April 23, 2018

Do You Have Anxiety Around Money?

Did you know that 7 out of 10 people worry about their financial situation.  Those gnawing feelings that creep in, clutter your mind and cause anxiety with regrets on what you should have done!  One of the biggest problems with financial stress is we feel we can’t talk about it because we will be judged.  So, we leave it in the closet and maybe, just maybe it will go away.  Unfortunately it won’t and if anything, it will probably get worse.

Here are some suggestions find relief around your money:

  1. Face facts: We tend to simply ignore things that stress us out.  The first positive step is to address your concerns, then you can form a game plan towards healthy finances.
  2. Get help: Many people worsen their stress because they’re too ashamed of their financial situation to get help.  Take charge and get back in control.
  3. Ask questions:  Make sure that you ask questions of whichever resource you utilize
  4. Make it a family affair: Talk to your family about your financial concerns.  It will reduce the stress on everyone around you.  You may be surprised at the support and helpfulness of the whole family once you’re all on the same page.
  5. Know how much money you spend: and where you spend it is the biggest key to taking control of your finances.

This is what I do as a Mortgage Agent.  I bring peace and calm into my clients lives by restructuring their mortgage, coming up with a budget with the goal towards savings and reducing the stress in their lives.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

http://www.financialplanningforcanadians.ca/financial-planning/5-ways-combat-money-anxiety

How Late Credit Payments Effect Your Credit Score

Your credit is super important to your overall financial health.  Bad credit means you pay higher interest rates when you borrow on mortgages and loans plus less access to credit.  It can also impact other expenses, like your car insurance because Insurance Companies consider you a higher risk.  It can also impact your employment opportunities because potential employers may believe if your not responsible with your money, you might not be a responsible employee.

If your payments are late, this is the impact on your credit score:

30-days late: 60-110 points

Debt settlement: 45-125 points

Foreclosure: 85-160 points

Bankruptcy: 130-240 points

Maxed-out card: 10-45 points

A perfect score is 850.  The higher end of the ranges above apply to consumers with higher starting scores (780 and above). The lower numbers would apply to you if your score is 680 or below.  To get the best possible rates on loans you’ll need a score of at least 680 to 760.

Today even your mortgage repayment history and phone bill are reflected in your credit score, so do everything you can to keep your payments up to date.  With the way mortgage rates are calculated these days, your credit score will even have an impact on your mortgage renewal.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

http://www.moneytalksnews.com/the-cost-bad-credit/

Do You Have Rejection Issues Around Money?

Last week I wrote about a fabulous Ted Talk on “What I Learned From 100 Days of Rejection.”  What about your finances?  Do you have rejection issues around money?

I work with many clients to restructure their finances to alleviate their financial stress.  I do this through using the equity in their homes and their mortgage.  I have received numerous feedback from clients on how I was able to remove their rejection and create peace around their money and finances.  I am a previous banker, so totally understand how the system works, not only the assets and the debts but also how to budget and save money.

I feel fulfilled when I can provide options to my clients to put them on the path of consolidating their debts and to achieve savings.  What makes me different?  How you will feel during the process.  I am not here to judge or criticize but to find a solution and help you get back on track.  I am also not tied to any particular institution or their bottom line.  I find the best solution depending on the clients individual needs and to obtain the best terms and rate to accomplish their goals.

Let me help you with your vision towards your finances!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

 

“What I Learned From 100 Days of Rejection”

I recently watched this Ted Talk and just had to share this very cool exercise and learning!  When Jia Jiang was 6 years old, his teacher wanted the children to experience receiving gifts but more so, how to give and receive a compliment.  Wonderful concept but what happens when you are the 37th of 40 children not to receive a compliment!  These are the experiences that mark us for life, this is where our limiting beliefs begin and why we will do anything in life not to put ourselves out there to be publicly rejected again.

So, we want to do many great things but there is something that just holds us back.  There is a constant battle between who we are today, our dreams and desires and that 6 year old.  Fear of rejection.  Then after numerous tries and continual rejection, what do we do?  We give up or quit!

We need to be a better leader and in order to do that, you have to put that 6 year old back in his place.  So how do you overcome the fear of rejection?  Jia found a site called ‘Rejection Therapy’.  You go out for 30 days and look for rejection, then you will become desensitized to the pain.  So Jia came up with 100 days of rejection with some unique ideas of how to get rejected.  Asking a stranger to lend him $100, he was so scared he ran away.  This is where the learning started, if only he had started a conversation as opposed to  running.  Then he went into a Burger place and asked for a Burger refill but he started a conversation, didn’t run away, stayed, started negotiating and the fear was diminished.  He learned that if he didn’t run, he could turn a no into a yes by just asking why and engaging in conversation.

All those thoughts that we put into our heads, they don’t trust me, I’m not good enough, they didn’t like our presentation, didn’t like the way we looked, none of those things come into play.  What I offered didn’t fit what he wanted.  He also learned how to get referrals.  Put all the doubts out on the floor, acknowledge their doubts and that you are thinking just like them and you will gain trust.  He decided to ask to teach a college class, he was rejected but went back 3 times, kept asking and ended up teaching a class.  You can accomplish your life dreams just by asking.

People who really change the world, the way we think and live are people that were met with initial and often violent rejections.  People like Martin Luther King Jr., Nelson Mandela, Mohandas Gandhi.  These people didn’t let rejection define them, they let their their own reaction after the rejection define themselves and they embraced rejection.  Don’t let rejection be your curse and run from it.  Let rejection turn into the biggest gift of your life.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Will You Owe Revenue Canada?

The holidays are over, we are all pumped up to start the New Year off with a bang and have an epic year!  Then, bam, it’s tax time!!  Thoughts go to tax preparation, getting receipts together, doing the final tally to submit to our accountants or bookkeepers.

As a Mortgage Agent I receive referrals from both accountants and bookkeepers when their clients are having difficulties paying their income taxes either personally or through their business.  Here is an example of one client I was able to assist recently.

Client owed Revenue Canada over $200,000 in back taxes, penalties and interest.  He was unable to pay, so in usual fashion, Revenue Canada froze his business accounts.  This basically shut down his operation.  I  arranged a mortgage to pay out the total amounts owing, he paid off his income taxes and his business account was restored.  Had we have spoken earlier, I could have got him the funds required, eliminated the stress in his life and the business interruption.  We are interesting creatures, we are always optimistic that things will turn around but sometimes it is best to just deal with the elephant in the room!

If you or anyone you know is having difficulties in paying their income taxes or accumulated debt, please refer them to me and I can give them the options available to help them sleep better at night!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offers all mortgage related services such as 1st and 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406