Category Archives: Financial Investing
Some people use their credit cards and never pay interest, how you say – by paying the entire balance of the statement on or before the due date. Many Canadians today only pay the minimum required amount that is stated on their credit card bills, even though this practice usually ends in misery for the cardholder and puts unnecessary strain on their family. Credit cards generally have very high interest rates compared to conventional loans, for example – bank loans, lines of credit and car loans. Credit card interest can accumulate quickly at 28.8%, however when considering compound interest this increases the outstanding balance even quicker making the cardholder feel more anxiety and despair.
Here is a list of 10 things that you could do to not fall into the credit card trap.
You’ve worked hard to achieve a degree of financial success and have set aside non-registered investment funds as an inheritance for an adult child or a grandchild. You don’t want the tax burden and probate fees to reduce the legacy you’ll leave behind. Although you’re unlikely to ever need the money yourself, you’re concerned about the safety of your investments and having access to the funds should your circumstances change. Also, you’re in a high marginal tax bracket and are frustrated with paying significant annual taxes on the growth of these assets.
Purchase a tax-advantaged permanent life insurance policy with your adult child as the life insured and the designated contingent owner. Your grandchild (the child of the life insured) is named as the beneficiary of the policy.
Money market accounts are individuals’ savings accounts which the banks are providing. They’ll only permit certain amount of the withdrawals that have the greater stability requirements and generally have the higher rates. Understanding that you have the interest rates for the money market account may have significant effects in your savings. Money market rates might change yearly, and the overtime of the money market rates would have a vital role within your savings as well as the general the account management.
Your hard earned money market account is insured, like banks, using the Federal Deposit Insurance Corporation (FDIC). Although your own bank goes under, your hard earned dollars is still there. That is the reason why most money market account is important to people that’s looking for financial security.