Tag Archives: Financial Planning
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.
Planning to meet the needs of children or adults who have special needs is often complex. Special financial planning techniques may be needed so you don’t jeopardize any government benefits they may be receiving. A further complication arises because many who have special needs require advice and protection throughout their lifetime from someone with legal authority to act on their behalf. For most persons with special needs, particularly those who are judged to be mentally challenged, two types of protections are required:
1. protection of the estate left to the individual;
2. protection of his or her person in some form of guardianship.
In practice, provisions for these two types of protection often overlap.
Why should families plan?