All posts by Financial Independence Hub

Life at the cottage: What you need to know BEFORE you buy

Posted By Financial Independence Hub | June 23, 2015

Cottage On The Carpenter Lake, British Columbia

By Erica Nielsen

Special to the Financial Independence Hub

After a long winter, summer is finally upon us For many, now is the time to look forward to the best part of summer: cottage season.

“Cottaging” has become a national pastime, and while there are many benefits to a family cottage, it’s important to fully understand the entire picture of owning and operating a home-away-from-home.

I learned firsthand how much was involved the first winter after we purchased our cottage when we were faced with repair costs for the road leading into our property.

When exploring the purchase of a cottage or vacation property, it’s important to consider all costs. These can range from the big ones like a down payment, to smaller costs that can add up — such as taxes, maintenance and winter plowing. In addition, if your cottage is not a primary residence, you may require a different type of mortgage and insurance.

Whether you’re experienced in the home buying process, or planning your first property purchase, there are some important considerations to evaluate before you buy the beach chairs:

Know the costs, all year round Continue Reading…

The 12 Tables of Financial Independence

Posted By Financial Independence Hub | June 22, 2015

By Horst Siegler

Special to the Financial Independence Hub

The Twelve Tables formed the basis for Roman law. The twelve suggestions below form the foundation of a sound financial plan. It should be devised and agreed upon by you and your partner and should result in a secure financial future.

1.) Believe you can succeed

No enterprise, be it financial success or otherwise, can succeed without a belief that it is possible. Much else goes into accomplishing your goals but without a belief you can succeed, they are doomed to failure.

2.) Agree on the definitions of the terms in your financial plan

You and your partner must have the same idea of what wealth, risk, budget and a lot of other terms mean or you will be working at cross purposes.

3.) Assemble a financial team Continue Reading…

Summer is Here! How to Avoid The Financial Heat Wave

Posted By Financial Independence Hub | June 21, 2015

By Linda MacKay

Special to the Financial Independence Hub

Today is the first official day of summer as well as Father’s Day. So it’s entirely appropriate that parents across the country are busy lining up activities to keep their kids busy while they’re out of school.

Many parents find it a juggling act to pay for the additional expenses. According to a recent survey TD conducted – 71% of Canadian parents with children under the age of 18 who incur additional costs for their child during the summer spend up to $999 per child and half (51%) find budgeting for these additional summer costs stressful.

To help manage the financial heat wave that summer may bring, here are five quick tips for parents: Continue Reading…

5 things your advisors should be doing to protect you from identity theft

Posted By Financial Independence Hub | June 15, 2015

By Rick Hyde

Special to the Financial Independence Hub

Most articles about identity theft will offer practical insights and steps that you can take to protect your self. But what about all the other people that handle your personal data – the financial advisors, accountants, lawyers and health professionals, to mention a few – what are they doing to protect YOUR privacy?

Identity theft and fraud is growing

As the use of digital systems for storing personal financial and health data has grown, so has the problem of fraudulent access to that information.

Identity theft and fraud has been growing steadily in the past 10-20 years, according to reports in the US and Canada. So far in 2015, the US-based Identity Theft Resource Center reports almost 300 incidents involving data on over 100 million individuals.

You are your account numbers

What is financial freedom?

Posted By Financial Independence Hub | June 14, 2015

By Jack Crew,

Special to the Financial Independence Hub

For the majority of young adults, the most common New Year’s resolution is to earn financial freedom. Unfortunately most of them fail to achieve what they set up as a goal on New Year’s Day.

That’s because they have only a vague idea about what financial freedom is all about. For most of us, financial freedom means having enough money that we can us spend on whatever we want. While earning a lot of income and enjoying control over expenses are important financial objectives, this by itself cannot be a true definition of financial freedom.

A precise definition is not universal, as many pundits have different takes on the subject. Here ’s what I think about ‘Financial Freedom’:

Winning Fear