The liberals have taken control of the federal government once again. Justin Trudeau recently became the second youngest Canadian Prime Minister, following in the footsteps of his father, who once held this office. Some believe the people voted liberal simply to move the conservatives out of office, as they have held power for almost ten years. Others feel the change was the result of a Conservative platform that was lacking in new ideas. Regardless of why one believes Trudeau won, everyone is wondering what this means for the canadian economy.
Too often people fool themselves into believing that the money they need will just appear in their accounts, or methods they have been using unsuccessfully will suddenly begin working. Here are five delusional financial strategies that people are using to keep themselves poor.
There is a common concern with Canadians. They want to save more. About 88% are looking and willing to change their current financial situation. With all that extra income, they should be able to save splendidly. But, they do not. 31% of Canadians say that they do not want to change their spending habits. What are Canadians buying that is so appealing and hard to let go of? Just as importantly, what kind of habits do they deploy?
When bills are suddenly being paid late, or not getting paid at all, there is obviously a problem with the budget. In these circumstances people often begin thinking about what to cut. However, without knowing where all the money is going, it is impossible to address the most common ways money is wasted. Big expenses like car payments, rent or utilities are often targeted as a way to reduce bills, but for many the problem is all the little things that add up over time.
While holiday shopping is meant to be joyous, it can be anything but when one is not properly prepared. Each year, magazines, newspapers, and websites push to list the season’s latest and greatest gift ideas to help shoppers in their search. During the holidays, thousands of products vie to be the top gift of the year. Though it can be difficult sorting through the many offerings for the right gift, preparing ahead can make the process easier so the shopping chores are carried out painlessly. Those who are searching for the best gifts would do well to consider these ideas that will fit almost anyone on their list.
The politicians seeking office often talk about the plight of the middle class. The American middle class seems to be under fire and losing ground every year. The Canadian middle class has its problems too. An interesting question might be “who really belongs to the middle class?” Where is that magic line defining the middle class? Is the middle class growing or shrinking, and if so are people dropping down to the lower classes or attaining a higher earning level?
Many jobs offer benefit packages that include a pension plan. These plans can be very helpful to people later on in life, especially if the person works for a company long enough to see the pension plan come to maturity. However, there are situations where people have paid into a pension plan, but leave well before the pension can be put into action. In this case, many people may not be exactly sure how to proceed.