Episode 8 – Credit Report

Credit reporting agency collects information about where you live and work, how you pay your bills, whether or not you have been sued, arrested, or filed for bankruptcy. All of this information is combined together in a credit report.

A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual.

In order to access you credit report contact both Equifax and TransUnion.

Order a copy of your credit report from both Equifax and TransUnion. Each credit bureau may have different information about how you have used credit in the past. Ordering your own credit report has no effect on your credit score.

Equifax Canada refers to your credit report as “credit file disclosure”.

TransUnion Canada refers to your credit report as “consumer disclosure”.

Consider requesting your report from one bureau, then wait six months before you order from the other bureau.

TransUnion
US 1 800 916 8800 Canada 1 800 663 9980
Equifax
US 1 866 349 5191 Canada 1 800 465 7166

Episode 7 – Managing Your Debt

In this episode I will discuss about ways to paying off debt. I will also share some additional strategies to manage debt.

A debt management plan sets up a payment schedule for you to repay your debts. By voluntary agreement you deposit funds with your credit counseling agency each month. They send those funds directly to your creditors.

Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. Most of the times, bankruptcy is imposed by a court order, often initiated by the debtor.

Consumer proposals are offers made by debtors to modify their payments to creditors. For example, debtors may propose paying a lower amount each month over a longer period of time, or paying a percentage of what they owe.

Office of the Superintendent of Bankruptcy Canada

Canadian Association of Credit Counselling Services The National Voice for Not-For-Profit Credit Counselling in Canada

Credit Counselling Canada

Episode 6 – Personal Finance – Insurance Part 2

In this episode, Yonas shares his personal experience on buying insurance. He shares practical advice on how to do due diligence before buying insurance products. It is never late to start planning to invest into the protection of people you love in your life through insurance.

Critical illness insurance is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.

Final Expense life insurance policies are really like most other senior life insurance policies, meaning you can get them in a wide range of coverage amounts.

Check the link below for further information.
Financial Services Commission Ontario

To contact Yonas Tekle his email address is:
yonasg101@gmail.com

Subscribe on Youtube

Episode 5 – Personal Finance – Insurance Part 1

Today’s guest is an insurance expert Yonas Tekle. Yonas is going to help us understand the different types insurance products, why we need them and how it fits into our financial planning.

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner.

Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage.

Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period.

Financial Services Commission Ontario

To contact Yonas Tekle his email address is:
yonasg101@gmail.com

Episode 4 – Personal Finance – Budgeting

Budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you.

The 50%/30%/20% budgeting rule is spending 50% on needs and 30% on wants while allocating 20% to savings.

An emergency saving is a bank account with money set aside to cover large, unexpected expenses. Such as financial crisis, job loss, travel expenses or large medical bills. These unexpected events can be stressful and costly.

Episode 3 – How To Start Investing (Part 2)

In this episode I will continue my discussion on investment planning, portfolio building and types of investment accounts. I will also discuss what an index is and how it could fit into an investment strategy.

An index fund is a type of mutual fund with a portfolio constructed to match or track the components of a market index, such as the Standard & Poor’s 500 Index (S&P 500).

The Canada Learning Bond (CLB) is a grant paid by the government of Canada to assist families with saving money for their children’s post-secondary education.

Get Smarter about Money (Ontario Securities Commission)

Canada Learning Bond

Morningstar

Episode 2 – How To Start Investing (Part 1)

In this episode you will learn how to start your investment planning and how to apply KYC. You will get an understanding of
investment and account type selection process. Risk and reward of GICs, CDs, Bonds, Stocks, Mutual Funds and ETFs.

The Know Your Client form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients’ risk tolerance, investment knowledge and financial position.

The risk–return tradeoff or risk–reward is the relationship between the amount of return gained on an investment and the amount of risk undertaken in that investment. The more return sought, the more risk that must be undertaken.

Get smarter about money (Ontario Securities Commission)

Morningstar

Episode 1 – Basic Investment Products

In this episode we will discuss about GICs/CDs, Bonds, Stocks, Mutual Funds and ETFs.

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks.

A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States and elsewhere by banks, and credit unions. CDs are similar to savings accounts in that they are insured “money in the bank” and thus virtually risk free.

A bond is a fixed income investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate.

A stock is a type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings.

A mutual fund is an investment vehicle made up of a pool of moneys collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and other assets.

An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange.

www.morningstar.com