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ney: Do you have a. plan for it? 801’ David Hoffman said. W15 and in this delicate fisciluwlmnmem consensus mdplnnnhthu’ucuOoflege School of awmmdngandfinanqglsewicespmfes- Evéryone should review interest rates and mflmnce debu. including credit cards am..th , _ “People need to take ownership of their financial position." he said. “Look at your pemonal net worth. What do you awn?What’s the value?Who do you owe moneyto?“ A Reducing debt should be every- one's priority, he said. “York Region is a vibrant. dynamic and resilient commu- nity," the Markham accountant said. “The recession allows us to clear out inefliciencies and restructure. It's part of the process built into the economy.” It's a good and timely idea, M Co. Chartered Accountants Pro- fessional Corporation managing director Atul Mehra said. cruigutcu anu CI 15215:. As the majority of Canadians try to You'll learn how to how recover, recoup and regroup from the to make your kids recession, we can use as much financial financially savvy advice as possible. With Equifax Canada - telling us credit card debt grew and bank- ruptcy filings rose 32 per cent last year, it's still tough out there. Accordingly. as the economy convalesc- es with fragility, we launch Money Mse, a series examining the realrrmf finance featuring York Region experts, families and individuals. Over the next few weeks, our team of reporters will explore the pleasures and perils of money. Money \Mse features will be printed on these pages, blogged and videotaped on our website, yorkre- gion.com It's a good and timely idea, M Co. Chartered Accountants Pro- cnnn:nnnl r‘nmnvnhnn Manama" If you've lost your job. we'll look how you should go As the majority of Canadians try to recover, recoup and regroup from the recesion, we can use as much financial advice as possible. With Equifax Canada telling us credit card debt grew and bank ruptcy filings rose 32 per cent last year, it‘ still tough out there. Today, society is becoming cashless, with transactions being gonducted elec- troxfically and remotely through the pre- carious ether. Still,ifit’scashinyourpocket,inthe bank or invested in various financial vehi- cles, it can run, rule and ruin lives. Since mankind first developed comâ€" modity cumency, the monetary system has evolved exponentiallyto include trading, bartering. precious metals and stones, credit,_coins andpaper. tmkesmeworldrevolve,coveting itspawnsiflwilLfoolsloseitandit’s dwatufl’ofoountlesslyricsandplot linesinlitetatmeandourlives. It won't buy happmess, comedian Splke Milligan astuter said, but it does bring you a more pleasapt form of misery. ‘A budget, be it personal or professional, is a blueprint and it has to be discussed, workable and agreed upon.’ e majority of Canadians try to recoup and regroup from the n, we can use as much financial BY CHRIS TRADER ctraber@yrmg.com The Money Wise series will be researched and authored byYork Region Media Group's award-winning regional writing team. Reporters Chris Traber, David Fleischer and Joe Fantauzzi will endeavour to enlighten and engage. “It all dépends on ydur aversionv to risk,” he said. “Taking a cautious approach for the next 12 to 18 months is OK” If you have the means to invest, Mr. Hoffman’s best advice is to ask yourself if it‘s a deeisipri you c_an sleep with at night. “Banks are all pari ofthe Let's Make A Deal game show,” he said. “You can negoti- ate and change rates." “If you can’t afford it. don't buy it," he sai¢“Cutmecardsup.l.ooktoeliminate your lowest debt first. look at a line ofcredit with the lowest interest rate and roll high debt into that.” Nowisanidealtimeto revisityourfinan- cial obligations with your banker, he said. “Abudget, beitpetsonal or professional, isablueprixnandithastobediscussed, workablgandagxeedupon," he said. lfyou're otédit card debt, the professor’s advice is to cut and consolidate and enfisttheexpertiseofafinancialplan- ner. Whiggestmistakefanfiliesandoorpora- tionsmakcisnotconcurringonafinancial plamMnflofinansaid. STAFF ILLUSTRATOOWK! W o 0 I w v. . V will pair residents with finance expert. WY 5!! ‘Money is betterthan poverty, if financia! reasons! We'll examine baby boomers, who have worked hard and now that they’re settling into tetirement, are helping theiradultchildrenfinancially'lhisisa growing trend. Whether it’s help with a home downpayment or saving. paren- tal responsibilities are lhsting longer and putting more of a strain on the grey-haired set. You'll learn how the do-it-yourself approach to car and home repailS. ' ' and cooking can save some cash and how raising your financial IQandlitetacycantakethe fearout of personal finance and saving. andhowyoucanstillenjoyenmvwr- onabudgeLWe’lltryandnmkeyw asavvyshopperatmegrocerystore, mmonmwammgenbs andteachyouthefineandanciwt artofhawing ‘Banks are all part of the Let’s Make A Deal game show. You can negotiate and change rates.’ about getting back _into the workforce and make your Wau- ther. Unemployment soared last year. How has it impacted us? We'll get you answers. You'll also get a primer on retire- ment and how to achieve the lifestyle you want by making sound decisions earlier in life. We'll also deal with the mevitable: death Itcan exact a huge emotional andflnancialtolLWe’llappraisehow maplannmgcandaflfyallthe detailsandprevemfamHyMfight- ingoverassets.'l‘heseoondpart ofourseries,calledljvingRich, , willpairresidents with apersonal ‘Moneycoumtbuymunyougna betterde m 10: Estate planning that pays off Wizm'uemeoverview Mbbenetmanpovenyflomybr CW? v For more Money WISE content visit yorkregionxom ‘Noonecaneamanflflondoflam MWmeaystoheip wuspendandsmbetter. Getting back to work Retirment of your dteams 'lheDlY approach Newdlallengesforboomets Raising your financial IQ Hobbiesonabudget FounderofGenealMotocs -wmmarm