HOW TO GET OUT OF THE DEBT RAT-RACE AND ESCAPE FINANCIAL PRISON!!

This article is provided by Brian Marling, Accredited Mortgage Professional, of Neighbourhood DLC – Canada’s #1 Mortgage Team  905.372.7222

I call it “financial prison” because even though we do live in the greatest country in the world, even people with good incomes, who are buying their own homes, wind up in “financial prison” instead of financial freedom . And that’s mostly because of what bankers and credit card companies never tell them – and hope you never stop and think about. Just for example, the true interest rate on most home mortgages is about 200% and no, that’s not a misprint. I said 200% because if you have a 25 year amortization you’ll pay for the home about 3 times… on a $150,000 mortgage, you’ll end up paying about $450,000 in interest!  Or what about credit card debt that most people take for granted. It can eat away your financial future like a horrible cancer. If you buy $2,000 worth of STUFF with a typical credit card and make the minimum monthly payment, you’ll wind up paying about 3-5 times what it’s worth. Do you think you can get ahead financially paying 5X’s what things are worth? Not only that, but it will take you about 24 YEARS to pay it off at that rate! That’s why ANYTHING you can do to wipe out credit card debt MUST be considered.

For many of us, and our parents, it took a while to dig the debt hole, but we dug it none the less. Today, however, our young people seem to be struggling right out of the gate. Consider this: The Average College Graduate is $23,186 in Debt!  That’s just the average – many come out with $40 – $50K in debt.  Here are some other interesting stats:

• 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 LOC 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 inCanadahas more than doubled over the past 10 years
• 84% percent of college graduates inNorth Americaindicated 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

Because of the current debt crisis in so many lives right now I am pleased to announce what The Brian Marling Mortgage Team is doing to help Canadians now. Firstly, in light of the above stats, Neighbourhood 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! Please call me if you are interested in hosting a seminar or would just like more information.

Secondly, our Financial Coaching Program is really taking off. All coaching is lead by our Certified Professional Coach and owner of Life Catalyst Coaching, Deborah Marling. Deborah can be reached through our office and would be pleased to set up an introductory appointment to discuss your needs and current situation. Deborah is helping many to get out of the debt race and turn their futures around.  Here is what just 1 graduating couple had to say,

“Hi Deb I Hope all is well.  I just wanted to let you know how grateful Carl and I are for all the help you gave us.  You gave us the tools to look at our finances and get ourselves above water. Since attending your sessions it has been possible for us to obtain and do the things we want.  In the past we never had a savings account, our accounts were always into the negative.  If something happened and we needed money we were in trouble.  Let me tell you since our session’s things have happened in our family and we were able to help without using a credit card, without going into the overdraft.  Thank goodness we had your training.  From the time we started our sessions we have never been in our overdraft, we have 4 saving accounts which are growing, and our bills are paid on time. When you talk about financial freedom we see that we are on the way.  However we could not have done this without you.  I just want to say thank you for all the support and the belief you had in both Carl and I.”

Thanks Again

Lisa M. 

Because Neighbourhood DLC is Canada’s Largest Mortgage Team, we can offer you the absolute best products, service, advice & pricing. Call me today,Brian Marling 905-372-7222 for a Personal & Private consultation. 

Here at Neighbourhood not only do we provide Award Winning Service and the best selection of mortgage products in the country, but we also offer our Free Financial Fitness Seminars and have added Personal Financial Coaching for those who truly desire a change but would like some assistance along the way. If you don’t change something, then don’t expect different results.  As always you can call us anytime to discuss how we may be able to help you.

SPECIAL NOTE:  We have recently bought our own building and would love for you to drop by and say ‘hello’.  Come see us at The Neighbourhood Professional Centre  9 James Street East in Cobourg – right off Division Street.

WHAT YOU DON’T KNOW COULD BE COSTING YOU THOU$AND$!!

This article is provided by Brian Marling, Accredited Mortgage Professional, of Neighbourhood DLC – Canada’s #1 Mortgage Team  905.372.7222

It never ceases to amaze me the amount of time we spend on some areas of our lives as opposed to the amount of time we do not spend on other areas of our lives. For example, all kinds of surveys tell us that the average person spends somewhere between 6 – 8 hours a day in front of the television, but probably less than half an hour a day on average in some form of physical exercise. Or what about the amount of time we spend on planning our vacations, organizing our homes, being on facebook, programming our iPod, etc etc versus the amount of time we spend on planning our finances and securing our financial futures. In my 15+ years in the financial services industry it has been my experience that most people spend very little time in planning and managing their personal finances. Why is that?? 

The typical answer usually has something to do with “leaving it to the professionals”, and yet never in history have we had more information available to us then we know what to do with. Yet, the area of money or financial management still seems to be a great mystery to most.  Add to that our Canadian reserve and many  don’t even like to talk about it. The problem when it comes to the financial arena is that what you don’t know is likely costing you thousands.

Every week I help my clients save thousands and thousands of dollars by educating them on the things they don’t know – and I love doing it! One of my favourite expressions is, “You don’t know what you don’t know.”  So quit beating yourself up, get your head out of the sand and find out. The key here is to getting professional unbiased advice.  My business, of course, is in the mortgage arena, but our passion is in helping our clients to get out of debt as soon as possible and stay out of debt forever. Most people need help in this area for what I believe are obvious reasons.  Mainly due to the fact that we receive very little, if any, training or education in this area. Combine that with the fact that financial institutions really do not have a vested interest in your becoming debt free – think about it.

More than half of Canadians say they’re making good progress paying down their debt, still many fear it’s not enough, according to a new survey. 

Harris-Decima and CIBC polled more than 2,000 adults and found 72% are holding some form of debt. The good news is 61% say they’re making good progress repaying it with many recently making at least one lump sum payment on what they owe.  The bad news is 42% feel their debt burden is weighing on their financial goals.

The real problem in my opinion is not just the debt itself, but the feelings of helplessness when it comes to trying to figure out how we got in this mess and how to get out of it – easier to just watch TV  I suppose. Some situations are more challenging than others for sure, but the key is to at least start the conversation.  It would be my pleasure to give you a free mortgage check-up and debt analysis to see whether or not there are thousands hidden and just waiting to be unleashed.  What you don’t know could be costing you thou$and$ – wouldn’t you prefer it in your pocket as opposed to your creditor’s??

These are the kinds of things we discuss on a daily basis with our clients – hopefully before mistakes are made. As Mortgage Professionals we care about your entire financial picture and offer expert advise designed to help you become debt-free as soon as possible and on your way to creating real wealth.

Because Neighbourhood DLC is Canada’s Largest Mortgage Team, we can offer you the absolute best products, service, advice & pricing. Call me today, Brian Marling 905-372-7222 for a Personal & Private consultation.  

Here at Neighbourhood not only do we provide Award Winning Service and the best selection of mortgage products in the country, but we also offer our Free Financial Fitness Seminars and have added Personal Financial Coaching for those who truly desire a change but would like some assistance along the way. If you don’t change something, then don’t expect different results.  As always you can call us anytime to discuss how we may be able to help you.

At Neighbourhood, & the home of the Brian Marling Mortgage Team, we are concerned for the total well-being of our clients. That’s why we are taking the years of experience from our award winning office and offering a series of FREE Seminars to our clients and their friends & families and to the public at large. The seminars, entitled ‘Financial Fitness’, will be offered free of charge and will cover all the secrets of successful personal financial freedom.  If interested please call our office at 905.372.7222 to reserve your spot as seating will be limited.

SPECIAL NOTE:  We have recently bought our own building and would love for you to drop by and say hi.  Come see us at The Neighbourhood Professional Centre  #9 James Street East in Cobourg – right off of Division Street