Like most Canadians and the current economy the first thing to suffer when times are tight are savings. Take a look at your own situation, are you saving as much as you were two, three or even 5 years ago ? Couple this with the poor returns on some investments and the credit crunch and it’s not a pretty picture….

How can you combat erosion on your savings ?

It’s time to return to some old fundamentals like your own home and keeping it well maintained. History has shown us that despite all other distractions in the world our one and in most cases largest tangible asset is our homes. Regardless of where in Canada you live in pretty well all cases the value of your home has maintained it’s value and in most cases appreciated. For some of us this may be the only thing we can rely on in our retirements, scary thought eh ?

So instead of searching for that elusive investment that never seems to appear take a good look at your surroundings. Instead of RRSP’s what about investing in a new kitchen, bathroom, 2nd storey, maybe another property one you can rent out ? Speak to any realtor and they will tell you that keeping your home modernised and in good condition will pay you back handsomely down the road, hey and it’s not a bad place to live either !

If you have time before you retire and with a smart strategy purchasing a rental property should be top of your list ! If you 10+ years to retirement, you could with the right planning buy and own a second home free and clear by the time you retire and someone else has paid most if not all of the expenses on the way !!

Typical rents for even small town homes in most Canadian cities would avergae $12-1500 per month, now fast forward 10, 15, 20 years and what would the rents be ? Would you like a monthly income of $2-3000 per month even before any other income you may be eligible for !

That sounds fine but how do I go about it ? Easy ! Speak to William Taylor or myself Barry Cave and we’ll take a look at your financial situation and let you know any options at your disposal. There is no charge for this service so what have you go to lose ? It’s time to take charge of your future !!

Article courtesy of Barry Cave barrycave@cogeco.net

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