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Mario Daniel Sconza | Mario Daniel Sconza & Partners Blog

Friday, November 26, 2021   /   by Mario Daniel Sconza

Financial Friday #90: What's YOUR Retirement "Number" ?

Don't ask us how Much you Need to Retire!


On November 24, we held a great live session on retirement planning. Arian Beyzaei of Enriched Academy and Kornel Szrejber of Build Wealth Canada did a deep-dive into sources of retirement income, how to withdraw from your retirement savings, RRSPs, RRIFs, CPP, OAS… and a lot more. It was a comprehensive session with tons of great facts, so make sure you check it out on YouTube… but don’t go there looking for an answer on how much you need to put away!


There is no magic number —nice round numbers like $1,000,000 or some multiple of your income (eg. 6X annual salary at age 50) have no basis in fact, especially not your facts. They have no way to know if your retirement hobby is going to be restoring a vintage car or watching hockey on TV all night. Either option may fit your retirement dream, but one costs a lot more.


If you really need some kind of number for reference, 2019 Federal Government data showe; ...

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Friday, November 12, 2021   /   by Mario Daniel Sconza

Financial Friday #88: What to do About the Mortgage?

Time to Polish up your Crystal Ball and Renew the Mortgage


Most of us don’t have Bank of Canada (BOC) interest rate announcements penciled on our calendar, but much higher than targeted inflation and rapidly increasing home prices means rates hikes are most likely in the cards.


There are eight BOC interest rate announcements every year and the next one on December 8 is expected to leave rates unchanged. However, TD economist Sri Thanabalasingam believes rates could be raised three times in 2022 adding almost 1% to your mortgage. Scotiabank Economist Derek Holt is even more bold, he predicts the BOC will need to hike rates as many as eight times by the end of 2023 — that could add  2% to your mortgage!


We don’t have a crystal ball and two economists never seem to agree on much of anything, but it definitely looks like the cost of debt is heading upwards. The questions are: When and how much? & What do I do with my mortgage?


For existing hom; ...

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Friday, November 5, 2021   /   by Mario Daniel Sconza

Financial Friday #86: 19 Valuable Financial Facts in Under 2 Minutes!

November is Financial Literacy Month and we are kicking it off with 19 fast financial facts to get you up to speed in under 2 minutes!
 


Paying the minimum required on a credit card will get you nowhere. If you need proof, get your statement and look for the “Time to Pay” section. 


A 2.5% Management Expense Ratio (MER) fee on a mutual fund can decimate your retirement nest egg. The proof is here. 


Since 1988, The TSX has been in the red 10 times on an annual basis. The worst drop was 35% in 2008, with the biggest gain being 31% a year later in 2009. The index was 3160 in 1988 and is currently over 21,000. 


Requesting your own credit report or checking your score does not reduce your credit score. 


Packing a lunch and passing on a daily take-out coffee or bottled water are the two most suggested ways to save money for good reason - they are relatively painless and can put over $3000 back in your jeans. 


The to. ...

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Friday, November 5, 2021   /   by Mario Daniel Sconza

Financial Friday #87: Test your Financial Acumen!

It's Financial Literacy Month and one of the ways we are sharing our knowledge is through our free weekly webinars. This list of 5 true or false questions are all taken directly from our recent webinars. How does your knowledge stack up?


Getting a better job and earning more money is the easiest way to build wealth and secure your financial future.


650 is a good credit score that will allow you to get great interest rates on a personal loan or mortgage.


Mutual funds are managed by teams of financial experts and usually offer returns above the market average.


Upgrading to a new car every 5 years will save you money because used car prices are high and it will reduce maintenance costs.


Buying a rental property requires a 20% down payment


And here are the answers explained.

1. If you joined Arian Beyzaei in mid-October for "8 Factors to Master Your Personal Finances", you would have learned that managing the money you have is far more important that earnin; ...

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Mario Daniel Sconza
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Toronto, ON M2N6K8
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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 December 1, 2021
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