Are you financially ready for a second wave?  We keep hearing that there is going to be another wave of Covid-19.

Since March all our lives have been affected one way or another.  Some of us are working from home and unfortunately some of us were laid off and are still not working.  Our lives have been turned upside down.  This has had a huge impact on a lot of families, financially and emotionally.

This pandemic has affected many people financially and often people don’t know where or who to turn to, for help. We feel extremely fortunate that we’ve been able to help many people with their financial challenges.  We have been able to show many people that there is an answer to their challenge, which in turn relieves their built-up stress and puts a smile back on their faces.

The famous saying “You don’t know, what you don’t know” is so true. We love helping and educating people by showing them some of our unique solutions that will benefit them.

A Financial Relief Plan for Couple in their 30’s

A lovely couple we helped recently are in their early 30’s. They both work full time and since the Covid-19 lockdown, they have both been working from home.  They have 2 young children and like many young families, before Covid-19, they had a lot of debt and financially, they were just getting by.  They were living pay check to pay check and had very little saved up.  They were extremely worried about their future and were considering selling their home.  Luckily, his sister referred them to us.

At the Blackmore Levy Group, we sit down with families and individuals and gather all their financial information – the good, the bad and the ugly and then we custom design a personalized blueprint of their Financial House.   With this lovely family we were able to save them $3,366/month.  And together, we were able to build their Financial House the right way.

Alex is a salaried employee for an Auto Company and Christina is also a salaried employee at an Insurance Brokerage.

Home Value: $680,000 – Hamilton Property

This was their financial situation:

Debts Balance Monthly Payment Interest
Current Mortgage $310,000 $1,653.00 4.99%
All Other Debts* $103,000 $3,870.00 *Various
Total Monthly Payments $5,523.00

 

*Debts:  Car Loans, Credit Cards, Lines Of Credit with varying interest rates up to 24.4%

New Financial Relief Plan

This lovely family were desperate for our help, they needed a plan to see that they were going to be ok. We arranged a new first mortgage at a much lower interest rate and paid off all their outstanding high interest debt, consolidating it into one lower monthly payment. This finally gave them some breathing room. Are you ready for the 2nd wave?

Christina really didn’t want to do this at first as she was taught, to pay off your mortgage as soon as possible.  After we showed them the actually numbers and explained the concept of paying off high interest debt with money from a low interest mortgage, they were excited.

We saw that they had Mortgage Life Insurance attached to their mortgage, so we explained all the reasons why this isn’t a good idea and that they were making the Bank the Beneficiary and not their own family.  Having their own Life Insurance policy is a much better plan and they agreed, especially after we showed them this video (In Denial) We share this brilliant CBC Marketplace Video with all our clients, as it explains exactly how Mortgage Life Insurance really works.

NEW Monthly Payment of $2,157.00 = A SAVINGS of $3,366.00 per month.

Their New Plan outlines exactly what to do with their freed up money, which puts them in a better financial position for their future.  This is what we implemented:

  • Life Insurance – Now their family is fully protected
  • Will and POA’s – They didn’t have them but now they do
  • Set up an Emergency Fund – that they didn’t have
  • Set up monthly contributions to Saving & Retirement Plans (Dollar Cost Averaging)
  • Set up monthly contributions to their Children’s RESP’s
  • Accelerated the New Mortgage, to pay it off years sooner, saving them over $33,000.00 in interest

At the end of the month they still had money left over so they could breathe easily enjoy life and no longer be stressed about not having enough money.

Are You Financially Ready For A Second Wave?

Unfortunately, money challenges cause a lot of hardship in families and we at the Blackmore Levy Group are here to help you.  We custom design and build or re-build your Financial House the right way. If you would like to have a FREE, private and non-judgemental conversation, please contact us or call us at 1.888.520.6520.  Let us help you smile again.


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