Articles — Finance_And More(8)

Pay Up!

Dr. Linda Hancock 11. The Eleventh Year Finance Finance_And More iStock

This is the week that many credit card bills arrive. Perhaps you got carried away with buying during the Christmas season and your balance is higher than you even expected.Well, it's time to get back on track again: 1. Don't ignore the situation - Not opening a bill doesn't mean that the balance will go away. You need to open all the mail and face reality. 2. Make a list of your debts - On a piece of paper set up columns, each of which has a specific heading such as the company you owe, the total amount, the minimum...

Read more →


Work Smart - Not Hard

Dr. Linda Hancock 09. The Ninth Year Finance Finance_And More iStock

Sometimes people think that they need to work harder to do better. That isn't always the case. In fact, working smart is better than working hard. Let's talk about your future for an example. Most people pay Income Tax based on the amount of money that they earn and the bracket that they fall into. You can get some of that back if you overpay, have dependents, file tuition receipts for education or invest in either an RRSP or Pension Plan. These deductions can result in a refund which most people spend on luxuries or to pay down debt. There...

Read more →


Do You Know Your FICO Score?

Dr. Linda Hancock 08. The Eighth Year Finance Finance_And More iStock

In 1956 an engineer named Bill Fair and a mathematician named Earl Isaac founded Fair, Isaac and Company (FICO), a credit score company, in San Rafael, California. Over the years, their formula for determining risk with consumers has evolved and now is recognized as one of the most used products throughout the world particularly in the banking industry. Data about you and your financial patterns in five specific categories is gathered from banking, mortgage, credit card, retail and auto industries and then recorded in a file with your name. In Canada there are two companies who have your file - Equifax and Transunion. Approximately 35% of...

Read more →


Financial Planning Is Good for Everyone

Dr. Linda Hancock 08. The Eighth Year Finance Finance_And More iStock

About four years ago, my oldest grandson got a part-time job in a grocery store. He graduated from high school last year and even though he was eligible for scholarships, decided that he would continue working so moved into a full-time position in the produce department. He likes the job but is kind of an oxymoron. He doesn't have a driver's license, credit rating or independent living yet, at the same time, he has a great deal of responsibility in his job and a fairly large bank account. It's kind of like having one foot on the pier and one...

Read more →


Taxed Over Taxes

Dr. Linda Hancock 07. The Seventh Year Finance Finance_And More iStock

At the beginning of the twentieth century the United Kingdom and the United States had personal and corporate income tax laws. Canada, on the other hand, wanted to encourage immigration and therefore offered free land and a tax-free system as an incentive for people from other countries to make this their home. The costs of participating in the first World War, however, were so large that Sir Thomas White, who was Minister of Finance at the time, introduced a temporary "war" income tax to help pay the costs. But this tax was not temporary, and, in fact, it has become...

Read more →


I'm Not Going to File My Taxes This Year

Dr. Linda Hancock 06. The Sixth Year Finance Finance_And More iStock

Well with spring comes that time when governments revive up the computers and open their coffers waiting for you to send in an overview of your financial situation for the previous year. Even though it is common knowledge that income tax documentation is due in April I am surprised by the number of people do not file by the deadline. In fact, there are thousands who have ignored this practice for years and then face overwhelming consequences. If you have been thinking about skipping the whole tax filing process, there are a number of things that you should know: This...

Read more →


If I Had A Million Dollars

Dr. Linda Hancock 06. The Sixth Year Finance Finance_And More iStock

Many people line up to buy lottery tickets with the hope that this will be the week when their circumstances will change their life! If they only had the right numbers, they would soon own the status of millionaire. The sad news is that most individuals who gain wealth quickly tend to lose it almost as quickly. By the end of the first year, in fact, they are usually in the same financial situation they were in before they won the lottery. If you truly want to become a millionaire, you are therefore better off gaining it slowly and keeping...

Read more →


Give Until It Hurts!

Dr. Linda Hancock 05. The Fifth Year Finance Finance_And More iStock

I get very confused when it comes to money. We turn on the television and hear about high unemployment, recession and the fact that the global economy is threatening to collapse. We're told that there isn't enough money to fund programs, build schools and hospitals, or feed the poor. It seems really bleak. But then, something happens that contradicts the negative outlook. Countries send manpower and extremely expensive equipment around the world to save a handful of trapped miners. North America funds wars in far off places that most people will never visit. Political parties invest billions of dollars in...

Read more →