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The many myths of finance seem to stress the technical complications. Saving money is not technical and it does not require a degree. Below are five frustrating finance myths that need to be squashed.
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Securing and maintaining a fortune is a notable accomplishment. Devastating events can create a situation where riches can be dwindled down to zero. One common denominator of Canadas richest people is the family factor. Keeping riches can be a difficult task. Ensuring investments create gain and passing it to family can be a daunting task. Some family transitions can be simplistic while others are complicated. There are many ways that a fortune can be transferred from one family member to another.
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Even the savviest business professionals make any number of saving plan mistakes. They often know best because they have experience it firsthand. One common saving plan mistake is not staying consistent and building a schedule of saving. There are mistakes around every corner, and some of the smartest leaders have delivered overall plans to tackle them in every area.
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With the rise in technology, it’s often even easier for thieves to try to scam unsuspecting persons. The Canada Revenue Agency (CRA) is warning Canadians about scammers that call and try to impersonate official agents as a way to extort money. Even those who are aware of the scams can be caught up when they receive a phone call or an email that seems legitimate and may become a victim of CRA fraud.
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Post secondary education is an important consideration for a number of different people. Whether a person is fresh out of secondary or high school or perhaps a person is in their 30’s or 40’s and are looking for more education for a different career, post secondary education offers a lot for these two demographics and everyone in between. However, with the average cost of a post secondary education being around $80,000, most people pursuing this type of education will need financial assistance to do so. That is precisely what a student loan was created for.
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Everyone will incur some type of debt at some point in their lives. It is almost impossible to avoid. Having debt is not necessarily a bad thing, it is how Debt repayment is handled that makes the difference. There are ways for people to repay loans and credit card debt that will benefit them better than other methods. Unfortunately, a large percentage of people are paying back their debt incorrectly.
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How are families building their emergency funds? It takes a bit of discipline and the ability to set in motion a great new habit. A priority must be set on taking money and adding it to a savings. Will a bill not be met? That should not happen because the amount should be very fair. It should account for variables. One of the most effective methods to build an emergency fund is to create a saving habit- never falter and stick to it.
