How To Overcome Your Limitations Of Growing Wealth For Retirement Income
As the cost of living continues to increase, it can be challenging to meet new requirements or make provisions for a better life once you’ve retired. High taxes, living costs, the cost of non-deductible mortgages, and inadequate pensions can also affect your savings for retirement.
Fortunately, if you are currently a homeowner with 20% equity or more in your home, you can handle these financial challenges with ease. To learn how to overcome your limitations of growing wealth for retirement income, Keith Uthe Demystifying Mortgages has listed three solutions below.
1. Convert bad debt to good debt
To do this, you need to realize that there is a solution available to Canadians whereby you can convert non-tax-deductible mortgage interest (bad debt) into tax-deductible mortgage interest (good debt). By doing this, you pay lower income tax and save for retirement.
2. Work with a certified professional
To implement this process, you need to work with Smith Manoeuvre Certified Professionals such as myself. As a Smith Manoeuvre Certified mortgage broker, I am critical to this process and can definitely help you out. To begin, you need to have the proper type of re-advanceable mortgage in place to make this work for you. I myself have used the Smith Manoeuvre for the past fifteen years. For me, it has been learned in practice, not just in theory, and my clients get the benefit of all this knowledge.
3. Understand the Smith Manoeuvre
There is a lot of misunderstanding or misinformation about the Smith Manoeuvre and how to implement it. Each person’s situation is different, although the process of making it happen remains the same, and the timeline of converting will depend on your specific situation. For the Smith Manoeuvre, ensure you are getting accurate information and guidance on both setting up and implementing it. That way, you can begin to create a financial life by design rather than by accident.
Knowledge and understanding of the Smith Manoeuvre are very important when looking to improve your financial situation. To learn about it, you can buy the book or the homeowners course using these links:
For more financial management information, reach out to me at Keith Uthe Demystifying Mortgages. I am a mortgage broker in Calgary, Alberta, and I am passionate about helping people acquire their dream homes and attain financial stability. My goal is to provide them with the best mortgage products to suit their goals and offer them financial security. I have a broad network of lenders and can easily spot the perfect mortgage for specific clients. My vast network allows me to support a broad range of needs for first time buyers, refinancing, and more.