Financial lessons to learn along the road of life

Financial lessons to learn along the road of life

November 6th, 2013 by Lisa J. Gryba, AMP

12 facts & tips to help push you in the right direction

It’s a certainty of life…you will be thrown one or two events (or more) that you were not expecting and that unfortunately, can cause financial hardship. But alas, education is power. The more you know, the more you can put that knowledge into motion to help plan for financial mishaps.

12 facts & tips to help you along life’s financial road

1) Learn

  • 42% of Canadians aged 16 to 64 have low financial literacy skills.
  • Financial literacy is having the skills, knowledge, and confidence to make responsible financial decisions.

2) Save

  • 3 in 10 Canadians save less than 5% of their income or nothing at all.
  • Find “hidden” money – reduce interest payments by paying off debts with high interest rates like credit cards first.

3) Protect

  • 1 in 3 Manitobans don’t recognize investment fraud.
  • Scam artists have an arsenal of tricks when it comes to parting you from your hard-earned money. Know the red flags of investment fraud.

4) Teach

  • 78% of parents have attempted to teach their children about money. Two thirds do not feel they have been very successful at it.
  • Explain how money works by finding ways to integrate lessons into daily life.

5) Own

  • Only 16% of Canadians take advantage of pre-payment rights to reduce the cost and length of their mortgage.
  • Making extra payments of as little as $50 a month could save you thousands and cut years from your mortgage.

6) Aging

  • 4 – 10% of Manitobans will experience some form of abuse in their later years.
  • Staying involved in your finances is your best protection.

7) Borrow

  • Payday loans are often the most expensive way to borrow money. A 14-day, $300 payday loan in Manitoba costs $51.
  • Explore every option when you are in a financial bind – the last resort should be a high cost loan.

8) Dream

  • In Winnipeg, 24.2% of registered First Nations people are homeowners, compared to 75.7% of non-Aboriginal people.
  • Manitoba Tipi Mitawa can help to make your dreams of home ownership come true.

9) Inform

  • Did you know insurance agents and independent insurance adjusters must be licensed through the Insurance Council of Manitoba (or other provincial body)?
  • The ICM can provide you with information to understand whom you’re dealing with.

10) Plan

  • 69% of mortgage holders have a fixed rate mortgage, while 26% have variable and adjustable rate mortgages.
  • There are different types of mortgages with different costs. Learn about your options and find the mortgage that is best for you.

11) Adapt

  • 14% of all Canadians have disabilities and 43% of Canadian seniors have disabilities.
  • A change in health often leads to financial challenges – be prepared with the right insurance and financial planning.

12) Prepare

  • You could add 25% or more to the returns in your RRSP investment depending on your tax bracket, age and unused contribution room.
  • This year, consider increasing your tax refund by investing more in an RRSP.



by  Lisa J. Gryba, AMP

I am a passionate and dedicated mortgage professional, devoted to enabling my clients to obtain the best mortgage products and interest rates for their needs.