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It’s no secret that Canadian homeowners have a longstanding love affair with their home equity line of credit (HELOC). However, this love has the potential to go sour through a variety of ways, leaving millions heartbroken.
At the heart of this romance is a low-cost, low interest, flexible way to borrow money. In the early 2000s, banks began providing a home equity line of credit as a standard addition to new mortgages.
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In this age of out-of-control debt, reducing expenses is a priority.
A great place to start is with Canadians’ top financial guilty pleasure: eating out at restaurants and bars. Also included are coffees, and so-called treats, many of which are laced with sugar, salt, and fat.
Canada’s restaurants, bars, and caterers rang up $68.1-billion in sales in 2017, a nearly 120% increase from $31-billion in 1998, according to Restaurants Canada.
As these numbers aren’t broken down into categories, I’m going to focus on food outlets that represent habitual day-to-day expenses; you know… those stops on the way to work where lattes, muffins, Egg McMuffins or maybe a Starbucks smoothie are picked up.
Upon reviewing the Capital One Canada study on Canadians’ financial guilty pleasures, it struck me that no one quoted mentioned a personal goal.
When people lack a personal goal that represents what they want to be doing and who they want to become, it’s very easy to be led astray.
As I will illustrate, cultural-market forces can influence people to make choices they wouldn’t make if they were guided by their own compass.