FinIQ-Money Lingo

@FIN.IQ242 5 Tips to Save Money Saving money seems like a simple concept. However, few really understand how to be an effective saver. It’s more than just putting some money aside for a long-term goal or for a rainy day. Being an effective saver requires a strategy. If you are unsure of how effectively you’ve been saving, here are some tips to help you. 1.        Pay yourself first . The mistake some savers make is saving based on what is left after they’ve paid bills and other expenses. The problem with this approach is that there will always be something you can spend your money on which can reduce what you have left to save. So, before you spend any of your income, take out the portion you’ve allocated for your savings as your first priority. Experts recommend that minimum of 10% of your income should be allocated to savings. However, how much you save depends on your income and expenses. 2.        Track your expenses then create a budget.   Most people have little difficult

                                                                    @FIN.IQ242 Social distance, self-isolate, wash your hands, stay six feet apart, use hand sanitizer... China virus? Haha, no offence but Trump said what he said! Nonetheless you can probably google all of these today and find a story related to the health pandemic caused by Covid-19. This is a global pandemic, so it is essential that we all adhere to preventive measures recommended by the WHO and our Ministry of Health. But what these institutions don’t advise on is personal financial health. Whether it be a health crisis, natural disaster or the obvious financial crisis, people are always left feeling uncertain and anxious about MONEY! Personal finance is something that only a small handful of advisors, like me, address in these times. Believe it or not... actually, scratch that. Accept it or not, money is a very important thing to understand especially in times like these. It may seem bourgeois but g

So, the year 2020 begins and things are a little strange (Trump is still president, some are still denying climate change, Brexit & Megxit, etc.) but global markets are doing well. Markets are actually doing very well... maybe even a little too well. I mean the growth, at times,  unexplainable !  So everyone is thinking, "a correction must be coming soon right?". Just one problem, everyone has been thinking that for the last 5-6 years. Then all of a sudden, a crisis arises and the markets start tanking but this time it's not due to inefficiencies within the financial sector. This time a coronavirus know as Covid-19, that is spreading posthaste, is causing an exogenous crisis to global markets. This 'Black Swan' event has taken the world as its own personal pond and with it the nerve of all human inhabitants. This has resulted in the  global stock market seeing some of its worst days since 1987's Black Monday.   With the market having more mood