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Mario Daniel Sconza | Mario Daniel Sconza & Partners Blog

Friday, July 23, 2021   /   by Mario Daniel Sconza

Financial Friday #72: Can Your Financial Advisor Pass Our Test?

There are good reasons to seek out an expert when it comes to managing your investments. For most of us, it comes down to a lack of knowledge and/or a lack of time.
 
Whether you work with an investment firm or rely on the services of your local bank, that financial expert is taking care of your life savings. Despite the considerable consequences of their job performance on your financial future, a lot of us spent more time evaluating our mobile phone plan than we do our financial advisor.
 
If you haven’t given it much thought, why not run through the list below and make sure your financial future really is in good hands.
 

Do you know your funds and their approximate rate of return?
It sounds obvious but many people can’t answer this question. If you have to go searching for a statement only to find you don’t really understand what you are looking at, it might be time for a change.


Do you feel the service used to be better, faster or mor; ...

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Friday, July 16, 2021   /   by Mario Daniel Sconza

Financial Friday #71 : Hustling on the Side? Do it with Purpose

Enriched Academy Co-founder Kevin Cochran learned a lifelong lesson in his early twenties. He bought a car on a credit card because he reasoned, "I can just work more and pay it off". He soon realized that buying an expensive, depreciable asset at 20% interest with a lot of operating costs when you really couldn’t afford it to begin with was not sound financial decision making!


Kevin started Enriched Academy because he learned that mastering your finances requires knowledge, a system for managing and investing your money, and goals. Working longer to get more money to throw into a broken system with poor financial decision making will not solve your problems. It will also rob you of your time. Billionaire investor Warren Buffet said it best when he stated, "If you don’t learn to make money while you sleep, you will work until you die."


However, we will admit that if you are disciplined and have the time, working a little extra (even temporarily) might be an option; ...

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Friday, July 9, 2021   /   by Mario Daniel Sconza

Financial Friday #70 : Rental Properties not Reality TV

Rental Properties not Reality TV
Buying a property, finding a tenant, and pocketing the rent is the basic premise of a rental property; not a 3-step plan for success. Despite the simplified, can’t miss experience we see on reality TV, the real world of rental properties involves a lot of details and research that don't make for interesting viewing.

Below is a bare bones list to get you thinking in the right direction, but we recommend a lot more homework before you commit to investing several hundred thousand of your hard-earned dollars.


Cash flow is king. Your property may rise in value, but don't forget that you are investing; not speculating. Your main goal should be generating positive cash flow month-to-month on all that money you have tied up. Your cash flow may also dry up if you have to ride out a few months with no rent, so have a reserve fund on hand to tide you over.


Be ready to buy. You’re not the only one looking for an investment opportunity. Tal; ...

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Friday, July 2, 2021   /   by Mario Daniel Sconza

Financial Friday #69 : 8 Surefire Ways to Sink Your Summer Budget

Dividing up your money into little piles for the various things you need (and want) doesn't seem like a difficult process, so why is a budget so hard to put into practice?
 

You didn’t start with the right number. Your take home pay (after all deductions) is the starting point.


You used the wrong time frame. Some bills are monthly, but most of us get paid every two weeks and find a two-week spending plan easier to follow.


You had no idea how much you were spending before. Track your expenses for at least two pay periods and create your budget based on actual data, not your best guess. You can always tweak your budget if it proves to be unrealistic.


You forgot to record all your expenses. Whether you use the latest app or a collection of post-it notes to track expenses, it needs to be quick and easy, and you need to make it a habit. Try using a credit or debit card for everything so you can always see exactly where your money went.


You spend too much. ...

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eXp Realty of Canada
Mario Daniel Sconza
4711 Yonge St 10th Floor
Toronto, ON M2N6K8
416-230-3476

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated July 27, 2021
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