Welcome to Libro!

We are expanding....

2010-09-29T11:45:00.010-04:00

Hi there!

I have enjoyed my blogging experience so much that more Libro staff are going to blog too! We are going to do it on our new site WealthierMe.ca. Check it out for all of my future posts!

What does a wealthier you look like?

Tanya

Why don't we sit and enjoy..

2010-08-27T15:40:00.005-04:00

I have a question... How many times in the summer do you actually sit and enjoy your deck & yard? I know we have once. The rest of the time we are working to improve or maintain it or running to some other activity.
Why don't we just sit and enjoy the hard work we have done. Relax our bodies and minds to be ready for the next time they really need to go in to action.

PLUS enjoying the back yard is really the most cost efficient way to enjoy the fading summer weather!

How do you enjoy your yard?

Keith Reinhart is the 2010 Young & Free Ontario Spokesperson!

2010-08-18T09:57:00.002-04:00

Congratulations to Keith Reinhart - our first Young & Free Ontario spokesperson!

Here's a video from Keith's surprise party letting him know he got the job:

Check out YoungFreeOntario.com to follow Keith's year!

Back from Holidays.... phew!

2010-08-17T16:03:00.006-04:00

I'm sorry - I've not written in a while.. the summer holidays are taking a tole on my time!

So I'm back from a week at the cottage.. and when I say 'I', it is actually my family and my husband's family! Oh controlled chaos but FUN!

Except, when it comes to the bill at the end of the week! There is parking for everyone, gas for boats, launching of boats, groceries, treats.... how do you figure it all out?

Keep it simple!

One person pay the bill! I know it's big but just think of the reward points on the credit card!

Then I figure out what it is per day, then figure out per adult and then pay the days you are there. For example, if the bill is $1000 for the week ($1000/7 days) that works out to $142.86 per day. Then, I work out how many adults where there each day. So Day ONE - 8 adults - ($142.86 /8)which works out to $17.86 per adult.

You must do each day separately if you have people coming and going... just like we did, but it keeps the week fresh, fun and fair for everyone involved. Once you have done each day you can add up the days each person was there and it will work out perfect!

Take time relax and enjoy the beautiful outdoors!

Final 3 ... time to vote!

2010-07-16T14:22:00.004-04:00

The final 3 have been chosen for the Young & Free Spokester search. Please have a look and vote... and pass on to your friends!

Staying Cool!!

2010-07-07T10:08:00.008-04:00

Ok, so it's STEAMING outside!

How do you stay cool without it costing an arm and leg?

The fan in the house is a small relief but some other options... the beach - pack a picnic, find a place to park for free and enjoy the lake!

In town and don't want to drive? Stratford is hosting the Keep it Kool program - free swimming, free skate (if you really want to cool down) and the Kiwanis Centre is open with air conditioning and satellite TV to enjoy! Check out your local community they may have their own program.

Another option is the library! Most libraries have air conditioning, a quiet place to read and web access as well!

If all else fails... fill the kiddie pool and just sit in your yard and enjoy! Any other tips on staying cool cheap?

Why Wait? Start saving now...

2010-06-29T15:59:00.000-04:00

When it comes to saving, you may say "Saving? But I owe and I need... I can't save!"

Well if you don't start setting some money aside nothing will move forward.

I had to break a young person's heart today. He was in with his parents (who are poor money managers themselves) to see if he could get more money to fund his schooling. This poor gent has never worked... instead he has always played a competitive sport. He has worked for his parent's business but never has held a regular job. He recently finished his first year of school with no money. His parents have no money to help him and no equity to put up for security on a loan... so basically I can't help him at all.

What I can do is give him tips. Like work as many hours as you can, watch your spending, cut down on social outings or find free things to do. OR else you won't be heading back to post-secondary school.

What could have made this outcome different?

If mom and dad owned their home and could provide security - the chance of a loan would be good. If he worked a part-time job and put half of the funds away for school he may have had enough to cover meals or some of the costs instead of putting the full burden on the parents.
My question is what happens when child # 2 is ready to head away to school?

Start early - $50 a month adds up ... if you have a few years to save!

Fixed or variable... what to do?

2010-06-18T15:54:00.002-04:00

You have decided to move forward and purchase a home... but now you have to decide - fixed or variable rate? You have heard lots of talk, but what does it mean and which one is right? No one can answer that question except for you.

Fixed rate means the rate is locked in for a specific period of time. The most common is five years. The rate and payment are fixed so nothing will change over the five years.

Variable means the rate is based on the Prime rate - currently it is 2.50%. This is low; the lowest it has been in history... so we know it can not go any lower... the rate will only go up. The question is when? Again - my crystal ball fell off my desk last week and I can't give you an answer.

A variable rate mortgage changes when prime goes up, so the rate on your mortgage adjusts upwards and so will your payments to ensure you are paying off sufficient amount of principle on your mortgage. SO what is better?

You have to decide if you are okay with the fact that your rate may increase over the term causing payments to increase as well - if the rate falls again, we at Libro do not reduce your payment... we encourage you to pay more and therefore pay off the mortgage faster.

At Libro, we offer the best of both worlds... a three year protected prime mortgage.

What - another option???

Your payment is based on the three year rate and this is the cap. Your rate will not rise higher then the cap, but what we actually charge you is an interest rate based on Prime - currently much lower the then posted 3 year rate. So what happens to the difference? It is applied directly to the principal of the mortgage, helping you pay off your mortgage quicker!

So which one is best for you? The one are you confident in choosing and are NOT going to lose sleep over... that is the term that is right for you!

Young & Free!!

2010-06-04T09:42:00.010-04:00

Young & Free - why?

Libro Financial Group is looking for a Young & Free spokester to be a voice for the 25-and-under crowd in Ontario! This will help give young adults a head start in the financial world along with loads of information and opportunity! Go to Young & Free Ontario, check it out and pass the word on to all those 25 and under.

PS. Our youth accounts are now free until you turn 26!

Everyone Needs a Personal Cheerleader!!

2010-05-31T16:49:00.000-04:00

This weekend we started working on the flowerbeds and getting everything tidied up for summer BBQ season! We worked for most of the day digging, pulling and then re-applying mulch. We stopped at supper time with a little left to do. I was exhausted! Yet my little cheerleader, my 6 year old son kept on asking if we could finish? When I said "I'm tired, can we finish tomorrow?" He replied, "No we just have little left - we can do it!! I'll help you more!" How can you say no to that... he was out with us all day and if he has the energy then so do I.

IF only I could have that little voice in my head for all my activities that aren't always fun... exercising, saving money - "you can DO IT!" Imagine how successful you could be!!
My challenge to you - find something that will give you that little push to finish the tasks at hand. I know how good it felt to be finish what we started yesterday!

don't judge a book by it's cover!

2010-05-25T17:03:00.009-04:00

I can think of a number of people who walk in to my office with coats that are torn at the seams, knees worn on their pants and their hair and teeth haven't seen a brush in a long time!

Any one seeing them on the street would wonder why they are in my office - well they have a sufficient personal net worth and would like to be treated with respect.

Not what you had expected from the individual in front of you so don't judge the book by it's cover. It is what is underneath that's important!

What can I afford for a mortgage?

2010-05-18T09:20:00.000-04:00

I wish I could earn a loonie for every time I heard that question. What can we afford? I'll let you know that I never answer that question... my question in return is 'What can you afford to put towards a mortgage?' The young couple in front of me looks and says 'we don't know'. Well you can go to any mortgage calculator, punch in what you earn and it will tell you the amount your mortgage payment should not go over. BUT if you are a couple that eat out frequently, participate at the gym, and go out two nights each weekend - your budget for mortgage may be different then a couple earning the same amount but they eat out once a month and they do not have any other debt. I take a look at the BIG picture. After a long discussion we come to a mortgage amount and a monthly payment. If you are currently renting and are looking to purchase your first home, I recommend putting the difference between a mortgage and rent in to a savings account, PLUS property taxes, plus heat if you don't pay it now. Then you will know what it feels like to live with a mortgage... and you can decide if you want to have that payment for 25 years.

Owe extra to the tax man?

2010-05-12T09:10:00.001-04:00

Did you have to pay a little extra to the tax man on April 30th? Did it upset you a bit that they didn't take enough off during the year?

How do you prevent this?

The answer - put a little more away in your RRSP! This acts as a tax credit and therefore reduces the amount of income tax you have to pay. Set up a monthly transfer to a RRSP; it's as simple as that. Then you won't have to pay any extra next year!

Now think about what you could do with a refund on April 30th!

Shop local...

2010-05-07T09:29:00.002-04:00

We had a gathering recently and decided to have a BBQ. I grew up on a hog farm so when we wanted to BBQ we always went to the freezer. Dad had it fully stocked with an assortment of choices that were home grown.

Since we no longer have this option, we started visiting our local meat shop. The owner is very personable and helpful when deciding what meat to purchase.

We needed 20 smoked pork chops and were prepared to purchase a box frozen but he proceeded to tell us he had something better and cut them fresh for us!

They were wonderful and we just didn't buy meat, we had an experience that left us with a smile on our faces! Plus the BBQ was excellent!

Gardens?

2010-05-03T09:23:00.001-04:00

A good way to save money is shopping local, planting a garden, and being friendly to the environment by reducing, reusing, and recycling. Let's talk about planting a garden. If you live in town it can be tricky. You might not have the space to plant a garden, or a LARGE garden is a little daunting for a beginner.

My recommendation - plant a few tomatoes, peppers and lettuce in your flower beds. They are green plants, and do look nice - plus it's not creating extra work for you. It's wonderful to walk out and pick a tomato off your own plant and slice it up to eat!

We did this for a few years to see if we could handle the garden experience. If the plants could grow on love alone than our plants should be the best tasting ever! My youngest son loves to care for the plants. We've now upgraded to a bigger garden and have enough veggies to put in the freezer and share with family!

If the extra work is not in your time schedule, or the green thumb has eluded you, shop at your local farmers' market. Most towns have one starting in May, and they are far more local than the produce at the grocery stores. PLUS the experience of just going to the market is FUN!

Walk A Mile in High Heels ... OUCH!

2010-04-30T10:18:00.007-04:00

A mile in high heel shoes can be very painful if you have ever done it! Although that pain is minor compared to what some woman endure!!

On Saturday May 8th Optimism Place in Stratford is Hosting the event 'Walk a Mile in Her Shoes'. What is this you ask? Men wear high heel shoes and walk to raise funds to fight against gender violence. The Stratford walk will take place Saturday May 8th from 11am to 2:30 pm at the Stratford Marketplace Mall and the men walk at 1pm with their heels!! There are also fee activities for the kids.
We have a brave man in our office by the name of Matt, and if we raise $2500 he will have his legs waxed! He feels it's a small pain compared to what some woman have to go through.
Stop by the branch at 391 Huron St. Stratford to help us get his legs waxed!

Surprise Renos!

2010-04-29T09:05:00.000-04:00

Spring is here and everyone wants to update their home.. but remember everything costs more than planned!

In my first home, the bathroom was quite the colour palate when we moved in - wallpaper with multicoloured flowers in a stripe fashion is light blue, peach, pale green down the wall, then we had a brown floor, teal blue toilet and tub, white sink but brown cabinets... YIKES for COLOUR!! We didn't have a lot of extra money so I figured I could strip the wallpaper, get a remnant piece of floor and paint the walls and cabinets - since it was not in the budget to replace our wonderful teal blue fixtures. Quick and easy, right?

WRONG! I pulled the wall paper off one section to find there wasn't actually drywall in one area. There was also a floor with a soft spot in the wood sheeting so we had to buy more materials and hire someone to fix the issues correctly.... so our quick easy 'cheap' little bathroom fix was not so.

So remember if you are planning a minor update always budget for the surprises. I'm sure there are several stories like this out there - care to share yours?

'Toys' vs food?

2010-04-20T12:14:00.000-04:00

I had a copule in my office and of course with the economic times their incomes have been reduced, not layoffs, just reduction in hours. When we looked at the big picture they have been managing ok - but majority of their debt was for 'toys'... boats, wave runners, 4-wheelers and of course the mortgage. I couldn't do anything for them but provide advice.

What about selling the toys? "Well, we owe more then what we will get for them... so what is the point?" Well, you could save on insurance, gas, docking fees and can you really afford to drive up north to use them right now?

Lets look at the big picture. What is more important? Your toys or making your mortgage payment?

LINC Parent Fair

2010-04-16T17:23:00.003-04:00

Hello ALL! A quick shout out to any Parents who will be in the Stratford area Saturday, April 17th; the LINC Parent Fair is on from 1 to 3pm at the Rotary Complex. Visit our LIBRO Booth and prize wheel to win. Bill the Duck will be making an appearance too!

New Perspective!

2010-04-16T15:19:00.006-04:00

This week we had a Grade 1 class come to the branch for a 'class trip'. Now my first thought was - Why would it be exciting for 20 six-year old to come here? Well, as I watched them come into the board room I could hear the excitement building and the comments "Wow, $100 Bill!!" Yes, we had napkins that had a picture of $100 bill on them. "WOW - new crayons!" "Look-cups! We must be getting a drink!"

Marsha led them through a savings talk, on what we would save money for... truck, toys, candy!! At this time she gave each student 50 pennies, you would have thought she gave them the best present ever! They had to verify the count, roll them and then take them to a teller who changed the roll of pennies for two quarters. While they were waiting I took small groups of students into the vault! Each one was so excited to be going to 'jail', (yes our vault door is gated). The gated door is made of steel bars... so yes, JAIL! The excitement was brimming and any owner that was in the credit union at that time could see and hear the excitement in 20 six-year old.... you should have seen them when we gave them their popsicle treat!

So when life is getting dull, take a different look at things to see what it looks like from a six year old perspective!

A cup of coffee a day...

2010-04-09T09:47:00.000-04:00

Over the weekend, we travelled to my sister's for a visit. Since it was over a two hour drive we needed a drink for the drive... hot with caffeine! Then of course there was the trip home and some other outings ... I think we spent over $10.00 on those lovely hot beverages... and we didn't even win one incentive prize that they currently have going on. Plus, the van was full of extra garbage. If you travel with kids, you know the van has enough stuff in it with out adding the extra trash.

As I look at what we spent on those drinks we could have purchased an entire can of coffee grounds to make coffee at home, I'm sure we would get more then 7 coffees out of it! Now since we were not at home - not really an option. But how many of you spend this on a weekly basis or more? Take the time and make it a home and use a travel mug and a thermos if you need more then one caffeine jolt in the morning!!

SPRING IS HERE!!

2010-03-30T12:18:00.002-04:00

I am so excited by spring!! I arrive home and the sun is still shining. After supper you can go outside for a walk and not have to put on six layers of clothes on!

Quick question - How many of you pay for a gym membership monthly? If you do, how many days of the month do you actually attend the gym? Life happens and we get busy so the gym is the first to be dropped.

My suggestion - walk, run, do what ever outside... much better for you than inside and much 'cheaper' then the gym!!

Might as well enjoy the good weather while we have it ... you never know what will show up tomorrow living in Canada!!

The snow is GONE!!

2010-03-26T10:19:00.000-04:00

The snow is gone and now we see the yard that lays below again... and the deck! As we see all the small jobs that need some repair, update, or complete renovation remember to plan and prioritize first. How much will this cost? Do I have to hire someone to complete it? Will this lead to another project? Visit libro.ca/BELIBRO and enter to win $1000 to help you with your spring update!!

Stratford Spring Home Show!

2010-03-24T10:07:00.008-04:00

Hello All!!

The Stratford Spring Home Show is this weekend. I will be in the Libro booth Friday through Sunday. I do have some complementary tickets for the preview night on Thursday, March 25th, 7 pm to 8:30pm , if you would like to attend please contact me at Tanya.Quipp@Libro.ca First come first served!

Updating your spring wardrobe

2010-03-15T12:00:00.000-04:00

Are you like me? You can't wait for spring weather to come because you are tired of your winter wardrobe?

The caution...even though you want to go purchase a few new items...does it fit in your budget? With new items just coming out, you'll be paying full price. Too much in my opinion!

So how do you get around this? May be do a little shopping in your friends' closests. By this I mean you take items that no longer fit or you don't wear out of your wardrobe and have a few of you friends do the same thing... get together and do a clothes swap! This way you are getting new clothes with out spending money. The best of both worlds!

Give it a try and let me know how it goes!

Hand me downs are wonderful!

2010-03-11T11:39:00.000-05:00

I had a couple in my office one day and I was discussing finances, surprise surprise! Part way through the conversation they mentioned that their couch was due. I asked what they meant by "their couch was due?"

"Oh, we bought a new couch and the payment is due" they said, "you know we've had it for a 6 months no payment thing."

I calmly asked if they had set money aside in their account to cover the couch when it was due.

"Well we planned to, but then we just never got around to it," was the answer I received. So, no!

I explained to them that once the due date arrived the interest on the couch was most likely above 20% and the interest is charged from the date of purchase. So, their $1000 couch quickly became $1200 and now they will have interest on the couch loan until it's paid off, not a great situation to be in.

My question - what is wrong with a hand me down? I am lucky, I guess: my mother has good taste in furniture and tires of it quickly. When she is done with her furniture it usually makes its way to my house. Anyone who has ever been in my house wouldn't comment that my furniture doesn't match or it's not brand new. If they did I would tell them there are many ways to find perfectly good furniture and any house hold item with out buying new and paying the price six months later.

Secrets!!

2010-03-08T10:44:00.001-05:00

Secrets you say, what do they have to do with a financial blog?

Well a lot apparently!

Last week I had a couple in my office applying for a mortgage. Bob started with his information and he was the money manager of the home. He answered all the questions. We had made it far enough in the application to start discussing serious details... so I pulled up their credit report. As this is going on we are discussing assets (what they own) and liabilities (what they owe). The report pops up on my screen. Bob has two credit cards - one with a small balance from their recent trip and the other is at zero. I scroll down to Jen's report and it shows she has four credit cards, all different from Bob's and they are all at or near their maximum limit. Well she shyly says, yes they are all hers.

At this point in time Bob is just about falling out of his chair, he knows nothing of the cards. Once he starts breathing again after the shock has worn off, it was not a happy tone in my office. Her secret use of cards and NOT paying them has caused a great deal of marital strife... and there I sit not sure what to do or how to smooth over the waters. Even if he had known about the cards it may have went better. This large secret had changed the scope of our appointment from a straight mortgage application to a consolidation loan and increasing the mortgage due to the large amount of debt on the credit cards.

It worked out in the end, but the stress I dealt with in my office I'm sure was minimal compared to what was discussed on the car ride home!

Do you have any financial secrets in your closet?

Calling all first time home buyers!

2010-03-03T12:29:00.003-05:00

Here is a shout out to all people considering purchasing a home in the future. On April 10 I am hosting a Home Buyer Seminar at 1pm. When I purchased our first home I was so stressed about the process -- the amount of money and how it was all going to happen. I've made it my mission not to let others go through the same thing. You are welcome to join me so you can avoid the extra stress during the biggest purchase of your life! We cover the process of the purchase, extra costs, credit scores and what an agent is supposed to do for you. Call the branch 519-271-4883 or e-mail me to reserve a seat tanya.quipp@libro.ca

The seminar is free and there's no obligation, just come out and have your questions answered. Tell your friends who are getting ready to buy a home to come too!

What am I going to do now?

2010-02-25T23:13:00.016-05:00

I have watched the Olympic games faithfully... staying up late to catch as much as I can. I could not get enough of the Olympics, it didn't matter what sport or what country was competing. I loved to watch people strive to be their best. If anything it inspired me to work harder... so even though I work at a Libro, I would like to provide the best service I possibly can to all the people that come in to see me.

Let's pass the flame of striving to work harder and do better - no matter what our goal is!

Deadline Looming!

2010-02-25T11:10:00.000-05:00

The RSP deadline is Monday, have you made your contribution yet? If not, remember that if you have an existing contract with Libro, you can make your own contribution online or give us a shout and do it over the phone. If you don't have an existing contract with us, come on in and see us, we'd love to help! Just give us a call first so we can make sure someone's available for you.

Need a boost for RRSPs?

2010-02-22T11:42:00.000-05:00

RRSP season is coming in to its final week (deadline is March 1st), and you don 't have any cash. What do you do?

You can apply for an RRSP loan. RRSP loans are normally low interest rates based on Prime rate (which is really LOW right now) with the condition the loan be repaid with in a year. The other condition is that you have to invest your RRSP at the same place you get the loan from.

An RRSP loan is a good way to boost your RRSP contribution and get you on the right savings track. Call me today at 519-271-4883- the March 1st deadline is fast approaching!

I don't have money for RRSPs!

2010-02-12T11:48:00.001-05:00

So if you watch any TV or read any paper they will mention RRSPs at this time of year. You think, "wow, it would be great to save money for an RRSP, but I have all this other stuff to pay for!" How do people do it all you wonder.

There is an easy way to invest money in to RRSPs. It is called a PAC (Pre-Authorized Credit) plan. Libro would take a set amount of money out of your account every week or month - what ever works best for your budget. If a little goes out of your account on a monthly basis it's much easier to make it work. Out of sight out of mind - AND you really don't have to do anything beyond that!

This play will help you out in the long run! If you contribute $50 on a monthly basis for 40 years with compound interest it will build up to $74,780, based on an average 5.0% return. Pretty good little retirement pot to show for a little bit every month. Use this calculator to see how much you can save for retirement!

The next benefit is that RRSP contributions are a tax credit for your income tax. This will hopefully help you get a tax refund. This tax refund can be used to pay down your debt faster, helping you out in all areas of finance.

If you have more questions about how an RRSP contribution will help you get a tax refund, or you're ready to set up a PAC, please contact me!

RRSPs - Not just for retirement!

2010-02-02T07:00:00.003-05:00

You work hard and are investing your money in RRSPs - for retirement - but that is so far down the road, especially for someone just starting out!

There is a program called the Home Buyers Plan (HBP). The HBP allows you to take up to $25,000 out of your RRSPs to purchase your first home. There is no tax implications when you take the money out. What is the catch you ask? Well, you need to pay back your RRSP over the next 15 years. If you don't put the funds in for one year then you have to count that as income. So the basics are that you are borrowing money from yourself to purchase your first home. What a great opportunity!

There is another time you may take money out of your RRSPs tax free - it is for the Life Long Learning Plan (LLP). If you are ready for a career change and need to head back to school you can use funds from your RRSPs as well. Similar to the HBP.

So you put your hard earned money in to RRSPs. At income tax time you get a tax refund to invest into more savings... therefore speeding up your savings goals.

Contact me if you are interested in either of these plans, or you can find all the nitty gritty details are on the government web site .

Have you (or do you know of anyone) who has taken advantage of either of these plans?

What do you mean Choices?

2010-01-27T16:12:00.001-05:00

On a regular basis I have people walking in requesting an investment, for a multitude of reasons... good marketing by all financial institutions on the TV, their mom told them they needed one and my favourite my buddy has one! I'm glad that your buddy has one but what type? At this point I'm looking in to a blank stare... no idea!
Under the RRSP and TFSA umbrella there are many options of where to put your money:

Guaranteed Investment Certificates (GIC) the rate is fixed and so is the length of time the money is locked in for. PLUS, if you are with a financial institution they are insured.

RRSP savings account or variable interest rate with a low return, flexible and you can move it at any time.

Mutual Funds the rate of return depends on how the market is doing. So no guarantee on the rate of return. If you are going to loose sleep at night because the value of your investment is lower then what you invested. It's not as bad as it seems unless you are planning on taking the money out right now... it has time to come back up!

Stocks and Bonds - the new trend is on-line brokerages. You handle all the research and decisions with the investments through the online brokerage, which may be riskier then Mutual Funds as you are your own boss - no help with advice except for the information on the website - but I know people who are doing quite well with this and it's their hobby or past time!

Each one has it's own strengths - pick the one you feel best with and start today!

What is what? RRSPs versus TFSAs

2010-01-19T07:00:00.000-05:00

How do you know what to invest your money in? There are so many acronyms, they can be confusing! Here's some help:

RRSP - Registered Retirement Saving Plan - You do not have to pay tax on the money as it goes in. So it is used as a tax deduction (deadline for 2009 tax year is March 1, 2010), but when the funds come out at retirement you must pay tax on them at that time.

TFSA - Tax-Free Savings Account - The newest kid on the block. Any interest earned on your principal is not taxed. It does not act as an immediate tax break but it saves you increasing your income on the revenue earned on your investments.

Under each of the umbrellas of RRSP or TFSA you can have variable savings (completely open and accessible at any time), Guaranteed Investment Certificates (GICs), or mutual funds. There are so many options, how do you figure out which one is right for you? Be best answer is to talk to someone who knows, preferably a Certified Financial Planner.

In my branch in Stratford our Certified Financial Planner is Nancy. Nancy provides us her expert knowledge on what is best for us based on your risk tolerance and what the funds will be used for. My friend Nancy works on salary - not commission - many CFPs only work on commission so make sure you are getting the most for your money!

The BUZZ - RRSP Season!

2010-01-12T07:00:00.000-05:00

So Christmas is done, the trees are at the curb to be picked up and mulched. The next season is upon us quickly - RRSP season!

You may ask WHY, what is this all about? The ads will meet you every where you look - paper, TV and radio.

A Registered Retirement Savings Plan (RRSP) is an investment that is registered with the government for the purpose of allowing taxpayers to save for retirement in a tax sheltered environment.

In layman's terms it helps you save for your retirement with the theory when you take the money out in retirement your income tax will be lower so you pay less income tax at that time.

The best RRSP advice is: Start investing in an RRSP early, and put time to work for you! Consider a 20 year old who invests $2,500 each year for 15 years, until she turns 35, in an investment with a compound rate of return of 5%. If at the age of 35 she then keeps her money invested, but makes no further annual contributions she will have over $267,000 dollars saved by the time she retires at age 65.
Compare that to an investor who starts investing later in life, at age 35, and contributes $2,500 each year for 30 years. By age 65, this investor will have accumulated just over $166,000 in retirement savings. So make sure you start saving for retirement early in life – but remember – it’s never too late to start.

What are your RRSP contribution goals for 2010?

Stick to it – you can do it!

2010-01-05T07:00:00.000-05:00

So how do you stick to a New Year's resolution? Especially if it's to become financial fit? Determination - and a plan!

If you take small steps to achieve your goal you can do it. If the 'you' is a couple - then both partners need to be on board with the plan - if not it's just going to cause more stress.

Secondly, share your plan with friends. They don't need to know all the dirty details but I'm sure you are not the only one in your group that is having some financial pains. Plus, if you tell your friends your resolution they will support you or even join in themselves. I'm sure you are not the only one that would like to achieve financial fitness!

If you are not sure about your friends, I would recommend finding a group with the same goal. Share articles - tips and challenges that you have encountered. Very similar to any weight loss group that is out there. Or follow a blog... they always have tips and experts to ask advice of. If you need direction check out the Life Events Planner it is full of calculators and tracking devices to keep track of all your money!

You have to know where the money goes before you can start to save it!

What are your financial new years' resolutions?

Happy New Year!

2009-12-30T14:21:00.004-05:00

Phew - we survived 2009!

The New Year is almost here, let's take time to think about some goals we would like to achieve in 2010. If you don't pen them on to paper, how will you ever achieve them?

All the best in 2010!

Check out our new commercials

2009-12-24T09:45:00.007-05:00

Check out Libro's new winter commercials, featuring Stratford Account Manager Matt Aarts! Enjoy!

Merry Christmas – just sit back and enjoy!

2009-12-21T13:50:00.000-05:00

Four days till Christmas!! The last minute rushing is probably happening in most households. Before the big day arrives take time to remember what the Christmas season is about – enjoying time with family and friends. So sit back and relax!

I hope you have a stress-free, enjoyable Christmas!

Credit Cards - Good or Evil?

2009-12-16T17:02:00.004-05:00

As I sit here working on consolidating (or trying to figure out how to consolidate) someone’s credit cards, I am wondering what they have to show for $30,000 in debt. Mostly “toys” they purchased without realizing how much it really costs them when they take into consideration the interest they’re paying by carrying a balance.

Credit cards are great when you use them to purchase larger items that you do not want to carry the cash for, or for reserving cars, flights and hotels for travel. But they can be pure evil when you purchase something that you can’t pay off that month, and then the treadmill starts.

If you look at your credit card bill, the interest rates vary from 19% or higher on some cards. Interest starts accumulating on purchases after your grace period (usually between 21 and 28 days). Plus if you don’t pay one month in full the next purchase has interest accumulating right away!

Remember to only use your credit card to purchase something if you have the funds to pay it off within the month. Credit card debt is a terrible treadmill and normally ends in a hard landing.

Where did my money go?

2009-12-16T17:00:00.004-05:00

Christmas season is a perfect time for debit card fraud. I’m sure every single one of us knows someone who lost money due to debit card fraud. In Stratford last January, a lot of money was taken out of accounts unknown to the account holders! How? Where? The customers asked. The answer was that someone skimmed debit cards during the Christmas shopping season.

Skimming means all the account information from your debit card is attained. There are different ways of doing this. For example, the person doing the skimming replaces the entire pin pad that your card is swiped through and when you enter your PIN # into the key pad, they receive all the information they need! The second option for skimmers is to double swipe – they swipe your card through a separate machine to record the account info from the black strip and then they put a tiny camera in place to record your PIN # when you punch it. I know I'm guilty of not covering my PIN when I enter it in. I’m usually talking with the clerk or making sure my children are still beside me in the busy grocery store. So the skimmer has now recorded your PIN # and has access to your account. All they have to do is make a duplicate card and start spending on your account.

Some safe measures you can follow:

Always keep your debit card in sight

Shield your PIN when you are entering it

NEVER share your PIN with anyone

If your card is missing, cancel it right away

Monitor your account to ensure the transactions coming off were completed by you. If anything is not yours, call your financial institution immediately to have the card cancelled

Call the police to report the fraud

Good luck shopping and we just have to keep on eye on things to make sure everything is working fine!

Christmas Shopping – Don’t take the kids!

2009-12-09T13:00:00.003-05:00

So I was in a mall last week and since its early December there is always something to pick up. The catch – I had my six year old son with me. So I had to carefully plan my route.

While in Zellers looking at Olympic wear, I made a great effort to ensure we were no where near the toy department. I wasn’t up for the “Mommy, I want…” OR “Can I just have this treat?” My answer is generally no – as I know it is for most parents - because it isn’t what we were in the store for!

BUT the poor mother ahead of me… she had baby in the cart and a 2 year old walking along beside who saw something he felt he couldn’t live without… and dove on it! Well, when mom said no, the tears started, then the stamping foot and we all know what comes next – lying on the floor in a fit till mom gives in! We as the parent have a choice – leave all the items, pick up both children and drag them out of the store OR give in and purchase the $10 or $20 item that will most likely be broken or forgotten before it’s home.

The moral of the story – if you are on a tight budget, you can’t give in to the temper tantrums. Or, just leave the kids at home to complete the festive shopping!

Christmas shopping…. The plan!

2009-12-08T17:04:00.000-05:00

I love Christmas! I love seeing peoples' faces when they open a gift they just love. BUT it has to be planned on my part. I make a list and figure out how much I can afford to put in to the total gifts and then start to break it down. If I don’t do this, the budget gets blown out of the water.

I normally do this just for the gift portion, but I came upon a good spreadsheet that includes all the extras of Christmas such as wrapping, food, baking needs that make the entire season jolly! Take a look and use it to plan your Christmas season and avoid the January pains, when the credit card bills are opened!

Do you have financial questions?

2009-12-01T12:30:00.000-05:00

Do you have financial questions?

Most of us do!

Why not go to www.libro.ca/belibro and ask a financial question? One of our Coaches will get back to you with an answer. If you visit before December 30, 2009 you will be entered to win up to $10,000. Plus check out other questions already asked and some video answers.

Enjoy!

Making a Commercial!

2009-11-24T12:56:00.004-05:00

For our fall marketing campaign, we had our owners (yes that is what we call our clients – “owners”) tell their stories of why they love dealing with Libro and what makes us different. I thought Shannon O’Shea Ross would be a great spokesperson, but I didn’t realize at the time that meant I’d be on TV too!

When you think of TV, you think fancy dressing room and makeup etc., just like the stars. Well, my part of the commercial was taped at Kirkton at the public pool and the change rooms weren’t open. I had half of my wardrobe in my car, so once Gary (the director) choose what outfit I should wear, he was upset that there wasn’t actually anywhere for me to change. I told him I’d change in my van, he though I was crazy! As a country girl running from work to ball or some other event, changing in the car isn’t such a big deal.

Now I was ready for filming. I had to sit and pretend to talk on the phone, without looking at the camera. If you know me at all, I talk with my hands so once my hands went into the story it sailed along! Then the hard part, Gary asked me to stand and look up at the camera on the count of three – but I couldn’t smile - easier said then done. There was a lot of giggling on my part, but I finally got it!

The next part was Shannon and I swinging on the swings and chatting about her finances and what she wanted to do – her goals and dreams. We started swinging on these big swings at the park, but apparently we were going too fast! All they were getting on film was our feet and bottoms flying by! The crew had no idea we’d get going so high. Our reply? We farm girls swing big! Then the rain started to roll in, it put a bit of a damper on the shoot but they rolled with the weather quite well. Shannon wanted to go bounce on the diving board. I was laughing because I figured she’d fall in, well, she almost did! Good thing she regained her balance, there was more filming to do and it was a cold rainy day – not the best for a dip.

Overall it was a great experience and the commercial looks great, even though it’s still odd to see myself on TV when I’m watching Grey’s Anatomy! You can watch the finished product here and our other commercials are on the video sidebar, check them out!

Welcome!!

2009-11-20T17:38:00.003-05:00

So this is my first Blog! I’m learning as I go. To give you some history on me – I’ve been with Libro Financial Group since 1998. Yes I know a long time. I started as a teller and worked my way up through till I became Lending Specialist. I’ve been in this position for seven years give or take!

I did not take banking, finance or any business related course while I was in school, I should restate that – I took one course and it was called ‘Personal and Family Finance’. I have a Bachelor of Science with specialized honours in Human Kinetics. As you can tell I went to school to help people feel better physically but every day I help them feel better financially.

I invite you to make comments suggestions on what you would like me to talk about next. I am sure that you are not the only one in the same position so let’s share ideas. Please share with any one who you feel will be interested.

My goal is to post once a week – although we are still ironing out the details – and I’ll try my best to reply more often.