LoanAway Blog

If you are not paying yourself first, are you financially stable? Financial experts repeat themselves quite often on the first rule of personal finance. Pay yourself first. Depending on your budget you should be paying yourself 5-20% of your net income . What to do with all of that money? Anything you want. Most create an emergency fund , then vacation fund, investment fund, and finally a retirement fund. This may seem overwhelming, but it is quite simple after the first several months. Wealth is not acquired quickly, instead, it is done slowly, yet surely. These are just some of the laws of money. The article sourced was written by Tina Santiago-Rodriguez is included in this blog post for your convenience. Family and finance: Financial experts give their tips for the New Year Did you make any resolutions for this New Year? Or set any goals? It’s not too late to do so even if the first month of the year is about to end. This applies especially to your family’s finances. On my blog

Are you wealthy? No? Well, why not? If you have a cliche answer like “Personal finance is confusing” or “I have too much debt”. Those excuses that everyone faces. No one is expecting to be a millionaire before 30, however, the average 30-year-old has an average net worth of $2,093 according to The College Investor. This may be caused by the cost of post-secondary , the price of Transportation, and the higher cost of housing.  The question you have been asking is probably “I’m tired of making excuses, what can I do?” The best options you have is to analyze the excuses and find solutions that best suits your situation.  Business Insiders have found the top 5 excuses that are holding you back from increasing your wealth. We, the employees at Loan Away , has cited the source article in our blog post for your convenience.   5 all-too-common excuses that will keep you from building wealth One of the most important numbers you should calculate and track consistently is your net-worth, wh

The short answer is credit score. Most commercial banks do not want to take high-risk chances, however, just because your credit score isn’t perfect, does this make you high-risk? Yes and no. Yes because regardless of what happened in the past, it reflects on your current credit score. If your credit score is 600, but you haven’t missed a payment in over 2 years, by the bank’s standards, you are still high-risk. Even though your most recent years are flawless, your credit score determines everything for a bank. This is why Loan Away is a successful company . We understand that you have made mistakes in the past and are seeking a loan, however, the bank will say no based on credit score. Loan Away has tens of factors we consider when reviewing an applicant. This has led the company to have the highest acceptance rate in Canada ! The reason why most people get rejected for a personal loan Whether you’re looking to do home improvements, tackle medical costs, or consolidate debt, you

The answer depends on which Canadian you ask. Most Canadians will probably say yes, it is good that the Canadian dollars is worth a similar amount to America. Canadians have been taking out loans to accommodate the currency difference . If the value is similar, prices for consumer goods may be equal to the same as Americans. The other Canadians that think it is bad is because they are likely selling goods to Americans. Think about it, if you sell a product to an American for $40 USD instead of selling it for $40 CAD in Canada, you will make more money. That $40 USD will be around $50 CAD which is great if the USD stays strong. Buyers or consumers want the currencies to be similar while the sellers want the currencies to stay different. Loan Away believes that the Canadian economy would benefit more if the currencies had similar value. Which one do you prefer?   Why the US dollar has been tumbling In the shadow of the stock market’s meteoric rise this year, the U.S. dollar has fa

Is there a secret to being a millionaire? Nope. There is a formula , however, it is unknown to most. It’s quite simple to follow once you focus on your goal. Ready? Save 10-15% of your net income for retirement. That’s it. Nothing groundbreaking, just a simple formula. Now, most will not become a millionaire because of two factors. One, the example is based on over 40 years of saving 10-15% of your income for retirement. Meaning if you are 40 years old and have little to no saving for retirement, it is very unlikely you’ll retire as a millionaire . The second factor is your income. Someone with a higher income will have more money for retirement than someone with a lower income if they both saved the exact same percentage over the same amount of years. The average American nets about $40,000. 15% of that is $6,000. If you invested $6,000 from 20 years old to 60, at an average interest rate of 7%, you will have 1.3 million dollars for your retirement.   Wealth manager David Bach: Fol