Recently, I posted a blog called Easy Steps to Teaching our Children About Money Management.
Basically, you teach your children to track every penny spent and to find ten percent to put into an emergency fund. I remember telling my son Bradley, a story that was told to me by my financial planner. She told me about this young kid about 18 years of age in her office that saved ten percent of his earnings and brought it to her to invest. How much money did that kid have at age 40? The kid had over $800,000. Bradley has never forgotten that story and stated he was going to do the same thing. One of his goals is to graduate from the University of Windsor debt free. He is on his way and was even profiled in the Windsor Star recently!!
I am very proud of Bradley and his plans, but not everyone can graduate debt free. Currently, you may be a student or a recent graduate and finding it hard to secure employment to pay your student loans. Student loans are only automatically discharged if you have “ceased to be a student” for more than seven years prior to when you file a consumer proposal or bankruptcy. You may read more regarding student loans here.
There are generally 3 options to deal with the debt. The first option would be a debt management plan, which is to pay 100% of the debt over a 5 year period. The second option would be a consumer proposal, which is to pay a portion of the debt over a 5 year period and the last option would be a bankruptcy.. This short video explains options you have for dealing with your debt.
If debt stands between you and your future goals, please give me a call at 310-PLAN to help you make a plan for a fresh start!!
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