Joel Mahon - DFSIN

11/15/2023

Saving Tip Tuesday! 🚀💰

Before making your next purchase, ask yourself this question:

"How many hours do I have to work to pay for this?" ⏰

For example, if you earn $25/hr ($20 after tax):

A $40 dinner out isn't just $40—it's 2 hours of hard work.

A $1000 phone? That's 50 hours (1.5 weeks!) on the clock.

Money can feel abstract - and it's very easy to tap a screen with a credit card (or use Apple Pay!).

But - most people know what "50 hours of work" feels like.

And that extra link can make you ask yourself - do I really want this item?

This helps many families spend on what they truly value...

And save a ton of $$ by saying no to items they don't need/want.💡💰

Try this out with your next purchase and let me know what you think! 👊

-Joel

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Content on this page is for educational purposes only and is not financial advice. Consult a professional for personalized guidance. The author, Desjardins, or DFSIN are not liable for actions taken based on this information, and no client-advisor relationship is established here.

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11/10/2023

🚀 Debt! Stressed just seeing the word? 🏦

Balancing multiple debts and feeling overwhelmed?

Want a strategy to tackle your debts head-on and eliminate significant financial stress?

Introducing the Debt Snowball Strategy!❄️

Let's see an example…

Meet Jane, a single mom with 3 credit card debts. She's not sure how to get rid of them, and they're keeping her up at night😣

She hears about the Debt Snowball and decides to give it a try, following these steps:

1️⃣: List Debts from Smallest to Largest

Credit Card (CC) 1 = $1,000; 2) CC 2 = $2,000; 3) CC3 = $3,000

2️⃣: Make Minimum Payment on All Debts (Except Smallest)

She makes the minimum payments on CC2 and CC3

3️⃣: Pay as Much As You Can on the Smallest Debt

She takes the remainder of her savings and puts the rest to CC1.

Eventually, this pays off more than the minimum balance on CC1 and her CC1 balance owing will be 0.

4️⃣: Repeat Until Each Debt is Paid Off

Once CC1 is paid off, she rolls that momentum (and extra cash) into CC2, keeping the debt snowball rolling.

Pay the minimum on CC3 and allocate the remaining amount to CC2 to maintain the momentum.

⭐️End Result?⭐️

A mom who had debt keeping her up at night, ends up feeling stress-free and empowered after conquering her debt!🤩

Tap the heart button if you enjoyed this content!
-Joel

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Content on this page is for educational purposes only and is not financial advice. Consult a professional for personalized guidance. The author, Desjardins, or DFSIN are not liable for actions taken based on this information, and no client-advisor relationship is established here.

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11/06/2023

🚀 What's 1000 worth?

It depends on when you invest it!

Let's see an example...

Sarah, age 20, invests $1000.

By the time she reaches age 65, it's grown to $21,000!!🤯

Takeaway: The longer your money is invested, the longer it works for you. 📈💼

But - even a few years' delay can significantly reduce the interest earned.

Let's say 20-year-old Sarah waited until she was 25 to invest her $1000.

Her investment would grow to almost $15,000 at age 65 - still a large gain...

But - $6000 less than if she had started at 20.

With price increases everywhere right now, it's more important than ever to have your money working for you.

Many people work hard to earn their money...

Let's make sure your money works hard for you as well!

Hit that like button if you found this post valuable. 📩👊

-Joel

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Content on this page is for educational purposes only and is not financial advice. Consult a professional for personalized guidance. The author, Desjardins, or DFSIN are not liable for actions taken based on this information, and no client-advisor relationship is established here.

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11/04/2023

This stat shocked me…

Only 7% of Canadians retire with an income of 50k+😲

Would you like to be part of that 7%?

Life is busy. Life is stressful. There's never a perfect time to talk about finances.

But - financial conversations are important, and they help others:
✅ Lower their stress levels
✅ Retire years earlier
✅ Save thousands in taxes
✅ Lower insurance bills
✅ Build the life (and retirement) of their dreams

Still not sold on the benefits of having a financial plan?

Of those about to retire:
1) Who HAD a written financial plan - 83% felt prepared for retirement
2) Who did NOT have a written plan: only 47% felt prepared for retirement

If a plan can help you feel more confident and give you a higher chance at financial success - would that be worth a 10-minute talk?

Many families ask me - it must be expensive to create a plan! What's the catch?

There is no cost to you. No obligations either.

I'll share strategies other families use to set themselves up for financial success.

You can take the info and do whatever you'd like afterwards.

If that seams reasonable...

Simply DM me 'Start' for a FREE consult to build a custom financial plan.

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Content on this page is for educational purposes only and is not financial advice. Consult a professional for personalized guidance. The author, Desjardins, or DFSIN are not liable for actions taken based on this information, and no client-advisor relationship is established here.

06/26/2023

With household debt levels rising in Canada, here are a few strategies to pay down debt.

If you have questions on your own situation, feel free to send me a message📲

Debt can be useful but also stressful. And the money you use to pay off debt isn’t going into your savings. The sooner you can pay off debt the sooner you can save. Take a look at some strategies to help you tackle your debt and reduce your stress.

06/07/2023

Do you know your retirement number?

It's an important number to plan for, and it's different for everyone.

Don't leave your future to chance—schedule a free consult today.

While $1.7 million is a big number, it’s possible to retire in Canada on that amount, if you start an RRSP early in life and contribute to it every year.

04/12/2023

Group life insurance is often 1-2x annual salary - but - recommended amounts are often in the 10x salary range.

Are you setting up your family for success by addressing this gap with an affordable individual plan?

If you're uncertain about the answer, let's connect and review your life insurance needs together.📲

Have you thought about what happens to the insurance coverage you enjoyed while you were at your job? Here's what to expect.

04/11/2023

Planning to buy a first home?🏡

Consider the new First Home Savings Account - which combines many benefits of the TFSA and RRSP to help you save for your dream home.

Contact me to learn more about how this account can benefit you today!📲

The tax-free First Home Savings Account (FHSA) makes it easier for Canadians to buy their first home. Learn about the FHSA and how it works.

04/11/2023

Incredible time with incredible people at the National Conference in Banff!

04/09/2023

Happy Easter weekend!🐰

Hope you've enjoyed some quality family time, delicious food, and beautiful weather!

03/27/2023

How much do you need saved for a successful retirement?

The 25x expense retirement rule may hold the key.

Click to learn more about this powerful strategy and start planning for your financial future today!

How much money do you need to retire comfortably in Canada at age 55, 60, or 65 years? Learn how much money you need for retirement.