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    Money

    I have to admit, 2020 has been an unprecedented year narrated by a nerve-racking news cycle full of political strife, civil unrest, and minute-by-minute statistical and medical updates around living through a global pandemic.

    The stock market is down, meaning it’s time to celebrate. You read that right. When the market sinks, it’s time to celebrate that you can score some good buys.

    Don’t stop dreaming of the future, even if you don’t think you have the money to bring those dreams to life. Your dreams can inspire you to save money and work to reach your biggest goals. After all, if you have no dreams, what’s the point of saving money?

    Eliminating your debt pays off in ways you may have never considered. Firstly, there are obvious reasons to crush your debt. Carrying high debt lowers your credit score. This makes it harder to buy big-ticket items such as houses or cars. High-interest rates mean that everything you purchase costs more than you think. That deal you got on a cool new sweater doesn’t sound as good when you add in 19% credit card interest. Plus, the more money you owe, the less you have in your pocket.

    You know that creating a family budget would help you save money, but it’s overwhelming to start the process. How much should you spend on groceries? What’s the right figure for a monthly mortgage? Does living on a budget mean you can never buy a fancy latte again?

    Business valuation haggles, tax complexities, family disagreements, funding challenges, and legal wrangling are the inevitable right of passage when retiring from your business.

    Your business will overcome the waves and spikes of Covid-19, with a business continuity plan. The ultimate goal of the plan is to save your business and preserve the wealth you have built over these years.

    Most small businesses we know have made zero to minimal revenues since the lockdown started on March 15. But that has not stopped our obligations to pay rent, wages, utilities, and amounts owing to suppliers. Fortunately, the government is rolling out its plan to gradually reopen the economy. I emphasize gradual because the experts anticipate a vaccine in 18 to 24 months. So normal as we know it, and by extension, the revenue we have grown accustomed to, will likely not return until then. Which leads us to today’s question: How do I manage with less money?

    Selling a business can be overwhelming. Whether you’re ready to sell soon or trying to grow your business for sale in the future, it can be challenging if there’s a gap between the actual value and what you believe your business is worth.

    In a June 2019 news release from the Canadian Mortgage and Housing Corporation (CMHC), details emerged regarding the first time home buyer incentive (FHBI) including the expected launch date. According to the news release, September 2nd was the kick-off date for the first-time homebuyer incentive with the first closing on November 1, 2019.

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    ByBlacks.com is the top-ranked award-winning online magazine focused exclusively on telling Black Canadian stories. With over one hundred writers to date covering a range of editorial content, we also provide a free business directory for Black Canadian owned businesses, free events listing and promotional services for our clients.

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