by Ingrid Clayton | May 9, 2021 | Financial Literacy
What is Debt? Debt is anything that is borrowed by one party from another, but in this context the focus is on money borrowed. When someone borrows money, there’s usually an arrangement for the debtor (person who borrows the money) to repay the creditor (the...
by xlxdigital | May 2, 2021 | Financial Literacy
About Credit Cards In the previous blog titled: Credit Card vs Line of Credit: Which One Should I Use? You learned the following about a credit card: It is a card that is issued by a financial institution, such as a bank or a credit union, that enables the...
by Ingrid Clayton | Apr 18, 2021 | Financial Literacy
Breaking The Student Loan Debt Curse It is great that the government provides student loans to pay the tuition for students whose parents are unable to pay for their education. This gives students the opportunity to attend college or university to pursue...
by Ingrid Clayton | Feb 14, 2021 | Financial Literacy
What does it mean to Refinance a Mortgage? Refinancing a mortgage is when you renegotiate your current mortgage loan agreement — usually to access the equity in your home — to replace it with a new loan agreement. When people pay down the principal on...
by Ingrid Clayton | Jan 31, 2021 | Financial Literacy
What is an RRSP and a TFSA? A Registered Retirement Savings Plan (RRSP) is a savings plan where people save money for their retirement. The contributions made to an RRSP account reduces your income by that amount because the funds in an RRSP are tax-deferred. The...
by Ingrid Clayton | Dec 27, 2020 | Financial Literacy
There is a rule of thumb that says you should pay yourself 5% to 10% of your income before you start spending it. Many people will argue that they don’t make enough money to cover even their basic necessities and pay their bills, so where will they find extra money to...
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