• At Robert Floris’ Mortgage Architects Hamilton office, we preach to every one of our clients that PAYING YOURSELF FIRST is the most important aspect, even when buying a home. David Chilton, author of the “Wealthy Barber”  is a genius, and I wish I would have listened to him at a younger age. For other great financial and mortgage ideas please refer to www.hamiltonmortgageexperts.ca

    Mr. Chilton took the stage and talked about one of the biggest challenge consumers face today –  everyone is cheering for you to keep on spending!  He provided numerous insights for us to consider and take action.

    We want to share these with you:

    • Always pay yourself first, this is the most important thing you can do.
    • Keep in mind that banks never say, oh we are lending too much and should cut back.  Banks make money lending so why would they stop!
    • Consumers need to restrain themselves from borrowing.
    • A personal line of credit is like getting hooked on drugs.  Canadians treat a line of credit like a second income and forget that they need to pay it back.
    • There are simply too many people carrying too much debt.
    • People have maxed out their borrowing at current interest rates, when rates rise there is going to be lot of problems.
    • When taking on debt for appreciating assets make sure it can and will be retired before you are.
    • When borrowing make sure that your calculations are on after tax dollars, and that the payments will not impact your savings plan and the ability to have fun!
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