Pattie’s Blog: Saving for a cottage

Pattie Lovett-Reid, Chief Financial Commentator, CTV News

We invited Warren MacKenzie, President and CEO of Weigh House Investor Services on the show last week. The challenge we gave him was to help a family of four with gross income on $88,000 to come up with enough money for a downpayment on a $150,000 cottage. The couple felt stretched to the limit with an existing mortgage on the family home and wondered if this dream could ever be realized. Here’s what Warren came up with.

Almost anyone can lose weight and become fit if they exercise regularly. It may not be easy — but we can all be successful if we make a decision to change and we follow our program with discipline. For fitness or weight loss a disciplined approach will almost always work but quick fixes/fad diets never work. In a similar way, for financial goals the easy money/high risk solutions rarely work — but with a disciplined saving program our most important goals can be achieved.
If you want the cottage by next summer and you don’t have the money now, clearly it may not be possible. But if it’s an important goal and you’re willing to work towards it over the next five to 10 years almost everyone can be successful.

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