According to Statistics data, the middle class represents a portion of the labor force earning between $ 33,000 and $ 67,000 net annually for childless couples and between $ 41,000 and $ 105,000 net for families with children. For people living alone, the range is between $ 24,000 and $ 47,000 net per year. We will say “middle class” because almost half (47%) of Canadian households are part of it. But now, in the middle class, many are struggling to make ends meet.
Why do some people get on very well financially, while others pull the devil by the tail?
The difference lies in the relationship with money. What we do and especially what we do not do.
The gaffes to avoid
Impulse purchases only cause harm. Many middle-class workers feel compelled to demonstrate their “standing”. Luxury car manufacturers have understood this and are all offering entry-level vehicles under $ 40,000. This small Mercedes is good for your ego, but maintenance and repair costs will bleed away sooner or later. According to the landmark financial tokyo review the points are important.
- Living from one source of income makes you dependent. To achieve financial self-sufficiency, your savings must generate passive income, such as rents, dividends, capital gains on investments, consulting fees, and so on.
- Without a long-term plan or vision, you will not go anywhere. He would never think of building a house without a plan, would he? So, it’s the same for your financial future. It requires reflection, decisions and firm action.
- Living on credit is not just a blunder, it’s a prison. You must immediately stop buying things or making trips on credit. If you cannot afford to pay the balance of your credit cards every month, you will run the risk of losing.
Not contributing to the group RRSP deprives you of a tremendous benefit. For 1 $, 3 for 1 $ or 1 for 1 $. Regardless of the employer’s contribution ratio to your plan, it’s a gift that will not be denied.
Staying in financial ignorance makes you vulnerable. This gives rise to the certainty that we will be able to pass you a little fast. By keeping the financial vocabulary under control, you can stand up, negotiate your fees and interest and keep more in your pockets.
The Aspect of Money
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