Make life easier in case of an accident

If something were to happen to you would your spouse, guardian or executor know where to look for your important personal information?  Most of us would have to say no, it would be very difficult for someone to find our information/documents if something happened to us.

It’s a difficult subject to think about, and even harder to talk about with others, but preparing your personal information in case of an accident will help both you and your executor in a difficult time. 

Student Loans and Education Financing

1.  What student loan options do I have?
There are 2 government student loan options (National and Provincial) and there are education Loans from Financial Institutions like Credit Unions and banks.

2.  Which is best for me?
I would recommend starting with the Provincial and National student loan programs.  You apply for both on the same application.  With these government student loans you do not pay or accumulate interest while you are going to school, there are some payment relief programs in place after graduation, and the interest paid on government student loans is tax deductible.  There are some scholarships or grants that may decrease what you owe for government student loans.

3.  So why would I use a credit union or bank education loan?  

CU's ranked best for Small Businesses by survey

CFIB survey ranks CUs best for Small Businesses

The Canadian Federation of Independent Businesses (CFIB) did a survey of 12,124 business owners on which banks serve businesses best, with specific questions around items such as financing, fees and service.  Results show Credit Unions at #1 for micro and small businesses.

Much of the full report talks about how banks can or should improve their service to get more market share in serving these businesses.  Unfortunately, they don’t spend much time on why Credit Unions get such a high ranking form so many of those surveyed.

We would like to say we get ranked so well because of our longer hours, competitive rates, low business fees, committment to community, and great online banking website, but it’s probably just because we have the most awesome staff.

Check out the link at the CFIB website for more details about the survey results.
Jerry

Marshmallows = Money

I heard a motivational speech this weekend that really got me to start thinking about how I need to teach my kids and rethink some of my own spending habits.  A major portion of this speech centered around an experiment started in the 1960’s called “The Stanford Marshmallow Experiment” performed by Walter Mischel.

The way the experiment worked was like this:

Using 400 four year old children as test subjects, each child was placed in a room by him or herself, with a marshmallow placed on the table in front of them.  The child was then told that they could eat the marshmallow right then if they wanted to, but if they waited until the experimenter returned from an errand (15 to 20 minutes) then the child could have 2 marshmallows.  If the child ate the marshmallow before the experimenter returned, there would not be a second marshmallow.

How To Read A Credit Report

Credit reports from any of the major reporting companies show a history of your credit use over as much as a ten year period. A report begins with identifying information, including your name and social security number, current and former addresses. Next is a list of creditors and your payment history with them, and ratings of your credit use.

Look carefully at each part of your report and note any errors. Incorrect demographic information can make it impossible for your own report to be found. This can cause real problems when you apply for a loan, an insurance policy, or in some cases a job.