financial strategies

Most people want to be wealthy, or at least financially independent. The sad truth is that very few people are financially independent when they reach retirement. The rest are dependent to some extent on others or government benefits for their daily money needs.

The last year or so has been a very rude awakening for many. Too many people today are so busy living a lifestyle, they forget that emergencies may need to be dealt with. It's all too easy to take one's cash flow for granted and get lulled into the belief that it will go on uninterrupted. Those who are best able to handle the financial rainy days that inevitably come along are in the habit of living well below their means and paying themselves first.

November is financial literacy month - a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their important financial goals. These key pillars of financial literacy typically include the following:

Managing personal finances effectively is crucial for long-term financial stability and security. However, many consumers often fall prey to common financial mistakes that can hinder their progress and lead to unnecessary stress. By understanding these pitfalls and taking proactive steps to avoid them, individuals can make smarter financial decisions and pave the way for a more prosperous future.

As the recent pandemic crisis made its way around the world, creating havoc in its wake, we can be thankful most Canadians were able to weather the storm in fairly good financial shape. Now Canadians are mostly concerned about spike in the interest rates and how that will impact their financial and retirement plans during the next few years.

Now may be the perfect time to teach your children about financial independence. There are plenty of real-life examples in the media of how not to manage your finances. To really teach children money management skills, they must learn to handle money personally and to make consequential decisions on how to manage it.