The thought of being a millionaire feels like a distant, unattainable dream. The lingering self-doubt within the majority of us assumes those that are rich surely must be smarter than the rest of us regular folks, right? Well, that is not always the case.
Whether I am busy at work or simply relaxing at home, the one thing that is always by my side is my phone. This is hardly out of the ordinary; over 30 million Canadians currently own a cell phone1. Our handheld devices are now the primary method of communicating with others, entertainment, planning our schedules, and even dealing with our bills.
If you have woken up in the middle of the night to a money-related panic attack, do not worry - you are not alone. It is natural for us to worry about our financial situation as it dictates so many facets of our everyday life. Nevertheless, financial stress is a big deal and needs to be addressed.
From the moment you apply for that first credit card or loan and your credit history commences, financial institutes and lenders will eagerly track your credit score. This score impacts almost every facet of Canadian’s lives – it determines your ability to rent an apartment, buy your own home or vehicle and qualify for loans at reasonable interest rates.
Smart-phones are less of an option these days and more of an extension of everyday life. Your phone is there for you when you need to know the weather, connect with your friends and colleagues, and when you just have to post that perfect Instagram of yesterday’s brunch.
These are the obstacles we all face in trying to achieve our financial goals:
If you’re just starting to take charge of your financial future, it can be stressful approaching financial planning with confidence. Do you ever talk to your bank or financial manager and think that they’re speaking a foreign language?
If you’re a fan of political dramas on televisions, you’ll know that the turbulent world of politics has an effect on the global financial markets. But what about in real life? How much does art – if you can call shows like Scandal, Veep and House of Cards artvimitate life, and vice versa?
It is no secret that the typical Canadian is working long hours with little respite compared to other countries with large economies. Full-time employees report an average work week of 47 hours, and four out of 10 North American workers say they work over 50 hours a week.
The 2015 Retirement Confidence Survey revealed that only 24% of today’s workers are very confident that they will have enough money to live comfortably throughout their retirement years.