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Interest Rates Explained

bar chart increase - interest rates increasing

Interest rates are a significant part of your financial life. In its simplest terms – interest is the price you pay to borrow money. At some point, most of us will find ourselves paying interest on a student loan, car loan, mortgage, or credit card. When you borrow money, you will have to pay back the amount you borrowed plus a percentage of the amount borrowed which is the interest.

Unfortunately, we have little control over the interest rates available to us as they are largely a product of economic factors such as money supply, the inflation rate, and the Bank of Canada’s monetary policy.

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3 Budgeting Mistakes You Should Avoid

Budgeting is an important aspect of financial management. It involves planning and tracking your income and expenses, so you can make sure that you are living within your means. However, even with the best intentions, it’s easy to make mistakes that can derail your budgeting efforts and lead to financial problems down the line.

In this article, we will discuss three of the most common budgeting mistakes and how you can avoid them. By learning from these mistakes and taking proactive steps towards effective budgeting, you can achieve your financial goals and live a more comfortable life.

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Know the Difference: Active Income vs. Passive Income

active income vs. passive income

Active income and passive income are two different types of income that can have a major impact on your financial well-being. Active income is income you generate through activities such as working, running a business, or providing services. Passive income is income generated by something that you own or have invested in such as savings accounts, real estate, stocks, or rights to something you have created.

This article will discuss the differences between active and passive income sources and how understanding them can help you make better financial decisions.

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Financial Literacy and The Next Generation

girl putting money in a piggy bank shaped as a car

Nobody is born with financial knowledge. For most of us, our financial literacy and capabilities develop over time, with many of us making mistakes along the way. Financial literacy is important at every age. The earlier we can teach our children, the more likely they will be to make wise financial decisions throughout their lives.

We can help our children avoid the financial mistakes we may have made and achieve successes of their own – they can learn from our experience. Financial literacy is key to helping the next generation manage their money effectively so that they can become financially stable, build assets, and achieve personal goals.

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Types of Business Risk and How to Manage Them

Business risk is a factor that can affect the success of any business. It can come in many forms, from security breaches to operational issues.

In order to minimize the potential risks to your business, it is important to understand the different types of business risks and how you can manage each of them. The more common types of business risk are outlined below, along with suggestions on how to reduce your business risk.

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