3 Tips to Compare Adjustable Rates

Mortgages for the Best Deal Possible

In recent times, adjustable rate mortgages have become more popular here in Canada, as well as with our neighbors down south in the United States. An adjustable rate mortgage can be a wonderful money-saving option. However, comparing multiple loans to each other can be a bit complicated to do.

While a traditional fixed-rate mortgage can easily be compared to another fixed-rate mortgage, the process becomes a bit trickier when you are dealing with multiple adjustable rate mortgages. Adjustable rate mortgages (ARMs) came in many forms and with many different options. The choice you have to make between ARM mortgage options can make for a very large difference in the quality, and cost, of the loan which you ultimately accept. So, it is important to be able to compare them to each other to make the best decision you possibly can.

Most people have two basic issues when they try to compare two ARMs; the math to calculate the effective prime discount is not simple, and understanding what all of the various different options mean. No matter which lenders you are working with, there are three things you should first understand and keep in mind throughout the process. They are:

Understand Low Introductory “Teaser” Rates and Mortgage Costs.

The first thing you need to understand is how much a particular loan will cost you between the time you sign on the dotted line, and the time when the mortgage becomes open or renews.

To easily determine the cost of a mortgage until it becomes open or renews, you can multiply the introductory rate of the loan by the number or months it will be effective. Then multiply the interest rate of the loan after the introductory period by the number of months until the mortgage opens or renews. Add these two numbers together and divide by the total number of months the mortgage will be in effect before it opens or renews. This gives you a weighted average calculation and allows you to easily compare one ARM to another.

Understand Rate Discounts and Conversion Options.

Many people go into an adjustable rate mortgage assuming that they can easily convert to a closed term mortgage without any penalty, whenever they choose to. However, it is vitally important that you know exactly what the rate discount will be if you choose to convert. You may find that it costs you more than three month’s worth of interest to switch lenders and forces you to stay with the lender you currently have. If this is the case, then you will not be able to change lenders until your mortgage becomes open or renews without significant cost.

Understand How Interest Rate Changes Will Affect Your Payments.

There are currently two popular options with ARMs. The first type of ARM has payments which adjust as the prime interest rate moves up and down. This means that your amount due each month is constantly changing with the prime rate. This can be a good deal if rates drop and you can stomach the constant change. However, if you need stability in your payments from month-to-month, then this is probably not the best option for you to choose.

The second type of ARM keeps the payments the same each month but changes the amount applied to principle and interest based on the prime rate. For example, when the prime rate goes up then your payment applies more to interest than to principle. This means it could ultimately take longer to pay off your mortgage because you are paying less on principle each month if the prime rate is high.

Adjustable rate mortgages can be great alternatives to traditional closed-term mortgages. However, when you are evaluating your choices in an adjustable rate mortgages it makes a lot of sense to take the time to learn about, and understand, introductory teaser rates, discounts and conversion rates, and how the prime rate will affect your mortgage payments and ultimate payoff time. Once you fully understand what ARMs are all about, and which options best suit your situation, then start shopping around for the best deal you can find. Happy shopping!
Copyright© 2008 Robert Dymont
All Rights Reserved.

Do You Really Need Mortgage Life Insurance?

The newest trend in financial services is to bundle services together and sell them as package deals. As this trend is developing, more and more lenders are starting to push the idea of mortgage life insurance on their clients.
Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family pay off the mortgage on their home should something tragic happen to them. This is not to be confused with private mortgage insurance which lenders require to cover their own assets if you have less than 20% equity in your home. Mortgage life insurance is meant to help out the family of a homeowner and not the mortgage company itself.

While it is nice to think that if you were to pass away your mortgage would be paid off, is this really necessary for you to pay for this service? If you already have an adequate amount of life insurance then the answer is probably no. However, if you are in ill health and do not have life insurance, this might be an option you would want to consider.

The basis for life insurance, in any form, is that it is intended to be used for those unlucky few who pass away during the term of their policy. The many other people who pay for their policy, but do not die during its term, are the ones paying out the money for those who are less fortunate. This means that if you are healthy and less likely to pass away during the term of your mortgage, then you are essentially paying for someone else’s mortgage through your payments.

One of the downsides of mortgage life insurance is that the premium stays the same whether you owe $1,000,000 or $1,000 on your property. In the beginning, when your mortgage principle balance is still very high, the premium makes sense. However, as you pay down your mortgage that premium gets to be over-inflated compared to the mortgage it is meant to take care of if something happens to you.

If you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage, then mortgage life insurance might be a good option. However, if you are relatively healthy then you might want to consider a good term life policy instead. A term life policy will likely be cheaper over the long-run and will also cover more of your family’s needs as your mortgage amount drops over time.

If you do not have dependents then it is futile to pay for mortgage life insurance. If no one will need to live in the home and make the mortgage payments, then life insurance does not make any sense. The person who inherits your home can simply sell it and keep the profits as their inheritance.

Many of the brokers in the financial industry get a kick-back when you sign up for mortgage life insurance. You need to know this going into the closing of your mortgage. If you sign on the dotted line for mortgage life insurance then the mortgage broker, or banker, gets a nice little bonus. So that you will not feel pressured to accept the life insurance at closing, make sure you make an informed decision ahead of time.

It is always a good idea to look at both bundled and single option financial products. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for your life and your loved ones.
Copyright© 2008 Robert Dymont
All Rights Reserved.

How to Determine the Right Mortgage Term for You

Choosing the mortgage term that is right for you can be a challenging proposition for even the savviest of homebuyers. However, by understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is right for your situation as well.

The first consideration when comparing various mortgage terms is to understand that the longer the term generally means a higher corresponding interest rate. And, the shorter the term generally means a lower corresponding interest rate. While this generalization might lead you to believe that a shorter term is always the preferred option, this simply is not always the case. Sometimes there are other factors, either in the financial markets or in your own life, which you will also have to take into consideration when you select your mortgage term length.

By selecting a shorter mortgage term you can sometimes continually renew your mortgage with more short terms, and their corresponding lower interest rates, and pay down your mortgage more quickly and at a lower interest rate. However, when you do this you run the risk that the interest rates will raise before you can renew and with it so will your mortgage payment. If you have a high tolerance for risk, and believe the interest rates will drop, then a short mortgage term may be a good choice for you.

One of the newest mortgage trends in Canada today is to put less than 20% down on a property and to finance the rest with a first and second mortgage. This has been possible for many people while the interest rates have been at historically low points because the payments are lower than they would be with a higher prevailing interest rate. While this has helped many people to purchase property they could have never afforded in the past, it also has made them very vulnerable to rising interest rates in the near future. While it is wonderful that these buyers can now purchase a house, the down-side is that they can loose their homes when they try to renew their mortgage terms and find out that the rates are substantially higher than they were previously. This will result in higher mortgage payments which may then be out of their financial reach.

If paying your mortgage each month places you close to the financial edge of your comfort zone, you may want to opt for a longer term mortgage, for instance ten years, so that you can insure that you will be able to afford your mortgage payments should the interest rates continue to increase. Hopefully, by the end of the ten year mortgage term you will be in a better financial situation and can afford higher mortgage payments should you have to renew at a higher rate. And, by the time the ten years has passed, you will also have a lower principle balance due, which will also help you with your payment amount as well.

If you are shopping for a mortgage for an investment property, you will likely want to consider choosing a longer mortgage term. This will allow you to know that the mortgage payment on the property will be steady for a long time and allow you to better project your future income from the property more accurately.

While no single mortgage term is right for everyone, by understanding your tolerance for risk, and your personal financial situation, you can choose the mortgage term which will work the best for you. One of the most important things to remember is that while mortgage rates have been wonderfully low, this is not likely to be the case in the years to come. Make sure you consider this when you fund your property purchase. The absolute last thing you want to do is have to renew your mortgage and find out that you can no longer afford your property at the new higher interest rate.
Copyright© 2008 Robert Dymont
All Rights Reserved.

How to Easily Save a Substantial Amount of Money on Your Home

Nearly everyone understands that the longer you owe anyone money then the more it costs you to ultimately pay it back. That is the simple concept of how lending money and interest works. For example, if you pay off your credit card in two months, rather than ten months, you will pay less interest and the cost for you having borrowed that money from the credit card lender will be less. While this works for consumer debt, such as credit cards, it also works for your home mortgage.

In the case of your mortgage, you can save a substantial amount of money by paying it down as quickly as possible. One of the most pain free ways to do this is to accelerate your payments from the first mortgage payment you ever make. There is a very simple and easy way to do this which can shave off years, and tens of thousands of dollars, off of the interest you pay over the life of your mortgage loan.

Typically people pay their mortgage payment once each month. These twelve mortgage payments are applied to interest and principle owed. By accelerating your payments by simply paying your mortgage every two weeks instead of once each month, you will make the equivalent of thirteen mortgage payments each year. The “extra” mortgage payment is applied directly to principle, and this works to much more quickly drop down the total you owe on your mortgage. Over the years, this drop in principle will save you a ton of money and take years off of your repayment schedule. And, because most Canadians are paid every other week, this can make your household budget a lot easier as well. You simply pay your mortgage out of each paycheck.

When you agree to mortgage terms you should always take the time to look for the clauses which discuss prepayment penalties and accelerated payment options. By choosing a mortgage which allows for you to pay it down more quickly you can save a lot of money. However, if you select a mortgage term which does not allow prepayment of your mortgage principle then you cannot save money in this manner. And, that is just simply not to your advantage.

By utilizing accelerated payments you can pay down your mortgage principle balance faster and be on your way to having your mortgage paid off much quicker. Make sure you work with a good mortgage broker though and choose mortgage terms which will allow you to prepay if you so choose.
Copyright© 2008 Robert Dymont
All Rights Reserved.

How to Use Your RRSP for A Down Payment on a Home

Do you understand the Canada Customs & Revenue Agency (CCRA) program for using your Registered Retirement Savings Plan (RRSP) to purchase your first home? The program, called the Home Buyer’s Plan, allows you to withdraw money from your RRSP to buy or build a qualifying home. And, the best part is that you can do it without incurring any penalties for early withdrawal.

The CCRA Home Buyer’s Plan allows each individual who will be on the title of a home to withdraw up to $20,000 from their RRSP to purchase or build a qualified home. And, under the Plan, a “qualified home” refers to any typical residence you would want to buy or build, such as a single family home or condominium.

So, for example, if you have four people wanting to buy and share a home, each person could withdraw $20,000 from their RRSP, for a total of $80,000 for the four of them combined. And the best part is that RRSP withdrawal is not counted as income as long as the CCRA Home Buyer’s Plan conditions are met.

One restriction on the plan is that it is only for first time home buyers, or for people who have not owned a home for a specified period of time. Another restriction of the plan is that the money must have already been in your RRSP for at least 90 days prior to your withdrawal and it all must be removed within the same calendar year. In other words, you can make more than one withdrawal but they must all be in the same year and cannot total more than the $20,000 limit.

If you choose to withdraw money from your RRSP under the CCRA Home Buyer’s Plan, you must start to repay the money you withdrew starting on the second year after your removal of the money. You will then be required to pay back the amount equal to 1/15th of the amount of money borrowed each of the following years. You do not pay interest on the money, and you do not generally incur any tax liability either.

One of the best things you can do is to repay the money back into your RRSP as soon as you possibly can afford to do so. This will both allow your money to grow more before you reach retirement age, and it will allow you to take the maximum RRSP deductions later in your life when you will likely be earning more money.

Once you understand how the Home Buyer’s Plan works, you can easily see you can help yourself to purchase a home, save money on your tax liability, and at the same time rebuild your retirement funds back to their previous balance.

If you are in the market for your first home, and you have the money in your RRSP to do so, you can really benefit from this wonderful CCRA plan. For more information about the plan, visit their website or consult your mortgage broker.
Copyright© 2008 Robert Dymont
All Rights Reserved.

Make Your Mortgage Interest Tax Deductible!

In years past it was always said that the best thing you could do for your financial future was to pay off your home mortgage as quickly as possible. Because your home mortgage is likely to be the largest debt you ever have, there seems to be some merit to this way of thinking. It insures that you have a place to live and that no matter how low your income might drop, you will still have your home. However, what worked in the past may or may not still be a good idea today.

You might be surprised to learn that many of the wealthiest people in Canada today have mortgages on their primary and vacation homes. They choose to leverage their debt and invest money in other areas while leaving their low interest mortgages in place rather than paying them off. If you think about it, if you have plenty of money to pay off your mortgage should you choose to, then it makes sense to invest that money where it will earn you more money if you can. If you should ever need to pay off your mortgage you could simply write a check and be done with it.

When you borrow money for your home, which is considered a registered asset here in Canada, the interest you pay is not tax deductible. However, borrowing to invest in a non-registered asset is tax deductible. This means that once you have equity in your home, you are able to borrow against it and invest that money. By doing this you are able to write off the mortgage interest you pay against that equity which was borrowed. And, at the same time you are able to grow your wealth with the borrowed money. This gives you both a tax advantage as well as the ability to grow your net worth.

There is always some risk involved when you choose to use your home equity and invest it elsewhere. However, if you are able to safely invest it at a rate of return higher than your mortgage interest, you are getting a nice tax break and increasing your wealth at the same time! And, once you’re net worth hits a certain point, your mortgage is no longer a real concern because you can pay it off at a moment’s notice.

In this time of historically low mortgage interest rates, it can be to your advantage to use the equity in your home to invest. You can build your wealth and get a nice tax break at the same time.
Copyright© 2008 Robert Dymont
All Rights Reserved.

Mortgage Lending 101

Have you ever wondered just what lenders are looking for in the perfect client? Do you want to approach a lender knowing exactly what they are looking for, and allowing yourself a stress-free mortgage experience? Thankfully, I can share this information with you and help you to better understand just exactly what a lender is looking for, and how you can use that knowledge for your own benefit.

There are really two important factors when it comes to lending money to you. These are your Gross Debt Service Ratio (GDS) and you?re Total Debt Service Ratio (TDS). By understanding your GDS and TDS ratios, you can be well on your way to securing the best mortgage possible.

What is Gross Debt Service Ratio (GDS)?

Your GDS is simply the amount of your monthly income which is dedicated each month to servicing your house-related debt. This includes your mortgage, taxes and insurance. Your GDS should be less than 32% to obtain a favorable mortgage interest rate.

To calculate your GDS ratio, you take your monthly mortgage payment and add to it your monthly property taxes, plus your projected heating bill, and 50% of your monthly maintenance fee costs. Divide this number by your gross monthly income, multiply the result by 100, and you have your GDS ratio percentage.

For your GDS calculation, your monthly mortgage payment is determined by the principle and interest you will have to pay each month on your new mortgage. This amount depends on the amount you wish to borrow, the interest rate charged, and the length of your mortgage loan. If you do not know how much heating your new property will cost, you can estimate this at $50 per month. You will generally only have monthly maintenance fees if you are purchasing a condo or other property with required association fees.

What is Total Debt Service Ratio (TDS)?

Your TDS is the amount of your monthly income which is dedicated each month to servicing your total debt. This includes your home, your credit cards, vehicle debt, etc? Your TDS should be less than 40% to obtain a favorable mortgage interest rate.

To figure your TDS, lenders will use all of the information from your GDS, as well as any other debt you might have which can be seen on your credit report. This includes car loans, credit cards, open lines of credit, and any other consumer debt you have. However, it does not include your monthly utilities, as they are not on your credit report for your lender to evaluate.

What Else Do Lenders Consider?

In addition to your GDS and TDS ratios, mortgage lenders look at your credit rating, your income, and job stability as well. They are looking to make sure you have a good credit rating, a decent income for the amount of money you wish to borrow, as well as a stable job which will allow you to repay your loan.

Okay, But What If I Have Bad Credit?

The good news is that even if you do not have the best credit, or ideal GDS and TDS ratios, you can still likely obtain a mortgage. If you are applying for a conventional mortgage, one with 75% or less loan to value (LTV), then lenders are much more willing to work with you if you have some negative credit issues or higher ratios. With a 75% LTV you will have 25% interest in your property. Lenders see this as a very positive thing and know that you do not want to loose that much money by having your property foreclosed on. This gives you an extra motivation to pay your mortgage each month and lenders understand this.

In addition, you can get a non-conventional mortgage with higher ratios and less than stellar credit, however you will pay a lot more for the risk that the lender is taking in lending to you. Your lending fees and interest rate will be higher if you have bad credit

or higher than average ratios.

The best thing you can do if you are looking for a mortgage is to know your GDS and TDS ratios, and understand lending from the lenders point of view. If you can come to the table with all of your information as they want to see it, then you will have a much less stressful time in securing financing.
Copyright© 2008 Robert Dymont
All Rights Reserved.

Shopping For a Mortgage Renewal…

Yes, You Need to Shop Around!

How long did you shop for your initial mortgage on your property? With the answer in mind, how long do you plan to shop around when it’s time to renew your mortgage term? While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. And, this practice costs Canadian citizens thousands of extra dollars every year.

It has been reported that nearly 60% of borrowers simply send back their renewal that is first offered to them by their lenders, without ever shopping around for a more favorable interest rate. Because lenders bank on the idea that most people are simply too lazy to shop around for a better rate, they send you their highest rate and see if you sign-up to renew at that rate. The worst thing you can do is accept the first rate offer from your existing lender. If you do then you are in the group of the 60% they bank on not shopping for a better deal. Without any negotiation, simply signing up for the market rate on your renewal is costing you a lot of unnecessary money on your mortgage.

Another favorite tactic of lenders is to send out your renewal letter very close to the time that your term expires. This does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate. Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires.

Because your first ten years or so of your mortgage payments goes mostly to interest, when the time comes for you to renew your mortgage terms your mortgage is still a significant amount of money. By getting the lowest possible interest rate you can, you will be able to more quickly pay down more of your principle and save the most money over time.

Before you ever hear from your lender about renewing your mortgage term, begin to shop around on your own and see if you can find a more favorable rate to renew your mortgage term at through another lender. By finding a better rate you can either negotiate with your existing lender to match the better rate, or if not then you will have plenty of time to set up financing with a new lender.

Your mortgage is one of your biggest life expenses. For this reason it is imperative to find the best interest rates and mortgage terms as you possibly can. By shopping around at renewal times you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Make the lenders compete for your business!
Copyright© 2008 Robert Dymont
All Rights Reserved.

Should You Invest or Pay Off Your Mortgage Early?

One of the most popular personal finance questions asked today is whether or not it is best to pay off your mortgage early or to invest your money instead and hope for a higher return rate. With the varying opinions out there on personal finance, it is often hard to determine which option is best for your own unique situation. While this can be a tough decision it is one which you can make if you take the time to balance your options and consider the pros and cons of each option thoroughly.

Generally, most people have the goal of paying off their mortgage as soon as possible if they plan to stay in their home through their retirement years. By paying off their home mortgage early they will be left with only property taxes to pay as they age and their income becomes lower and/or fixed. This can be a great goal to have if you are nearing retirement age or on a quest to become debt free early in your life. However, this is not always the best option if you are a long ways from retirement age.

If you have a very low interest rate on your mortgage, and you can invest your extra money into investment vehicles which will pay a higher interest rate than your mortgage, it makes sense to consider investing your extra capital rather than paying down your mortgage early. By investing in RRSPs while you are still young, you will realize a lot of compounding interest as the years pass. This return on your money can far surpass the savings you can realize simply by prepaying your mortgage.

Over your lifetime you have only a certain amount of money to work with. How you allocate your money, and what you choose to do with it, will result in your overall net worth as you get older. People have been debating the mortgage payoff versus RRSP savings argument for many years. In times where the interest rates are very low, then it makes sense to pay off your mortgage early. However, in times where interest rates are very high you are likely better off investing your money and letting it grow, while paying the minimum you have to on your mortgage each month.

Once you max out your RRSP contributions for the year, then you are in a position where any more investments that you make may have tax consequences. This should always be looked at more closely when you are considering keeping your mortgage and investing your money elsewhere.

One of the biggest myths in Canadian society today is that wealthy people do not have mortgages on their homes. This just simply is false. Because mortgage interest rates have been very low, many wealthy people are carrying large mortgages and using the money to invest elsewhere where it will return them a higher rate of interest earnings.

If you are looking at the option of prepaying your mortgage rather than investing your capital elsewhere, make sure to take the time and run the numbers to see if it makes financial sense or not. You may find that paying off your mortgage early actually looses you money over the longer term.
Copyright© 2008 Robert Dymont
All Rights Reserved.

Successfully Manage Your Credit & Debt

It seems that no matter where you turn in Canada today, the banks are all offering more and more credit options for consumers. While it can be a wonderful advantage if you are looking to borrow money, it can seem seriously overwhelming at times to choose which option is best for you when you need it.

You might be surprised to learn that the average Canadian gets more financial mail than all of the mail from their family and friends combined. Lenders are lending money at a feverish pace without a lot of regard to the ramifications to our society. In times past, you would never have been able to use a credit card at the local grocery store, now it is commonplace all over our country and much of the rest of the world.

Because credit is so readily available, to just about anyone who wants it, it is very easy to get in over your head and find yourself in serious debt. Your debt can even lead you on a path to stress and ill health when it gets out of control.

The good news is that you can successfully manage your credit and debt load. By sticking to some common sense guidelines in your financial life, you can avoid getting yourself into consumer debt. And, if you find that you are already in debt, you can work your way back to a much healthier financial state of being.

Create a Budget

One of the simplest things you can do for your financial health is to create a budget. Think of your budget as a roadmap of how you will save and spend your money. If you were going on a driving trip, would you get in the car having no idea where you were headed or how you would get there? Of course not. The same should be true for your income and expenses. You should have a budget showing how much money is coming in and what you need, and want, to spend it on. A budget is not meant to be restrictive and tell you what you cannot have. It is meant to be your roadmap of where you are going to be financially down the road.

Pay Yourself First
The first line on your budget needs to be for savings. Whether it’s $10 or $1000, you need to put some of your income away before you ever pay any bills or spend any money. Over time this savings will grow to be a substantial amount of cash and will give you something to show for all of your years of hard work. You simply cannot afford to not pay yourself first each month.

Track Your Spending Habits

One way to build a realistic budget, and get a good idea where you money is currently going, is to track all of your spending for a month’s time. Carry around a small pad of paper with you at all times. Each time you spend any money write down what you spent it on and how much it was. By doing this for a month you can easily see where your money is leaking from your wallet. You may find that your “cheap” $5 per day lunch really does add up to $100 or more each month.
List Your Obligations, Consumer Debt, and Optional Expenses

When you create a budget you are laying out your obligations, as well as your priorities, on paper. First you should list all of your fixed expenses like your mortgage or rent, electric, gas, car payment, etc… Then you should list things which are optional in life. These things include phones, internet access, cable or satellite service, etc… And you should also have a section for existing consumer debt. This will be all of your current credit card obligations. These three simple sections make up your budget.

Set Your Goals and Priorities

Everyone should have short-term and long-term goals. These should ultimately be in line with your priorities in life. If you want to retire at 50, then you need to have the retirement savings to allow you to do so. If you want to vacation for a month in Europe next summer, then you should be saving up your money now for the trip. By looking at what you want to do in your life, you can begin to form a roadmap, your budget, to get you there.

Suppose for a moment that you need an extra $100 each month to save for your summer trip to Europe. You can easily cut your cell phone or satellite service to make up much, if not all, of that shortfall. Or, you can shop and eat differently and make up the extra money that way. The idea is to have your goals and priorities defined and to make sure your spending matches them. This allows you to get what you most desire in life with the income that you have.

Save-Up Rather Than Whip-Out the Credit Card

One of the most important things you can do is to save money for things you need to purchase. Rather than finding the best price and then paying interest for a year or two on whatever you bought, save the money, find the best price, pay cash for it, and enjoy you item knowing that you own it and have paid for it in full. This goes for furniture, cars and other large purchases, as well as the smaller things like back-to-school clothing for the kids.

Your Good Credit Rating Saves You Money

When you go looking for a new mortgage or any other form of credit, your credit rating directly affects your cost. If you have a bad credit rating you will always pay more fees and a higher interest than the person with good credit. This is just the way credit works; you pay more for the higher risk of loaning money to you if you have less than stellar credit.

Think back to the days of your parents or your grandparents. Back then they couldn’t purchase whatever the wanted on credit, so they were in the habit of saving their money until they had enough. In today’s society we have traded that peace of mind for the ability to have things right now, whether we can afford them or not. Ultimately, I tend to believe the old way had its merits.
Copyright© 2008 Robert Dymont
All Rights Reserved.

Next Page »