Hope Financial Solutions

06/04/2025

Names are purely coincidence - but the principles are great.

This post pains me to make a little bit, because I fear there are some people who are going look at the left side and say “Ha! See, I knew I shouldn’t bother being frugal” then still not do the things on the right side. That’s not the idea.‎
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The idea is the age old saying: Don’t be penny wise and pound foolish. There’s a “frugality trap” where we focus so much on the minutiae, like clipping coupons, saving 10 cent per gallon, or earning some credit card points, that we miss the BIG things.‎
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For example, switching jobs often results in a pay bump of 10% or more. And that’s in your control since you don’t have to accept a job offer for anything less. If you’re making $60K and can bump to $66K (and keep your cost of living the same) that MOVES THE NEEDLE. It’s not comfortable or easy to start that process. Generally no one is asking you to do it. But the payoff for a little bit of initiative and discomfort makes up for about FIFTY Netflix subscriptions.‎
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That said, don’t fully discount the left side of this post either. A quick google search shows me the median net worth of 55-64 year old Americans is $212K. Do you think that the HALF of Americans who have less than that would like to DOUBLE their money with a few simple changes over the last 30 years? I think so.‎
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When making this post I had to rack my brain for the most inconsequential frugality tips I could think of to demonstrate a dramatic contrast. I almost included “bring your lunch to work”. But if that (conservatively) saves you $5/weekday, that’s about $100/month which turns into over $200,000 in 30 years when invested! So focus on the things that move the needle, but remember that small stuff can add up too!‎
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As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.‎
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-Jeremy‎
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07/10/2024

Going in debt to buy stuff is a wealth killer. Sadly, it's easier than ever to fall into the debt trap. Almost all big purchases at stores will give a "buy now, pay later" option. Car dealers happily will give you a 10 year auto loan to purchase a truck you can't afford. And credit card offers are shoved in front of us everywhere.

What do you do if you're already in debt? Go HAM on your debt with 100% focus until it's all gone. Once you’re debt free, flip those debt payments to investing. If you go hard at that debt early on it has a huge magnification effect on your future wealth. Every moment you’re EARNING interest instead of PAYING it, there's a HUGE impact on your wealth.⁣‎‎

The left side of the post are all things that usually have high interest rates and usually non-essential purchases. Why is it maybe okay to use debt when getting an education? Most people don't have hundreds of thousands lying around at 18 years old to be able to pay the absurdly ridiculous cost of education in this country. But don't look at student loans as a blank check. When possible, search for scholarships, get a part time job, find ways to lower your education bill, and so on.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.‎

-Vivi & Shane

08/05/2023

Helpful reminder! A credit score is not a measure of how “financially successful” you are. Just a measure of how you use debt…live within your means and save your way to success…don’t borrow your way to success!

06/25/2023

04/04/2023

LIFE IS A JOURNEY: When you GET KNOCKED DOWN, GET BACK UP AGAIN (cue: Chumbawumba music!)
- Q1 in REVIEW for Tyler Wain and HOPE FINANCIAL SOLUTIONS

Well we have hit the end of Q1, and what a Quarter it has been for me both personally and professionally! I could spend all month going over all that has happened in detail, but for simplicity, here are the "Coles Notes"

1) Got COVID early January (3 years - no Covid!) - I SURVIVED

2) Determined to not let #1 get in the way of promoting my new budgeting course: 2023: BACK TO YOUR FUTURE

3) Fell short on my expectations with #2 (and by short I mean flat on my face)

4) Rose from the ground and decided to make some strategic changes in my business

5) Enrolled in Certified Executor Advisor Accreditation course

6) TOOK A PUNCH! (check out my video here if you haven't seen it before: https://youtu.be/HDTcuOjL7ak )

7) Got back up - still in the FIGHT! (ie) not in a hospital for open heart surgery...yet).

8) Had an opportunity come along for an absolutely perfect job - getting to do what I love - HELP PEOPLE WITH THEIR ! Made my application, and trusted everything would work out despite my complications above!)

9) Finished my accreditation course: Now Tyler Wain, (and the truth here is that I don't actually give two "hoots" about the letters after my name. I care that I can help you better by coaching you on matters related to your will/estate and provide advice if you are an executor. I may have to do a video on this point…as it really is fundamental for me).

10) Landed my with Christians Against Poverty Canada (capcanada.org), as the DEBT NETWORK MANAGER. Basically, I help coach volunteers at local churches/organizations who then coach "clients" who come to them in need of help with their debt.

My apologies for the longer note, but I had to recap as it has been quite the QUARTER!

Moral of the story (and congrats on making it to the end!). Life is going to throw you , and sometimes , but resolve to just keeping pressing on...don't let momentary setbacks derail you, as your breakthrough could be right around the corner. "I get knocked down, but I get up again, YOU ARE NEVER going to keep me DOWN!" Make it your MANTRA!

Your breakthrough may not be exactly what you think it is, or look like you think it will look....so be flexible and keep an OPEN mind..but don’t ever give up. Keep pressing forward!

If you'd like to chat, I am here and I would love to chat with you and see how we can reach your dreams together!

TAKE CONTROL. Design the future you want for your life. Reach out today, I'd love to chat with you! www.hopefinancialsolutions.ca/get-started

You CAN do it!

04/03/2023

Good advice…control what you can control, don’t worry about the rest!

Scary economic headlines are really popular right now. Every day I get messages from people asking me what clever financial moves they should make to avoid some speculative macroeconomic doom and gloom. One popular fear is this: What happens if there's a new world order and the US Dollar is no longer the global reserve currency. My answer? HOW THE HECK WOULD I KNOW?! That would be unchartered territory in our modern economy. But you know what's NOT going to happen? Rich people won't become poor and poor people won't become rich based on clever speculative financial footwork they're doing.

No matter WHAT gloom and doom lies ahead, you know what will benefit you? Working on the things you can control. Increase your income. Decrease expenses. Invest the difference in productive assets like index funds and real estate. If you're doing that you will be protecting yourself and building wealth.

So no, I'm not going to put on a tin foil hat and start spouting nonsensical advice about how to avoid speculative gloom and doom. I'm going to keep doing what has worked forever. Make more, spend less, invest the difference. You can control those things. That's where your effort should be focused.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy

03/21/2023

TIP of the WEEK: GET THOSE TAXES DONE! CRA REVIEW vs AUDIT
https://youtu.be/M3xyE12vkJ0

With the (and charitable receipting guideline) now passed, your focus should be shifting to getting your in.

If you are not particularly adept at taxes (it is quite complicated here in Canada), then you should certainly look to hire someone to help you. Personally, I use an online tax software program.

Last week, I received a REVIEW letter from the (CRA). Not sure about you, but typically, when I get a letter from CRA (or your relevant tax authority) I perk up a bit...but I want to reassure you that a REVIEW letter is NOTHING to panic about.

What is a REVIEW letter?
A review letter is just a letter asking for more information/substantiation for an amount on your tax return. It is not a full audit (questioning the validity of every part of your return), but rather a quick "check" for a large/irregular amount.

For me, my review letter was focused on the business income/loss line - which was my first full year in operation. With the REVIEW letter, you have 30d to respond (I suggest you do it ASAP), and then the info you send will get reviewed. All checking out, your return will proceed as planned.

That is why I encourage you to up front, and as long as you are upfront, you have nothing to worry about, and in all likelihood will avoid the full AUDIT.

So, get the tax return in, seek help from a professional if you need, and most importantly, DON'T PANIC if you get a CRA review letter!

YOU CAN DO IT!

If you want to chat, or have any questions about your financial situation, REACH OUT! I'd love to chat with you: www.hopefinancialsolutions.ca/get-started

With the RRSP deadline (and charitable receipting guideline) now passed, your focus should be shifting to getting your in.If you are not parti...

03/14/2023

TIP OF THE WEEK: March Break Madness - How to enjoy the time and not hit the pocketbook too hard!

March Break (& March Madness!) are here! For those without kids, march break is likely just a reminder of days gone by...but for those with kids, it can be one week where schedules get thrown in the air and tossed about.

My tip this week is focused on how to succeed during March Break, enjoying time with the kids, but not hurting the pocketbook.

How you ask?

#1 You DO NOT have to go away on vacation

#2 You DO NOT have to go out to eat everyday

#3 You CAN spend time and do things with them!

Get the kids involved, make it educational but also enjoy the time...

For us, our son loves cooking and also loves to get out of the house and go "sight-seeing"! Win-win - experience gained, but also not costing anymore (except maybe a bit of extra time to help "manage" the sous chef!)

Other ideas:

- Go for a hike

- Take a drive to a favourite place (beach, park, natural attraction etc)

- Family board game or movie night (invite some friends for even more fun!)

Having fun and memorable experiences does not have to equal spending money. You can find those things that you enjoy just by being a bit creative.

If you'd like to chat about ideas to manage your money, or learn how to create a budget, reach out! I'd love to chat with you: www.hopefinancialsolutions.ca/get-started (15 min introductory call! no pressure, no obligation, no catches!)

Plan ahead, and follow through! YOU CAN DO IT!

In YOUR Corner.

03/12/2023

It's never great when a bank fails, but this appears to be an isolated incident. If you don't bank with SVB, it won't impact you. If you DO bank with SVP and you have less than $250K, the Federal Government is guaranteeing that you'll get your money back no later than Monday. Those who bank with SVB and have over $250K have been told by the FDIC that it will pay the uninsured depositors an "advance dividend within the next week." I don't know what that means, but hopefully they get most of their money back.

Should you be concerned? Probably not. This pails in comparison to what was happening in 2008 when multiple banks failed. ETFs that track banking stocks are down around 5% today but have stabilized.

Wanna know what I am personally doing in response to this news? Nothing. I'm staying the course and continuing to save and invest early and often. This will soon be behind us like the thousands of other scary news headlines we've seen over the years. Staying the course is how you get through it and make sure you're on board when the market is back to breaking all time highs.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy

03/09/2023

KEEP GOING! YOUR BREAKTHROUGH COULD BE JUST AHEAD!

Are you feeling tired? Keep Going.
Are you feeling frustrated? Keep Going.
Are you feeling like you'll never "Get There"? Keep Going (even if you don't know where "There" is yet).

Life can be tough, but what is tougher is staying stagnant and losing hope that you can .

KEEP GOING. The breakthrough you are looking for could be right around the corner, or right over the next hill.

DON'T GIVE UP. Believe in yourself and that YOU CAN!

If you are struggling right now, don't feel down, there are about 8B other people on the planet that are facing something...you are NOT alone!

If you'd like to chat, reach out, I would love to chat with you and hear about your dreams. You can book a 15min no obligation discussion by clicking the following link: www.hopefinancialsolutions.ca/get-started

I would consider it an honour to be able to step into your situation and walk with you in your current trial.

In YOUR Corner.

03/03/2023

HOW DO YOU AVOID A CRISIS? By going around it.

Let's face it, there is a here in Canada, and in many places around the world. So how do you manage through that situation? How do you avoid something that could cause significant harm to you (financially, and then relationally). The answer is right there (but also hidden unless you start to think ), don't put yourself in that position!

I read this article recently ( www.savvynewcanadians.com/cheapest-places-to-live-in-canada/ ), focused on the cheapest places to live here in . I encourage you to take a read, and if you live in other areas/countries see if you can replicate this for your area.

I can already here some of the questions, so let me try to address it:

1) What about my job?
One of the (few) wonderful side effects from the Covid19 pandemic, has been the significant rise in "agile" working. Yes, you may still need to be at the office 1 or 2d a week, but perhaps a bit longer commute is worth it, when you can purchase a home to live in.
I would also add that being in a location where you have more affordable housing will be a huge win, as perhaps you don't need to work as much to live comfortably!

2) What about my friends/extended family?
Sure, leaving friends and extended family behind is a bit difficult, but you can make new ones, and with the extra cash you have in your pocket, you can easily travel back to visit current friends/family.

3) Really? You are suggesting I move to a new province/location where its all new?
What I have come to realize in my journey's, is that we really aren't that different, and its not like you are moving to sub-saharan africa, and also, its just for a season (to get into the housing market and start on the "train"). Look at the benefits you and your immediate family could gain by being in a "new" culture...I think it would be a rewarding move/experience when you look back.

If you have the financial discipline and are able to sacrifice to save up now (and yes, there is always a sacrifice, whether its time, money etc), then ok. But I challenge you to really assess those sacrifices vs what moving to another area might mean for you.

Being willing to move areas made ALL the difference for me.

If you'd like to hear more, reach out! I'd love to chat with you and help you figure out a plan to achieve your dreams! Whether it be buying your first, or a new, home, or simply getting out of debt and then starting to save up, I am here and would love to chat! www.hopefinancialsolutions.ca/get-started

You are not alone.

In Your Corner.

Looking for the cheapest places to live in Canada? This guide lists the cheapest cities in Canada to live or rent and the cost of living in these areas.