Financial Strategy: The 3rd Approach
Optimize Your Finances Manage Your Finances Effectively
Implementing the 3rd Approach can help you:
Reduce Debt: Pay off your debts faster with disciplined payments. Grow Investments: Increase your wealth with regular investments. Enhance Lifestyle: Improve your quality of life with a balanced approach.
The third approach is a financial strategy that has benefited many of our households. It is a simple solution to help address the main financial areas in your life: Debt, Investment, and Lifestyle.
The 3rd Approach
Once you receive your first full pay after your increase, split the extra amount into three parts: 1. Debt Payments 2. Investments 3. Lifestyle
Example:
Say you have a $150 raise. You would increase: – $50 toward your debt payments – $50 toward your investments – $50 to maintain and improve your lifestyle
Application
This method also works when you pay off obligations such as a furniture loan.
Benefits
The benefit of this method has helped countless households that we work with to: 1. Pay their debts sooner 2. Increase their wealth 3. Improve their lifestyle
Conclusion
Adopting the 3rd approach allows you to manage your finances and achieve a more balanced financial life.
Before you act on this
Articles here are general in nature and do not account for your particular circumstances. Tax rules, contribution limits and program thresholds change, and the treatment that applies to you depends on your province, your residency and the structure of your holdings. Speak with us before making a decision based on anything written here.