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Tips for saving money Canada: Introduction
I have written a few blogs about professional athletes who have made a lot of money in their athletic careers, but who have nothing to show for it after retiring from sports. Worse, they have run into financial trouble. I am very happy to be able to write a blog about a financially savvy NFL player.
Some of the blogs I have written about very rich people’s financial disasters are:
- FAMOUS CELEBRITY BANKRUPTCIES HAPPEN TOO
- BANKRUPTCY ALTERNATIVE: THE CLINTON PORTIS LIST FOR TURNING $40 MILLION INTO A BANKRUPTCY
- ENOUGH MONEY IN RETIREMENT: HOW CAN YOU BE WORTH OVER A MILLION DOLLARS &WORRY ABOUT BEING BROKE
- BANKRUPTCY OPTIONS: DO YOU REALLY NEED A $100K PERSONAL ASSISTANT?
- MONEY MANAGEMENT MISTAKES: AVOID MONEY MISTAKES – MISTAKES COST MONEY
- DEBT FORGIVENESS CRA: CANADA REVENUE AGENCY BEATS DONOVAN BAILEY
- FILING FOR BANKRUPTCY IN CANADA: MENTAL HEALTH & DISCHARGED BANKRUPTCY
- FORMER PRO ATHLETES WHO ARE BROKE: EARN OVER $400 MILLION & GO BANKRUPT?
Tips for saving money Canada: Saving vs. savings
The word saving is different from the word savings. The former describes the act of boosting one’s assets, where the latter describes one part of one’s assets. Savings are generally invested in interest-bearing accounts, stocks, bonds and/or real estate.
Saving describes a task happening gradually, from your salary or wages, where financial savings describes something that exists at any given time. Reducing your expenses is also a part of savings. There are many blogs on money saving tips for families and money saving tips for students.
Tips for saving money Canada: Brandon Copeland
I understand that debt and a lack of savings is a big problem for many people. There are many Canadians living paycheque to paycheque Yet it is entirely repairable if the money saving tips Canada information is taught, learned and then followed. That is why I was so impressed by New York Jets linebacker Brandon Copeland. I’m not a Jets football fan, however, he really inspires me.
Twenty-seven-year-old Brandon Copeland knows all about saving and savings. He recognizes that his football profession has an expiration time. It is a certainty that football is going to be over one day, the NFL star informed ESPN in 2017. That’s why Copeland is thinking about his future all the time. The Wharton School graduate spent two summertimes interning at an investment bank while in college. He took an offseason job on Wall Street.
He also has experience flipping homes and opened a property firm with his better half in 2015.
Tips for saving money Canada: Tips for saving money Canada: What he teaches
Brandon Copeland grew up in an extremely modest family. Therefore he really did not recognize a great deal about financial matters when he became a young adult. He studied and learned about it on his own. He really did not simply quit there.
Every Monday evening in the offseason he instructs a university course on financial literacy. His objective is to educate a lot of people about finances. He wants to shorten the gap between the rich and the poor. He understands that’s a huge objective yet if you think of it, he has already accomplished a goal that most can’t; making it into the NFL!
He is teaching a financial literacy seminar called “Life 101,” at his alma mater, University of Pennsylvania. The program covers the realities of life all of us need to deal with like:
- exactly how to invest;
- preparing for retired life;
- developing a good credit score.
Tips for saving money Canada: How it all started
He and a previous teammate were speaking on cash mistakes and what they want. They had actually recognized it in their early 20’s. That is how he came up with the suggestion for a course. “I don’t care if you’re an engineering student, a nursing student or if you’re going to build rockets when you grow up or if you’re going to sweep floors,” he said.“You’re going to have to use something in this class”.
While Copeland is the very first to admit he is not an expert in financial proficiency, on the first day of the class he tells the class that he is NOT a financial professional in all of this, but no person really is. He told the Wall Street Journal he’s cautious with his money. “I’ve literally hoarded money,” he said.
He is saving nearly 60% of his post-tax salary. It goes towards safe long-term investments. Another 30% goes towards savings. He lives off the remaining amount. Brandon Copeland said anything he can go into savings and he invests it. He feels that he has to a point where he has enough where if football is over today, he has more than enough to take care of himself and his family.
You don’t have to be a millionaire to pay yourself first
Copeland admits that his income is well above that of the average American. He says that you don’t have to be rich to pay yourself first. He strongly believes that the more you can set aside, the better off you will be. It ends up paying large dividends thanks to compound interest.
Many experts recommend following the rule of personal finance that says 50% of income goes to necessities like rent and groceries, 30% towards discretionary spending and 20% towards saving.
If you can set aside 90% like Copeland is more power to you. Interesting fact. Bill Belichick got his first job in the NFL at age 23. It paid $25 a week.
Do you have too much debt and not enough savings?
Do you have extreme debt? Are you stressed out because you are living paycheque to paycheque and have no savings? Is the tension, stress, anxiety, and pain of your debt adversely affecting your health and wellness? Do you require a fresh kick-start but don’t understand where to begin?
If so, call the Ira Smith Team today. We have years as well as generations of experience assisting people and businesses needing financial restructuring. As a licensed insolvency trustee, we are the only experts certified and supervised by the Federal government to provide financial restructuring and debt settlement options.
Call the Ira Smith Team today to see to it that we can begin helping you. We will swiftly return you into a healthy and balanced worry-free life. We can develop a debt negotiation strategy built simply for you to avoid bankruptcy.
You can have a no-cost consultation to assist you to repair your debt problems. We find your pain points and give you the plan to end them in your life. This will definitely permit you to start a new beginning, Starting Over Starting Now.
