Rebuilding Your Finances Your Way

Rebuilding Your Finances Your Way

Banks, lenders, and other financial organizations can put a lot of pressure on their customers to improve their finances. Whether you’re dealing with heavy debt or have been stuck without income for a long time, rebuilding your finances can be a complex process that you need to approach correctly. To help you out with this, this post will be exploring some of the work that can go into rebuilding your finances. A lot of people struggle with work like this, finding it difficult to know where to start when they are looking at their finances, but this post is here to give you the head start you need.

Rebuilding Your Finances Your Way

Planning & Budgeting

Planning your finances is possibly the most crucial part of this process. Not only do you have to make sure that you’re not spending too much, but you also have to set goals for yourself and a budget that will enable you to achieve them. Making a budget can be complicated and confusing, with a lot of people finding it hard to make sure that they don’t run out of money each month. There are loads of tools around the web that can make it easier for you to manage your money. In some cases, simply taking the time to look at other people’s budgets can help, giving you ana idea of how others find success with their money.

Using Technology

Technology can be an incredibly powerful asset when you’re trying to improve your finances, though a lot of people fail to take advantage of this. There are loads of apps on the market that can manage your budget for you, help you to understand the complex financial processes you have to go through, and give you the power to monitor your money no matter where you are. Many modern banks are based completely online, giving you the power to work with your finances no matter where you are. Of course, though, you may need to read some reviews for tech like this before you get started.

Getting Support

Finally, as the last part of this process, it’s also good to think about the support you get with your money. Your bank can help you to an extent, but will always be pushing you to take traditional paths that might not work for you. You can watch this DTSS review to get an idea of what to expect from a DTSS scheme. Options like this provide flexible support and the tools to improve your finances without making compromises or having to take an approach that you don’t like. The people close to you can also offer support with your money, though some people won’t want to go down this path.


The Verdict on CI Direct Investing

The Verdict on CI Direct Investing

“Everybody wants to get the most out of their assets.”

It’s a hard pill to swallow, but it is true. We all want to make the best out of everything we have in CI direct investing. The house we own, we want to make it last until we’re old. The car we just bought, we want to drive it for miles and miles long. The money we have sitting in the bank, we want it to earn through interests. Optimizing our resources has always been our main goal in life. And this is the reason why we get involved in investments.

Investing is an effective way to make your money grow. The best thing about it is that you make money passively. There’s no work needed for your end. And because of the technological advancements, investing has become more convenient because you can now do it online. Online investing made investing easier to understand and keep track of. To be successful in online investing, you need the right platform for this. And after scouring the internet for the best online investing platform, I’ve finally found CI Direct Investing.

What is CI Direct Investing?

CI Direct Investing

CI Direct Investing (formerly WealthBar) is an online wealth management platform. It is the leading robo adviser in Canada, and has been operating since 1965. The company has a diverse portfolio to ensure your risk is at the minimum while you get maximum returns. It basically, creates a good and unique investment portfolio especially for you. This is to cater your expectations you have and the financial risks you are willing to make.

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How I got involved with CI Direct Investing?

Of course, I did extensive research about this. Plus, I had several colleagues who did share their experience with CI Direct Investing to me. They didn’t even have to encourage me to join as CI Direct Investing Portfolio already showed their stellar performance in online investing.

Getting in CI Direct Investing is easy. There are just 5 simple steps.

1. Create an account with them.

You’ll just need to enter your email address and then create a username plus input a good and strong password.  Use this link to start.

2. Choose an account you’d like to open

They have several accounts for you to choose from. Their available accounts are RRSP (individual & spousal), TFSA, RESP (including for Quebec residents), High-Interest Savings Account, Non-Registered Accounts, RDSP, RRIF (individual & spousal), LIRA, LIF, RDSP, corporate, group savings, charitable organizations, individual pension plans, and personal pension plans.

3. Select a portfolio

Here, they’ll try to assess your portfolio by asking you several questions. By answering their questions honestly, the better the chances of them creating a suitable investment portfolio for you.

4. Enter your personal details

Just fill out the required details carefully to ensure the security of your funds.

5. Fund and sign your account with them

Start funding your account by e-signing an agreement with them.

After accomplishing all of these, you’re all set to watch your money grow.

The Verdict on CI Direct Investing

After opening an account with them, I have no complaints whatsoever. Here are the advantages I’ve experienced with CI Direct Investing:

  • I was able to get great financial advice PERSONALLY from their licensed financial advisers. I was able to call and get legit advice from them.
  • I am capable of overseeing my funds every day. With the help of their user-friendly dashboard, I am able to check on my stats as often as I want.
  • I have access to their financial planning tools too. These tools are integrated into their platform and it can generate projections on my fund’s potential investment growth.
  • They also have Cleantech add-on options available for all their portfolio.
  • I was also offered private asset classes with a broad diversification intended to reduce volatility.

After experiencing all of these advantages, I can confidently say that CI Direct Investing is significantly better than picking individual stocks. Worth your time, worth your investment, and worthy to be part of your future.

When Should You Worry About Debt?

You should never get into a panic over debt. However, there are times when you may want to show some concern and start taking measures to alleviate it. Here are a few signs that you may have a debt problem that needs addressing.

1. Over 50% of your income is spent on consumer debts

If half of your income is going towards paying off debts, you’re likely to be finding it difficult to keep up with payments. In fact, you could find yourself missing payments and accumulating more debts in arrears.

Ideally, you should spend no more than 20% of your income on consumer debts. This includes car loans, personal loans, credit cards, and mortgages. Reducing a lot of debt isn’t easy and you may want to look into professional debt support services such as Debt to Success System. Alternatively, you may be able to contact creditors individually and ask about reducing debt.

when should you worry about debt

2. You borrow to pay off other debts

Paying off debts with extra loans is a vicious cycle. In many cases, you won’t be solving the problem. In fact, if you’re paying off high-interest payday loans with other higher interest payday loans, you could be making the problem worse.

Unless you’re refinancing debt to lower interest rates or consolidating debt, there’s generally no reason to pay off a debt with borrowed money.

3. You live in your overdraft

When you’re in your overdraft, you’re borrowing money from the bank that you don’t have. On top of this, many banks will charge you for it. As a result, you don’t want to be in an overdraft for too long.

Getting out of an overdraft isn’t easy – especially if it’s a deep overdraft. Make efforts to cut back on your spending so that you can climb out. Once you’re out, consider reducing your overdraft or getting rid of it completely to avoid the temptation of spending money you don’t have. The same applies to lines of credit.

4. Debt collectors are chasing you down

If debt collectors are chasing you down, it means that you haven’t been paying your debts. This is definitely a time to worry about your debts. Fortunately, there are many options for dealing with debts when they reach this stage.

There are many debt support services that can help you negotiate debt payments with collectors, as well as helping you to understand your rights. In many cases, when you haven’t got available funds, payment plans can be arranged. Ignoring debt collectors is never the way to go and will likely make the problem worse.

5. You’ve been rejected by lenders

If you borrow a lot of money and fail to make debt repayments on time, you could find that lenders start refusing your loan applications. This is because you’re likely to have a low credit score or you’ve possibly been blacklisted.

It’s possible to rebuild a credit score and start getting accepted by lenders again as this guide at Nerdwallet explains. Usually, however, it’s a wise idea to deal with any existing debts before taking on any new ones. 

Tips Worth Know When Expanding Your Investment Portfolio

Tips Worth Know When Expanding Your Investment Portfolio

Investments are an opportunity to grow your funds and to make them into something more for the future. Whether you want to take advantage of that extra money now or for later when it approaches the retirement age, it’s good to expand your portfolio as much as possible. When you start investing, you’ll likely be navigating something that is new, and so you want to know exactly what to do and how best to profit from each investment. Here are some tips that are worth knowing when expanding your investment portfolio.

colored chart business man investment

Photo by Lukas from Pexels

Look At Different Types Of Investments

There are lots of different investment opportunities out there, whether it’s stocks and shares, investment into property or investments into luxury goods. It’s worth looking at the ones that you can afford to invest in, and that is going to work for what you’re after. Each investment opportunity is going to present something a little different, and so it’s worth figuring out which one is going to be best for you when it comes to your portfolio. If you’ve already got one type of investment, it’s much better for your portfolio to expand into a different type of investment.

Like all investments, they need a degree of research doing by yourself, rather than simply picking something and not knowing anything about it. That’s a sure-fire way of losing your money, so make sure to do background research. It’s also worth it to look at working with different professionals who can give you that advice needed. You can try a broker from this page, and you can find plenty of online resources too!

Choose Both Short-Term & Long-Term Opportunities

With investments, you have different ones that can mean you are putting your money in for the long term and getting money in installments, or you could have ones where they’re quick to payout. It’s good to have a range of short-term and long-term opportunities as investments because you’re going to want to make money on a regular basis. If you’ve got short-term investments, you know you’ve got payment coming in fairly quickly, and with long-term investments, you’re setting yourself up for the future. It’s good to find both options, and you’ll definitely be giving yourself more options when it comes to diversifying your portfolio, which is something that will be explained further down this article.

Always Keep Your Eye On Every Investment

Investments can often tick along nicely on their own without much effort needed from yourself. However, it’s important to always keep an eye on your investments though because in some cases, it can quickly go from good to bad or bad to worse overnight. Things like the stock market can certainly be volatile and one that you want to be keeping a daily checkup on when you can. Some investments are a little bit more secure, but for the most part, it’s important to be vigilant with your investments and to be wary of any changes that happen, which could threaten it. After all, your money is invested in it, and you want to do everything you can to make sure it’s safe and secure.

Know When It’s Time To Withdraw Your Investments

There will come a time in your investments when it’s time to withdraw them. Some of those investments might be earlier on in your life, and some might be later. There can be those that also need to be pulled out immediately to avoid potentially losing any more money than you might be losing already. Stocks, as mentioned above, can be an example of that. Be wary of when an investment is doing well and how you can further profit off it but also when it might not be looking good for it either.

It’s not a good area of financial business to be complacent or dismissive about. You want to make sure that you’re aware of when things might be going south or when an investment matures, and it’s time to reap the rewards.


Photo by Andrea Piacquadio from Pexels

Set Objectives Or Goals

When you’re trying to expand your investment portfolio, it’s good to have objectives or goals laid out. For many, investment is all about planning for the future or to build a more secure future for their later lives or family. By setting objectives or goals about what you want to achieve when it comes to your investments, the more motivated you’ll be to stick at it. You might have dreams of building a big investment portfolio, but that’s not something you might reach unless you have those monthly or weekly goals set out to actively get the opportunities. Consider what you need in order to expand your investment portfolio and lay it out in a clear list of objectives or goals. This might be something you have within your paperwork or something set on your online calendar.

Be Wary Of The Risks

It’s good to be wary of all the risks that can come from investing. There are different levels of risk depending on the investment you choose, and the more you risk, the more financial pressure you’ll feel on your shoulders to make it work. It’s important to know the risks but to also know how far you’re willing to push yourself and your comfort zones. You might not wish to invest so much money into certain investment opportunities than others might do. Some people have different attitudes towards money, and for some, risking it all might be worth the price they pay if it pays off. However, it’s all about what you’re comfortable doing and going for.

Expanding your investment portfolio is always worth doing, no matter what your financial situation might be. If you have savings, there are investment opportunities that are small enough to warrant giving it a go. Make sure that you do the right research to ensure you know exactly what you’re getting yourself into. Be wary of when to withdraw your investments and try to diversify your portfolio as much you can.

Beware of unique taxes

When you're expanding your portfolio in property, remember that it's an industry which is very important to every nation. Thus, it will have unique laws for the country you’re intending on investing in. For Canada for example, the land transfer tax is going to be something you must pay for any kind of real estate purchase. Whether it's a house, condo or even townhouse, you’ll most likely be paying this tax. It's collected by local governments when the ownership of property trades hands. So it's important to get your property properly priced before you make any serious move of purchasing it. Once you have the full and in-depth evaluation and pricing, then you can check how much you’ll be paying in land transfer tax, and thus, if it's worth it or not.

Money As Debt Documentary

If you haven't seen this  47-minute animated movie, it's required.  Absolutely a riveting eye-opening watch!  This will expose Debt as you've never understood it before.

This is a riveting documentary that will explain debt as you never understood it fully before.

You'll learn about the Federal Reserve, which is a private corporation and how banks lend out money they don't have in reserve, which would be fraud if an individual did the same thing.

You'll also learn how money evolved from beads to gold to fiat currency.

Highly recommended for any entrepreneur or young person.

You will learn more about how money really works.  Forget everything you've learned before.

This shows how debt grows and how insidious it is.  You will learn about the secret meeting on Jekyl Island, Georgia.

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5 Ways To Generate Passive Income Now

Since my “thing” is passive income, I wanted to share a few ways with you right now.

1) Investing

You *SHOULD* be investing and having your dollars work hard for you.   This is key.  And the EARLIER you learn this, the better.

In fact, my son is registered for a class this week on the internet about this very topic!  If you have kids, consider teaching them this early before they form bad money habits.

2) Renting Out Things You Own

If you have things, you can rent them out for profit.  This works for kids also, but think cameras, ski gear, etc.

3) Real Estate Rentals

We rent out a couple real estate properties we own.  And while there are sometimes problems you have to deal with, for sure, the majority of the time, you get a nice positive cashflow.

Sidenote: Rentals are EXCELLENT for tax deduction.  I use Taxbot to track all the mileage and anything I can justify that I have to buy for managing my rental properties.

4) YouTube Channel

You can start a YouTube channel and monetize your channel with ads.  This is something I do with my channel.  Every month, I see more income from ad revenue.  It's pretty cool.

5) Affiliate Marketing

Still one of my favorites, and with the holidays coming up, certainly one of the most profitable to start right now.  In fact, my son was blown away when I showed him a random affiliate payment that came in from something I created long ago.

How do you get started with affiliate marketing?  I'd recommend this option.

So, how is your passive income going?  If it's slow, start one of these options today.