Advice on the House

Mortgage broker Cristina Piccirillo of Dominion Lending Centres brings hot topics home.

Q: I am thinking of purchasing a property in Florida. Is pulling equity from my home the right thing to do?

A: The answer to this relies on the circumstance. If, for example, you are thinking of purchasing as a rental income property, then yes, it could be beneficial to pull equity from your home. This will help carry the costs to maintain the property, such as mortgage, property taxes, condo fees (if purchasing a condo), property management, etc. If, on the other hand, you plan on buying a vacation home for pleasure, be mindful of the additional costs to maintain the property, which could run up to $20,000 annually. It’s important to think about what your intention is and ensure that you have the money at your disposal to Read more

David Chilton: The Wealthy Barber Returns [w/video]

When David Chilton self-published The Wealthy Barber during the economic slump of 1989, he had an unassuming goal of selling 10,000 copies and helping Canadians live fiscally solvent lives. The 25-year-old did slightly better. Chilton’s humorous approach resonated with more than two million North Americans by breaking the banal textbook paradigm of personal finance paperbacks. His common sense hit an entire dartboard of demographics, with a novel style that made readers feel like they were having a latte with a financially savvy friend who spoke colloquially about credit cards, real estate and RRSPs.

You can imagine the surreal experience of enjoying that cup of coffee with Chilton a day after the official launch of his long-awaited follow-up, The Wealthy Barber Returns. The conversation coincidentally takes place amongst a backdrop Read more

Retiring Rich: Suburban Millionaire

You can retire a millionaire. Yep, that’s right, a millionaire – without winning the lottery, either. A long time ago this was a dream reserved for the few and the fortunate, but income today is different from what it was 50 years ago. It certainly isn’t a rarity for seasoned veterans to make anywhere from $60,000 to over $100,000.

Of course, not everyone will make this kind of income, and according to a recent survey by the Canadian Payroll Association, 59 per cent of Canadian workers say they would be in financial trouble if they missed even a single paycheque. Such alarming numbers suggest long-term planning and saving is even more crucial for financial security. However, with some careful financial manoeuvering, consistently putting money into savings and avoiding frivolous spending, you too can achieve millionaire status. Read more

Gifts from the Heart

Christmas isn’t just about presents and decorations; it’s about love and family. So try to give to those who are in need – and remember: your money won’t be just another present to them, but a symbol of love and compassion. Here are some places where you can get started: Read more