August 9, 2013
Did you know that the average income for a Canadian middle class family is $47,900, according to a Finance Canada report? While that may pale in comparison to the earnings of Canada’s one per cent, there’s no need to live the lifestyle of an average Joe.
This week’s Money Wise lineup is all about living the luxury lifestyle while on a budget. Check out our top frugal living tips that are sure to make you feel fabulous.
How Canada’s Richest People Made Their Fortunes
While they may not be as famous as their American counterparts, our nation is home to many a cash-heavy canuck. Did you know there are nearly 70 individuals and families in Canada with a net worth of over $1 billion?
Meet Canada’s one per cent, and find out how they made their fortunes – from birthright to entrepreneurship.
Read Allan’s Blog | How Canada’s Richest People Made Their Fortunes>
Lessons Learned From Celebrity Money Mistakes
The fashion. The drama. The money. Gossip aficionados know celebrity antics provide endless amusement. Among the bubblegum headlines, however, are some finance lessons to take to heart – after all, money mistakes are sure to be made when huge pay cheques and egos collide.
Read on to learn more about the financial missteps of your favourite stars, and how you can avoid them.
Read Diane’s Blog | Lessons Learned From Celebrity Money Mistakes>
How To Live A Luxurious Lifestyle On A Budget
Your living may be more modest than that of a millionaire, but that doesn’t mean the finer things in life are out of reach! With a little planning and patience, you can treat yourself to five-star dining, travelling and shopping – all while maintaining that shoestring budget.
Check out our top frugal tips and live it up for less!
Read Melanie’s Blog | A Luxurious Lifestyle On A Budget>
And now for your weekly finance news update…
Beware The Latest Low Interest Credit Card Scam
Be wary of unsolicited emails or calls promising a competitive low interest credit card in exchange for a fee – it’s the latest ploy from fraudsters out to acquire your sensitive financial information. Here’s how to protect yourself, and what to do if you’re targeted.
Read Rubina’s Blog | The Latest Low Interest Credit Card Scam>
The Falling Mining Sector: Not Just An Underground Issue
Canada’s mining sector has taken a hit as of late, especially with the recent collapse of the potash market. The Canadian economy is more dependent on the mining industry than consumers may realize – and a a struggling sector can pose a hazard to the overall economy.
Read Andrew’s Blog | The Falling Mining Sector>
The Middle Class Tax Crackdown
Earners beware – the CRA is starting a middle class tax crackdown. Not sure if your tips and earnings count? Here’s what you need to know about tax avoidance and your tax filing obligations.
Read Sean’s Blog | The Middle Class Tax Crackdown>
New CMHC Guarantee Cap Could Raise Mortgage Rates
The CMHC has announced new restrictions on the amount of mortgage guarantees available to mortgage lenders per month. This in turn will make it harder for some buyers to qualify for a mortgage – and may push current fixed rates up by 60 basis points.
Read Penelope’s Blog | New CMHC Guarantee Cap Could Raise Mortgage Rates>
Back To School Season 2013 Signals Stronger Consumer Confidence
Back to school season 2013 is just around the corner – and new consumer data shows parents are willing to spend more on school supplies this year, as economic growth and retail prospects improve.
Read Sean’s Blog | Back To School Season 2013>
Answer to Win!
We want to know what you think! Give us an earful (and score the chance to win some great prizes!) by answering this week’s question:
What mortgage jargon do you find the most confusing to understand?