How to Find Fulfillment - The Secret to Happiness | Karen McGregor | TED...

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Do You Remember Your First?

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Do you remember when you got your first credit card? The excitement you felt? The urge to go out and buy something on it right away? Did you take your friends or family out for dinner to celebrate or was your first card a store card, like mine was. When you got your first statement in, did you casually look over the amount owing and just fixate on the minimum payment required? Hey that isn’t too bad, is it? I can afford that! So did you do like I did and keep spending? Then one day you realized that casually looking at the amount owing wasn’t going to work anymore – you can’t ignore it any longer. But what happened? You have been making the minimum payments, haven’t missed one, and you aren’t using the card that much so why doesn’t the amount owing get smaller? That’s an easy question to answer. Very little of the minimum payment goes towards the principal debt; it is eaten up by interest. Interest is how the lending institutions make money and they are going to make sur...
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Educating Your Child

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Summer is almost over. Labour Day weekend is almost upon us and after that, school starts. The lazy, hazy days are over for another year. As our thoughts return to the education of our children, panic may set in. The costs of post secondary education have been rising and we don't want our children to start off their professional lives, drowning in debt! So what can a parent do? RESP's - Registered Education Savings Plan - are the first thought. Especially since the government will contribute 20 cents for every dollar you put in, up to $500 on an annual contribution of $2,500. Although there are no limits to yearly contributions, there is a lifetime maximum of $50,000. Now, if you are a low-income family, there is more help from the government. You can apply for the Additional Canada Education Savings Grant (A-CESG). This money is added to the RESP to help reach the maximum contribution amount. And it can be used if the child wants to go to university, college, trade sc...
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Should You Settle that Debt?

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Many people hear debt settlement and think what a great idea. They will negotiate with their creditors to pay a lower sum than what is owed and the debt will disappear. The debtor will pay less money, the creditor will get some of what they are owed and life will go on its merry way, right? Not quite. There are consequences to taking this route to get out of debt. What usually happens is the debtor contacts a debt settlement company. The company will take the payments the debtor was supposed to be making to the creditor and hold it in a special fund. Then, when the debtor has fallen significantly behind in their payments, the settlement company will contact the creditor and negotiate a lower balance. But what if the debtor was current on his/her payments but has followed the advice of the settlement company? Now, their credit record has been damaged and will remain so for the next 7 years. There are dangers to this method of getting out of debt. Especially if the debtor gets...
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