About Bankruptcy Archives - Page 7 of 43

Retirement Planning

Posted on July 30, 2016April 12, 2016 by Jordan Rumanek

Retirement Planning:

After you have paid off all or most of your debt, it is time to start saving for retirement. Start today even if you can only afford $50/month.

Principles of Investing:

1. Diversification: GICs, Bonds, Equity based investments

2. Liquidity: Short term GICs, savings

3. Growth versus Income: Combine long and short term growth

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Getting Into Debt

Posted on July 30, 2016April 12, 2016 by Jordan Rumanek

Getting Into Debt:

Understanding and defining secured and unsecured loans:

Secured Loan: a loan that is backed by something of value that you own. If you do not pay the loan on time and you will lose whatever you have pledged as security.

Items purchased by secured loan include:

1. Houses, Condos, Land, Cottages

2. Vehicles, boats

3. Appliances

4. Furniture

Unsecured Loans: these loans not backed by collateral. The majority of debt in Canada is in this form: high risk and high interest rates

1. Credit cards

2. Student Loans

3. Personal Loans

4. Dental Bills and other medical costs not covered by a government or private plan

Get Out of Debt

Posted on July 23, 2016February 13, 2017 by Jordan Rumanek

Get Out of Debt:

Ask yourself: What are my financial goals?

Your answer should be: “To enjoy the freedom of carrying a debt load that costs 25 percent or less of my take home pay” OR “To feel I’m in control of my finances.” Start here:

1-Plan Spending

2-Track Progress

3-Budget=Greater Control

4-Commit

Create an effective, realistic and concise budget. If your life situation changes, draw up a new budget. Live on a budget for one year, write down your essentials and non-essentials, be disciplined and schedule a monthly appointment with yourself to stay organized and on track.

Should I buy a home now?

Posted on July 16, 2016April 12, 2016 by Jordan Rumanek

Should I buy a home now?

Are you in the middle of a career change? Are you planning on moving to a new city or out of Canada? If you answered yes to either of these questions…this is probably not the best time to buy a home.

Owning (as opposed to renting) is almost always a better idea than renting unless you want flexibility. Owning a home is a huge commitment and it is suggested that you keep your home for at least 5 years, You need to also consider that owning a home has unexpected costs:

1. Furnace Repairs or Replacement

2. Maintenance/Repairs

3. Insurance

4. Utilities

5. Taxes/Fees (if a condo)

However, if you own, your monthly mortgage payments are an investment and payments eventually stop. There is also a measure of mental and emotional stability in owning your home.

Tag: About Bankruptcy

Retirement Planning

Retirement Planning:

Getting Into Debt

Getting Into Debt:

Get Out of Debt

Get Out of Debt:

Should I buy a home now?

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