No one has made the official call to have Canadians educated in the basic understanding of personal finances. Canadians are NOT ok! Can you imagine how different our lives would be right now if Canadians knew…

That if they saved 3 months worth of pay, that they could’ve made it through this pandemic much more comfortably?

And if they knew that banks are much more willing to lend you money when you don’t actually need it?

And that setting up a personal line of credit as a rainy day fund isn’t a terrible bad (or good idea)

That most employed individuals can save their money by filing their taxes for free online?

Or that buying a second hand car would save you almost 20% on any vehicle? And that if you approach the dealer with a full cash payment that was set up previously with a loan at the bank, that you’d get even deeper discounts?

And what about buying a home? If everyone knew that a 5% down payment was already enough, though not ideal, to initiate your first home purchase – there would actually be a lot more home owners.

And for the Renters out there, what if I told you that your $1,600 monthly rent was the equivalent of paying for someone’s $350,000 mortgage – and that if you went and lived with your parents for a year and saved $1,600 a month, you could buy a home with the same $350,000 mortgage.

The importance of savings: a 20-year-old can save $260 a month and have $1M by retirement

Connect with me at www.clementchung.com