Articles — Other Finance(12)

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Pay Up!

Dr. Linda Hancock Finance Other Finance The Eleventh Year

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...

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Use It or Lose It! Surviving in a Difficult Economy

Dr. Linda Hancock Budgeting Finance Other Finance The Tenth Year

It doesn't matter whether you are listening to local, provincial, national or international news - the message is the same. Falling oil prices have threatened the economies of several countries in the world and we are going to be affected by this on a personal level. But there are so many things that we can do to enhance our lives and save money whether it is good times or bad. Following are three areas to consider: Food - We live in a land of plenty but don't always make good choices when it comes to eating. It is far easier...

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Work Smart - Not Hard

Dr. Linda Hancock Finance Other Finance The Ninth Year

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...

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Do You Know Your FICO Score?

Dr. Linda Hancock Finance Other Finance The Eighth Year

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...

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Financial Planning Is Good for Everyone

Dr. Linda Hancock Finance Other Finance The Eighth Year

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...

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January Bills

Dr. Linda Hancock Credit Finance Other Finance The Eighth Year

It's bad enough that the Christmas celebrations are over, and the weather is not cooperating with our plans but what makes things even more depressing is the fact that by mid-January, the credit card bills are arriving. It was easy to go over budget during the upbeat marketing frenzy of December. And the flyers promoting winter travel that are also arriving each week are tempting. But, for some, nothing seems to be financially feasible right now. Following are some tips to get back on track. Face the Facts- Open every bill as it arrives. Keep a list of the amount...

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Taxed Over Taxes

Dr. Linda Hancock Finance Other Finance The Seventh Year

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...

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I'm Not Going to File My Taxes This Year

Dr. Linda Hancock Finance Other Finance The Sixth Year

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...

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If I Had A Million Dollars

Dr. Linda Hancock Finance Other Finance The Sixth Year

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...

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Give Until It Hurts!

Dr. Linda Hancock Finance Other Finance The Fifth Year

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...

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The Simple Life!

Dr. Linda Hancock Credit Finance Other Finance The Third Year

Sometimes life seems so complicated! I have a credit card which provides me with points that can be used for a catalogue full of rewards. After several months of using the card, I realized that I had a significant number of points and reviewed my choices with interest. Since I moved into the condo I have been trying to get rid of things and therefore didn't really need anything from the catalogue but did think it would be nice to get a big screen television for my bedroom. I consulted with my "techie" son who advised me to just purchase...

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Getting Control Over Your Money - Spend Less

Dr. Linda Hancock Budgeting Finance Other Finance The Third Year

We are living in a society where it is very easy to have financial problems. In fact, it is tempting to be consumers on a twenty-four hour basis. Stores are open seven days a week for extended hours. Television and internet marketing allow us to make purchases without even leaving home. Debit and credit cards trick us into spending money without actually touching it - often money that we don't have. The cardinal rule for good financial health is to spend less than you earn. Those who do well over time are not always the ones who earn the most...

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