CTV Interview - Sharing My Money Story
I had the great fortune of being a guest on the CTV Noon Hour Show earlier this month, and was grateful for the opportunity to share my money story with the viewers. The best part about being on the show was knowing that I could potentially be helping others who are currently struggling with their finances and who may be faced with mounting debt.
For those of you who may not know my money story, this blog post lays out the two most important experiences I encountered in my life that contributed to my current financial situation. Here is a high level overview of my money story, that I fortunately was able to share in my CTV interview.
Layoff Experience In my Twenties
In July of 2001 I was a bright eyed junior lawyer with an exciting legal career ahead of me. I was excited to get called to the Bar and finally begin paying back the mountain of debt that I had accumulated over the years (i.e. student loan debt, student line of credit,...
Millennial's and Home Ownership
A recent survey was conducted on Millennial's and their dreams of home ownership. The survey disclosed that the majority of millennial's would like to buy a home within the next 5 years. However, three out of four millennial's surveyed said they hadn't even started saving for a down payment, and the one's who have started saving had less than 25% of their down payment saved. Some millennial's were outright discouraged with the high expenses associated with home ownership, such as property taxes and home maintenance, that they felt home ownership had a negative social cost. Namely, 75% of the participants felt that home ownership had this negative social cost due to the fact that it would result in them having less money to spend on social activities,such as travelling and dining out.
While it is commendable that the survey participant's set a 5 year target to attain their home ownership dreams, I can't emphasize enough just how important it is...