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March 25, 2014, 7:31 am

Extra Money – Should I Pay my Debts or Start Saving?

by: The Financial Blogger    Category: Pay off your Debts

 

 

Last week, I started an interesting discussion with my post about making more money instead of cutting from my budget. After debating the point of cutting my expenses or making more money, I chose the latter and started to make some real progress on my balance sheet. But I’m not using all my extra money to pay off debts. I also use my extra money to save more money.

 

I STILL HAVE DEBTS, AND I SAVE MONEY ON THE SIDE, SAY WHAT?

 

For some people, being debt free is their main goal and they will reach it at all costs. They actually think it’s the best way to save money and become financially free. I definitely don’t agree with this. The choice of saving money or paying off your debts should be more mathematical than psychological.

 

Two years ago, I made a personal commitment to take care of my debts. While I didn’t achieve my aggressive repayment goal, I’m still in a better position today than I was two years ago. During the same period, I also manage to save up $7,362 for my children’s education and added $10,000 to my RRSP account.

 

It is true that I could have used this $17K to pay off my debts and I would have been able to complete my debt repayment plan. But I feel a lot better about my current balance sheet. Here’s why.

 

THE TAX IMPLICATION OF SAVING VS PAYING OF DEBTS

 

As I live in the beautiful country of Canada, I’m blessed with one of the highest marginal tax rates in the world. But this also comes with generous tax advantages for retirement savings and subsidies for education investment plans.

 

The first reason why I decided to save money instead of paying off my debt was the immediate tax impact on my investment vs the low interest rate paid on my debt. For example, I saved 45% in tax (my marginal tax rate) on my $10,000 RRSP contribution. This equals $4,500 in taxes saved. Then, I received a 30% subsidy on my RESP contribution. This subsidy is directly invested along with my money and will be taxed in my children’s hands upon withdrawal.

 

INVESTMENT RETURNS VS INTEREST RATE DEBT

 

The second reason why I decided to invest part of my extra cash instead of increasing my debt repayment was the fact that my potential investment return is higher than the interest rate paid. Last year alone, my dividend stocks made 22% (including dividends received) while my highest interest rate is 6.5% on the loan for my pool (I know, what a shame to have a pool loan!).

 

If you are unsure about whether you should pay off your debts or save more money, a good trick is to list how much you make in investment return vs how much you pay in interest. If you are a conservative investor and yield 2-3% per year, there is no point for you to keep this money invested if you have consumer debts. But if you are invested more than 50% in the stock market and pay a low interest rate, you should keep investing.

 

The power of compounding interest will work its magic on my investments while it doesn’t apply on a loan. Take $10,000 invested at 5% vs a $10,000 debt at 5%. During the first year, the $10,000 invested will generate $500 (5%). But the second year, you are now at $10,500 invested at 5%. Therefore, you will earn $525 (5% of $10500), not $500. The extra $25 on your gain will continue to grow year after year. This is the magic of a compounding interest rate.

 

On the other hand, if you have a $10,000 debt and pay $500 of interest during year 1, you will still have to pay $500 in interest in year two. The interest doesn’t compound on a debt. This is why it’s almost always better to invest than pay off your debts even if the interest rate / investment yield are the same (assuming there are no taxes on your investment).

 

WHAT WILL I DO WITH MY NEXT PAY RAISE?

 

In June, I should get a small pay raise. Since I’m already making a good income, my pay raise should just about match inflation. This should be around 2% this year. But 2% of 80K is better than a slap in the face, right? This will result in about $60 gross on my pay check. Technically, I should get about $25 net in my pocket. Not the end of the world, but this will help my goal of increasing my TFSA contribution to $150 bi-weekly. Regardless the amount of my pay check raise, it will go directly in my TFSA.

 

I still believe I will be making more money with my TFSA that what it cost me in interest. And if it’s not the case, I will always be able to cash in my investments and pay off my debts at anytime. This gives me more flexibility than being debt free and borrowing in the future to fund my kids’ private college.

 

HOW WILL I PAY OFF MY DEBTS THEN?

 

If I use my extra cash to fund my children’s education and retirement plan, this doesn’t leave much room for debt repayment, right? This is where the budget comes into place! I already put a monthly payment down on my debts. Then, I will cash my employer stocks (which are already at $5,000 right now), use my tax return (another $2,000 or so), some dividends from my company (we started to pay ourselves again!) and year-end bonus (calculated based on what I already earned, very conservative).

 

I do some calculations on a monthly basis to make sure I’m still on track for this aggressive plan and so far, I’m right on track! This will be an amazing year: vacations + debts pay off!

 

How about you, do you focus on yours debt or your savings?

 

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March 20, 2014, 5:00 am

The Only Secret to Paying off Your Debts is Really to Make More Money

by: The Financial Blogger    Category: Pay off your Debts

 

You know that already, I started a fight with my consumer debt back in… 2012. We will all agree that I lost the first round (2012) when I failed to go drop under 300K of debt. In 2013, I used a similar technique… and got similar results.

 

Einstein defined madness by doing the same thing over and over and expecting different results. I guess that there is always a little bit of madness in each of us!

 

But towards the end of 2013, I started to get very sick of seeing so many debts on my balance sheet and began to look around to find a solution. I sat down for hours looking at both columns; revenues vs expenses, and found out the solution wasn’t in the latter.

SETUP A SOUND BUDGET

 

When I decided to pay off my debts back in 2012, I did what made sense: I created a sound budget. I thought by looking carefully at how cash was flying out of my wallet, I would control my personal finances and my debt would drop. It didn’t happen in 2012 and the same result happened in 2013. I was very good at finding excuses:

#1 The addition of central A/C

#2 The addition of a pool

#3 Car repair$

#4 Vacation

#5 etc, etc, etc,

 

But I ignored the most important part of my budget during this exercise: my sources of income. I’ll go back to this point later on in this post but I want to finish about how to do create an effective budget first.

 

Making a good budget doesn’t require a fancy online app where you get 3D graphs in multiple colors. All you need is a pen and a piece of paper (or an excel spreadsheet if you don’t feel like using an old fashioned calculator!). I’ve made a list of all monthly expenses and classify them into three simple categories:

 

What I can’t do anything about: mortgage, taxes, electricity bill (you can’t cut that forever), healthcare (mainly products for kids), savings (pay yourself first!), gasoline.

 

What I can reduce: food, restaurant, wine, car payment, insurance, etc.

 

What I can waive: car expenses.

 

At that time, there was only one expense I could completely waive without affecting my lifestyle too much: sell my second car. I didn’t have a car payment on my RX-8 but it was costing insurance, gas and car maintenance bills on a monthly basis. By selling my old car, I was getting rid of a few hundred each month.

 

Then, I attacked what I can reduce. I actually sold my two cars to replace them with a new one back in September 2013. It has increased my total debt but my monthly payments were greatly reduced. Since my car value drops as fast as my new car loan, it had no effect on my net worth; only on my budget. I’ve slowed down on wine and cut out restaurants. I went to my own limit of my lifestyle.

 

After cleaning up my budget and reducing expenses, the numbers still didn’t work perfectly yet. I faced a dilemma: I had to either cut back on lifestyle or find another solution. I consider that I’ve worked too hard when I was younger to give away on my current lifestyle. I love the way I live and don’t want to sell my house, miss going on vacation or reduce my children’s activities. This brings me back to finding another solution.

 

THE KEY IS THE MONEY YOU MAKE NOT THE MONEY YOU SPEND

 

For several years, I was able to both increase my lifestyle and not increase my debt level. It just happened recently when I’ve lost control over my personal finance temporarily. My first reflex was to cut down on my expenses and try to manage my budget tightly. This was a mistake.

 

In fact, a few years ago, I accepted a new position at work. It was a promotion but also a long term move where I could make more money… but only in the future. Since I had to start a new book of clients from scratch, in the beginning bonuses would be smaller than in my previous career. This is exactly what happened in 2012 and 2013. On top of making less from my day job, I also started to make less from my online company. Back in 2010 and 2011, I was withdrawing some good amounts to support my lifestyle and enjoy life. In 2012, Google slapped us big time and we had to reconsider our business model.

 

While the business is now back on its feet, it wasn’t the right time to withdraw company money for leisure. So back in 2012, the issue I ran into was not a spending problem, it was an income problem.

 

The key with your personal finance lies within your ability to make money, not to reduce expenses. I can appreciate my “new” strategy as we are now making more money since September 2013 with the opening of a daycare at home. On top of this, the company is now generating more income and we can also benefit from it.

 

I saw the positive impact instantly on our budget as months are easier to get by and I see my debts reducing each month now. I don’t have to wait for a bonus or a tax refund to apply a lump sum payment on my debts.

VACATION + PAY CONSUMER DEBTS?

 

That’s right! This year, I will get rid of 15K of consumer debts and go on two vacations! We will have a couple’s vacation and a family vacation! Both can be done because we are making more money than ever.

 

So I won’t have to sell my house or get rid of my new car and will continue to live the way I want. On top of this, my debts are going down and I’ll be ready for more investments no later than 2015!

 

The morale of my story is simple: focus on your ability to make more money and you will pay down your debts. You can spend hours to reduce your expenses, do things by yourself to save a few bucks and burn yourself out in a miserable frugal life. Or, you can live the life you want, enjoy all the good things while making the money to pay for it. I’m done fighting with my budget. It’s time to make some more money now!

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October 9, 2013, 6:22 am

Life… Differently

by: The Financial Blogger    Category: Pay off your Debts

 

 

Over the past couple of months, I’ve changed a lot of things in my life. First, my wife started a daycare at home. Then, I made some important changes in my lifestyle.

 

#1 I sold my RX-8 and am getting used to having one car

#2 I reduced my monthly spending on wine and food

#3 I delayed most of my other unnecessary expenses (read everything not related to my children).

 

To be honest, I wasn’t excited about these changes; I wasn’t thrilled about reducing my lifestyle. But I had no choice for now. Since we are focusing on a healthier corporate situation, we have stopped all “benefits” derived from our online company. This has forced me to run on a smaller budget. As I recently wrote on this blog, making money in the PF online world is not as easy as it used to. This is why we have to concentrate on what we do best and also have to stop spending carelessly.

 

BUT IT WASN’T THAT BAD

 

I was a bit quick to sell my car. After all, I can slow down on wine and good food and still hit a few bottles per month. But I can’t sell my sports car and hope to drive it again. This was more than a car, it was a symbol of wealth, power and speed. OMG… that’s so BS when you think about it!

 

This is exactly what I realized once I sold it; driving a cool car is not the end of the world. In fact, after a few weeks, it’s more liberating than anything else; no car issues, no expensive gas bills. In other words; I’m less cool, but richer! Hahaha!

 

IT’S NEVER ENOUGH

 

The other thing I realized this year is that one never has enough stuff. Now that I’m making good money, I want more. I want more money, more stuff, more of everything. That’s completely stupid. I’ve got into a cycle of always wanting to make a bigger bonus to live a bigger life. I call it ambition and I’m proud of being ambitious. However, I’ve realized that it’s better to put my ambitions elsewhere than in a bigger bonus.

 

The myth of corporate performance never ends. The more you bring the numbers in, the more you want to bring in. In the end, it all resets on Day #1 of your fiscal year and you start the wheel all over again. That’s enough to give you a headache!

 

Since my last son was born (about 20 months ago), I’ve taken life lightly. I didn’t push too much on my online company (no matter how motivated I was) and didn’t push as hard on my day job either. In the end, I still did more than most people would do anyway, but in my inner self, I know I wasn’t working at full speed. The funny part is that nobody noticed; I was still ahead since I’m highly productive. I guess that I could continue to “cruise” my way for a few years and nobody would ever realize that there was something wrong.

 

I’ve spent a lot of time trying to find what was wrong with me. I was happy, I am happy! I like my job, I like having my sideline but still, I wasn’t sure why I wasn’t running full speed.  To be honest, I’m not sure that I have found the real answer of why I feel this way. I just feel that I need to slow down for a while and enjoy what I have.

 

I’ve never been as close to my family, to my kids as I am right now. I spend a lot of time with my three kids and can see my toddler evolving day after day. I didn’t do that for my two first kids. I guess a part of the answer why I’ve slowed down is there; I want to enjoy the small things in life.

 

This is why I’ve decided to live my life differently; with less stuff and more savings. My guess is that I’m rebooting and preparing my system to start on another rush eventually. After all, I’m expecting to go to Hawaii in 2014… so I better rack-up a few more dollars to pay for this trip!

 

How are you living your life? Are you expecting to make more money to spend it? Or are you enjoying the small things?

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September 9, 2013, 5:00 am

The Book I Read While Camping, My Debt Level Once Back Home

by: The Financial Blogger    Category: Pay off your Debts

 

 

During my vacation, I went camping for a few days with my family. For the first time since I have owned a Blackberry, I made a deal with myself: not to touch this devilish tool for 72 hours. If you have a smartphone, you know that 72 hours without your phone is longer than the entire ice age period.

 

Good news; I did it! It seems that canoeing, lighting a fire and eating marshmallows is so fun that I didn’t need my phone to see what was going on at work, at my online company and with my investments! During the afternoon, I pulled out a book that was recently sent to me for a review (one advantage of being a blogger… hehehe!). It’s called Give Yourself a Raise, written by Gordon Bennett Bleil. The title was cool enough to catch my attention, the rest of the cover page convinced me to open the book:

 

How to have

#1 More money

#2 Less Stress

#3 Financial Freedom

 

So Let’s Do It! What’s Inside?

 

I’ll tell you upfront – I was divided, some disappointment somewhat happy about the book. Disappointed because I thought that I would learn more about how to reach financial freedom by raising my income. This is why the title inspired me. I guess I should have read the back cover as well and discover that it’s more an entry level book about starting to manage your personal finance correctly. You know, the usual “control your spending”, “start saving”, “pay yourself first”, etc. These kinds of books are pretty helpful for people without any financial education but they can become boring pretty fast.

 

Wow… that’s some serious critique for a free book I received to review, huh? But at least, I was also half happy about the book too!

 

I was away camping and only brought one book. I didn’t expect to read much during these three days as my three children were around as well! So I kept on reading even though the topic wasn’t as exciting as I hoped. It turned out that Gordon is nailed down personal finance problems with practical answers. I have read so many books about personal finance that are quite entertaining and motivating but never put the tools in your hand. I don’t care about how to turn a screwdriver clockwise to screw something in properly – I want to receive the darn screwdriver with a box of screws! This is what this book does.

 

It has a financial quiz to determine how much you suck with your personal finance (I do suck at times! Especially when it comes to paying off my debts… but you know this already!).

 

It shows you how to build a bucket system from A to Z with online banking.

 

It provides you with a useful chart and checklist to track your goals and achievements.

 

The rest of the book will explain you the basics of credit, retirement planning, investing, insurance and so on. Basically, anything that has already been very well explained in the Wealthy Barber. Overall, I think it is a very good book for anyone who’s looking for an introduction book to control his/her personal finance. The practical tools will not leave you empty handed and provides motivation. You will have a chance to use what you have learned and apply it.

 

If you are looking to start taking control of your finances, buying this book it a great move!

 

 

Back From Camping

 

Can camping be so expensive that it increased my debt? Nope! That’s not it! While I was on vacation, I didn’t look at my computer and completely forgot about banking. This was a very good move as I disconnected totally from my day-to-day life. But when I came back home, I put my nose back into my finances and looked at my credit card statement… ouch!

 

During the month of August, we have incurred several expenses totaling several thousands. Just to name a few:

Furniture, toys and other goods related to the daycare opening

Children’s clothing for fall (not just the “back to school” frenzy, both kids grew so much, all jeans and shirts were too small!)

Children’s activities for fall and winter (gotta pay for everything upfront!)

A few expenses related to my 2 week vacation (hotel room, dining out, wine, gasoline and camping)

Furniture and paint for my kids’ bedroom (moving #3 and #1 into the same room)

Municipal and School taxes (why do they have to fall within 2 weeks of each other!)

 

This is why I have more debt now than I had before my vacation!

 

 

Here Are A Few Things I Will Do This Fall to Cut My Expenses

 

I don’t know if it’s related to “Give Yourself a Raise”, but I’ve decided to make a few more changes in my life to make sure that my year-end bonus combined with the new revenues from the daycare will pay off my consumer debts.

 

As the book says; you have to identify your leaking buckets. You need to know where you spend money that you could cut back on. And this is what I’m doing right now…

 

Eat less. I love eating and know that I exaggerate with at least 3-4 meals per week. I’m pretty sure I spend at least $100 per month on non-essential food items and I’ll start reducing my portions and eating habits accordingly. In fact, I’ve already started since September 3rd! I guess it will also help me dip below the 180 lbs psychological bar!

 

 

Drink less. Arf! By writing this; the smile on my face disappears. I love drinking wine but it’s darn expensive. From now on; no wine except on Fridays and Saturdays and never more than 1 bottle for my wife and I per day. It’s not rare that we open 3 to 4 bottles per weekend, since we pay on average $17 each bottle, this means I can save between $68 and $136 in wine per month. I guess $100 is a good target.

Skip Winter Soccer. This sucks too as I really like playing soccer. However, the winter season cost $260 and I really can’t dig my hole much deeper with such expenses. I’ll do my workout 5 days per week with my home gym that is 100% free and wait until my personal finances are better and maybe register next summer.

 

Put my RX-8 For Sale. I’m telling you, if it doesn’t hurt, it won’t do any good! Over next weekend, I’ll do a big clean up and make my car shine. I’ll put it up for sale on the internet and see how it goes. I know it’s a sport car so I might have to keep it until spring, but I will give it a try now. Since my wife stays at home during the day (with the daycare), it’s impossible for her to use the SUV anyway. I’m pretty sure we can manage with 1 car. The fact that I can save money on gasoline, insurance, car maintenance and can get a few thousand back from the sale was enough to convince me that I didn’t need a cool looking sport car to be happy in life ;-).

 

Life will surely be a little bit more boring with less food, wine, sports and a nice car but I’m sure it won’t be that bad. I hate making sacrifices and reducing my lifestyle but I think it has become necessary if I want to change my situation and not look after my next year-end bonus to close my budget. After all, I’m pretty sure I’ll be darn happy to  have made these choices in a year from now where I will see my debts melting!

 

I’m curious, what’s the biggest sacrifice you have made to pay off your debts?

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August 12, 2013, 5:00 am

Should I Invest or Pay Off My Debts?

by: The Financial Blogger    Category: Pay off your Debts

invest vs pay off debts

I recently said a lot about my debt repayment plan which will start this October with the arrival of new income (from my wife’s home day care). In one of these articles, Derek from Money Ahoy suggested that I not pay off my low interest debts (since most of them are under the rate of inflation). The idea is not that stupid as I’ve played around with the concept of low interest debts and investing many times since I started working back in 2003:

 

I borrowed 20K from my line of credit to invest in the stock market (which resulted in buying my first house with a 50K down payment!)

 

I borrowed 25K using a personal loan to buy a piece of land (which resulted in a healthy flip within 12 months)

 

I borrowed 25K from my parents to buy my second house (which resulted in a 75K profit within four years)

 

I remortgaged my house to invest in my online company (which resulted in a 6 figure income sideline)

So as you can see; to the question should I pay off my debts or invest, Ive often answered that you should invest your money instead of paying off your debts.

 

Pay Off Debts Vs Investing

 

Starting in October, I will be generating an extra free cash flow of roughly $1,000 per month. Therefore, I have two choices: I can pay off my debts quickly or I can invest that money in the stock market or in my online company. After all, I’ve been carrying these debts for a while and they don’t hurt my budget that much. Considering their low interest rates, I mostly pay principal owed when I make a payment.

 

The logic behind investing money is the difference between the investment return you could make versus the interest rate you are paying on your debt. For example, if you can invest at 5% and your debt interest is at 3%, you could think that you will be making an extra 2% return if you invest instead of paying off your debt.

 

THINK AGAIN - Personal finance is easy to understand but it’s still more complicated than that.

 

FIRST, there is tax: you pay your debts with after tax money while your 5% investment return is a before tax return. After tax, your 5% investment return is roughly 3%. Therefore, in my current example where you have the choice of investing at a net 3% return vs paying your debts at a 3% interest rate, you shouldn’t break a sweat about this decision and simply pick one.

 

THINK AGAIN There is another little factor you have to consider.

 

SECOND, there is the marvelous power of compounding interest. Let’s say you have $1,000 to use toward your debts vs investing it at 3% net in both cases. Let’s assume your debt balance is at $1,000. If you invest your money, you will be showing the following balance sheet at the end of the year:

 

Asset: $1,030 & Debt: $1,030. You then pay your $30 of interest (because it’s a due to the bank). The following year, you show the following:

 

Asset: $1,060.90 & Debt: $1,030. The magic of compounding interest made your $30 of investment return turns into $30.90 the following year while you still owe $30 in interest to the bank! Check out the result in 25 years:

 

Year Asset Total Investment Gain ($) Debt Total Interest Cost Net Worth

1

$1 030.00

$30.00

$1 000.00

30

$0.00

2

$1 060.90

$60.90

$1 000.00

60

$0.90

3

$1 092.73

$92.73

$1 000.00

90

$2.73

4

$1 125.51

$125.51

$1 000.00

120

$5.51

5

$1 159.27

$159.27

$1 000.00

150

$9.27

10

$1 343.92

$343.92

$1 000.00

300

$43.92

15

$1 557.97

$557.97

$1 000.00

450

$107.97

20

$1 806.11

$806.11

$1 000.00

600

$206.11

25

$2 093.78

$1 093.78

$1 000.00

750

$343.78

Out of nowhere, a 3% investment return makes more than a 3% interest debt. So what if you would have paid off your debt and invest the $30 per year of interest paid starting at the end of year 2? Here’s what happens:

Year Asset Total Investment Gain ($) Debt Total Interest Cost Net Worth

1

$0.00

$0.00

$0.00

30

-$30.00

2

$30.83

$0.83

$0.00

0

$30.83

3

$31.78

$1.78

$0.00

0

$31.78

4

$32.77

$2.77

$0.00

0

$32.77

5

$33.78

$3.78

$0.00

0

$33.78

10

$39.32

$9.32

$0.00

0

$39.32

15

$45.74

$15.74

$0.00

0

$45.74

20

$53.18

$23.18

$0.00

0

$53.18

25

$61.81

$31.81

$0.00

0

$61.81

 

As you can see, the end result after 25 years is a positive net worth of $343.78 (which is 34% of the $1,000 used in the first place) vs $61.81 if you decided to pay off your debt first.

 

Technically, if you can invest money and earn at least the same rate you are borrowing, it is mathematically better to invest than pay off your debts!

 

So Why This Time am I Paying Off My Debts Instead of Investing?

 

Yeah… I’m not really making much sense right now since I just wrote 800 words on how you should invest your money when you pay a low interest rate… this doesn’t make sense to still pay of my debts right? The logic is definitely killing me right now… hahaha! But there is more than mathematics in life!

 

FIRST, there is psychology. A few years ago, I really didn’t mind having debts over my head. I was confident to constantly increase my income and eventually pay them back with my big investment returns. It turned out that the more money I’ve made by leveraging, the more I spent and never use my profit to pay off debts. Today, I know I would feel better if I pay my debts instead of investing that money again.

 

SECOND, there is my financial freedom goal. I’m soon turning 32 (yikes time flies!) and I want to reach financial freedom early in my life. This means before 40 and hopefully at 35. I don’t expect to be debt free at 35 but I aim to be financially free. The freedom I seek is the one giving me the option to work when I want to work and to spend money when I want to spend money. It’s more about breaking my links with the corporate world and sitting on enough passive and semi-passive income so I don’t have to worry about my future. It doesn’t mean I will stop working, not at all. Still, I can’t reach financial freedom if I have tons of monthly payments attached to my budget. It’s impossible for me to slowdown and drop my income even momentarily.

 

 

I Still Believe In Investing Instead of Paying off My Debts… But Just Not Now

 

Once I will clear my consumer debts, I will most likely invest my extra cash flow instead of paying off my mortgage. On the other hand, if I wake up at 34 with only a $250K mortgage as a debt, I won’t mind carrying this weight on my back…especially since my house will probably be worth over $375K at that time!

 

What about you? Do you pay off your debts or invest your extra money? 

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