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Canadian parents provide adult children with $24K to move out

Parents give 24K average to help move out

On average Canadian parents gift their children $24,000 so they can move out. Inside Halton digs deep into Canadian Imperial Bank of Commerce’s (CIBC) commissioned poll to found out more about families gifting money.

CIBC highlighted that 76% of parents would happily give money if it’d help their children move out, get married or live with their partner. With 2 out of 3 parents preferring to give their adult child money than have them remain living at home.

On average $24K is gifted, based on the varying income of the sampled parents.

However, lending or gifting large amounts of money can be risky. That’s why Inside Bilton highlights potential negative outcomes involved to help you make the right financial decision.

Read the full article by clicking the link

Credit: Peter Watson

Source: www.insidehalton.com/

 

 

 

Should the bank of Mum and Dad Gift or Loan?

bank of Mum and Dad gift or loan

Katherine Denham from City A.M. brings you an article to help parents decide whether they should gift or loan to their children?

Denham highlights the increasing number of young adults feeling the pinch on their wallets.

With the added burdens of student debt, high property prices and stagnant wages she sees more strain for these individuals to save. Overall, helping to make the idea of owning a home unfathomable for young people.

Denham highlights statistics from Resolution Foundation showing that millennials are the first generation to be worse off in comparison to their parents. So it shouldn’t come as a shock to see most of these individuals turning to the bank of Mum and Dad for financial support and help to get a foot on the property ladder.

Katherine Denham further goes on to discuss the differences between simply giving and lending to children, as well as joint purchasers.

Credit: Katherine Denham

Source: www.cityam.com

 

 

Credi’s #WhatTheLoan – To Help Fund a Start Up

Another week has gone by and another #WhatTheLoan has arrived. This weeks loan is to “help fund a start up.”

 

#WhatTheLoan Start Up

 

 

 

Am I doing it right? The struggles of ‘Adulting’

Adulting

You may have heard people use the term Adulting before. When my generation usually uses it we refer to growing up, becoming responsible and taking our rightful place within society. However, there is definitely a whole more to this term and I’m typing this blog as we speak to explain to the struggle of ‘adulting’.

Adulting is the term we use when we start to get our s**t together. Once the studying is done, this is where the BIG step to becoming an adult begins. It’s the times where we discover there’s a new expense or payment we had no idea of exists and that our parents are no longer paying for. It’s for the times when we have to get ourselves out of our own sticky messes, work proper hours and pay for our own necessities to life – rent and bills being a couple. Adulting is the limbo state where we go from being a young adult to a somewhat-contributor-to-society-that-pays-minimal-tax.

But let’s face it, sometimes life gets tough and taking the step to being an adult is more of a leap, off a rock, that’s on a cliff, thousands of feet high. So there shouldn’t ever be any shame if we have to resort to going to the ‘Bank of Mum and Dad’. Right? Well if you have no intention of paying them back, or even plan to pay it back as slowly as possible, then sure it’s probably not going to be a fun experience. BUT, if you show them you can manage your finances, make reasonable repayments periodically and negotiate terms, then why the heck not!

That’s where this sweet new fintech (which I’ve recently discovered means financial technology) called Credi comes in. Think of an online platform that allows you to formalise loans and then manage them. An awesome website where you can create, negotiate and accept loan agreements with people you know- like good old ma’ and pa’. It’s even got fancy pants features like repayment schedules, interest options, SMS and email notifications, Esigning, negotiating features and SAH MUCH MORE!

Credi doesn’t just help you manage your loans on your own, it protects relationships and helps you avoid disagreements. Simply put, “it’s changing the way we lend to each other”.

So let’s put it this way, adulting is hard and let’s be honest it’s a lot harder than it uses to be. So I think an important step to becoming an adult is to take baby steps- instead of a leap- and hey those steps may include borrowing money. Loans are great and all but if your parents are financially stable enough surely there’s a way to work something out.

So don’t be too hard on yourself, work hard and have ambitions for the future but most importantly of all, enjoy your life. We need money to pay for necessities and things in life, but we should let it consume us. And hey, when the going gets tough, our parents will always be around….and so will Credi- the platform that will help eliminate the nasties that come with loaning from family and friends.

 

Sacrifices millennials would make to own a home Cartoon

This awesome graphic highlights the sacrifices millennials would make to own a home. If you were a first-time buyer, what would you give up to own a home?

Sacrifices Millennials would make in order to own a home

Source: HSBC