All posts by Steve @ Canadian Personal Finance

How To Afford Home Renovations Without Taking Out Personal Loans

Home renovations add value to your home. But they can be costly to undertake for most Canadians. Some people may rely on personal loans with sky high interest rates to make their houses look better or offer more functionality. Personal Loans are not the ideal for this because these can trap you in debt.

Home Renovations

Personal loans are often unsecured, so borrowers run the risk of being burdened with insane interest rates that makes repayment unaffordable. There are alternative options to keep home improvement loans less costly. Here are some ideas:

Try a DIY Project

Costs of home improvement and renovations projects can run high when you rely on outside contractors. One of the easiest ways to cut down costs is to undertake the product yourself.

Small DIY home improvement projects are perfect for homeowners on a budget and also hobbyists. However, keep in mind that not everything can be done DIY. Some big projects would still require professional contractors.

Avoid Branded Products to Keep Costs Low

Want to restock the new kitchen with branded tiles or repaint the doors with the “colour of the year”? Branded lifestyle products always cost more. Keep the overall costs down by using sensible products preferably local, like Pickering windows.

The advice here is to avoid luxury branded products, which only cost money without offering any practical advantages. By all means go with brands that offer more values with qualities like durability.

In the end, most people don’t know whether the new floor has fancy branded tiles or not. With most home improvement products, it’s the overall looks that matter, not the product label.

Take Out a Second Mortgage

If you are fixing a door, you can do it relatively cheaply even with hired labour. But some home renovations projects are too large to DIY or do on the cheap. For example, if you are redoing the entire kitchen, adding a deck or installing carpeting, you will need serious cash.

Not all Canadians have savings lying around to use in these situations. In that case, you can consider one borrowing option:  second mortgages. Here’s the advantage these types of loans have against persona loans: they are secured.

Personal loans are often unsecured types of loans that come with high levels of interest, like instalment loans or payday loans. Second mortgages that require a collateral (you house in this case) tend to have low interest rates in comparison.

This is not to say that second mortgages are cheaper. They can be expensive. But if you want a lot of cash, you can consider this secured loan option. But make sure that you can comfortably repay what you borrow. Remember, the loan option is only worth it if the renovation increases the overall value of your property. Don’t use a second mortgage for a thing like buying a boat, which decreases in value over time.

Use Local Vendors for Supplies

Want more natural light in the house? Then use a local Kitchener windows vendor in your area to buy what you need. Local vendors typically tend to offer cheap and affordable prices for homeowners, as opposed to high-flying services that charge fat commission fees.

You might be able to save thousands of dollars at your local vendor instead of flying in what you need from a big city. Some vendors may offer payment plans so you can repay on a monthly basis. You can also avoid unnecessary charges for the most part. Besides, the local shops know which materials are best to withstand the weather and climate in your area of residency.

As wonderful as a home renovation idea might sound, don’t undertake it if you really can’t afford it. The above may help budget homeowners. But be careful about the financial burden you put on yourself.

Online Gambling On A Budget: It’s Possible

When it comes to budgeting, it’s always important to set aside at least a moderate amount each month for fun. After all, we all know the saying that goes “All work and no play makes Jack a dull boy” – you can replace “Jack” with your name, of course. Among the many thrilling ways of having fun, one of the most easily accessible is gambling online. Given the track record of the industry – spoiled by many bad players (as in companies) in the past – online gambling may be a sensitive subject for some. But if you stick to legitimate operators, like the ones listed at, you can reduce the risk of stumbling into one to the minimum. Now let’s take a look at how you can enjoy your favourite games, perhaps even win some cash, when you’re on a budget.

Make the most of the bonuses

The welcome bonuses offered by online casinos are clearly there to attract new players. They are, basically, free money that you can use to play for much longer at an online casino, keeping the thrill of a real stake while also risking little to no money of your own. Note that these bonuses are only “play money” – if you want to cash them out, you have to complete a series of requirements, usually involving playing through the amount received as a bonus a number of times. But if the entertainment you get is bonus enough for you, you don’t have to worry about that.

Whenever you make a deposit to an online casino, the operator will reward you with a bonus as well as complimentary points (depending on the operator) that you can exchange for in-game perks, various items, perhaps even cash.

Stick to your budget

One of the worst things about online gambling (actually, about human nature) is that the prospect of potentially winning a life-changing jackpot is incredibly alluring. The likelihood of you winning a jackpot is pretty low, though, and so is the likelihood of you having a winning streak that will make you rich. You shouldn’t see casino games as a means of potentially winning money – you should think of it just like you think of going to the movies: you pay for a ticket, a soda, perhaps a bucket of popcorn, and you get entertainment in return.

Never make another deposit hoping that you’ll win back the money you lost. While this is certainly a possibility, there is no guarantee that you will. Instead, think of the money you deposit to a casino as already spent – this will make cashing out in the case of a win even more rewarding.

Not for everyone

One of the most important things about gambling is that it can be addictive. As such, it is not for everyone. Gambling addiction – like every other addiction – can be dangerous. There are organizations out there that can help, from the casinos themselves (through their self-exclusion and responsible gambling policies) to government-sponsored programs, self-help groups, and such. If you find yourself exhibiting any of the symptoms of problem gambling, make sure to seek professional help as soon as possible.

Taxes in Canada with on-line betting

On-line sports betting is very popular these days. You cannot watch a game or highlights without seeing a banner for some of the major sports betting websites.

I have always wondered about whether taxes were applicable to any sports bets placed on-line in Canada.

The answer is that it depends!

Business or Personal

An individual’s gambling activities may result in taxable business income or a business loss. This will be the case if the gambling activities constitute a source of income (that is, carrying on the business of gambling). Determining the commerciality of gambling can be challenging.

Games of pure chance, like lotteries, lack the badges of trade to which the traditional tests of business activity can be applied. Traditional tests to determine the existence of a business include an evaluation of a taxpayer’s profit-making purpose (that is, pursuit of profit) and the commerciality of a taxpayer’s activity. However, gambling is always undertaken in pursuit of profit.

Criteria for Taxes

It is interesting understanding the criteria for their decision:

The issue of whether a taxpayer’s activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer’s entire course of conduct. Although no single factor may be conclusive, the following criteria should be considered in making the determination:

  • the degree of organization that is present in the pursuit of this activity by the taxpayer,
  • the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,
  • the taxpayer’s intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, and
  • the extent of the taxpayer’s gambling activities, including the number and frequency of bets.

I find it interesting on how someone can be perceived as having a a gambling business when there is no product bought or sold, if it is a business it is very subjective. Canadians are allowed to bet now on their favourite sports and matches so I am not sure how the criteria applies to sports gambling versus regular card games. The frequency would be completely different and the level of organization would be higher in some cases as consumers have access to so much data that they could come up with a model.

What is affiliate marketing and can I make money from it?

The world of advertising has changed almost unrecognisably since the era depicted so well in hit TV show Mad Men. If Don Draper was around now he would have a field day because of the sheer amount of advertising options available in the modern world.

A recent but hugely successful form of modern advertising is affiliate marketing, a method used by hundreds of thousands (if not millions) of companies worldwide. Unlike most forms of traditional advertising, you don’t need to be well-connected in the industry to take advantage of affiliate marketing.

So, what exactly is affiliate marketing? How can I make money from it?

Don Draper from Mad Men was an advertising guru, if he was around now he’d have a field day with affiliate marketing.

Affiliate marketing explained

This internet form of advertising is usually found in online blogs, vlogs or in social media influencer content. In essence, affiliate marketing is the practice of offering either explicit or implicit product recommendations for a monetary incentive.

If, for example, you had a successful snowboarding blog that reached a large audience in Canada, you might begin an affiliate relationship with The Boardroom. Weekly or monthly you would write an article reviewing an item on sale at The Boardroom, including links to their website.

For every item sold as a direct result of your recommendation you would then receive a percentage of the profit on that item. It would entirely be your choice whether you told your readers about this partnership. You could be open about your partnership with The Boardroom and ask readers to buy their products, or you could be more discrete about it and embed links into your content.

How is affiliate marketing monitored?

Every website, even those made cheaply, have tools available that allow the owner to track the source of all their web traffic. Companies that pay for affiliate marketing monitor all the traffic directed to their site from their affiliates.

They can track the average time spent on their site from each particular user and also track purchases made as a result of affiliate marketing. Through these monitoring tools they can keep an eye on the effectiveness of their affiliate partner.

Why do companies opt for affiliate marketing?

Quite simply, affiliate marketing is much more cost-effective than traditional forms of advertising. A TV or radio commercial requires a large amount of money up front to produce and pay for, and offers no guarantee of a boost in sales.

With affiliate marketing companies pay their advertisers commission on items sold. There’s no upfront cost and therefore companies are only paying for effective marketing. Thanks to web analytical tools companies can also monitor the effectiveness of certain affiliate partners.

If one partner is not providing the desired traffic or sales that had been hoped for, a company can cut them loose and move onto another partner. Affiliate marketing also provides demographic specific marketing.

1 in 10 people listening to a radio commercial may be interested in snowboarding, and 1 in 10 of those listeners may eventually purchase something from The Boardroom. However, 100% of people reading a snowboarding blog will fall into The Boardroom’s demographic.

Gambling – A lucrative affiliate industry

The Canadian online gambling market is incredibly competitive, and with strict regulations on traditional advertising methods, online casinos are focusing their attentions on affiliate marketing. The law of the land means Canadian’s must gamble through offshore online casinos – naturally, they do everything they can to attract visitors to the site.

Participating in an affiliate scheme with a leading Canadian online casino can prove to be lucrative, due to the sheer number of players that are attracted to the site, who then deposit funds. Almost every online casino participates in some form of affiliate marketing, and those companies are always looking for new affiliates.

Most well-known online casinos have easy to use affiliate programs that you can sign up to in as little as 5 minutes. These companies offer their affiliates better financial incentives than online retailers.

Instead of basing your recommendations on one-off payments, online casinos base them on the lifetime transaction value of a particular customer. If a customer that has found a casino via your recommendation has an LTV of $850, you will get a cut of that figure.

Tips for becoming an affiliate partner

Firstly you need to have a blog or a vlog, and it’s no use just making one for the sake of it. You need to focus on a topic that generally interests you – it makes producing content easier in the long-run.

Once you’ve picked the topic that you’re going to blog about, you need to start building your audience. Doing this is easier than you may have thought. By using social media effectively you can easily gain a loyal audience of at least 500 readers a month.

You may see no returns in the first couple of months of blogging but if you persist in creating quality content your audience will grow. Once it has reached a satisfactory level of readers, you can then start looking at affiliate marketing as a way to make money.

You’ll need to choose a partner that suits your demographic. There’s nothing to be gained by partnering with an online casino when you write a food blog. Choose a company that suits your brand, niche and audience.

Finally, you will need to come up with a strategy to advertise your affiliate partner’s goods. As mentioned above, you can do this implicitly without ever explicitly telling your audience that you are advertising to them.

This is the easy option and as such will provide you with the lowest financial returns. The best way to use affiliate marketing for profit is to be open and honest with your readers, most people will appreciate that you are simply trying to make a bit of money.

Review products from your affiliate, if something’s a good deal be up front and tell your audience to go and buy it. The risk with not doing this and advertising implicitly is that your audience will notice what you’re doing and lose trust in you.


Even a pretty laissez-faire approach to affiliate marketing will provide you with financial rewards if you have a decent sized audience. However if you throw yourself into it and put in the required effort you can make a LOT of money from affiliate marketing.

Remember to choose your affiliate partner wisely and keep your content relevant to whatever you’re advertising. What are you waiting for? Go find an affiliate partner now and start making money from your content.

Looking for More Clients? Here are Surefire tactics You Should Follow

Running a consultancy business or working as an independent consultant can be intimidating initially, but there’s certainly no looking back for you once you discover the key to acquiring more clients. Like every other service-based business, your consultancy venture requires unvarying clientele growth and servicing to persevere in the competitive landscape.

Know WHO your clients are

But before you market yourself or dream up high revenues or consider critical factors like consultant insurance, there’s one fundamental question that you need to answer- WHO should you be approaching?

Getting your fingers on the pulse of your clients is the first step you should be taking towards expanding your consultancy business. You have to focus on their location, industry, pain points, challenges, desires, and frustrations to target your messaging in an impactful manner.

Once you know who your ideal clients are, it’s time to find them in the right place at the right time. Here are a few tactics that can expand your client-base:

Personal letters always work

Personal letters are evergreen communication tools. They have always forged an emotional bridge between the writer and the reader. Some smart consultants swear by it even in today’s digitized world. Whenever somebody takes time out to write a personal note, it strikes a chord. It shows how genuinely interested you are in the client. You can even send a gift, a magazine article or something interesting along with the letter to leave a positive impression on your prospects.

Focus on your resourcefulness

As a consultant, you have to bring quite a few qualities and skills to the table, the most important of all being resourcefulness and problem-solving. Your potential clients are those people who are facing complex problems. You have to be capable of understanding their challenges and coming up with a practical solution. Some resource tools like PDF files, e-books, newsletters, and whitepapers are also good ways of drawing the attention of your potential clients.

Join their community

The success of client-acquisition strategies for consultants depends largely on the kind of relationship they build with their prospective clients. The deeper you get to know your client, the better it is. For that, you need to know where they spend their time, and what interests them. Consider going for industry parties and events or volunteering on committees and boards to share your expertise. This will give you more exposure to the real business world and expand your knowledge in the process.

Go social

There’s no doubt that Facebook is the most extensive social network today. But the platform is not just about entertainment or sharing your special moments. It’s also a vast marketplace where businesses connect with consumers and other businesses. Not to forget Instagram, which is perhaps the best medium to express your story. You should leverage it to build a wide clientele and legacy. At the same time, it shows your honesty and vision by pairing texts and visuals that pulls clients towards you.

Use videos or podcasts

Something similar on social lines, you can create a top-quality YouTube channel, Facebook live series, webinar or podcast show on subjects that you are an expert in. The content you create should be relevant to your target clientele. Consider inviting your prospects to be a guest at your show. Doing so will not only gain visibility but also build credibility and relationships. These marketing tools are excellent ways to identify problems of clients and offer useful solutions.

Show how you have solved problems in the past

Most of you may not know, but your past flaws can get you the attention of clients. Surprised? When organizations hire consultants, they value those who are empathetic. Empathy will only come when you put yourself in their shoes. Show them that you have “been there” and have come out of it successfully. When you talk about flaws you once had, your clients see themselves in you and connect with you instantly. Give them your most in-depth insight into your problem-solving tactics and make them realize that you are the silver lining.

Approach your satisfied clients

Last but not least, seek for referrals from clients you have worked with before. Most businesses are skeptical about hiring consultants who they don’t know. This is what can make it difficult for independent consultants to build a clientele. But when they get references of consultants from somebody they know; the tables turn in your favor. Getting satisfied clients to refer you build the credibility of your business instantly. You should consider creating an online referral program and get people talking about your services.

These tactics are what you need to follow for expanding your clientele and taking your consultancy business a notch higher.

5 Measures You Can Take Now to Help Your Credit

Achieving your financial and other life goals, like owning a house, acquiring a car, expanding your business, or even furthering your studies in college, are highly dependent on having a good credit score. Lenders use your credit score to predict your creditworthiness and how responsible you are with using your credit cards. They also use the score to determine the terms of lending you a loan or offering you other credit products, if they decide to do so. Some of the things that influence your credit score include your credit history, your amount of debt relative to your credit limit, and your credit mix, among other factors.

The following are some things that you can do within a short period of time to help improve your credit:

1.      Pay off any overdue payment

Since your payment history contributes to a significant portion of your credit score—35%—it is critical to pay any account that is past its due date. The more days that pass after your payment’s due date, the more damage is being done to your credit rating. You should talk with your lender or credit card issuer to sort out any overdue accounts before they are shared with the credit bureaus. Your card provider may even be willing to re-age your accounts if you approach them, so that your credit report would show timely payments throughout.

2.      Seek professional assistance

Your debt burden may be too overwhelming to the extent that you cannot handle it. In this case, you need to look for professional help, for example from a credit counseling agency or from a financial analyst, to help you see how you can cut your expenses and repay some loans. Additionally, you can engage a professional in improving your credit, such as Boostcredit101, easily reachable at, to work with you on improving your score by using tradelines.

3.      Stop further credit card purchases

Consider avoiding any more credit card purchases, as they make your credit utilization go up. Credit utilization is the ratio of the amount you owe on a card to its credit limit. For example, if your card has a limit of $3000, and the outstanding balance is $2000, the credit utilization is 0.67. For the same limit, but with a balance of $1000, the credit utilization is 0.33. High credit utilization hurts your credit score. Avoid further purchases with your card to stop raising the credit utilization, and instead, pay with cash or even minimize your cash purchases to only what is necessary, and use the rest of your money to pay off your card balance.

4.      Check your credit report

Get a free copy of your credit report from the major credit bureaus and go through it to check for any errors. If you spot an anomaly, like late payments reported by mistake, get in touch with your lender and the credit bureau to rectify it. Though the effect may not be instantaneous, the corrections will be visible on subsequent reports, and you will have started to correct the wrongs. If need be, pay a fee for the report, since the benefit of correcting any error that could be hurting your score or using the report to strategize how to improve your score far outweighs the cost.

5.      Put any new credit card application on hold

Hard inquiries on your credit score, necessitated by the application of a new credit card, will hurt your score, so avoid applying for a new card when working on boosting your score.

The bottom line

You have many redemptive measures you can do right now to help your credit, like paying overdue debts and reducing the usage of your credit card, so make wise decisions to help improve your score.

Six Tips to Get Out of Debt

Getting in debt today is as easy as 1-2-3. Getting out of it is another story. How can you get out of debt and avoid falling back into it?

Here are six tips to help you find your way to a debt-free life.


Of course, the first step is to budget. Why? Because your budget helps you see where your money goes and where you can save. There are different types of budgets that work in different ways, helping you control your spending, pay off your debts, and save at the same time. Some allocate a certain percentage of their income to various expenses. Others use envelopes to separate bills and expenses, and stop spending when the envelope is empty. Explore the types of budgets available and find the one that fits your lifestyle.


Once your budget is established, find ways to save. Are there non-vital expenses that you can sacrifice until your debts are paid? Can you skip the coffee shop on your way to work? Can you live without cable for a while? Instead of buying brand name products, have you tried generic brands?

When you come home, put any loose change in a jar. Try the 52-week challenge; saving $1 the first week, $2 the second week and so on until you get to $52 on the 52nd week. In a year, you can save $1378!

Pay Your Debts

Now that you’ve established a plan to save, start paying off your debts. You need to make more than the minimum payment to pay them off faster. Use the money you save to make those extra payments.

Start by paying off the debt with the highest interest rate, this way you can save the most money. You may also opt to pay the smallest debt first and work your way to the largest. It’s also encouraging to eliminate one source of debt from your list.

Debt consolidation loans are also a great solution to eradicating debt, paying off all your debts and leaving you with one loan, one smaller payment, and lower interest rates.

Reward Yourself

If you find paying your debts too oppressive, you won’t keep it up. Set yourself small financial goals and reward yourself when you reach them. It doesn’t have to be an expensive reward, perhaps a cappuccino, a book, a movie, whatever works for you. Some even get into the habit of saving the same amount they used to reward themselves. If you buy a $10 book, for example, you put $10 in your savings account. It’s another way to save and still enjoy life.

Don’t Fall Back into Debt

Once a credit card is paid off, cancel it or lower your limit. If you keep a small credit card active, don’t spend until you’ve reached its limit. Only use it if you have the means to pay it right away, or in case of an emergency.

If an emergency arises, and you aren’t prepared, you may need a payday loan to pay off a sudden expense. This type of loan is not recommended, however, paying back a payday loan is possible if the payment is included in your budget.

Build Your Credit

Work on building a good credit score. Continue paying off your debts, and pay all your bills on time. Using a small credit card responsibly is an excellent way to show that you can manage your finances. A good credit score allows you to get loans at low interest rates from your bank. It opens doors to possibilities you can’t even imagine.

Start Today

Keep these tips in mind, it’s easier than you think. Don’t put it off, start today! Before you know it, you’ll be debt free and living a full life.

How to Generate Substantial Passive Income with Copy Trading

The world of investment has witnessed various trading trends through thick and thin. Copy trading is indeed a hot trend as the sluggish global economy is all set to reach a new high. For those that don’t have substantial capital to invest in traditional methods, copy trading is an excellent means of generating passive income.  However, you’ll need to acquire more knowledge on copy trading as you can’t help yourself with the basic understanding of investment.

Compared to hedge funds and real estate wherein you need to invest a minimum of $1000, the copy trading platforms enable you to participate with just $100 or even lesser than that. You’ll also be able to check if this is the right option for you to improve your return from the investment. If required, you may explore an alternative to the traditional financial investment model without putting too much pressure on your overall financial situation.

Why’s Copy Trading Preferred for Investment?

These days, it has become much easier for you to experience trading in commodities, stocks, and forex by opening an online trading account. However, you have to keep yourself from being overwhelmed by a wide variety of trading opportunities and their affordability. With time, you’ll gain more experience and find the right path to generate substantial passive income. You’ll need to acquire a deep insight into the technical and fundamental aspects of copy trading although this approach seems to be very flexible initially. Don’t forget that it takes much time to do your market research and track the market rates from time to time. If you’re able to find time out of your busy schedule, copy trading could be a great option to generate passive income.

Identify the Advantages of Copy Trading for New Traders:

  • Copy Trading is an entry point into Forex Trading for all rookie traders.
  • Piggy-backing on experienced traders is now a possibility for all new traders.
  • Copy Trading is undoubtedly an excellent means of fulfilling the needs of becoming wealthier for all new trading aspirants. It’s undoubtedly a short-cut mode of acquiring wealth for those that don’t match the corporate model. However, you must remember that it’s not relevant for individuals that aren’t sure of online trading.
  • The new entrants aren’t always in a position to follow all routes explored by experts but are likely to pursue few of the most successful methods and ideas of trading.

Copy Trading is a sharp deviation from the hype created around retail trading. One of the key benefits of this type of trading is that traders with varying levels of experience can now participate in this market. It’s not just about generating significant returns on investments by restricting entry to the novices. Instead of following a single trading style, you may now explore a plethora of trading styles with copy trading. It increases the potential of earning more as it has something on offer for traders with varying capacities. You may execute trading moves in smaller capacities instead of executing them in massive volumes during the initial phase. It’s certainly of great advantage to a trader who is not a seasoned player. You may pick your own style of trading after identifying your requirements. It paves the way to successful trading in the future as you find an opportunity to follow your trading idols.

There’s no need for a trader to be serious under all circumstances. After all investing and trading aren’t bad for you in the end. You’ll even experience an element of fun and entertainment associated with social trading platforms. All the innovative solutions and networks are continuously contributing to the growth of these platforms. So, you’re bound to see a massive influx of providers very soon.

Dubai Real Estate Investment Guide for Canadians

Regardless of whether it’s the attraction of a magnificent standard of living or even the enticement of just living tax-free, relocating to Dubai is actually a good choice that several potential expatriates consider.

Because of the abundant shopping malls and seashores, a large number of high-end stores and dining places, the busy market as well as pursuits such as dune surf or outdoor-activities-made-indoor such as winter sports, both site visitors and future occupants likewise find it difficult to miss out on the many benefits of residing in the city.

If you’d like to take a position or thinking about relocating – if it’s for the job, to start your company, or only to take pleasure from the lifestyle in Dubai – you’ve most likely thought about purchasing a house in this emirate. Because of the 2002’s Perpetual Legislation, carrying this out is actually a specific chance, with people from other countries holding the legal right to purchase, promote and lease a house in Dubai without the need of any specific rules or authorizations. As well as, with over 70% of the particular emirate’s populace comprised of expatriates, it’s by no means unusual for people from other countries to buy property and houses.

With that being said, the same number of people – just below 70% – don’t possess their own house in this town. There are some causes of this, although many inhabitants refer to the absence of certainty regarding exactly how long they’ll live in this emirate as the reason for leasing. Another massive barrier? The mandatory 25% down payment you’ll need to pay while purchasing your property. If you’re able to work through those obstacles, having said that, possessing house can certainly be the ticket to a good exceptional financial commitment or even a significantly fun life.

Irrespective, it’s vital that you realize just about all the complexities of purchasing a house in Dubai right before opting to buy something. This informative guide is going to take you step-by-step through exactly what you have to learn about purchasing your own property in the emirate.

What Is the Real Estate Industry Like in Dubai?

The real estate industry in Dubai has endured a sequence of soars and drops these days, although the industry, in general, is regarded as usually constant. In saying that though, real estate selling prices dropped 17% between 2015 and 2016, and therefore are prone to fall further in 2017 in spite of a small increase in Dec 2016. Checkout with Luxury Property Dubai, if you want to buy a property at a reasonable price. Right now, industry experts are fairly split between contemplating the industry base – and projecting a continuous surge from this point – and estimating another drop right before the tendency turns around.

On the whole, this is usually a great time to purchase vs. leasing in Dubai, as real estate selling prices are usually low for the particular region and may at some point surge because the UAE Dirham is normally inextricably saddled with the currently powerful U.S. dollars.

How Can One Find A House in Dubai?

You will find 3 prime “types” of real estate you can easily purchase as a Canadian in Dubai, and each one of them usually fits to a various style of property or house.

Freehold Houses

Usually known as one of the most appealing, freehold real estate is usually desired by people from other countries looking to make investments. Freehold houses tend to be entirely your own property, and can certainly be marketed, leased and handed down as a monetary gift as you like. The freehold real estate category is frequently related to pristine land packages, as opposed to houses or condominiums, on the other hand, it isn’t unusual to purchase pre-fabricated properties in any freehold agreement.

Usufruct Houses

A different type of real estate agreement is usufruct, which basically means a long-term rental. You can easily do anything you want with your usufruct house, with the exception of wrecking it. Most of these sorts of rentals keep working from 10-100 years, contingent upon whether you’re purchasing residential or commercial assets and the negotiations on terms.

Commonhold Houses

The ultimate model of real estate is commonhold, which tends to be condo properties in other countries around the world. Possessing a commonhold house provides you with authority to purchase, promote, lease or even pass the particular house down as a bequest, a lot like any freehold house. On the other hand, commonhold houses are usually studios, and proprietors are needed to pay upkeep charges for the development and its usual areas, that are in most cases managed by your developer.

How Do You Choose the Best House?

While you start your real estate lookup, it’s recommended that you have a few things in your mind.

Commuter Traffic Is Significant

Road traffic in Dubai is infamously terrible, and roadways are going from Sharjah into Dubai could be a headache. If you are planning to have to travel into the middle of the town, it’s vital that you give some thought to travel time and even have a test-drive just before buying a house.

Pick the Best Community

Place, position, area. It doesn’t matter if it’s to reside or make investments, picking a decent local community is important for making the most of Dubai, as well as choosing the right one may significantly up the leasing worth in case your plan is not to stay there.

Focus on Car Parking

In case you are purchasing a mass-produced house or condo, you possibly will not be considering car parking as a most important priority. In Dubai, having said that, buying a house that doesn’t have some sort of covered carpark can certainly be a big slip-up. Because of summer season temps about 50ºC (122ºF), vehicles that are parked outside aren’t just terrible to get in, but also, they have a tendency to get deteriorated easily.

Financial Independence and Retiring Early: Your Guide to the FIRE Movement

You might have been seeing a lot in the media recently about the growing interest in the FIRE movement, which originated in the US and has now cultivated millions of followers around the world. For the uninitiated, FIRE stands for Financial Independence, Retiring Early, and is used to describe people who gear their entire lives to ensuring they have enough savings and investment to retire in their 30s.

In a world of growing inequality and increasing retirement ages, the idea of finishing work forever at 35 seems like a pipe dream but thousands of people have proved that it’s possible. Here’s all you need to know about joining the FIRE movement yourself. 

Source: Pixabay

The Goal, In Numbers 

The movement has a clearly defined set of goals, put together by financial experts who have determined what the average person needs to retire early. You need to essentially have accrued a net worth equal to 4o times your annual expenses.

This means if your annual expenditures amount to $40,000, you’ll need $1 million in savings and assets before you can liberate yourself from work. The reason it’s a movement is that it requires serious commitment – most adherents try to save at least half of their earnings for years on end. 

Always Try and Get Something for Free First 

A central tenet of the FIRE philosophy is to never pay for something unless you absolutely have to. Most practitioners are experts in couponing, dumpster diving, and hitting up contacts for free stuff. Many would rather live at home with parents instead of wasting money on rent, and will never eat out unless it’s paid for. 

It applies to every area of life, including entertainment. For example, if a FIRE fanatic is fancying a fun night of casino games such as slot machines, they’d rather do it for free. That’s why they’d only ever opt for an online casino which offers free spins so that they don’t have to fork out their own cash for every game. They take this idea and apply it everywhere else too.

Source: Pixabay

Save, Save, Save 

If hustling for freebies is the first rule of FIRE, saving like crazy is the second. FIRE followers believe people on any income can save a substantial portion of their income if they are prepared to make the required lifestyle changes.

In order to reduce outgoings, practitioners will do everything from living on a houseboat to moving to a developing country, to living on subsistence diets, to making clothes last several years at a time. Importantly, those savings should be diverted into high-interest accounts and 401Ks.

Low Risk, Reliable Investments

Cash isn’t the only route to FIRE. Investments are a crucial part of it too. Most adherents keep it low-risk and spread out. They’ll typically place their income into “tracker funds”, which follow the stock market and charge low fees as they are not actively managed.

They will also invest in sure-thing assets such as property, land, and dividends from top companies. If they get lucky and any of these assets skyrocket in value, then they can clock out a few years earlier than planned. 

There is no easy route to FIRE but there are tenets from this movement that we should all apply to our personal finances. We might not be fortunate enough to be able to retire early but the principles above are all necessary for healthy finances.