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How to be Better with your Money in 2021

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How to be Better with your Money in 2021 Usually when people think about personal finance, they just assume that it will be easy. Money is money, right? What can be so complicated about saving money and then investing it? You graduate from university/college, you get your first real job, you start making big-boy or big-girl money and then you have the opportunity to start spending that money on whatever you want! Most people will usually buy a house and/or a car in between starting to work and retiring. At some point before you retire, you are expected to have magically saved up enough money to be able retire comfortably without needing to work again. Of course, at this point you hope that the beautiful house and car that you purchased all those years ago are completely paid off and you are left without any debts. Well at least that is the dream but for most people, real life is just not that easy. In reality, personal finance is confusing, and a source of worry for most people a

Everything you Need to Know to Become a Finance Analyst in 2021

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Everything you Need to Know to Become a Finance Analyst in 2021  With the economic instability and unemployment on the rise throughout 2020 and the beginning of 2021, one of the reasons that students are continuing to pursue their education is to help improve their chances of finding a job after graduation. Higher learning has become one of the simplest ways to remain competitive in a world where more and more jobs seem to be replaced by Artificial Intelligence.  As most students are hoping to find employment in a field that they are passionate about, most graduates will be stuck searching for jobs that will provide just enough income to survive, but not enough income to be able to pay down their student debt or to begin saving for retirement immediately. Most graduates will have the burden of student debt for many years and will begin looking for higher paying jobs in the hopes of becoming financially stable. One of the positions that can provide financial stability is that of a F

Investing for Beginners – Emotions and the Stock Market

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Investing for Beginners – Emotions and the Stock Market One of the biggest tips when it comes to investing in the stock market is to avoid being emotional as emotions can negatively affect your returns. Although emotions are great in many situations that you might find yourself in every day, when it comes to the stock market, there is nothing more dangerous than being emotional. Imagine this, you have just invested your first $2,000 in a blue-chip stock – a stable stock that has a large market capitalization with an excellent reputation. You know that this decision is a smart one as the stock might not provide a high return but will provide a return that is in line with the stock market and is considered to be a safe investment option. It is a safer investment option as the company has been around for a long time and has built up an incredible reputation and it also might provide a strong quarterly dividend. Now your friend, who is less interested in personal finance and more into

Guest Post - 8 Budgeting Tips for Millennials

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Guest Post - 8 Budgeting Tips for Millennials The life of a millennial is harder now than it has ever been in the past. With the ever-growing living costs, job competition, student loan debt, and low income, starting a family or thinking about retirement is more of a fairytale. Despite the higher literacy rate, millennials of the current era are earning far less than previous generations; owning a house and a car has become an unattainable luxury. The elders in your life might constantly advise you to save money, but only you understand that it is easier said than done. If you are hoping to achieve financial stability and quit treading water, the following budgeting tips can help you get there: 1.) Keep Track of your Spending Most millennials find bank statements and credit card reports so dreadful that they don’t even bother to sneak a peek. Living by the motto ‘ignorance is bliss’, is the ultimate recipe for disaster. If you have no idea where your money goes, how in the worl

How You Should Spend Your Christmas Money

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How You Should Spend Your Christmas Money There is no better feeling as a child or even as an adult than coming downstairs early on December 25th to open presents! As you slowly wake everyone up around you in preparation for gift giving, you are left there wondering what you might get. As you slowly grow out of your childhood, your gifts begin to come in smaller boxes and sometimes only in envelopes. These smaller and more compact gifts tend to hold an even better gift: money! As most people can remember, the Christmas eve/morning as an adult tends to follow the same path: you wait and watch as the envelopes from loved-ones are passed around the Christmas tree and you begin to imagine what you would do with the money. Would you buy new speaker? A new phone? Nothing? As you begin to open up the envelope, taking a long moment to glance at the Christmas-themed card and take a look at the kind words that the person wrote for you, you are finally able to take a quick peek at the envel

Investing for Beginners – How Much Do I Invest?

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Investing for Beginners – How Much Do I Invest? One of the hardest decisions that must be made in personal finance is when to start investing. The second hardest decision is how much to invest in the first place. Most investors when they are just starting to take their first few steps into investing and the wonderful world of compound interest are overwhelmed with the excitement and possibility of making lots of money. As the saying goes, it takes money to make money, and people are more than willing to invest more money than they should in the hopes of making high returns quickly. Although the answer to the question is different for each individual, the answer lies mainly on what your expectations are for investing and your own personality and ability to weather the risk over the long-term. The first, and most important step to determining how much to invest is to determine the correct balance between investing and saving. For some, investing and savings are synonymous – don’t t

Investing for Beginners – RRSP Accounts

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Investing for Beginners – RRSP Accounts As a Canadian of legal age, there is another tax-exempt account that you can open other than the TFSA account. As a reminder before we continue, as mentioned with the TFSA, with the current pandemic, you are actually able to open up your RRSP account online with any financial institution without ever needing to set foot in the bank. I mention this because there is no reason to not open a tax-exempt account as it is easy and can be done from the comfort of your home and is definitely a fantastic way to begin preparing for the future. Like the TFSA account, a RRSP (Registered Retirement Savings Plan) is an initiative that was started by the Canadian government to help promote saving and investing for retirement to Canadians right when they begin working. By incentivizing Canadians to save early on, the government is able to reduce the burden on their social assistance programs for retiring Canadians now and in the future as this has pushed th