Tag Archive for: debt elimination

Bite Me!

Yea you heard that right, bite me. That is what you would like to say to your creditors. I imagine if you won the lottery you would say that to most people then move off to some exotic tropical island. However since this is probably not the case, you are most likely resigned to just mumble it under your breath.

With proper planning that day may come sooner rather than later. There is no better time than the present to get a handle on your finances. Sit down and make a list of all your income and outgoing expenses. Do you have anything left at the end of the month, or is it all going to service debt and pay your bills. How would you like to lower your overall cost of borrowing and possibly lower your debt service payments. All while showing you how to pay off your debt quicker and get you on a plan to build financial freedom.

If this appeals to you, please feel free to contact me so we can see how to improve your current situation. If not, keep buying lotto tickets and hope that tomorrow may be your day to tell someone to “Bite Me”.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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You Suck!

Yup you heard that right, You Suck! Don’t take it too personally, we all suck in some shape or form. However in this instance it is about how you manage your money, and specifically your debt. Here are some indicators that may apply to you.

1)You have used your credit card to pay for a small ticket item. (something less than $10)

2)You make only the minimum payment on your credit card statement.

3)You consistently carry a balance on your credit card(s).

4)You have used one credit card to pay another credit card’s monthly payment.

5)You have occassionally gone without making your minimum monthly payments.

6)Last but certainly not least, you have next to nothing in a long term savings plan.

This is not the end of the world, but it should be a wake up call. There is still time to put yourself on the right track. All it takes it a plan, and believe it or not, it may be possible with the money that you are currently making and spending. Please contact my office today so we can help you develop a plan that works for you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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How low can this go?

Over the past year or so our world economies have slid downward toward a recession. Now that we are in one, the question that comes to mind is how low can this go? Have we hit rock bottom or are we still digging deeper? Even though we may have very little impact on the general direction of the overall economy, we can however have a great impact on our own and even improve it for the better in spite of these challenging economic times. 

Ask yourself the following questions:

1) Have your personal finances been effected by the downturn?

2) Are you spending more or less? 

3) Has your employment status changed?

4) Do you think that your employer could make your position redundant?

5) Do you have a rainy day fund with 3 months income saved up?

If by answering these questions you are somewhat concerned, then you should take a long hard look at your own personal finances. There is no better time than now to start making some drastic improvements to your bottom line. Your overall objective should be that what ever happens to the world economy that you personally will not be effected. Learn to operate on cash, pay off your debt and build a strong and solid net worth. If you want we can help you create a plan to eliminate your debt as quickly as possible. I look forward to hearing from you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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What to consider when doing your financial plan.

We all have goals, whether we realize it or not. It may be just to get through the day or it may be to make a million bucks. But we all have them. If you are smart you will write them down. According to the 3% who actually do that, they will make 10 time more than those who do not. 

Just like goals, there are elements that make up a proper financial plan. Here they are in layman’s terms.

1) Making Money

2) Keeping your Money

3) Spreading the wealth

Here are some idea’s to help you develop a good financial plan. Once this is done see your financial planner (like my friend Steve Cox) for proper implementation. 

1) Have a clear concise written goal. Know how much you would like to accumulate, how much you need to retire, when you plan to retire. What you plan on doing when you retire etc.

2) Some people think it is all about making money. Well that is part of it. It is really about keeping more of it to yourself. For proper strategies please see your financial planner. Otherwise here is my short take, make lots of money, pay off all your debts, retire rich. They say that most people are either broke or dead once they reach retirement age. To me that does not sound appealing.

3) Now this last step most people totally leave out, yet it is very important. How do you plan on taking care of your loved ones when you “shuffle off this mortal coil“? We are not immortal ya know. Do you have your own life insurance policy (and not just one offered by your employer) one that will provide your family with at least 3-5 years of your current income. What about a Will  or do you want the government to get it everything?

These are important things to think about. Contact my office today so we can help you take care of the now so you can properly plan for the future.

Cheers,

Pat

 

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Obama knows a thing or two about timing!

By the time you are reading this Barack Obama may have already been sworn in as the next President of the United States. When he first announced his candidacy to run for the President of the United Stated on Feb 10, 2007, the odds were not in his favor. Many were predicting that another Clinton would receive the nomination for the Democratic Party. She was heavily favored to win, however Obama did things different. 

Many in politics advise candidates to focus on their message and to get it out to as many people as possible. Which is more important the message or the medium? They say that he was an ace at both. Their is no denying it that Obama is a brilliant orator, however what many do not realize is that he was particular adapt at getting his message out. Not everyone can attend live events, watch CNN, or follow the countless stories in the newspapers. In this day and age people have a constant urge to stay informed and want to do it in their own way. Barack Obama saw this and took advantage of the many social networks to get his message out to as many people as possible via facebook, Twitter, LinkedIn, MySpace and his own web site. People were able to stay informed on their smart phone on the go. You may be asking how this has anything to do with timing. Well it has everything to do with it; it helped him get his message out, by taking advantage of the latest social networking trends. He engaged more people, got them involved with the process, which gave him momentum to win the nomination and eventually the Presidency. 

You may also think that timing has nothing to do with the current state of your finances. Well nothing could be further from the truth. Think of it this way, would you rather have a 6.0% mortgage rate or 4.5%? The answer is simple; you would rather have the lower one. You probably assume that the higher rate is for people with less than perfect credit and that you could easily get the lower one. However, both were available as the discount rate for people with good credit over the last 24 months. The biggest difference is timing. You may also say that you will go out and get a loan only when you need it, well I am telling you that it may be too late.

You may not qualify for what you want if you wait for when you need it. Don’t wait until you are painted into a corner and you need a loan to help you out, because the only one available at that time may not be exactly what you want. There is no better time that now to look at restructuring your finances. It will put you in a better financial position in the long run, and allow you to weather out the uncertain financial times that we are currently facing. 

Feel free to contact my office so we may see if the timing is right for you.

Cheers,

Pat

p.s- This is by no means a reflection of my political views but rather an acknowledgement of his achievement.  

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Big Goals are meant to be shared!

At one time or another everyone has started off a new year with a list of goals and objectives they want to accomplish. The common goals that people have are; to lose weight, quit smoking, get in shape, make more money and get out of debt. They start the new year off with all the right intentions; some take action but not everyone. Most people quit before they succeed. What most people don’t realize is those who do succeed, did not do it on their own.

We have all heard the common expression “No man is an island.” It couldn’t be truer when it comes to achieving goals and getting ahead in life. People who successfully lose weight seek the advice of those who have done it before – from diet books, fitness trainers or support groups. 

Sharing your goals with your friends, family or the internet world in general has the following benefits: 

1) It makes you accountable to actually following through.

2) It brings you together with other like minded people. When two or more people of like minds come together you will experience what one of my favorite writers, Napoleon Hill, calls the mastermind effect – where the effect is greater than the sum of the parts.

3) You leave yourself open for others to help you reach your target.  

4) Your goal becomes bigger and more powerful.    

5) Call it what you want, but things just start to happen to help you reach your goal. 

This being said, I would like to share with you a few of my main goals. I know with your help anything is possible.

My goals are to be successful both in personal and professional life.  I will not settle for one without the other!

  • In my professional life, I want to help one person or family a week develop strategies to become debt free. To show companies how to effectively manage their debts to grow their business, and show that personal service and education are more important that the fine print of mortgage contracts.
  • In my personal life, I want to give the best care, support, time, attention and love to my wife Gillian, my daughters Ella & Georgia and to my son Beckett, and to appreciate and share every single free moment that I spend with them.  

Thank you for listening to my goals.  If you know of anyone who needs help reaching their goal of becoming debt free, please pass on my contact information.  I will reach my goals by helping others reach theirs – a great way to for everyone to succeed! 

Cheers,
Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Bank's overnight rate drops to generational low!

The Bank of Canada just lowered it’s key lending rate by three quarters of a percentage point or .75 basis points. Assuming the banks follow the BoC lead ( they have not always the past few months) that will make the prime lending rate now 3.25%. This latest act of desperation by the BoC is to prevent us from dropping into a deeper and more prolonged recession, because of a world wide economic crisis and a troubled U.S economy.

This is all in an attempt to increase the flow of funds and to increase consumer confidence. In layman’s terms it is supposed to give you (and businesses) incentive to go out and spend some of your hard earned cash. This will not result in an immediate reversal of fortune, that will take some time. The immediate result they are looking for is to generate some heat on the frozen credit market. In other words, they want to make it easier for businesses and consumers to access money to borrow.

What does this mean to the average Joe or Jane? Well if you have a variable rate mortgage (one that is tied to prime rate) or a line of credit, then your payments will go down. That is if your bank follows the BoC’s lead, and there is now evidence that they are not. Other than that, there is not really enough incentive to run to the mall with a wad of cash. People are still losing their jobs at a record pace, because their companies are suffering and trying to remain solvent. 

So what can you do? Try to improve your personal financial situation by eliminating your debts as quickly as possible. Call my office today for a no obligation debt analysis so you can see where you are at and to get an opportunity to get a plan to eliminate all your debts in a very short period of time.

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Give yourself the best Christmas present ever!

it’s not an ipod, iphone, or even a new coalition government for those who want it. Curious? Be patient! Drum roll please……. here it is, a plan to get you out of debt and quickly. You may be thinking, well that is not very exciting. However when you think about it, actually it is! Picture this, no mortgage, no line of credit, no credit card debt what so ever, you are totally debt free.

Now instead of living paycheck to paycheck you are now able to build true wealth. You have the resources at your disposal to allow you to travel, to invest in your children’s education or the ability to make your retirement truly golden. 

There is no time better than now to start. It could be the difference between truly living or just going through the motions. Even though we have not met yet, I believe that you deserve better. So take this opportunity and contact my office right away, so we can put you on the fast track to a brighter future.

 Just so we don’t leave anyone out, this gift can also apply for those who celebrate Kwanzaa or Hanukkah.  

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

Would you fail a liquidity test too?

The inspiration for this article comes from two sources. One the article about BCE takeover falling apart and the other today being Black Friday in the US. At first glance you may have a hard time figuring out how these two events are connected, however upon closer inspection they are essentially about the same thing.

The Ontario Teachers Pension Plan take over of BCE (Bell Canada Enterprise) quickly evaporated this week thanks to a 5 line clause in their agreement. The basis of that clause was a solvency test which they failed, in layman’s terms, their debts outweighed their assets. Black Friday, the day where retailers hope to finely get into the black (profitability).

Take a look at your own life, if you were faced with a life emergency and were forced to liquidate everything, would your debts outweigh your assets? Answering the following questions will give you a better idea.

Do you own your own home or do you rent?

Did you use 100% financing to purchase your home?

Are you leasing your car, truck or van?

Do you have money put away for a rainy day? The rule of thumb is 3 months salary.

Are you saving for your retirement? If not you should start and soon. See my friend Steve and think about direct deposit so you would not miss it. Retirement may come sooner than you think and the government may not have any money left ( thanks to all these bailouts) to subsidize your retirement with OAS or CPP.

The point that I am trying to make is this, do you own your stuff or does someone else? If you rent you are helping someone else build equity. If you bought your home with zero down (100% financing) you run the risk of not being able to get what you paid for it if you were forced to sell it if your local market is now depreciating. Also if you leased your vehicle you also run the risk now more than ever of having to pay more than it is worth at the end of  your lease to keep it.  

There is no better time than now to take a look at your own personal financial situation. Call my office today for a no obligation debt analysis so you can see where you are at and to get an opportunity to get a plan to eliminate all your debts in a very short period of time.

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

 

Citigroup gets rescued!

Today the news came out that Citigroup (Citifinancial’s parent) received a government bailout. They received a 20 Billion dollar cash injection, this is after they have already received 25 billion earlier this year. Now don’t get me wrong, I am all for stabilizing the economy. Many pundits said that if Citi failed it would de-stabilize the whole banking system. While I do not exactly disagree with making sure that the big banks are liquid, in this case couldn’t a suitor been a good solution? Wells with the help of Berkshire Hathaway could have made this happen, as they are one of their largest shareholders. What do you think? 

The auto industry is sill looking for 25 Billion and have been thus far been left out in the cold. However the CEO’s and the executives of the big three really shot themselves in the foot by showing up in Washington last week by private jets. They would really convey the need for funds if they limited the excessive expenses and focused on their bottom line. They are saying if they go bankrupt the results could be catastrophic, by that we mean over a million jobs lost. 

The fact is that our economy’s are in rough shape. Our government leaders really have their work cut out for them. We can still do our part, and by that I mean making sure that we are all in the best possible financial shape to ride through these tough times. To do this, feel free to contact my office today for a no risk debt analysis, so we can show you how to maximize your income and use it to become debt free sooner.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.