How Much Would You Pay For Tomorrow?

How Much Would You
Pay For Tomorrow?

 

Can money buy time?

 

Can you pay for an extra Saturday or another Monday?

Many of you have probably read multiple articles on how time can be bought with money. Financial freedom or FIRE (Financially Independent Retire Early) followers believe that having enough money to not be dependent on working creates more time. There is no such thing as creating more time, it’s about being mindful on how we spend our time.

Everyone has the same amount of time in the day. We have 24 hours, or 1,440 minutes in a day. It’s how we choose our lifestyle, and our priorities, that allows us to have more time to spend on the things that are important to us, not to gain more time.

It’s how we choose our lifestyle, and our priorities, that allows us to have more time to spend on the things that are important to us, not to gain more time. Click To Tweet

Even as we trade time for money in traditional employment, we are still at the mercy of the clock and at our choices. If we want for less, then we need less money. This means more choices. If we are creative about our solutions on making money, then it takes less time. You’ve heard the old adage: Work Smarter, Not Harder. This is why I believe you cannot buy time with money. Time continues on, no matter how much money you have.

Years ago, people were raised with the expectation that they would start working early in their lives, and continue working until they are 65. It created citizens that are involved in the workplace, producing income and paying taxes, and being productive members of society. They would work 8 hours a day (more if you were a farmer, for example, but it would even out in the winter months), then go home for dinner and spend time with the family and friends. Today’s positions include the expectation of more than 8 hours a day, plus often weekends and evenings. We are so caught up in our lives and obsessed with money that we forget to spend time on ourselves and on those around us.

I am a firm believer that time will always be available if you make it a priority.

There are so many ways to help keep time in check.

Docket Your Time

 

By docketing your time, you will be more aware of the time you have, and how you spend it.

 

  • Use an app like Moment, which reports to you how much time you spend on different applications and time spent on your phone.

 

buy time
Click Here for a Time Docket Sheet

 

  • Create a docket for 15 or 30 minute intervals where you write down what you did during that time. You may find that you are much more cognizant of
    your time when you have to own up to it. Get a simple time docket here from my Etsy shop.

 

  • Freelancers and teams might use some of these apps as suggested by Zapier.com

 

 

Job Sharing

If you are able to reduce your work hours, a lot of employers are allowing job sharing. Essentially, you work one half of the week, and someone else works the other half. Sometimes you trade weeks on and off. Granted, you need to be financially sound in order to reduce your income by 50%, but you will also gain 50% more time in the interim.

Reduce Commuting Time

Maybe it’s time to move. If you love what you do, but it’s an hour or more away from home, you lose 2+ hours a day in travel time. That’s equal to 10+ hours a week, or 520+ hours a year… the equivalent of 21.6 days. That’s a lot of time you could save by living closer and having a shorter commute.

Reduce Expenses

Granted, this is the most obvious of suggestions. If you can reduce your cost of living, you can minimize how much you work. Maybe you could get by with a lower-paying job that allows you to take more vacation time. Maybe you don’t need to work 60 hours a week and can cut the overtime.

 

Being Creative

Think outside the box. Can you spend time with loved ones over your lunch, instead of working on the next task? Maybe you can rotate hosting potlucks once or twice a month and ensure you see your family more often. Perhaps you can work from home, and have time with those important four-legged friends instead of going into the office.

My blogger friend, Michael Dinich, shared an article questioning if a recession would happen if more people were to become financially independent. My opinion is yes!  We need people to work so that we have trades people, doctors, lawyers, etc. If everyone chose to retire early, we would have a large population of non-working individuals and a shortage of workers. Does that buy time? No!

We never know how much time we have on this earth, which means life is about more than money. It’s about spending what time we are given (you know, that 1,440 minutes a day) doing what we want to do, and what we need to do.

Am I saying that people should work their whole lives? No, that’s not the answer either. Our society runs on the citizens giving back time, and if you are fortunate to have enough money to not need to work, then we need you in other areas. Volunteer. Share your trades. Create opportunities for less fortunate. (Some will argue this is the point – having enough money to allow yourself to do these things.)

We have no idea how much time we have on earth. It could be 75 years or 99 years. It could be 15 years. We have no idea. My opinion is that we should continue being contributing members of our society, live smartly, and enjoy the time we have.

No amount of money will extend your time in a day.

So what time is it that we are buying?

Are we buying more days? No.

Are we buying more months? No.

We are rearranging our lives to make time with loved ones or time for travel or anything else more possible, not by buying time.

We are rearranging our lives to make time with loved ones or time for travel or anything else more possible, not by buying time. Click To Tweet

 

That does not have to cost money. That isn’t buying time. That’s called making memories.

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites. 

 

Credit Score Anatomy: What’s It All About?

What’s in a Credit Score?

 

I will be offering up a credit series that gives you information on what a credit score is, how to maintain it, how to maximize your credit, and how to repair it. We will go step by step, so that beginners have an opportunity to get their feet wet. If you are not a beginner, please check back or offer up your suggestions below. We’d love to feature some tried-and-true examples and some questions from those of you who are looking to build up your credit, so please contact me here.

 

credit score

 

A credit score is a numerical value that is assigned to everyone with a Social Insurance Number, or for my friends in the south, a Social Security Number.

 

This numerical value, or credit score, is calculated by one of two credit bureaus in Canada. TransUnion and Equifax obtain information from creditors, or lenders, and input all of the information into a database. Each piece of information is weighted with a significance factor to establish a credit score.

 

The Anatomy of a Credit Score

 

Credit Scores range from 300 – 900. The closer to 900 you are, the better your score. The average credit score in Canada is 749, which is considered pretty good. If you are below that number, chances are you’ve had some issues with your credit in the past.

 

There are 5 main categories that can affect your overall score:

  • How much credit you have (30%)
  • Your payment history of that credit (35%)
  • The length of time you’ve held that credit (15%)
  • How many inquiries for credit you make (10%)
  • The type of credit you have (10%)

 

How Much Credit You Have:

 

Credit is considered the borrowing power you have, or how much “trouble” you could get into.

Meet Joe. Joe is our example man today. Joe has three credit cards. He has one with his main bank, one with a retailer, and one with another institution.

Card One: Visa with Royal Bank of Canada, limit of $5,000.00.

Card Two: Mastercard with Canadian Tire, limit of $1,000.00.

Card Three: Mastercard with Scotiabank, limit of $3,000.00.

 

In this example, Joe has a borrowing power of $9,000.00 in revolving credit.

 

 

Your Payment History of that Credit

 

Every month, or every payment cycle, your creditor or lender tells the credit bureau three things: how much your balance was, how much your payment was, and if you paid it that month.

 

If you do not pay your credit account on time, the credit bureau gets notice of this, and makes a mark on your file. This affects your credit score and brings it down. If you pay your account on time, then no mark is made.

 

 

Length of Time You’ve Held Credit

 

The credit bureau likes to see that you can manage your credit, and the longer that you hold credit indicates that you can manage credit to the satisfaction or approval of the creditor.

 

It’s not set in stone how long you need to hold credit for in order for it to positively affect your credit score, but it’s always recommended to keep one or two credit cards and use them periodically to keep them active. It goes without saying that the longer you can hold credit, you must be doing something right, as the lender continues to reward you with the ability to borrow.

 

 

How Many Inquiries You Make

 

An inquiry is just that: you inquire about obtaining credit. Credit bureaus are not big fans of people who ask for credit all the time, as it makes you appear too risky. Imagine if you had two children, and one is always asking for money. Your second child does not. She uses what money she has for the things that she wants. If the second child came to you and asked for money, you’d be more inclined to give it to her than the first, simply because she doesn’t ask often.

 

Your credit works a lot like this. Credit inquiries will hurt your score, albeit temporarily, but the more you ask for, the more you will have your score drop. The more your score drops, the more likely you will not be approved for credit. It’s certainly a lose-lose situation.

 

 

The Type of Credit You Have

 

How many types of credit can you have? Here’s a list of the most common ones, and they are each weighted differently:

  • Revolving Credit, like credit cards
  • Revolving Monthly Accounts, like cell phones
  • Installment Loans, like cars or student loans
  • Installment Mortgages
  • Revolving Mortgages, like lines of credit

 

 

Take Action

 

The first step in safekeeping your credit is to do regular credit checks. You want to ensure that someone else is not using your credit, your credit is not being checked without your approval, and that your lenders are reporting your accounts accurately.

 

 

Checking Your Credit

 

Borrowell

Borrowell is a Canadian company designed to help Canadians build and improve credit. Even if you do not think you need to change your credit habits, Borrowell allows you to obtain a free credit report and score without dinging your credit score. You can track your progress over time, and get reports on how you are doing, plus they have offers for loans, credit cards and more, based on your credit profile.

 

Why I Love Borrowell

 

I started using Borrowell a couple of years ago so that I could ensure my credit was reporting correctly.

I have found inaccuracies and had them fixed. Imagine if I’d never looked!

Borrowell also sends me periodic emails to tell me that my credit score has been updated, and to confirm that any new additions to my credit are valid. They tell me if a bank has a better deal geared to my credit score, so that I could obtain a low-interest credit card, a mortgage, or qualify for a loan.

 

Plus, did I mention it was free?

 

 

Now You Know

 

Now that you understand the basics of a credit score, I recommend that you go immediately to check yours. Make sure that each account is reporting correctly, and that there are no collection amounts.

 

The next installment of this series will talk more about how to improve credit and get you to that top score.

 

Other Sites to Get a Free Score and Report:

www.creditkarma.ca

www.Mogo.ca

www.Equifax.ca

www.transunion.ca

 

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites. 

5 Hard Truths about Blogging & The Best Advice

Blogging Truths

blogging

April marks the 6-month point since I started blogging. I originally started with a different site, and changed it over two months ago to this one, and changed everything to SiteGround. That was probably one of the best things I’ve ever done.

Like so many other bloggers, I started out reading a couple blogs, hearing about blogging on podcasts, and saw the income reports that people posted. I fell in love with blogging. It felt so good to write in a public forum! At the same time, there were some hard truths to learn, and for anyone thinking of starting a blog, here’s what I’ve learned over the last six months.

blogging

5 of the hardest lessons to learn about blogging:

1. Bloggers are everywhere.

There are hundreds, if not thousands, of bloggers in each niche. If you have dreamt it, chances are that someone has blogged about it somewhere. There are bloggers from every part of the world and no matter what niche you are in, it’s doubtful you will ever be alone.

2. Profits are not instant.

If you are part time like me, it can take years of effort to be noticed and read, and to start turning a profit. Do not ever go into blogging and think you can start bringing in money immediately… and if there is, share it with me!

3. Information is expensive but worth it.

There are two ways to go about blogging: one way is to reinvent the wheel, and the second is to learn from those who have reinvented the wheel and learned what works. One takes time, persistence, patience, and there’s no guarantee to find the best way. The second takes money and the willingness to learn from others.

Don’t discount the courses out there. There are some amazing teachers that can show you the foundations and the basics, but be ready to invest heavily in yourself if you do not have a background or foundation that supports blogging already.

blogging

4. Monetizing via affiliate marketing still takes time.

Affiliate marketing does not equal overnight income. Need I say more? Many bloggers make a lot of money from affiliate marketing, but it requires traffic to your site. As a newbie, chances are you are not getting a ton of traffic yet, and that’s ok. I’ve been told that the time you invest today and tomorrow sometimes takes a year to come back around.

5. Negative people still exist online.

There will always be nay-sayers and haters. So what? Ignore them. Everywhere you go, you will always find people who put others down, who challenge the best intentions, and blogging is like any other field.

Why blog, then?

It’s a question a lot of us ask sometimes – why bother? Because we have things to say, and we want to help others. At least, that’s why I do. I started this blog after hearing a podcast talk about other personal finance bloggers, and how there were few bloggers in Canada in the personal finance realm. What a surprise to me when I find more and more every day! However….

blogging

Here’s the amazing parts of blogging:

I have discovered a community of people who are truly well-spoken, well-educated, and interested in sharing financial woes and successes in order to help others. Bloggers are dedicated, and usually offer incredible support, positivity in spades, and while we are all running a business, it’s not competitive in a negative way. There are a few rules, and no right or wrong way to share your own stories.

One resounding piece of advice:

I am a nerd about learning: I listen to podcasts about blogging, finance, running businesses and side hustles, and even real estate. Continuously, I am reading as much as I can, and anything else I can get my hands, eyes and ears on. One question I hear time and time again is: What piece of advice would you give bloggers?

Be genuine. Tell your stories and share your information in your own words and your own voice. No one writes exactly as you do, and no one experiences everything exactly as you do. Don’t try to emulate someone else. Just be you.

Be genuine. Tell your stories in your own words. Don't try to emulate someone else. Just be you. Click To Tweet

On that note, I enter my 7th month of blogging, and ask you to sign up to my email list so you don’t miss anything coming up! I have some great interviews with home inspectors to share, and I will be starting a Spotlight Side Hustle series shortly. If there’s anything you want to read or know more about, send me a comment! I love question and answer posts!

As always, join me on Twitter, Instagram or Facebook, and have a fabulous day!

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites. 

blogging