Personal Finance

Who Can Help Me With Money Urgently?

Life can add up quickly. Between routine expenses and unexpected costs, you may suddenly find yourself in a pinch. Perhaps you’ve lost your job or had an unexpected reduction in your income. Maybe your car has called it quits or you’ve had a basement flood. No matter what the cause of your financial stress, it is difficult to find yourself behind on bills, wondering how to afford food, rent and other essentials. Continue Reading

Personal Finance

4 Crucial Money Talks That Every Parent Should Discuss With Their Kids

When it comes to talking about money, most of us find it very challenging to discuss this sensitive topic, be it between couples or with kids. However, no matter how much we ignore the subject it’s a very important topic that should be discussed with children. The importance of discussion about money with your kids is that you equip them early enough with the correct information and skills, hence avoid future confusion and misconceptions with regards to proper management of finance. Let your children know the basics of how creditors like Northcash work and offer loans.

If you want to effectively prepare your children to have competent wealth management skills, then you should start discussing with them early enough the importance of credits, assets and installment loans. Some of the important key topics that you should address when educating your kid about wealth management are:

1. Your Estate Plan

Why is this important? First, you can only talk about your estate plan if you have already created an estate plan that is well developed with your attorney. After you have your estate plan ready, the next step would be to perform an intensive review of every aspect of the estate with all your children. This is after laying out all your wishes as the estate owner.  This will involve discussing your will, trust funds, assets, liabilities and every property that is under your name. Make sure that you address every section of the estate plan, it’s recommended you invite your attorney for a more legal explanation.

2. The Balance Sheet

If you plan on discussing finances with your kids then you must be very transparent and that means you will have to talk about all your assets and also your loans and credits.  It’s obvious that when it comes to liabilities many family members don’t like talking about how much they owe others. Create a balance sheet that clearly shows your assets and your liabilities, and then use it to explain to your children about your financial wealth.  Then explain to them the different roles and responsibilities one will have after inheriting the wealth and credits if there are any.

3. The Location of Documents:

Many people tend to ignore these and leave the work for their attorneys. However, this sill move of organizing your financial documents can help your kids keep track of all your past financial transactions. The documents can also be used as references for future transactions. Properly organizing your financial documents is one of the main keys to efficient financial planning. Place all your important documents that are related to assets and liabilities ownership and let your children know where they are located.

4. The List of Your Trusted and Reliable Financial Professionals:

Whom should your children go to in your absence and they are faced with a financially difficult situation? Most people think about the legal representative and forget the importance of such people like accountants, financial advisor, analysts etc. Create a list of the financial professionals who handle your assets and liabilities and provide the contact list to your children. Explain to them the different roles of each profession so that they know who to talk to when faced with a particular challenge. You can even organize a face to face introduction for a more personal touch.

 

Family, Home Life, Personal Finance

5 Reasons Why Condo Real Estate is Sought After

Condo real estate is everywhere, it seems like. There are high rises being built throughout downtown Toronto. Various reasons explain why people are leaving the suburbs with single-family homes and opting for condos in the city.

#1: Beautiful View
Many condo buildings are two, three, and even 20 floors high. As you can imagine, this would provide quite the view of Toronto. You might be able to see the CN Tower, the Gooderham Building, and much more from your living room or bedroom window. You can say good night to the skyline every night, providing a view that not everyone gets to say that they have.

#2: Great Layout
Many lofts are found in the downtown area. It’s a chance to go with a layout that is more conducive to the way you live your life. If you don’t like a split floor plan or having a lot of walls up, lofts provide you with a spacious design.

Various sizes of condos are on the market. You can find ones with gourmet kitchens, luxurious bathrooms, walk-in closets, and much more. It’s all about writing out a list of wants and working with a realtor to find what it is that you want.

#3: Countless Amenities
In addition to the amenities that you have inside your condo, there will also be amenities that are offered by the building itself. This can include covered parking, swimming pools, fitness centers, business rooms, and much more. It allows you to have access to all of the shared spaces as a resident. Depending on the amenities, you might save money by not having to go and get a gym membership or rent a business space when you need to hold a meeting periodically.

#4: Valuable Investment
Condos for sale in Toronto have proven to be a valuable investment. They hold their value for a significant amount of time, allowing you to make your money back when you do choose to sell. Condos are available across a number of different buildings, allowing you to find one that is within your budget. From there, you can choose to live in the condo or rent it out to someone.

#5: Incredible Walkability
Walkability has become a highly desirable feature in homes. By choosing condos for sale in Toronto, you have the ability to walk to various buildings for work, countless restaurants, and a wide array of attractions. With public transportation available, you can also choose to get further without having to rely on a private car. It reduces costs as well as your carbon footprint.

As far as where you can walk, it depends on where your condo is located. However, you will be able to walk in every direction. If work is downtown as well, it provides a significant amount of convenience.

Knowing all of the reasons to explore Toronto condo real estate is worth it. You might find the home of your dreams is actually a loft instead of a single-family home. It’s just a matter of finding the right one for you and your budget. There are resources available at Reza Afshar Real Estate if you want more information.