Happy Halloween

Happy Halloween; but don’t be fooled by financial tricks.

1) Giving up your daily expensive coffee will put thousands more in your pocket at retirement. Maybe, but that comment refers to watching all your small purchases that chip your paycheck away.

2) You forgot to sign the cheque, or mail the bill payment – that is an adult ‘dog ate my homework excuse’- set up automatic bill payments to ensure your bills are paid on time

3) It’s only a $100 cell phone bill – true, the company probably won’t send the bill collectors after you, but, they will get their revenge. Believe it or not, that could mean the difference in qualifying for a mortgage at ‘best’ rates in the future.

4) I have time to save for retirement. You are correct, it is never too late to begin, but every year you delay could cost you thousands of dollars in compound-free growth by the time you retire.

5) It won’t matter because I won’t be here. Longevity is the new normal; you don’t want to outlive your money.

6) The government will take care of me. If you like haunted houses, picture a future without planning and security. Fear can cause paralysis and result in doing nothing.

7) Credit card interest is what it is. Try asking for a lower rate, your institution may offer a lower rate interest card, or other companies will.

Talk to an advisor and get help finding your way out of the maze.