Paycheque to Paycheque

Paycheque to Paycheque

Almost 60% of Canadians live paycheque to paycheque; yes you read that correctly.  

I was shocked at this statistic.  

                                      Money

I did a 'quick calculation' of my own finances, and I realized that I am 'almost' one of the 60% mentioned above.  

This is not good. 

Are you as well?

This is 'troubling' for high percentage of Canadians and Americans, and the remainder of the world.  

Also, I should state that this figure is the same as the year before amounts; therefore not much has improved to date for most citizens.  

What is the 'safe' amount to have saved for any unforeseen emergency?

It is recommended that we should have 'three months' salary put aside.  

Therefore, my recommendation to 'myself' and 'you' is that from this date on forward; put 10% of your wages in another bank account, or hide it in your home, to accumulate the three months figure.  

                                                     Save
 

Is this doable?

Check back with me in three months, and I will let you know if I have been able to consistently save a 'small' portion of my wages. 

Thank you for reading.  

Ben here

Fresh Start with Bankruptcy

Fresh Start with Bankruptcy 

What is a Bankruptcy? 

My answer to the above question, is the topic I will write in detail today.  

          Bankrupt

'Bankruptcy' offers an individual or a business a chance to start 'fresh', by having the debts forgiven.  

Also, Bankruptcy offers the creditors a chance to obtain some form or portion of repayment based on what assets were available of the debtor. 

A Bankruptcy is a 'legal proceeding' involving a person or business.  I will focus on the 'person' portion of my writing today.  

          Freedom

A person in Bankruptcy is someone who is unable to repay the outstanding debts owing to all of his/her creditors.  

The bankruptcy, begins with a legal document filed by the debtors 'Bankruptcy lawyer/accountant'.  

The debtor's assets are calculated, assessed and evaluated; whereupon the assets are used to repay all or portions of the outstanding debt. 

Upon the successful completion of bankruptcy proceedings, which is approximately 14 months in length, the debtor is relieved of the debt obligations, however there are fees associated with entering this protection plan from creditors, matter of fact - big fees. 

Thank you for reading.

Ben