| Monday, May 16, 2011
 Shawn Mooney (403) 945-8769 mortgages@shawnmooney.com
AIRDRIE, Alberta (403) 945-8769 | 
Financial fitness resources How financially fit are you? If you've been wondering - or if you have an inkling that you're not as financially fit as you should be - Genworth Financial Canada and the Canadian Association of Credit Counselling Services has put together a number of resources to help educate yourself on the topic.To find out your Financial Fitness score, visit financialfitness.ca. This quiz asks you questions about your financial goals and situation. At the end of the quiz, you'll get a score and some advice on how to improve your current situation. Genworth and CACCS also held a number of financial fitness seminars this past month, and have a number of pre-recorded webinars for you to learn from. They're definitely worth a listen! 10 Steps to Financial Fitness (Parts 1-4) http://www.youtube.com/embed/BwYP8VlwmDM http://www.youtube.com/embed/8REfVmscUwo http://www.youtube.com/embed/vsvEIkp8bBY http://www.youtube.com/embed/QjkLKohO1gg Money Gobblers Where does all your money go? If there seems to be a Goblin in your pocket, eating away your hard earned cash, then this webinar is for you! Join us in identifying ways that you can combat the endless battle with those pesky Money Gobblers and start saving more money where you may not have realized you could. http://www.youtube.com/embed/yYxVT97ToQk Teaching Your Kids the Art of Financial Self-Defense This webinar will help you in providing financial literacy training to children in easy and fun ways. Help your kids understand the importance of Financial Fitness and the art of financial self-defense! http://www.youtube.com/embed/hb_kIxxORz8 Debt Detox This webinar will provide an in-depth overview of personal debt management, the realities of having debt and the variety of ways one could tackle their own debt levels in reaching their ideal level of financial fitness. http://www.youtube.com/embed/wAkUfmIqFI4 On the Right Track - Getting Organized Do you have boxes and boxes of financial statements that you don't know what to do with? Have you created a budget but need help getting started? This webinar will give suggestions and tricks that you can use to keep your financials organized http://www.youtube.com/embed/ZQV12gTnCCc Rising fixed rates got you down? Cheer up!  REITs: The Basics Last week, the Globe and Mail featured an article about Real Estate Investment Trusts (REITs) and their tendency to be a better investment vehicle than purchasing and renting out a condo. While only you can decide which path is the right one for you, we can help by clarifying exactly what REITs are and offer some resources for further research.Essentially, an REIT is an opportunity to dip your toe in the real estate investment market without becoming a full-fledged landlord. REITs pool investors' money and purchase real estate properties with that money. These trusts then pay their investors a portion of their profits, typically from monthly rents. REITs have the ability to invest in different types of real estate - from hotels to multi-unit residential properties. This allows investors to further diversify their investment, so instead of simply investing all their money in one condo in one market - hoping that it eventually increases in value - they can reap the benefits of different real estate assets across different markets. If you're interested in learning more about REITs, or real estate investing in general, check out the following resources: - Real Estate Investment Network is a great place to go if you're looking to get into real estate investment. At the very least, sign up to gain access to their free public forum. http://myreinspace.com/ - Million Dollar Journey offers a good primer on the basics of REITs. http://www.milliondollarjourney.com/canadian-real-estate-investment-trusts-reits.htm - RioCan Trust is one of the biggest REITs in Canada. http://www.riocan.com/ - Me! Drop me a line and I will point you in the right direction. Is a HELOC right for you? Home Equity Lines of Credit (or HELOCs) have become a popular way to borrow money at a lower cost than a credit card or line of credit. Because you're essentially borrowing from the equity you've built up in your home, you can do so at a much lower interest rate - with a lot more flexibility.This has enticed many homeowners across the country to take advantage of this mortgage product - volume-wise, HELOCs have grown by 170% in the last 10 years, according to the Bank of Canada. What many homeowners tend to lose sight of is that this product is still a form of credit - and still has the potential to turn into burdensome debt. Because they don't require any principle payments, and you have the option of making interest-only payments, it's easily-accessible cash that requires little discipline. So if you've been thinking of getting a HELOC, what precautions can you take to avoid falling down a slippery, debt-laden slope? Here are a few tips: 1. Go in with a plan. Establish ahead of time what you will use your HELOC for ? and what you won't. Some uses, such as consolidating higher interest debts, are maybe more worthy of tapping into your home's equity. A vacation is something that should probably be saved up for. 2. Don't pull down too much. Deciding on a "magic number" amount is important as well. Start with the end in mind, and only pull down an amount that you can realistically pay off in two to five years. 3.Borrow from your home to improve your home. Your home is likely one of your biggest investments, so it's important to strategically decide how much of that hard-earned equity you want to sacrifice. Typically, using equity to improve the value of your home is always a good move - especially if you decide to sell it soon afterward, and can use the increased selling price to pay off your loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tuesday, May 17, 2011
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