Are you and your family struggling with financial challenges? It’s now March 2021 and who would’ve believed that it’s been over a year since this pandemic started and the whole world is still going through this life changing experience!  Some of us have gone back to work with new health and safety precautions in place and a lot of us are still working from home. Quite a few of us had to home school our children and our lives have been turned upside down.  Some of us really enjoy working from home while others find it extremely challenging working with their spouse/partner and their children and this has had a huge impact on a lot of families, emotionally and financially.

Unfortunately, divorce and separation are at an all time high!

We’ve been extremely fortunate to have been able to help many people and families with their financial challenges. This automatically reduces their stress and puts a smile back on their faces!  Plus it offers a huge relief for them during this time of uncertainty.

Government programs are available to help many families but sometimes that just isn’t enough. Are you and your family struggling with financial challenges?

A Story of a Family That We Have Recently Helped

This lovely couple are in their mid 40’s and they both work full time. Jay is a Property Manager and Brianna is a Bookkeeper. Since the COVID-19 lockdown, they have both been working from home.  They have been home schooling their two girls who are in High School.  Like many other families, before COVID-19, they were just getting by.  They were very concerned about their family’s financial future as a few of their friends had been laid off and were struggling.  They didn’t know who to talk to for advice. Fortunately, their lovely friend referred them to us, as we were able to help her out considerably last year.

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 custom design a personalized blueprint of their new Financial House.  We helped this lovely family save $2,800/month and together, we were able to rebuild their Financial House the right way.

Jay is a self-employed Property Manager and Brianna is a salaried Bookkeeper.

Home Value: $1,200,000 – Burlington Property

This was their financial situation:

 

Debts Balance Monthly Payment Interest
Current Mortgage $350,000 $2,279.00 4.89%
All Other Debts $210,500 $3,050.00 *
Total Monthly Payments $5,329.00

 

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

New Financial Blueprint

This lovely family really needed financial help to reduce their high interest debt and to stop relying on their RRSP’s for extra cash.  Luckily they have a lot of equity in their home.  Borrowing money at a very low interest rate to pay off high interest debt is a very smart plan. Borrowing money at a very low interest rate to invest in your future is also a very smart plan as you’ll be receiving a higher rate of return, compounding over the next 25 years.  This would also relieve their stress level during this difficult time.

Blackmore Levy Group is a full-service Financial Brokerage specializing in Insurance, Investments, Mortgages, all Debt strategies and Estate Planning.

We arranged a new first Mortgage and paid off all their outstanding debt.  Now they have one lower monthly payment, which gave them a huge financial relief.  They no longer have to take any money out of their retirement plans.

NEW Monthly Payment of $2,529.00 = A SAVINGS of $2,800.00 per month.

Their New Blueprint 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 – So their family and business is now fully protected
  • Will and POA’s – They didn’t have them in place, now they do
  • Set up an Emergency Fund – So they don’t have to rely on their RRSP’s
  • They made deposits to their Saving & Retirement Plans and will be receiving a tax refund.  We set up monthly contributions to take advantage of Dollar Cost Averaging
  • Accelerated the New Mortgage, to pay it off years sooner, which will save them almost $43,000.00 in interest

At the end of the month, they still had money left over so they could enjoy family time and no longer be stressed about not having enough money. This customized plan was a huge financial relief for them.

Are you and your family struggling with financial challenges?

At Blackmore Levy Group, together, we custom design and build or re-build your Financial House the right way. We would love to help you.  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.

If you liked this article, you may like:

Our 4 Tips to Build Your Financial House Now and Protect Your Family

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Are You Financially Ready For A Second Wave?  We Can Help You!

 

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