Day To Day Financial by: Jaibaz Mangat
Borrowing Money
Interest Rates
Loan Rates:4%
Mortgage rates: 6%
Credit Card;20%
Spending Money
Appreciation & Depreciation
All item depreciate once they are used, a $100,000 car can depreciate to $80,000 once used for 2 years as it has kilometers driven on the engine
When the economy is in a recession state the prices to purchase are higher than income which makes a reset in the economy
From 1990 to 2021 the Canadian dollar compared to US dollar has changed from $0.75 to $1 to $0.5
Spending on Luxuries
An average Canadian spends $5000 a year on vacations and luxuries
Spending on Food
The average Canadian spends $300 on groceries
Spending on Houses
An Average house in Canada has risen to $820,000 with a 3$ mortgage interest rate with 20% down payment
Spending on Cars
The average Canadian spends around $8000 a year on gas if they fill up once a week
The average Canadian spends $1300 a month on an average Canadian car of $40,000
Income
Income from Stocks
You can buy,hold and sell stocks. With the right education about stocks you can know when to sell and
According to researchers, an average Canadian has a 10% return on long-term stocks, as the average Canadian invests $5,000 yearly the return is $500
According to Stats Canada 41% of Canadians don't own stocks
Average income across Canada
According to Stats Canada in 2019, the average Canadian household spent $68,980 yearly on expenses
In 2020 the government of Canada recorded that an average family in Canada made around $55,700 which was a 3.3% decrease from the year before
Investing Money
Today's Interest Rates
Interest rates in savings accounts
Smaller banks around Canada can have higher rates at 1% to 2% for lower amounts of money
Interest rates in bigger banks across Canada range from 0.1% to 0.75% with a balance of $10,000 or more
Where you can Invest
Rental properties
Cryptocurrency
Stocks
Dividend stocks
Land & Property
Savings account
Interest terms & Types
Simple Interest:Interest that is calculated on the principal amount each term
Compound Interest:Interest that is calculated on the previous amount of interest earned
Principal Amount: The amount of money you start with/money you are investing with.
