Get on track with Healthy Money Decisions, Starting NOW!

General Mark Goode 2 Jan

EnRICHed Academy is the first of its kind program designed to teach teens and young adults how to EARN, SAVE AND INVEST their MONEY in a way that is totally entertaining and easy to absorb.

Over the last several years, through hundreds of live speaking events at schools all across North America, EnRICHed Academy has been on a mission to teach students the key skills and lessons behind wealth creation and career success. While the topic of Financial Literacy can be dry, dull and boring, EnRICHed Academy has created an incredibly powerful program that will both educate AND entertain all of its viewers.

Mark Goode is working with enRICHed Academy to bring financial freedom and sound decisions to the residents and youth of Simcoe County. Contact us today to learn more about how you and your family can be involved and benefit from this program. 

Mortgage Man – Dominion Lending Centres | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | Ph: 705-326-8523 | Fx: 705-326-8645 | Mark@markgoode.ca

Introducing EnRICHed Academy

Dominion Lending Centres is proud to announce the launch of EnRICHed Academy’s “Smart Start for Financial Genius”! This program has been designed to educate young adults (13-23) and their families on the fundamentals that build wealth in an entertaining, funny and entirely interactive way.

No program like this currently exists, and the need and demand across North America is at an all-time high. This is our way of giving back to communities across Canada, ensuring our youth embrace financial literacy.

Click here to view the EnRICHed Academy trailer on YouTube.

Why we created EnRICHed

  • Statistically, 6 out of 10 Canadians live paycheque to paycheque, which means if their income stopped for only one pay period they’d have to rely on a Line of Credit or Credit Card to make ends meet
  • From 1989 to 2006, total credit card charges rose from $69 Billion to $1.8 Trillion; a 2,600% increase
  • Today the average household credit card debt is $16,007
  • The yearly savings rate of an average Canadian has gone from over 12% of income in the early 90s to under 2% today
  • Household debt in Canada has more than doubled over the past 10 years
  • 84% percent of college graduates in North America indicated they needed more education on financial management topics. Parents expect the schools to teach financial literacy and schools expect parents to. The fact is, most parents and teachers are ill equipped to teach students and kids on this subject and, therefore, don’t
  • The average college graduate is $23,186 in debt

What EnRICHed looks like

The program comes in a box and contains 5 DVDs of entertaining but highly educational video on creating a foundation for building wealth. There is a 100-page workbook that the family will work through that includes activities and exercises as well as other materials that correspond with the topics covered in the program.

15 key topics covered by EnRICHed

  1. Understanding money 101
  2. Why some people don’t save money… no matter how much they make
  3. How much we actually spend at an early age
  4. Saving money vs Making money
  5. Why starting to save at an early age is critical
  6. The magic behind compound interest and how it works
  7. How to buy your first investment property by the age of 23
  8. How to get into the stock market
  9. How credit cards work
  10. Good debt vs Bad debt
  11. How taxes work on a paycheque
  12. Why goals are critical to building wealth
  13. The difference between a dream and a goal
  14. How to write down goals and take action
  15. The importance of building your personal brand

Mark Goode is working with enRICHed Academy to bring financial freedom and sound decisions to the residents and youth of Simcoe County. Contact us today to learn more about how you and your family can be involved and benefit from this program. 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

How to avoid a holiday hangover… financially speaking.

General Mark Goode 13 Dec

Holiday hangover can aptly describe January’s financial woes. First comes the euphoria, then comes the sobering reality that you must pay for your indulgence, and it will hurt.

According to a recent RBC Canadian Consumer Outlook Index survey, Canadians plan to spend an average of $629 on gifts this year. More than half plan to fund their festivities with savings, 24% plan to use credit cards and 23% admit to not having thought about how they’ll pay.

Financial experts warn that emotional spending during the holidays can push you over your financial limits, but a proper plan can prevent the hangover.

“If you’re going to pay by credit card, don’t carry a balance,” advises Perry Quinton, vice-president of the Investor Education Fund. “Just don’t take that hit in the middle of January because RRSP season is coming up and you’re going to need money to put aside into savings.”

 

written by Melissa Leong | Dec 8, 2012 9:00 AM ET | all rights and credit to their respective owners

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

Mortgage Man is offering you Great rates and terms on your Visa too!

General Mark Goode 10 Dec

After some tough negotiating and searching for the best rates and terms for our clients Mortgage Man – Dominion Lending Centres is now offering you an excellent package of DLC VISA cards! Take a peek below at the SIX Cards available to our valued Clients, past present and future.

For more information call 705 326 8523 | Check out our DLC VISA Cards | or email us mark@markgoode.ca.

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

Retiring with your Mortgage?

General Mark Goode 16 Nov

Just a few decades back, many thought it unthinkable to still be paying a mortgage during retirement. But a growing minority are now doing just that.

Whereas our parents paid off their mortgage in roughly 12 years on average, about one in four homeowners are now carrying a mortgage into retirement. In fact, retirees are accumulating debt at three times the average pace.

Aversion to debt has clearly waned. Almost one-quarter of baby boomers say paying off their mortgage by retirement is “not very important” or “not at all important.” And more than half of Canadians expect to carry a mortgage into their golden years.

“My philosophy is to not carry any debt into retirement,” says retirement expert Gordon Pape. “But people today have a very casual attitude about it.”

So, just how big of a problem are mortgages in retirement? After all, places like Switzerland – which rivals Canada for the world’s strongest banking system – have 100-year “generational” mortgages. (What a way to get back at your kids!) And in a number of other prosperous European countries, interest-only mortgages – with theoretically infinite amortizations – are commonplace.

The threat posed by having a mortgage in retirement depends, not surprisingly, on the borrower’s income, savings, debt and other living expenses.

Statistically speaking, if you’re a typical married couple over 65, the latest government figures show that you take home about $46,000 combined each year. The median retiree’s mortgage is about $87,000. That implies a $411 monthly payment on a standard five-year fixed rate mortgage. That’s about 11 per cent of the typical retiree’s after-tax income, something that is easily tolerable.

On average, mortgages in retirement aren’t sending people to the poor house. Where it could get dicey, Mr. Pape says, is when interest rates rise. For a sizable minority without financial breathing room, “There is potential for real trouble down the road.”

For many single or lower income seniors, carrying a mortgage can be like walking in a minefield. All it takes is one misstep or personal crisis to explode your budget and fall behind on debt payments.

A couple relying 100 per cent on Old Age Security, for example, will earn a maximum of $26,800 annually in Ontario. In this case, that “typical” $411 mortgage payment would account for 18 per cent of their income. While unlikely anytime soon, a three percentage point interest rate hike would bump that to 25 per cent. Then you have to add in the property taxes, maintenance and all the other home ownership costs.

It’s bad enough assuming they just have the average-sized retiree mortgage. If they’re closer to the average Canadian mortgage of $170,000 and their income is in the lower third of the population, then well over half of their income would be consumed by home ownership costs. That is simply unmanageable and unfortunately there is no data on how many people are in this boat.

Apart from the cost, it’s often tougher to get approved for a decent mortgage in retirement. If your earning power has waned and you’re carrying even an average debt load, your ability to tap home equity for cash could be limited. Qualification challenges could even reduce your options to switch lenders or port your mortgage to a different house.

Even the “mortgage of last resort,” a reverse mortgage, could be off the table if you’re not old enough and/or you have an existing mortgage that’s more than 25-40 per cent of your home value.

So that brings us to the next question: what solutions do seniors have?

One is to work longer. Our neighbourhood butcher is still employed at 89 and that may not be so unusual going forward. Many Canadians expect to work past 65. They’re working 3.5 years longer than a decade ago and only 30 per cent anticipate being fully retired at age 66.

“If you have to work a few years past your retirement target date, do it and get rid of debt,” says Mr. Pape.

Another option for mortgage-holders is to get a fixed rate with a five-year term or longer. That protects those on fixed incomes from payment hikes. If you’re facing an underfunded retirement and you have a mortgage, “I would lock in a low rate while you still can,” he recommends.

You could also extend your amortization to 30 years. That maximizes cash flow in retirement and lets you make extra payments when you’re able. Couple this strategy with a home equity line of credit (HELOC) and you’ll get an emergency source of cash for unforeseen events like medical expenses or income loss. A “readvanceable” HELOC also lets you re-borrow any extra pre-payments if absolutely necessary, which lessens the cash flow risk of making them.

Despite these tips, the goal isn’t to manage a mortgage in retirement. It’s to avoid a retirement mortgage altogether. And to do that, you’ll need to start young.

The chilling truth is that there are just over 9.3 million Canadians age 55 and over and 43 per cent of them say they haven’t saved enough for retirement. But by 55, time is running out. A Statistics Canada study in 2009 found that people in their 70s spend only five per cent less than they did in their 40s. It takes years of saving to replace that kind of income and dispose of a mortgage.

By now, you’ve probably sensed that being pro-active is key. But many people haven’t been. As many as one in three say they plan to live off the equity in their homes. That’s a gamble in any real estate market. But if you’re retiring in the next decade and relying on uncertain home price appreciation, it’s especially risky. You need diversified savings and you need that mortgage out of the way.

 

Call now 705-326-8523 Or email mark@markgoode.ca

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

 

Robert McLister is the editor of CanadianMortgageTrends .com and a mortgage planner at Mortgage Architects. You can also follow him on twitter at @ CdnMortgageNews.Originally posted in the Globe & Mail  Robert McLister  Published Sunday, Nov. 11, 2012 07:57PM EST © 2012 The Globe and Mail Inc. All Rights Reserved.

To buy, or to lease, that is the question… this decision can effect your Mortgage

General Mark Goode 29 Oct

The question of whether it’s better to lease or buy a vehicle is a common dilemma. And do you buy or lease a new or used vehicle? The answer depends on the specifics of your situation.

It’s important to realize that many consumers overburden themselves with car leases or loans they simply can’t afford. While most of us require a vehicle to get to and from many destinations throughout the course of any given week, we don’t need a high-end vehicle to serve this purpose.

The key to remember when you’re looking to purchase a home and obtain a mortgage or refinance an existing mortgage is that, if you overspend on a vehicle, it affects your debt ratios and may restrict or negate your mortgage financing ability.

Leases and purchase loans are simply two different methods of automobile financing. One finances the use of a vehicle while the other finances the purchase of a vehicle. Each has its own benefits and drawbacks

When making a lease-or-buy decision, you must, therefore, look at your financial abilities in terms of your debt ratios. And if you’re unsure about how leasing or purchasing a vehicle will affect your ratios, it’s best to speak to someone. You can speak with Mark or Brad prior to making your decision, so you fully understand the impact of your leasing or buying decision on your credit.

When you buy, you pay for the entire cost of a vehicle, regardless of how many kilometres you drive. You typically make a down payment, pay sales taxes in cash or roll them into your loan, and pay an interest rate determined by your loan company based on your credit history. Later, you may decide to sell or trade the vehicle for its depreciated resale value.

When you lease, you pay for only a portion of a vehicle’s cost, which is the part that you “use up” during the time you’re driving it. You have the option of not making a down payment, you pay sales tax only on your monthly payments, and you pay a financial rate, called a money factor, which is similar to the interest on a loan. You may also be required to pay fees and a security deposit. At lease-end, you may either return the vehicle or purchase it for its depreciated resale value.

As an example, if you lease a $20,000 car that will have, say, an estimated resale value of $13,000 after 24  months, you pay for the $7,000 difference (this is called depreciation), plus finance charges and possible fees.

When you buy, you pay the entire $20,000, plus finance charges and possible fees. This is fundamentally why leasing offers significantly lower monthly payments than buying.

Lease payments are made up of two parts – a depreciation charge and a finance charge. The depreciation part of each monthly payment compensates the leasing company for the portion of the vehicle’s value that is lost during your lease. The finance part is interest on the money the lease company has tied up in the car while you’re driving it.

Loan payments also have two parts – a principal charge and a finance charge. The principal pays off the full vehicle purchase price, while the finance charge is loan interest. Since all vehicles depreciate in value by the same amount regardless of whether they’re leased or purchased, however, part of the principal charge of each loan payment can be considered as a depreciation charge. Just like with leasing, it’s money you never get back, even if you sell the vehicle in the future.

The remainder of each loan principal payment goes toward equity – or resale value – which is what remains of your car’s original value at the end of the loan after depreciation has taken its toll. The longer you own and drive a vehicle, the less equity you have.

With leasing, you may have the option of putting your monthly payment savings into more productive investments, such as your mortgage, an investment property or a vacation home, which will increase in value. In fact, many experts encourage this practice as one of the benefits of leasing.

We are always available to speak to you. and at Mortgage Man – Dominion Lending Centres it does not cost anything for advice. Book your appointment today with Mark or Brad.

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

 

Scotchmints.com

 

Eenie meenie …My new home

General Mark Goode 29 Oct

Deciding which type of home to purchase

There is an endless supply of different types of homes available for purchase – from condos to townhouses to fully-detached homes. The key is to decide what you can afford and which amenities you prefer before heading out shopping for a new home. Your best first step is to seek the advice of a Dominion Lending Centres Mortgage Professional and get pre-approved on a mortgage. That way, you already know what your price range is – and, therefore, which type of home you’re in the market for – before you begin shopping. Budgeting is also an important part of preparing yourself for the purchase of a home. If you save for a down payment and up-front costs, such as closing costs and emergency reserves, much sooner, you’ll be sure to save enough to cover the many expenses facing a new homeowner, including moving, utility hook-ups, tools, maintenance supplies, window coverings, etcetera. Once you have the money available to make your home purchase a reality, you should weigh the following options to help decide what type of home is right for you: Condo A condo makes a great first home because it typically costs less than a townhouse or a detached home, which translates into a smaller down payment. But there are, however, monthly maintenance fees you must take into consideration when budgeting for a condo. Condos are also ideal for those who do not want to maintain a lawn or worry about clearing snow away from walkways and driveways. Townhouse If the condo life is not your forte and you’re not looking for a big yard to maintain, a townhouse may be your best home purchase option. A townhouse costs less than a fully-detached home and results in cheaper property taxes as well. Many townhouses also come with monthly maintenance fees unless they are freehold townhouses. In situations where you pay a monthly fee, however, you won’t have to worry about outdoor maintenance or snow removal. Detached Home If it’s privacy you’re seeking as well as a larger yard, a detached home is your ideal choice. Still, prices can vary drastically based on such variables as whether you’re seeking a spot in the city, a place in the suburbs or a more rural location. Other Considerations The size of the home and property (if you decide not to opt for a condo) are also important things to consider before you head out shopping. While everyone has their dream home in mind, this is not always a practical purchase choice, especially if this is your first home purchase. When it comes to location, think about in which area or neighbourhood you’d like to make your purchase, and which home features are absolutely essential – including what you can live without and what aspects are entirely out of the question. Take a look at real estate ads for the area(s) you’re interested in to see what’s on the market and the price ranges. Also drive around a few neighbourhoods and see what’s for sale or visit Open Houses. This can help crystallize what you want or don’t want in a home. By making your first purchase a modest and affordable ‘starter’ home, you will be putting money towards a mortgage that will build equity in that home. And once you’ve paid down a significant portion of that first home’s mortgage, you will then have more money to put towards an upgrade into your dream home.

Looking for answers on how you can get into your dream home faster?

Call now 705-326-8523
Or email mark@markgoode.ca

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

Deciding which type of home to purchase

General Mark Goode 29 Oct

There is an endless supply of different types of homes available for purchase – from condos to townhouses to fully-detached homes. The key is to decide what you can afford and which amenities you prefer before heading out shopping for a new home. Your best first step is to seek the advice of a Dominion Lending Centres Mortgage Professional and get pre-approved on a mortgage. That way, you already know what your price range is – and, therefore, which type of home you’re in the market for – before you begin shopping. Budgeting is also an important part of preparing yourself for the purchase of a home. If you save for a down payment and up-front costs, such as closing costs and emergency reserves, much sooner, you’ll be sure to save enough to cover the many expenses facing a new homeowner, including moving, utility hook-ups, tools, maintenance supplies, window coverings, etcetera. Once you have the money available to make your home purchase a reality, you should weigh the following options to help decide what type of home is right for you: Condo A condo makes a great first home because it typically costs less than a townhouse or a detached home, which translates into a smaller down payment. But there are, however, monthly maintenance fees you must take into consideration when budgeting for a condo. Condos are also ideal for those who do not want to maintain a lawn or worry about clearing snow away from walkways and driveways. Townhouse If the condo life is not your forte and you’re not looking for a big yard to maintain, a townhouse may be your best home purchase option. A townhouse costs less than a fully-detached home and results in cheaper property taxes as well. Many townhouses also come with monthly maintenance fees unless they are freehold townhouses. In situations where you pay a monthly fee, however, you won’t have to worry about outdoor maintenance or snow removal. Detached Home If it’s privacy you’re seeking as well as a larger yard, a detached home is your ideal choice. Still, prices can vary drastically based on such variables as whether you’re seeking a spot in the city, a place in the suburbs or a more rural location. Other Considerations The size of the home and property (if you decide not to opt for a condo) are also important things to consider before you head out shopping. While everyone has their dream home in mind, this is not always a practical purchase choice, especially if this is your first home purchase. When it comes to location, think about in which area or neighbourhood you’d like to make your purchase, and which home features are absolutely essential – including what you can live without and what aspects are entirely out of the question. Take a look at real estate ads for the area(s) you’re interested in to see what’s on the market and the price ranges. Also drive around a few neighbourhoods and see what’s for sale or visit Open Houses. This can help crystallize what you want or don’t want in a home. By making your first purchase a modest and affordable ‘starter’ home, you will be putting money towards a mortgage that will build equity in that home. And once you’ve paid down a significant portion of that first home’s mortgage, you will then have more money to put towards an upgrade into your dream home.

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com

I wanna Hit Reset… a To Do List for the newly single

General Mark Goode 26 Oct

Your financial well being, a to do list for the newly single

Here are some tips that will help you get back on your feet after a divorce, separation or death.


One of the most difficult of life’s passages to navigate is that of moving from being one in a couple to being alone. Whether through widowhood or divorce, thousands of Canadians find themselves taking over the reigns of their lives each year, directing their own futures as the suddenly single.

One moment things are as they should be. The next, everything has been thrown into chaos. And just at a time when we are least able to think straight, we’re forced to make dozens of decisions, consider hundreds of possibilities, and uncover important facts, many of which are not at all intuitive.

Facing the reality of less money? Look hard for ways to cut expenses. If you think you may be faced with shortages in your cash flow, consider applying for overdraft protection as a short-term way of avoiding non-sufficient funds (NSF) cheques. The last thing you need is to ruin your credit history. But don’t turn that overdraft into part of your cash flow planning or you’ll never get out of the hole.

Inherited assets through a will or as part of a separation agreement? Time to figure out how to get that money invested in the right way for you. Take your time. Don’t let anyone talk you into doing anything too quickly. And if you don’t understand what you’re being offered, the answer is always, “No thank you.” You should be able to explain whatever you’re buying to a twelve-year-old. If you can’t, you don’t understand it well enough to be buying it.

If your partner had RRSPs or RRIFs, the assets can be transferred to you without tax consequence through your partner’s beneficiary designation, will or through a divorce settlement. You won’t have to pay any tax on the money, provided you roll the funds directly to your own registered plan. You may also be entitled to a lump sum from your buddy’s corporate pension plan, which can be transferred tax-free to your RRSP.

Book an appointment with your lawyer. It’s time to change your will, powers of attorney and any other documents in which your spouse was named. Remember to change the beneficiary designations on your own insurance, RRSPs, RRIFs, or anything else on which your partner was your beneficiary. And if you have young children and haven’t yet named a guardian for them, the appointment of one is now a must.

Tackling the details can be difficult when all you really want to do is hide from your sorrow. Let your friends and family help. And don’t be too hard on yourself during this emotionally ripe time. Trust the people you know and accept all the help you’re offered. Get a notebook and take copious notes. And go slow. There’s no rush to get to where you need to be next. Time heals. It also helps you make better decisions.

By Gail Vaz-Oxlade

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
Corin Payie MMDLC

Scotchmints.com