iS-The Canadian Chamnion. Fnidav. Fabruarv 9- 2002 69 Main St. E., Milton Kirk McCaIIumn / John dePass "Your Milton RRSP Centre" 905-875-1771 1 -88-236-3162 The Wse Man When 1 was 20, a wise rnan encour- aged rne to sfart investing $200 per rnonth. He said if 1 did, 1 would have $1,830,686 at age 65. 1 fhoughf. 1 want the $1,830.000 now, nof af 65. 1 will be too old f0 spend if then, Who knows if 1 will even reach age 65. To puf hirn off, 1 fold hlm f0 corne back in 10 years, He did, 1 was 30, broke and again he said, if 1 started investing $200 monfhly 1 would have $690,286 af age 65. 1 was recenfly rnarried, rnaking payrnenfs on rny car and paying rent, 1 couldn'f afford $200 rnontily 50 1 asked hlm f0 corne back in 10 years. 1 assured hlm 1 would start then. He came back and 1 was 40, divorced, broke, owed money and about to start Ilfe al over again. He said if I sfarted invesfing $200 noinfhly, I would have $250.613 af age 65. I now understood whaf he meant, but af age 40 I still couldn't afford f0 save $200 rnonthly. Besides, 1 fhoughf. Nve got plans, 1would make it up. Corne bock in 10 years. He did and 1arn now 50, tirne has caught Up to me and 1 arn s111 broke. 1 have started invesllng the $200 rnonfhty, but insfead of $1 ,830,000 1 would have had, had 1 sfarted af 20, 1 wl have $8 1,000 at ageô5. 1 arn now the wise man telllng others f0 start now. John dePass Financial Consultant For fhe past 76 years, Investors Group Financial Services (IG) has been offering financia planning solutions to individuals and cornpanies. We would be happy fo arrange a convenienf firne fo rneef wifh you. lnveston' Grop locateci at 69 Main Street, Milton. Phone. (905) 875-1771 Fax. (905) 875-1989 The truth about personal credît (NC>-Obtoining credif has becorne easier for Canadions but if is nof always easy f0 main- tain a good credif file. Lofe credif card pay- ments, rnissed boan payrnents. bounced cheques and unpoid bills can damnage a credif file and borrowers will have fo work hard f0 rebuild their reputotion wifh lenders. A neg- ative credif report con affect more thon future credif requests. The R.R.S.P. Advantages offered by Bob Lee & Kim Mitchell A Retiremnent Financial Specialist office with 27 years of expenience and the coffee's neyer been better! *Security of investments (up to 100% fund guarantees) *Competitive segregated and mutual funds. (Lic. MSIL.) *Competitive G.I.C. interest rates. Kim Mitchell *Personalized ongoing consultations. Bob "Pie" Lee *R.R.S.P. loans available with deferred payments. *Appointments available Saturdays beginning in February. CONTACT Kim Mitchell & Bob "Pie" Lee kim@robert1eeinsurance.com bob@robertleeinsurane.com Robert "Pie" Lee Insurance Agency Tel: 905n 878-5786 Fax: 905 878-3692 CALL FOR NO OBLIGATION CONFIDENTIAL CONSULTATION Professional Liability Insured 245 COMMERCIAL ST. What lis a credit fl.e? A credit file shows a borrower's financial history and payrnent per- formance wifh a lendor. The file will fypically include the arnount owed or still owing. the arnount paid and tirne if was paid, any requests for new credif and the types of credit in use. If also shows iK an outstanding debf has been sent to a collection agency or if any bankruptcy dlaims have been made Who needs to know a credit hisfory and why? When considering a loan applica- tion, a lender will wanf to know.thaf the borrower has a dependable his- tory of debt repayrnen. The lender will wanf f0 check the file history wit' a credif bureau f0 assess the relative risk of lending f0 the applicant. Other parties, such as a landlord or an employer, rnay also need fo see a credif file. Whaf fa do wlth a poor credf file? 'There is no quick fix solution for repairing a darnaged credif report," says Terry Fifzpafrick, Vice-President Bank of Montreal Consumer Lending. "The best thing to do is f0 build a solid relationship wifh a financial institution. This can be as simple as maklng reg- ular deposifs, ensure you always have the funds on deposif f0 cover your cheques and paying bitls on tirne, A bank representative or a credif coun- selor can offer additional suggestions. 'Before you settie on a financial institution, shop around," says FitzpatrIck. "Look for a financial insti- tution thaf can provide the best value and rnosf flexible options. Compare offers, and don't be afroid f0 ask how they can help you take advantage of foday's low interest rate environment," said Fitzpatrick Bank of Montrea for example, has Iaunched a program that if cols 'Help Provided' that is designed to help ifs customers get fhrough the current economic downturn by 10w- ering the cosf of borrowing in fhree key areas; home ownership, credit cards and personal bans, Investors 1;Tmup DID YOU KNOW?? lnterest Rates are at a 42-year lowlllll MMAT DOES THIS MEAN TO YOU?? An Excellent Opportunkiy to catch uap on Canyforward room WERE YOU A WAE?? RSP loans are "FINALLY AFFORDAJBLE" Ieertn ______________toruSeric 1 p 7 Ir arsj~ __ - --r 1 1