Home Purchase

Mortgage rates are the lowest they have been in 50 years. We'll find you the best mortgage rates and terms in Canada.

 

Get Approved...
image

Mortgage Switch

STOP...Don't sign that mortgage renewal form before you talk to us about our rates and terms...

 

Switch Today...
image
Home Refinance

Use the equity in your home to pay off high rate credit cards, renovate your home or take a vacation...

 

Refinance Now...
image
 

Al Trompetter
Mortgage Broker


Business Number:  604.506.2587
Fax Number:  604.535.1066

Email:     tromp@findamortgage.ca
 

Centum Action Mortgage Corp - Todays Rates Today's Rates
2.05% Variable Rate
2.99% 1 Year
2.34% 3 Year
2.54% 5 Year
3.84% 10 Year
2.70% Prime Rate


XCEED  MCAP  MERIX  Home Trust Company  
First National  Peoples Trust  ScotiaBank  National Bank  
Bridgewater Bank  Industrial Alliance  Optimum Mortgage  Street Capital  
CHIP  

A Network of over 80 Lenders Competing For Your Business

 

Financial literacy can save you thousands on your mortgage or investments

print article
reprint articles
bookmark this site

Baby Steps


Preet Banerjee Special to The Globe and Mail Published Friday, Jan. 04 2013, 6:00 AM EST
Jan 15, 2013 - 10:17:31 AM
RSS RSS?

The secret to financial success in 2013? Baby steps

Your landlords send you a letter informing you that rent is going up $50 per month. Do you move? Probably not. Instead, you suck it up and curse them under your breath.

Over time, we adjust to gradual price increases but only because they come in baby steps. When I was a kid, I remember $2.50 Tuesdays at the movies. Today, you can pay almost $20 for a single adult admission. Had the jump been instantaneous from $2.50 to $20, I would have stopped going to the movies. But because it took place over time, I saw Skyfall multiple times. Baby steps. They don’t sound like much but they can be key to your financial success.


When I was a financial adviser, I would ask clients if they wanted to increase their automatic monthly contributions by $10, or 10 per cent, or whatever, every New Year. After getting used to the initial drain on their cash flow when setting up the original contribution, a small subsequent increase was no big deal.


But consider this: Two investors contribute $1,200 per year to a portfolio that grows at 5 per cent per year for 20 years, except one increases his contributions by 5 per cent every January 1st. By doing so, he ends up with more than 50 per cent more money ($63,679.14 vs $41,663.10).


That first 5 per cent increase is only an extra $5 per month. The 5 per cent increase in year 20 is only an extra $12.03 per month.  Turns out, those baby steps really add up.


This doesn’t apply exclusively to investing. Many people are too frustrated with the markets to invest, but they could apply the same principle to paying off their mortgage. Or saving up for a vacation. And with just over 360 days until Christmas 2013, inflation alone would dictate an increase in the cost of presents next year versus this year.


As the New Year begins, think of the various ways you could increase your financial position with various baby steps. You won’t feel it much, if at all, today, but the difference over the long haul could make you curse yourself under your breath for not doing it.



Centum Action Mortgage Corp - Mortgage solutions for Canadians.

 


Home Apply Now Calculator Client Login Privacy Security Contact Faq About Local Pros Links to Us Legal Lenders Site Map Terms
Copyright 2018 Centum Action Mortgage Corp All Rights Reserved.
*some restrictions may apply

Powered by GoMAX Solutions.