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Inform To Empower

Abiel Tesfit

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Inform To Empower

Inform To Empower

Abiel Tesfit

0
Followers
9
Plays
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Latest Episodes

Episode 17 – Credit Card Minimum Payment

A minimum payment is the smallest amount of your credit card balance that you can pay each month to avoid paying late fees and damaging your credit history. But minimum payments are also how many people end up in deeper and deeper in credit card debt.

9 MIN2018 OCT 16
Comments
Episode 17 – Credit Card Minimum Payment

016- RIP – Regular Investment Plan

A regular investment plan is a key part of your investment strategy that enables you to invest a set amount of money on a regular basis so that you can build your investment gradually. One of the best way to buy mutual funds or any savings program is by making automatic purchases every month. Regular investing has three important advantages: You pay yourself first. Despite your good intentions to put money aside, other expenses always seem to get in the way. But if you have the money automatically withdrawn from your financial institution regularly, it will go to your investments before you have a chance to spend it on anything else It’s painless. If you have a reasonable amount of money withdrawn from your account regularly, you’ll find you never miss it because you never see it in the first place. And that’s a lot less painful than writing a big cheque for investments once or twice a year . For Mutual funds, you get the advantage of dollar cost averaging. By investing a fixed a...

13 MIN2018 AUG 27
Comments
016- RIP – Regular Investment Plan

Episode 15 – Common Mistakes In managing our money

Common Mistakes In Managing Your Money: 1. Not planning: your budget is your spending plan. It will allow you to live within your means 2. Overspending: A full 76% of the average shopper’s spending decisions are made in store aisles, according to a 2012 study by retail marketing group POPAI. The not-a-big-deal amounts like dinners, take-out, gas, coffee, etc. that can really sneak up on your wallet. 3. Credit cards: Buying on credit encourages you to spend more than you can really afford. Studies have shown that when people pay with cash they spend less. 4. Not having long term investment for retirement: Many people are discouraged from saving for retirement because they feel their small contributions won’t make a difference. 5. Making decisions based on emotion: It’s also easy to fall into the habit of judging your spending by that of those around you or by your mood at the time. 6. Focusing on Quick financial gains: Steer clear of people who pressure you to make decisions, prom...

7 MIN2018 JUL 27
Comments
Episode 15 – Common Mistakes In managing our money

Episode 14 – Financial Stress

Today’s guest is Ato Yohannes Ferdinando Drar, mental health expert. Mr. Drar lives in Ottawa, Canada and our discussion was conducted over the phone. Many people today live beyond their means and carry a large amount of stress as a result. Financial stress can have a direct impact your family’s health. In 2017 survey of 5,200 people by a financial services consulting firm (Seymour Management Consulting) has uncovered a staggering level of repressed financial stress. Forty-seven per cent of participants agreed that money worries cause them extreme emotional stress and 40 per cent said money worries cause them to lose sleep. Families under financial stress are more likely to suffer poorer health. Spending beyond our means is forcing families to work longer hours and spending less quality time with their loved once. It’s extremely stressful for the adults and quite often very scary for the children in the household. When parents are stressed, tense or anxious, the children no longe...

28 MIN2018 JUL 16
Comments
Episode 14 – Financial Stress

Car Loan

Vehicles that would have been completely unaffordable two decades ago are now financially accessible. Many consumers can buy cars with no money down, for a monthly, bi-weekly (or even daily) payment that has somehow become “affordable.” Most car-buyers often don’t understand that long-term vehicle financing can set up a cycle of greater and greater debt with subsequent vehicle purchases. According to many dealers more than 50 percent of customers with trade-ins have negative equity. Before agreeing to an extended term loan for a vehicle purchase, consumers should educate themselves and stick to their budget. Less focused on the weekly or bi-weekly payments. Also ask for full disclosure of the payment structure. Car help Canada Car help Canada

10 MIN2018 JUL 5
Comments
Car Loan

Episode 12 – RRSP

In the episode, I will explain what an RRSP is, how it works and it’s benefits. As the same time I will briefly talk about Canada Pension Plan. A Registered Retirement Savings Plan, or RRSP, is a special type of investment account designed to help Canadians save for retirement. The main advantage of an RRSP account, as compared to a regular investment account, is the tax benefits it offers. The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. The Canada Pension Plan (CPP) provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death.The amount of your Canada Pension Plan (CPP) retirement pension is based on how much you have contributed and how long you have been making contributions to the CPP at the time you become eligible

6 MIN2018 JUN 24
Comments
Episode 12 – RRSP

Episode 11 – First Home Buying – Part 2

In this episode Eden explains the process of finding the right Real Estate agent, making an offer, finding a real estate lawyer, finalizing the purchase and closing day. Finding the right real estate agent One of the first steps will be to interview a few real-estate agents before choosing one. You have to be really comfortable with the person and know they’re the right one to guide you through your purchase as you face a lot of pressure and decisions. Ask what you can expect so you’ll know they’re communicating in a way that makes you comfortable enough to ask questions and discuss things as they are happening. Real estate lawyer It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and it doesn’t hurt to have a lawyer look over any offer to purchase before you submit it. A real estate lawyer will also conduct a title search and check for outstanding taxes and liens on the property. Make the Offer Your a...

20 MIN2018 JUN 16
Comments
Episode 11 – First Home Buying – Part 2

Episode 10 – Buying your first home (Part 1)

In this episode Eden K. Tewelde will discuss the step by step process of buying home for the first time. Step 1. Educate yourself to understand Real Estate Market and familiarize yourself with the Real Estate market trend in the area you are planning to buy. Step 2. Find out how much you can afford. Different lenders use different calculations to find out how much you can afford. Points you should consider; a: Your monthly housing costs should be equal to or less than 32% of your average gross monthly income. b: Your monthly debt load should be equal or less than 40% of your average gross monthly income. C: Your purchase price should not be greater than your annual income multiplied by 3 or 5 times. Step 3. Get Pre-qualified & Pre-approved for your Mortgage. You need to provide some financial information to your mortgage banker (ie, employment letter, your income , amount of savings & investments you have). At this stage, you will find the purchase price of the homes you should be l...

13 MIN2018 JUN 10
Comments
Episode 10 – Buying your first home (Part 1)

What is RESP?

In today’s episode I will talk about RESP. A Registered Education Savings Plan is an investment vehicle available to parents in Canada to save for their children’s post-secondary education . The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant (CESG) and as method of generating tax-deferred income. Grants on annual contributions between $500 and $2,500 are matched at the rate of 20% as described above. Combined CESG and ACESG lifetime grant maximum of $7,200 per child. To open an RESP, you need to bring your social insurance card, your child’s social insurance card and your child’s birth certificate or permanent resident card to open an RESP. Employment and Social Development Canada

14 MIN2018 JUN 2
Comments
What is RESP?

Episode 8 – Credit Report

Credit reporting agency collects information about where you live and work, how you pay your bills, whether or not you have been sued, arrested, or filed for bankruptcy. All of this information is combined together in a credit report. A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. In order to access you credit report contact both Equifax and TransUnion. Order a copy of your credit report from both Equifax and TransUnion. Each credit bureau may have different information about how you have used credit in the past. Ordering your own credit report has no effect on your credit score. Equifax Canada refers to your credit report as “credit file disclosure”. TransUnion Canada refers to your credit report as “consumer disclosure”. Consider requesting your report from one bureau, then wait six months before you order from the other bureau. TransUnion US 1 800 916 8800 Canada 1 800 663 998...

21 MIN2018 MAY 25
Comments
Episode 8 – Credit Report

Latest Episodes

Episode 17 – Credit Card Minimum Payment

A minimum payment is the smallest amount of your credit card balance that you can pay each month to avoid paying late fees and damaging your credit history. But minimum payments are also how many people end up in deeper and deeper in credit card debt.

9 MIN2018 OCT 16
Comments
Episode 17 – Credit Card Minimum Payment

016- RIP – Regular Investment Plan

A regular investment plan is a key part of your investment strategy that enables you to invest a set amount of money on a regular basis so that you can build your investment gradually. One of the best way to buy mutual funds or any savings program is by making automatic purchases every month. Regular investing has three important advantages: You pay yourself first. Despite your good intentions to put money aside, other expenses always seem to get in the way. But if you have the money automatically withdrawn from your financial institution regularly, it will go to your investments before you have a chance to spend it on anything else It’s painless. If you have a reasonable amount of money withdrawn from your account regularly, you’ll find you never miss it because you never see it in the first place. And that’s a lot less painful than writing a big cheque for investments once or twice a year . For Mutual funds, you get the advantage of dollar cost averaging. By investing a fixed a...

13 MIN2018 AUG 27
Comments
016- RIP – Regular Investment Plan

Episode 15 – Common Mistakes In managing our money

Common Mistakes In Managing Your Money: 1. Not planning: your budget is your spending plan. It will allow you to live within your means 2. Overspending: A full 76% of the average shopper’s spending decisions are made in store aisles, according to a 2012 study by retail marketing group POPAI. The not-a-big-deal amounts like dinners, take-out, gas, coffee, etc. that can really sneak up on your wallet. 3. Credit cards: Buying on credit encourages you to spend more than you can really afford. Studies have shown that when people pay with cash they spend less. 4. Not having long term investment for retirement: Many people are discouraged from saving for retirement because they feel their small contributions won’t make a difference. 5. Making decisions based on emotion: It’s also easy to fall into the habit of judging your spending by that of those around you or by your mood at the time. 6. Focusing on Quick financial gains: Steer clear of people who pressure you to make decisions, prom...

7 MIN2018 JUL 27
Comments
Episode 15 – Common Mistakes In managing our money

Episode 14 – Financial Stress

Today’s guest is Ato Yohannes Ferdinando Drar, mental health expert. Mr. Drar lives in Ottawa, Canada and our discussion was conducted over the phone. Many people today live beyond their means and carry a large amount of stress as a result. Financial stress can have a direct impact your family’s health. In 2017 survey of 5,200 people by a financial services consulting firm (Seymour Management Consulting) has uncovered a staggering level of repressed financial stress. Forty-seven per cent of participants agreed that money worries cause them extreme emotional stress and 40 per cent said money worries cause them to lose sleep. Families under financial stress are more likely to suffer poorer health. Spending beyond our means is forcing families to work longer hours and spending less quality time with their loved once. It’s extremely stressful for the adults and quite often very scary for the children in the household. When parents are stressed, tense or anxious, the children no longe...

28 MIN2018 JUL 16
Comments
Episode 14 – Financial Stress

Car Loan

Vehicles that would have been completely unaffordable two decades ago are now financially accessible. Many consumers can buy cars with no money down, for a monthly, bi-weekly (or even daily) payment that has somehow become “affordable.” Most car-buyers often don’t understand that long-term vehicle financing can set up a cycle of greater and greater debt with subsequent vehicle purchases. According to many dealers more than 50 percent of customers with trade-ins have negative equity. Before agreeing to an extended term loan for a vehicle purchase, consumers should educate themselves and stick to their budget. Less focused on the weekly or bi-weekly payments. Also ask for full disclosure of the payment structure. Car help Canada Car help Canada

10 MIN2018 JUL 5
Comments
Car Loan

Episode 12 – RRSP

In the episode, I will explain what an RRSP is, how it works and it’s benefits. As the same time I will briefly talk about Canada Pension Plan. A Registered Retirement Savings Plan, or RRSP, is a special type of investment account designed to help Canadians save for retirement. The main advantage of an RRSP account, as compared to a regular investment account, is the tax benefits it offers. The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself. The Canada Pension Plan (CPP) provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death.The amount of your Canada Pension Plan (CPP) retirement pension is based on how much you have contributed and how long you have been making contributions to the CPP at the time you become eligible

6 MIN2018 JUN 24
Comments
Episode 12 – RRSP

Episode 11 – First Home Buying – Part 2

In this episode Eden explains the process of finding the right Real Estate agent, making an offer, finding a real estate lawyer, finalizing the purchase and closing day. Finding the right real estate agent One of the first steps will be to interview a few real-estate agents before choosing one. You have to be really comfortable with the person and know they’re the right one to guide you through your purchase as you face a lot of pressure and decisions. Ask what you can expect so you’ll know they’re communicating in a way that makes you comfortable enough to ask questions and discuss things as they are happening. Real estate lawyer It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and it doesn’t hurt to have a lawyer look over any offer to purchase before you submit it. A real estate lawyer will also conduct a title search and check for outstanding taxes and liens on the property. Make the Offer Your a...

20 MIN2018 JUN 16
Comments
Episode 11 – First Home Buying – Part 2

Episode 10 – Buying your first home (Part 1)

In this episode Eden K. Tewelde will discuss the step by step process of buying home for the first time. Step 1. Educate yourself to understand Real Estate Market and familiarize yourself with the Real Estate market trend in the area you are planning to buy. Step 2. Find out how much you can afford. Different lenders use different calculations to find out how much you can afford. Points you should consider; a: Your monthly housing costs should be equal to or less than 32% of your average gross monthly income. b: Your monthly debt load should be equal or less than 40% of your average gross monthly income. C: Your purchase price should not be greater than your annual income multiplied by 3 or 5 times. Step 3. Get Pre-qualified & Pre-approved for your Mortgage. You need to provide some financial information to your mortgage banker (ie, employment letter, your income , amount of savings & investments you have). At this stage, you will find the purchase price of the homes you should be l...

13 MIN2018 JUN 10
Comments
Episode 10 – Buying your first home (Part 1)

What is RESP?

In today’s episode I will talk about RESP. A Registered Education Savings Plan is an investment vehicle available to parents in Canada to save for their children’s post-secondary education . The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant (CESG) and as method of generating tax-deferred income. Grants on annual contributions between $500 and $2,500 are matched at the rate of 20% as described above. Combined CESG and ACESG lifetime grant maximum of $7,200 per child. To open an RESP, you need to bring your social insurance card, your child’s social insurance card and your child’s birth certificate or permanent resident card to open an RESP. Employment and Social Development Canada

14 MIN2018 JUN 2
Comments
What is RESP?

Episode 8 – Credit Report

Credit reporting agency collects information about where you live and work, how you pay your bills, whether or not you have been sued, arrested, or filed for bankruptcy. All of this information is combined together in a credit report. A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. In order to access you credit report contact both Equifax and TransUnion. Order a copy of your credit report from both Equifax and TransUnion. Each credit bureau may have different information about how you have used credit in the past. Ordering your own credit report has no effect on your credit score. Equifax Canada refers to your credit report as “credit file disclosure”. TransUnion Canada refers to your credit report as “consumer disclosure”. Consider requesting your report from one bureau, then wait six months before you order from the other bureau. TransUnion US 1 800 916 8800 Canada 1 800 663 998...

21 MIN2018 MAY 25
Comments
Episode 8 – Credit Report
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