Fraud and investment scams abound at all levels of the real estate market – whether it be a contractor who charges hundreds of dollars for work not done to an “investment agent” who embezzles hundreds of millions.
Protecting yourself can require a measure of vigilance and legwork, but it can also come down to exercising skepticism and common sense.
Click here for the top six real estate scams and how to avoid them from the Globe and Mail.
Some financial advice is so oft-repeated that everyone takes it for granted: You shouldn’t bring debt into retirement. Debit cards are safer than credit cards. Older folks should invest more conservatively. As they used to say on Seinfeld: yadda, yadda, yadda.
The problem is a lot of that is bad advice. At best, it fit a bygone era; at worst, it was never right and is dangerous.
Click here for a list of favourite financial chestnuts courtesy of the Globe and Mail.
Remember the line in Spiderman where Aunt May says, “You do too much… you’re not Superman, you know?”
Some parents think they’re Superman. Determined to set their children off on the right foot, they commit buckets of money to helping them achieve their goals. From private schools to smartphones, laptop computers and post-secondary education, even home down payments and on-going financial support, parents will dig deep to buffer their young’uns. Hey, I’m all for meeting your responsibilities to your children. After all, they didn’t ask to be born (or so I’ve been told). But some parents take “helping the kids” a tad too far.
When it comes to using your financial resources smartly, one of the trickiest aspects to master is balancing priorities. You want to provide a great place for your family to live. You want to create opportunities for your kids to have mind-expanding experiences. You want to plan for the future.
Planning for the future includes saving for school, getting the mortgage paid off and having some money set aside for retirement.
Click here for more from MoneySense.
Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home’s value.
Certain projects, such as adding a well thought-out family room – or other functional space – can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it’s time to sell.
Even though the current homeowner may greatly appreciate the improvement, a buyer could be unimpressed and unwilling to factor the upgrade into the purchase price. Homeowners, therefore, need to be careful with how they choose to spend their money if they’re expecting the investment to pay off.
Click here for six things you think add value to your home, but really don’t from the Globe and Mail.
CMP’s annual Brokers on Lenders survey is now open.
Click here to have your say and weigh in on your favourite lenders!
The survey closes Friday, August 23rd, and results will be published in the September issue of CMP.