Financial Stuff

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Hi everyone!

Picture courtesy of: https://forestfinancialplanning.ca/financial-advisor-vs-financial-planner/

I haven't blogged here since the last time I did two years ago. Some updates to share with you.

First, this year has brought a lot of turbulent mess in the first quarter. I'll begin with a loan that I took out. I took out a loan from a creditor two years ago in 2022. I thought it would help me with the outstanding credit card bills that I needed to pay off. 

Secondly, I almost (keyword: almost) fell into a trap on Instagram with a scam alert. Thankfully, it was avoided but its key to learn about scamming when you are young.

I thought it looked like something I could manage and pay it all off when I'm up on my feet again. It turns out the interest rate was way too high. And I would have to pay $18,000 by 2028. Once I heard about this from my bank advisor, I immediately was wrecked. Something about this made me realize that what if I did not sign the contract, would I not have to pay off that bill.

Thankfully, with help from my family, I could eventually pay them off the loan which was such a relief. And the encroaching payoff from them, I felt more freer about how to save and invest money.

Two things that helped me succeed in financial success include investing in a high-rate interest via Wealthsimple. This is really helpful because you get a high turnover with your invested money.

Secondly, I would urge parents to teach their kids about financial literacy while they can. Learning about loans and investments in the long run can help prepare them for the future. 

Also, it's best to teach young kids and older loved ones about scamming on social media. Just like me, sometimes it's best to learn about how they can 'fish' you millions of dollars when the catch seems like it's 'too good to be true'. Even those who think that they know about the scams, it's vital to stop and reflect on if it's good, or too good to be true. I urge everyone to take a literacy course on how to deal with these things, so you won't fall for these scam attacks. 

Especially with the rise of AI, anything can be true in any case. 
(side note: I'm a real person and not AI)

And don't forget to exercise caution about lotteries and casinos because they are not well at keeping your financial stuff at bay, especially if you need financial help. Those places are good if you like to have fun but aren't good if you are short on cash.

Happy Saving,

Brian



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