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Check out our latest blog posts…
10 Day Routine To Kick Start Your Finances This New Year
It’s the new year! Time to kick start your finances!
This ten day routine will help you shift your finances into high gear. This routine is aggressive, ambitious, and a bit challenging. This routine will cover all the basics of a good financial routine. Having a routine for your money is one of the best ways to improve your finances this year.
If ten days seems like too much (and it probably is!) then consider spreading these steps over ten weeks or even ten months to make things a bit easier. The key is to find a pace that works for you. It’s better to take a bit more time if it means you’ll stick to your new routine.
If it seems daunting then consider pairing up with a friend, co-worker, or getting the help of a financial coach. At PlanEasy we offer custom financial coaching & advice for our clients. As a new client, we’ll create a 12-month program tailored specifically to you and your goals. If you struggle with your financial routine then a bit of coaching & advice might be exactly what you need to improve your finances this year.
Debt Payoff Plan: Paying Off $46,000+ Of Student Debt In 2.5 Years
I love a good debt payoff story. There is something satisfying about seeing someone pay off a mountain of debt in a short period of time. This story comes from a reader who has a total of $46,174 in student and credit card debt. They used our debt payoff calculator to create a debt payoff plan that kills this mountain of debt in just over 2.5 years! Amazing!
When it comes to paying off debit it can sometimes feel like an endless struggle. It seems like interest is constantly work against you (which it is!). Payments are being made every month but the balance never goes down as fast as you hope.
This blog post isn’t quite a debt payoff story, not yet anyway. This post is about a debt payoff plan. Every debt payoff story starts with a good debt payoff plan. This plan aims to pay off almost $50,000 of debt in just over 2.5 years.
Let’s see how they’ll do it!
Are You Saving Too Much For Retirement? Target Retirement Savings By Age
You need less for retirement than you think. Numbers are often thrown around for retirement, $1 million comes up often, probably because it’s an nice round number. Now they’re saying $1 million isn’t even enough. Now they’re saying you need more, maybe as much as $2 million.
The truth is…. that’s utterly ridiculous. The average Canadian won’t need $2 million to retire and if you’re targeting that amount (or even $1 million) you might be saving TOO MUCH for retirement.
Where are these lies coming from? My guess is from the financial services industry in general. In general, the financial services industry gets compensated for investments under management, products sold, and debt/mortgages. This leads to quite a bit of biased information coming from the financial services industry.
The sad truth is that the more money you save the more “they” get paid. They don’t want you to settle for $1,000,000 in savings when $2,000,000 could mean more in annual fees. How much more? About $23,500 more in annual fees.
That’s not a typo. You read that right. The average mutual fund fee in Canada is around 2.35%. Annual fees on a $2 million portfolio are $47,00 per year, PER YEAR, when it’s invested in the average mutual fund portfolio.
No wonder they keep telling us to save, the more we save the more they earn.
The crazy thing is that the fees on a $2 million mutual fund portfolio are enough to fund the average retirement. Imagine, the FEES ALONE are enough for the average retirement, and yet they continue to tell us we need to keep saving.
So how much do you actually need for the average retirement? How much should you have saved? What is the target retirement savings by age? It’s less than you think. But first, let’s cover a few assumptions.