Free Advice
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Last night I was watching TV and an interesting new ad from Bank of America came on. The add was for a new Bank of America chequing account that automatically rounded every purchase you made via debit up to the next dollar and deposited the difference in your savings account. So if you bought something for $5.52 it would round the purchase up to $6 and deposit 48 cents into your savings account.
The sad thing about the ad was that it didn’t explain why this was a good thing to do or the power of it.
Suze Orman has been saying for a long time that on purchases where you pay cash, put the change into a savings account, exact same idea, but the Bank of America product automates it. If you were to do so you could assume that on average you would put $30 a month into a savings account. If you start with $500 in that account and add $30 in change every month, you would have $500 000 in just over 50 years if you assume a 10% rate of return. Not to bad of return for simply collecting coins, even better if you have a Bank of America account it is automatic.
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I just had a fantastic conversation with Valerie Davis, owner of Condo Review Ltd. about the advantages of using a company like hers to review condo documents before buying.
Condo Review is a company that will for a fee, review the piles of paper which one receives when they purchase a condo. Why are these documents important you may ask, because they cover everything from the rules of living in a common building to the amount of money that is set aside should something need to be repaired. These documents of course are often hard to understand unless you are a lawyer or a very well versed realtor. It is important however, that these documents are scrutinized thoroughly as they can mean the difference between getting a very good deal on a condo and getting absolutely ripped off.
Using the services of someone like Valerie is a must in my opinion. Her contact info can be found to the right in the preferred trading partners section.
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Below is one of my favorite videos which simplifies economic principles. Yes, this is where I got my favorite saying from. “Micro economists are wrong about specific things, macro economists are wrong about things in general.”
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In the below link Stephen Dubner, co-author of Freakonomics explains the importance of street name in the value of your home. He seems to point out the extremes, however he also brings up a good point about getting several estimates on price when listing you home. Check out the video in the top right side of your screen here.
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