Blog Post

5 Things to Help You Survive Your 40s & 50s

Anita Groves • Jun 19, 2018

You know those days where everything goes wrong and you’re so tired you don’t know what direction’s up? They’re a lot more manageable when you know what you’re working towards.

Here’s 5 things that’ll help you survive—and make the most of!—your 40s and 50s.

1. Do work you enjoy.

Brace yourself for the motivational platitudes… Life’s too short to do work you don’t enjoy. You’re never too old to start something new. It’s not too late!

They’re cliches for a reason.

We spend too many hours working and commuting to be in a career that gives us the Sunday night dreads. Doing work we enjoy gives us the sense of purpose and energy we need to juggle our way through these years. And man, do we need all the energy we can get…

This doesn’t mean you have to storm into your boss’s office yelling, “I QUIT” so you can start a surf school in Hawaii (Although, go for it!). Maybe you do need a whole new career, but perhaps you just need a new position within your company, or to tweak the one your have so you’re working on different projects.

Bottom line, a more enjoyable career might be easier to get than you think. And it’s so worth it.

2. Have extra cash on hand for emergencies.

Between your kids, your parents, your home, and even your pets (have you seen vet bills these days?!) someone’s bound to need something.

Having cash on hand means you’ll be able to cover these surprise expenses stress-free. So the next time Fido needs an emergency run to the vet to get who-knows-what removed from his paw, your won’t have to rely on credit or give up your weekly brunches to cover it.

The general rule of thumb is to have three to six months worth of cash on hand in an emergency fund. In these years make it closer to six months worth, just to be safe.

3. Take care of your health.

What’s that got to do with money, you ask? Everything.

We all know neglecting your health now can lead to big medical bills down the line, but that’s not really the point. Staying healthy means you can make the most of your time, and time is the most precious thing we have. What good is time off if you’re not healthy enough to enjoy it?

We’re not saying you should stop buying cookies and sign up for a triathlon, just a couple healthy habits can go a long way. Maybe that’s walking your kids to practice instead of driving, having healthier lunches at work, joining a hockey league with your friends… whatever works for your lifestyle.

4. Know what you’re working towards.

No, “retirement” doesn’t count. Get specific! How do you want to spend your time? What do you truly value? What makes you happy?

Spend more on that and less on everything else.

If you’re a homebody or someone who loves to entertain, it makes sense to put money towards renovations or a bigger house. But if you’re a travel junkie who sees wine tastings across Europe in their future, maybe you need to downsize and put those dollars towards your Italy fund.

Let go of what you think you should be spending on and working towards, and get clear on what you actually want.

5. Make a plan for your money.

Once you know what matters to you and what you’re working towards it’s a whole lot easier to make a plan for your money.

You can estimate what that new house or wine tour will cost and save for it accordingly. You’ll know how much you’ve got leftover to spend today and you’ll know what spending will make you happy, and what won’t.

The daily grind becomes a lot more manageable once you know you’re investing in the life you want.

This article was written by Randy Cass, CEO, Founder, and Portfolio Manager at Nest Wealth. This article originally appeared on the Nest Wealth blog on May 26th, 2017.

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Anita Groves

PROFESSIONAL MORTGAGE BROKER

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Bridge Financing and Deposit Lending

By Anita Groves • 08 May, 2024

Let’s say you have a home that you’ve outgrown; it’s time to make a move to something better suited to your needs and lifestyle. You have no desire to keep two properties, so selling your existing home and moving into something new (to you) is the best idea. Ideally, when planning out how that looks, most people want to take possession of the new house before moving out of the old one. Not only does this make moving your stuff more manageable, but it also allows you to make the new home a little more “you” by painting or completing some minor renovations before moving in. But what if you need the money from the sale of your existing home to come up with the downpayment for your next home? This situation is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property and use it for the downpayment on the property you are buying. So now let’s also say that it’s a very competitive housing market where you’re looking to buy. Chances are you’ll want to make the best offer you can and include a significant deposit. If you don’t have immediate access to the cash in your bank account, but you do have equity in your home, a deposit loan allows you to make a very strong offer when negotiating the terms of purchasing your new home. Now, to secure bridge financing and/or a deposit loan, you must have a firm sale on your existing home. If you don’t have a firm sale on your home, you won’t get the bridge financing or deposit loan because there is no concrete way for a lender to calculate how much equity you have available. A firm sale is the key to securing bridge financing and a deposit loan. So if you’d like to know more about bridge financing, deposit loans, or anything else mortgage-related, please connect anytime! It would be a pleasure to work with you.

Getting a Mortgage After Bankruptcy

By Anita Groves • 01 May, 2024

Sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn’t mean your life is over, and it doesn’t mean you won’t ever qualify for a mortgage again. The key to financial success here is getting things under control as quickly as possible. You must demonstrate to the potential lenders that what happened in the past won’t happen again in the future. So if you’re thinking about getting a mortgage post-bankruptcy, lenders will want answers to the following questions: How long have you been discharged? Securing a mortgage will be dependent on how long it has been since you were discharged from your bankruptcy or consumer proposal. Most lenders consider the discharge date on both to be your new ground zero. And while there is no legally defined waiting period for when you can apply for a new mortgage post-bankruptcy, what lenders will assess is how you’re managing your finances after your financial troubles. Have you established new credit? You can show lenders that they can trust you after bankruptcy by establishing new credit and managing that credit flawlessly. So as soon as you’ve been discharged, it’s a good idea to get a secured credit card and start rebuilding your credit score. To be considered completely established, you’ll want to have two years of credit history on two trade lines with a credit limit of $2500 on each trade line. You’ll also want to make sure that you have no late or missed payments. How much do you have available for a downpayment? The more money you have to put towards purchasing a property, or the more equity you have in your property in the case of a refinance, the better your chances of getting a mortgage. The more money you bring to the table, the more comfortable a lender will feel about the risk they take of losing their investment should you run into future financial difficulty. What is your total debt service ratio? Another consideration lenders will look at is how much money you make compared to the cost of making your mortgage payments. So it probably goes without saying that the more money you make compared to the amount you want to borrow, the better. Conventional or insured financing. If you’re looking to get the best mortgage products available, here are some of the things a lender will want to see: You’ve been discharged for at least two years plus a day. You’ve established your credit (as listed above). You have at least 5% down for the first $500k of the purchase and 10% down for anything over $500k. If you don’t have a 20% downpayment, you will be required to secure mortgage insurance through CMHC, Sagen (formerly Genworth), or Canada Guaranty. The cost to service the property and all your debts don’t exceed 44% of your gross income. Alternative lending As independent mortgage professionals, our job is to provide solutions and strategies for our clients. As such, in addition to dealing with many traditional lending institutions, we also have access to lenders who specialize in working with clients whose financial situation isn't all that straightforward. These private lenders offer alternative lending solutions that consider the overall strength of your mortgage application. While you won’t qualify for the best rates and terms on the market by going with an alternative lender, if you’re looking for options, you might find that alternative lending is a very reasonable solution for you. Alternative lending isn’t for everyone, but it’s an excellent solution for some, especially if you’ve gone through a bankruptcy or consumer proposal and need a mortgage before fully establishing your credit. Get in touch anytime. So whether you’re looking for a plan to help you qualify for a mortgage with the most favourable terms or if you need something more immediate. Please connect anytime. It would be a pleasure to outline your options and work on a plan to get you a mortgage.