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Mortgages for Canadian Millennial Professionals

Hi All,

In today’s post, I am going to discuss “Mortgages for Canadian Millennial Professionals”.

My top 3 tips about Mortgages are:

1. Find a great Mortgage Advisor

In order to find a great mortgage advisor you should search for ones at banks and through mortgage brokers.

If you can get approved through a bank, this is the best case scenario and when you go to renegotiate your mortgage in the future sometimes banks are easier to stay with since your already with them.

Mortgage brokers are very flexible, less stringent, and will most likely be able to find you some excellent rates. They shop around through other banks and brokers for the best rates.

Banks are good when you are with them but sometimes their rates are a little higher than mortgage brokers since they are only getting rates for their clients through one institution. Also, they are more stringent and are much harder to get approved through.

2. Shop around for a great rate

By doing your own research and finding where the best rates are, this will save you a ton on your entry into the housing market.

Like tip number one above, you want to use your current mortgage advisor through either a bank or broker and get them to shop for the best rates for you.

As far as being competitive, its going to be tough to get lower rates than mortgage brokers since they shop around for their clients by getting rate quotes from hundreds of different lenders.

The banks can only compete amongst themselves for great rates for their clients since they are the only lender. Occasionally there rates could be lower than the mortgage brokers if other banks have dropped their rates first.

3. Utilize your savings for down payment

Saving for your down payment can be done in a variety of ways. Most people have a portion of their earnings from a non-registered savings account, Tax-Free Savings account, Registered Retirement Savings, Stocks, Index Funds, or Mutual Funds or Gifted Funds from a family member or friend.

I utilized my bank stock from working at the bank as the majority of down payment as a first time home buyer. When you apply for your pre-approval, banks prefer dealing with someone that has down payment mostly in cash.

If you are using your down payment in the form of a loan or line of credit, keep in mind this debt is added to your overall debt for when the banks or mortgage brokers calculate your debt to service ratio.

The banks and mortgage brokers use a risk assessment that has several areas they look for in great mortgages:

  1. Great Repayment History
  2. Good or Excellent Credit Score
  3. Good or High level of Income
  4. Low Level of Debt 35% or less of your overall income

Summary

I thank you all for watching and hope you gained some valuable insight into how to handle the unexpected that life can throw at you sometimes.

If you enjoyed this video be sure to like, comment, and subscribe to see my upcoming weekly content on my blog, youtube, and podcast. Let me know in the comments section your thoughts and what kind of content you would like to see next.

Content Schedule:

Blog Posts– Wed each week

Podcast Episodes– Mon each week

Cheers,

 

Alex

Blog:

https://alexandermuir.com/blog/

Podcast:

https://anchor.fm/alex-muir757

Find Me on Social:

https://www.facebook.com/Alex-Muir-Marketing-521328441531919/

https://www.instagram.com/a.muir757/?hl=en

https://www.linkedin.com/in/alex-muir-b55a44149/

https://www.youtube.com/channel/UCkW1z-RObDp8VPJ0NWego-Q?view_as=subscriber

DISCLAIMER:

All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.

Budgeting for Canadian Millennial Professionals | Ep. 1

Hi All,  In today’s episode, I am going to discuss “Budgeting for Canadian Millennial Professionals”.  

My top 3 tips for budgeting as a Canadian Millennial Professional are: 

 1. Dedicate 50% of your Paycheque for Bills  

How do we set aside enough for bills? We make sure that when our paycheque comes in we dedicate the majority of it to our bills.  Unexpected expenses can arise month to month but by being more prepared we can ensure our living costs are covered.  Living costs like:  Rent Food Internet Hydro Now personal expenses will vary from person to person but keep in mind that it is a good practice to reserve 50% or more if you need to for your bills.  

2. Dedicate 30% towards your Wants  

After you have set aside the majority of your post tax income for your bills and your account is not left short, you may then dedicate the next portion of your money towards your wants.  Now for your want money, I would still be conservative for how much you spend in this category but give yourself a 20-30% threshold for “fun money”.  By fun money I mean the money you can use for:  Going out to eat Seeing a movie Buying new clothes Buying a new book Going for a weekend adventure The above are just some examples for fun money options but again these will vary from person to person.  Each month, everyone will want to do different things outside of work. Fun money, as I like to call it, is a good verb for it because these activities are usually fun.  By allowing room in your budget for fun money, you will be more inclined to stick to your financial goals and this helps you feel good.  

3. Dedicate 20% towards Investing  

The final ingredient for your overall budget, is investing.  Investing is the final piece in your budget because you need to ensure you have your bills taken care of first.  Second, you enjoy some of your budget with some fun money spending on things you enjoy doing or experiencing.  Lastly, you dedicate a small percentage of your budget let’s say 20%, towards some sort of investment for your financial future.  Some investing options could include:  Stocks Real Estate Building your own Business Summary  I hope you all enjoyed this post on budgeting for Canadian Millennial Professionals.  I feel that this particular topic for my blog post/video series will be very beneficial for Millennials.  Financial literacy is often the last thing people would like to think about but it is essential for your financial health and well being.  Being more educated in your financial decisions will help you be better prepared to make the right choices when the time comes.  If you enjoyed this post, please comment, rate, and subscribe and stay tuned for my weekly blog posts, youtube videos, and podcast episodes.  Cheers,     Alex  Content Schedule:  Blog Posts- Wed each week  Podcast Episodes- Mon each week  Cheers, Alex  Blog:  https://alexandermuir.com/blog/  Podcast:  https://anchor.fm/alex-muir757  Find Me on Social:  https://www.facebook.com/Alex-Muir-Marketing-521328441531919/  https://www.instagram.com/a.muir757/?hl=en  https://www.linkedin.com/in/alex-muir-b55a44149/  https://www.youtube.com/channel/UCkW1z-RObDp8VPJ0NWego-Q?view_as=subscriber  DISCLAIMER:  All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.

Video source missing

Loans & Lines of Credit for Millennials

Hi All,

In today’s post, I am going to discuss “Loans & Lines of Credit for Canadian Millennial Professionals”.

My top 3 tips for using Loans & Lines of Credit as a Canadian Millennial Professional are:

1. Determine what you need the money for

How do we determine if a loan or line of credit is right for us? We make sure that we know what we will need this money for.

Unexpected expenses can arise every now and again. With the help of a loan or line of credit people can pay off an expense like:

  • A new vehicle
  • School Tuition
  • A trip
  • A wedding
  • Consolidate exisiting debt
  • Renovate your home

Now the above are just a few examples. The main thing to keep in mind is that loans are a one time installment.

This means that once you borrow the money you need and the amount is used up, you will need to re-apply for another loan if you need additional funds.

In most cases, you can borrow up to $50,000 for a loan since loans are unsecured that is the max that the majority of banks set for their loan amounts.

Conversely, a line of credit is a very nice option since you can reuse the funds as much as you like. You don’t need to re-apply if you need additional funds, you would just ask to increase your line of credit.

2. Determine the type of debt you can afford

After you have determined what you need the money for, now we need to figure out whether a loan or line of credit is the best fit.

Now for loans you pay a fixed or variable rate of interest based on your credit score, repayment history, and level of income.

Lines of credit you only pay interest on the money that you use and the interest is determined based on your credit score and the going rate for the bank you applied through which is also known as the bank’s prime rate.

3. Determine if a Loan or Line of Credit is right for you

The final step of my top tips is to determine if a loan or line of credit is right for you. Not all credit products are treated equal. Loans are a one-time installment and can only be applied for once at a time. If you only need to borrow funds once and awhile loans are a great fit.

If you wish to borrow funds on an ongoing basis or just want some funds available for emergency sake a line of credit may be a great fit. You only pay on the balance you use and if you have good credit, repayment history, and level of income you will be in a good position to borrow the funds you need.

The main lesson to keep in mind about credit products is financial discipline. If you don’t need the funds for something important or for emergency sake, only utilize cash. The less debt we carry, the richer we become.

Summary

I hope you all enjoyed this post on budgeting for Canadian Millennial Professionals.

I feel that this particular topic for my blog post/video series will be very beneficial for Millennials.

Financial literacy is often the last thing people would like to think about but it is essential for your financial health and well being.

Being more educated in your financial decisions will help you be better prepared to make the right choices when the time comes.

If you enjoyed this post, please comment, rate, and subscribe and stay tuned for my weekly blog posts, youtube videos, and podcast episodes.

Cheers,

 

Alex

Content Schedule:

Blog Posts– Wed each week

Podcast Episodes- Mon each week

Cheers, Alex

Blog:

https://alexandermuir.com/blog/

Podcast:

https://anchor.fm/alex-muir757

Find Me on Social:

https://www.facebook.com/Alex-Muir-Marketing-521328441531919/

https://www.instagram.com/a.muir757/?hl=en

https://www.linkedin.com/in/alex-muir-b55a44149/

https://www.youtube.com/channel/UCkW1z-RObDp8VPJ0NWego-Q?view_as=subscriber

DISCLAIMER:

All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.

How to Stay in the Right Headspace | The Inner Circle Ep.2

Hello and Welcome to the Will to Win Podcast this is Alex Muir, “Helping Millennial Professionals Reach Peak Mental & Physical Performance” and welcome to Episode 2 on Staying in the Right Headspace.

This is episode 2 of the Inner Circle, “My personal friends, mentors & advisors that have helped shape my life in a meaningful way”.

In this episode we will discuss:

-Tips to stay in the right headspace such as:

1. You win the morning you win the day

2. Daily preparation to be set for the day at hand

3. Knowing your limits and asking for help when necessary 

4. Drinking copius amounts of coffee to give you that enthusiasm to crush the day…. just kidding haha

5. How to focus on work when your at work

In today’s episode I had my colleague Aaron Bruhn join me to discuss strategies for staying in the right headspace.

Aaron and I work together in the promotional products industry, Aaron is well versed in website/graphic design and has been doing this for the past 5yrs. Aaron is part of Gen Z,  and he has previous experience in the automotive sales industry selling cars for 3yrs.

We talked about ways to reframe your mind to get up early, finding your why and what drives you, and daily preparation to stay ahead of the curve to win your day.

If you enjoyed this longer episode and want to hear more episodes like these, leave a comment, rate, and subscribe to hear more content.

Thank you all for listening.

Cheers,

Alex

DISCLAIMER: All information provided by Alex Muir is of a general nature and is spoken from Alex Muir’s personal experiences, and personal opinions on the topics related to fitness, health, and education only. No information is to be taken as medical or other health advice pertaining to any specific health or medical condition. You agree that use of this information is at your own risk and hold Alex Muir harmless from any and all losses, liabilities, injuries, or damages resulting from any and all claims.