the ‘Gonnabe Rich.’
Most people say they wannabe rich, but they generally only focus on appearing rich.
They don’t have the attitudes and behaviors that produce real financial security and independence.
It all comes down to debt and how each of us handle it!
So now, to the basics: There are only 2 two types of debt
‘Good debt’ and ‘bad debt’!
Debt cuts 2 Ways:
It bleeds you
It feeds you
Unfortunately, the most common type is ‘bad debt’. ‘Bad debt’ is created then one borrows to buy something (generally using credit cards and/or a line of credit) that drops in value (either immediately or over time) and often at expensive interest rates – and where the interest is ‘non-tax deductible’. (Examples: cars, TVs, consumer products, clothing, vacations, etc…)
Bad debt is guaranteed to make you poorer.
Bad debt – cannot ‘write off’ the interest associated with the purchase.
On the other hand!
‘Good debt’ is when you borrow to invest in something that should create more value than when first purchased and make you richer in the long run…
One of the advantages of ‘good debt’ is that borrowing to invest in something that can produce growth and taxable income is generally tax deductible.
So with good debt you can write off the interest costs associated with the purchase
To build wealth, the rich focus on two things when investing: how can their money grow more quickly, and what are the ‘after-tax’ results.
That’s why when the wealthy borrow, it’s generally at a low, tax deductible interest rate to invest in a business, the stock market, or real estate.
Think Donald Trump!
He became a multi-billionaire by buying properties, mostly with borrowed money. The rental income produced some profit. But the bigger part of his wealth came from investing a little of his own money, borrowing the rest, and watching the value of his properties increase over time
So, to summarize:
To turn your financial world around and to begin creating real and lasting wealth – do the following:
1. Pay cash for depreciating assets (cars, TVs, vacations)
2. Borrow for appreciating assets (rental properties, businesses, investments)
Most Canadians get this wrong!
They borrow for depreciating assets THEN pay cash for appreciating assets (investments, RRSPs, etc.)
Because they are dealing with their mortgage all wrong and this sets them up for all sorts of difficulties in other financial areas of their life!
If you are interested in discovering how to pay off your Canadian mortgage faster by ‘transferring bad debt – to good debt’ and creating tax deductions you never thought possible – you owe it to yourself to