Blog

Jan 25

The REAL reason why your finances are tankin’

My receptionist, Jessie, one time mistakenly filled up her sister’s car with diesel instead of gas. (If you’re thinking diesel nozzles are designed to be oversized compared to gas — you’re right.  She said she had to really “jam it in there.”) After she drove off, the engine light came on, and the whole car seized up — followed by a tow truck and a big repair bill.  Apparently, using diesel in a car that takes gasoline can ruin a lot of expensive parts. Likewise, we (us humans) also have “tanks.” Not for gas or diesel, per say, but rather for things like love, knowledge, family, friends, career, and spirituality. When one of those “tanks” get’s empty it’s important that we fill it up with the right fuel, kinda like Jesse’s gas tank: The love tank needs to be filled with love, career tank with career stuff, and so on. If the right fuel is in the right tank, our lives run smoothly, we feel “balanced” and “in control.” But when we fill up on the wrong stuff, in the wrong tank, our lives start to break-down. I know about this first hand. Regularly, I used to put friends in […]

Jul 09

How to Budget When You Have ADHD

Quick Intro:  This article was co-written by June Silny (ADHD Coach) and me.  The story is hers, and the humour is mine.  Hope you enjoy ;). For most people, budgeting is tough. And having ADHD makes it even tougher. Believe me, I know all about it — I have ADHD, and in the past, a slew of financial problems.  I drove on bald tires because I couldn’t buy new ones.  At Trader Joe’s, I had to unload the Shreddies and salsa I couldn’t afford. And because of my money blunders, every month I’d overdraw my bank account, rack up the penalty fees, and feel miserable about myself. It’s terrible when you don’t have money.  Oddly enough, you get used to it. Paycheck to paycheck living becomes the new norm. That’s when you know that you’ve hit rock bottom. But there’s good news. Imagine paying your bills on schedule, not overdrawing your bank account, and having lots of money left over.  And no, you won’t have to eat bean burritos at Taco Bell for the rest of your life.   Sounds unimaginable, right?  Let me tell you, it’s easier than you think. THE MAGICAL SOLUTION Recently, I came across a free […]

Jun 25

3 Reasons Why You SHOULDN’T Cut Up Your Credit Cards

For years I thought about cutting up my credit cards. In the past, I always had six months of unopened credit card bills piled up on my kitchen table — I couldn’t even look at them.  Chugging 6 cups of green juice seemed easier to stomach then opening those envelopes.  I’m glad those debt-ridden days are a thing of the past. Fast forward to today.  I’ve paid off all my balances in full.  Yup, in full.  And I did it without cutting up my credit cards.  Did I freeze them in a block of ice?  Nope, I use them every chance I get — I’d even whip out my Visa for a piece of Bazooka gum if I could. I believe that you can pay off all your debt and still keep swiping your credit cards too. Here are three good reasons why you should hold off putting your plastic on the chopping block: Reason #1 –  Credit cards aren’t really the problem I used to curse out credit card companies all the time.  And it felt good — especially if it was followed with a fist-pump from a buddy. But deep down I knew that my credit cards weren’t […]

May 09

4 Ways to Knock Out Debt

I wasn’t built be a professional wrestler.  Not like my high school buddy Anthony — aka “Santino Marella” — who become the WWE Intercontinental Champion.   He’s like a brick wall and I’m just a skinny guy with a big beard.  He bodyslams 300-pound men and I couldn’t hurt a fly.  But we have one thing in common:  We both know how to knock out our opponents.   His is Hulk Hogan. Mine is debt — and debt is scarier than the Hulkster ;). So here are four strategies that will help you knock out your debt. Strategy #1:  Erase Negative Thinking and Get into the Ring Just like a professional fighter, beating debt requires the right mindset. If you think negatively and say stuff like “I can’t do this. I’ll never get my Visa to a zero balance.” — you’re right, you’ll probably never pay off your debt. But if you train your mind to think like a coach, and focus on the positive and what you can do, then you’ll have the guts to get into the ring. Don’t be overcome by the massive size of your opponent. Debt is only as scary as you make it.  Find […]

Mar 02

3 Steps to Get Over Financial Regrets

Have you ever opened your credit card statement and felt like you really messed up again?  My hand’s raised ;).  Those feelings of regret can become overwhelming.  Even paralyzing. I know about regrets first hand.  Take my Pink Floyd box set I got when I was 16.  Bought it, loved it, couldn’t afford it — and regretted it. You can swap “Pink Floyd box set” for “fancy dinners” or “skis” or “sports car” — all of those I regretted too. There’s one thing that all these “financial regrets” have in common — that sinking feeling that I will never change. But when harnessed the right way, regrets can be healthy. Seth Godin put it best when he said: “If regrets about yesterday’s decisions and actions help you do better work today, then they’ve served a useful purpose.” I’ve put together 3 steps that will help you move past your financial regrets and take action. Step 1:  Forgive Yourself   Sometimes the hardest person to forgive is yourself. Like my eight week sugar-free streak that was over when a Snickers bar mysteriously ended up in my throat. Okay, it wasn’t so “mysterious.” Next thing you know I was wolfing down Doritos […]

Nov 28

What’s the best way to pay debt off? The answer might surprise you…

If I gave you $500 a month to put towards your debt, what’s the best way to use it? Should you chisel away at the debts with highest interest rate? Or knock off the smaller ones first? I’m going to take you through two strategies to tackle your debt – Debt Avalanche vs Debt Snowball — and I’ll show you which one works best.  The answer might surprise you. Method #1 – Debt Avalanche This strategy prioritizes paying off your debts from highest to lowest interest rates in order to minimize the amount of interest you pay. Here’s how it works: Step 1:  Make minimum payments on all your debts Step 2:  Allocate all extra money to the debt with the highest interest rate Step 3:  Once that debt is completely paid off, focus on paying off the debt with the next highest interest rate Step 4:  Repeat until debt-free Let me give you a real-life example. Imagine these are your debts: $12,000 line of credit at 4.99% $8,000 owing on Amex at 19.99% $3,000 owing on Visa at 8.75% According to the Debt Avalanche method here’s how you should prioritize where you put your extra $500 of income: Priority […]

Aug 23

How getting stuck in a wheelchair helped me stick to a budget…

Becomin’ Hip in Brooklyn Eight years ago I ended up in a wheelchair for 6 weeks. Here’s what happened… One day out of the blue my hip started killing me. I was walking like a penguin. I’m usually good at “pushin’ through the pain” but it was so bad we cancelled our weekend getaway to the in-laws. BTW, this wasn’t just an excuse not to see the in-laws…I actually really like them. Fast forward 3 weeks. I was drugged up, stuck in a chair in my Brooklyn living room, and barely able to move. If I shifted even half an inch the wrong way it felt like someone was driving a nail down my whole leg. All the pain meds in the world didn’t seem to help. My wife had to push me in a wheelchair to my MRI. I felt every little bump on the sidewalk. Do you know how many bumps are on Brooklyn sidewalks? I do. I hated every one of them. Ouch. A Stretch a Day Will Keep the Doc Away The following week I got into a top surgeon in Manhattan. He told me that my MRI showed swelling in my sacroiliac joint (SI joint). […]

Nov 12

A letter to my younger self: Financial lessons I’ve learned along the way

Dear me, many years ago, Well, it finally happened; I got old. I hit the big 7-0 last week, and it has me thinking about times gone by, about mistakes I’ve made and regrets I hold. Looking back on my life – on our life – I wonder what I could have done differently to protect myself from the financial hardships I’m facing today. I wish I could go back and talk to you at 20, 30, 40, 50, 60, any of those landmark ages, so you could benefit from the financial lessons I’ve learned over the years, and share that advice with your beloved children. So I’m writing to you now to tell you everything I’d like to be able to tell my younger self. If I could, I’d ask you to read my words of wisdom carefully; I would beg you to follow my advice to ensure that you don’t fall into the financial traps that have pulled me down. When you’re 20 Life is pretty great, isn’t it? You’re young, vibrant and healthy, and it feels like everything is an opportunity waiting to happen. Even though you’re still in university, your thoughts are starting to stray beyond […]

Oct 22

Budgeting and forecasting: How to get on track and reach your financial destination

When it comes to finances, it’s easy to feel lost. We all know we need some kind of budget, but we aren’t always sure where to begin. Many people start by categorizing their expenses in a spreadsheet or computer program (like Mint.com or Quicken), hoping to figure out where they’re going wrong. The problem is, simply organizing/plugging in numbers won’t solve your financial problems. Let me explain. Going over past expenses is a great way to know where you stand. It gives you a solid foundation to create a cash-flow forecast for the next year. However, what is the next step once your forecast is completed? In other words, how do you stick to the forecast? The truth is that you need both a forecast AND a budgeting system to keep your spending in line. Because while forecasting helps predict what we want to happen with our finances, budgeting provides the means to make sure it WILL happen. A Road-Worthy Analogy Imagine you want to take a road trip to the Grand Canyon. The first thing you do is map out how you’re going to get there (think pre-GPS, please). You calculate the most efficient route and pencil it in. […]

Jul 21

4 tips on how to stop arguing with your spouse about money

Chosen best of the web by Globe and Mail personal finance columnist Rob Carrick     One word sums it up: Disconnected. That’s how most couples are with each other when it comes to their finances. I’m not talking about having separate bank accounts – that’s just a banking preference. What I am addressing is something much more profound: our inability to truly be honest with one another about our financial selves. Deep down, our disconnection stems from being too scared to communicate with our spouses about finances. (And no, shouting doesn’t constitute real communication!) We’re so afraid of being judged or criticized for our spending habits that we clam up rather than discuss the subject. So what can you do about it? How can you overcome the anxiety of talking about your finances with your loved one? What can you do to ease your partner’s fears of being upfront with you? Here are four tips that will help you open the communication lines with your better half so you can create a team-like approach to your finances: 1. Keep your cool If you discover unpleasant truths about your spouse’s spending, it can be tempting to confront them right away. […]