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Hey gals, here are the worst mistakes you’re making with money

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6 months ago

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–News Direct–

By Serah Lewis and David Saric

While we adhere to strict editorial guidelines, partners on this page also provide us earnings.

Ladies, we can be truly savvy with our dollars, especially when it comes to finding a great deal. Women are so good at managing money that 20% of Canadian spouses relied solely on their female partner to set and follow the household monthly budget, according to survey released in 2023 by Loans Canada, the nation's first loan comparison platform.1

However, even those of us accustomed to pinching pennies on a regular basis, can make a few key mistakes. To help, here are the five biggest mistakes women make with their money ranked from not-such-a-big-deal to stop it right now!

Buying poor quality clothes

When most women are shopping on a budget, they end up with clothing that falls apart or shrinks after a few washes. Instead of buying throwaway fashion trendy clothes at low prices consider investing in a few pieces of high-quality closet 'staples.'

Stores like Club Monaco, which was founded with the concept of offering "better basics," is a quality step-up from fast fasion, and one good option if you want a closet full of useful, wear-anywhere fashion staples.

Another option is second-hand clothing. Even when clothing is used, it still lasts longer than poorly made fast fashion. For those open to the idea of shopping and wearing second-hand clothing, can find great options either online or through brick-and-mortar stores that specialize in good quality second-hand clothing. For instance, websites like Poshmark offer high quality name brands at more accessible prices.

Change where you buy your clothes and what you buy and you could save hundreds of dollars in a year or two.

Not investing

The stock market is dominated by male investors. Hollywood portrays investing as a boys club fueled by adrenaline and testosterone, especially in movies like The Wolf of Wall Street.

But studies show that women who opt to invest in stocks and other equities tend to outperform men. The theory is that women are less reactive to market fluctuations, according to report from Fidelity Clearing Canada2 and more apt to sticking with their financial plan and investing strategy. Another theory is that women are less prone to chasing market returns and more invested in stable, long-term strategies an investment strategy often promoted by finance experts like Warren Buffett.

The good news is that you don't need thousands of dollars and a broker to begin investing. Women can start trading using an online brokerage account. There are bank-offered brokerage accounts, such as CIBC Investor's Edge, as well as fintech trading platforms, such as Wealthsimple and Questrade. The key is to find an online brokerage account that suits your needs. For those new to investing, consider a brokerage account with a robust educational component. For instance, CIBC Investor's Edge offers articles and tips on how to start and increase your trading knowledge. Right now, new clients get 100 free trades and up to $4,500 cash back when you open a CIBC Investor's Edge account.

If your aim is to launch a buy-and-hold investment strategy and avoid the stress and fees of active trading you'll want an online trading platform with no- or low-cost trading fees.

To help you choose, consider the following options:

CIBC Investor's Edge: Great for beginners + Best promo for new account holders

CIBC Investor's Edge stands out as a compelling choice for both seasoned and novice investors. For clients who already bank with CIBC or their online-only bank affiliate, Simplii Financial the integration between bank accounts and investing platform is simple and easy. Not only does CIBC Investor's Edge offer competitive pricing, with trades ranging from $4.95 to $6.95, but new clients can expect 100 free trades and up to $4,500 in cash back. If you're under the age of 25, you can continue your investing journey with ongoing free trades. Open an account, today.

Wealthsimple: Ideal for variety + Great for automating investments

Wealthsimple is one of the most popular investment apps in the Canadian fintech space, and its no secret why. There is no minimum to open an account, and they offer a variety of portfolios to suit every investors personality. Plus, Wealthsimple Trade will reimburse an outgoing administrative transfer fee of up to $150 on investment account transfers valued at more than $5,000. It offers stock trading, crypto trading and autopilot investing.

Moka: Low-cost flat-fee robo-advisor + Free stock and ETF trades

Set up automatic savings and automated investments using the Moka account. Fees will cost you between $7 to $10 per month, but this low-cost fee gets you access to five professionally managed investment portfolios, as well as free stock and ETF trades. Open a Moka account, today.

Questrade: Low-cost trading platform with robust investor tools

Get a $50 rebate on trading fees when you open a new account.

Not maintaining a good credit score

Women tend to have worse credit scores than men, according to MSNBC3. Men tend to have an average credit score of 630, while women average around 621. Credit scores range from low 500s to 900.

One easily-accessible option for building and maintaining a good credit score is to use a credit card. Used correctly, credit cards are great for building your credit history. However, when credit cards are maxed out, these short-term loan options hurt your budget and your credit score.

If you need to start building your credit history, consider applying for a credit card that caters to people with no- or low-credit scores.

If you need to rebuild your credit score and part of the problem is a high credit card balance consider finding a way to reduce the interest paid on this debt. For instance, using a low-interest credit card can help you reduce the interest charged on the outstanding balance. This reduces the amount of money you spend on interest and frees up cash that can be used to pay down the debt. Do this consistently always making minimum monthly payments on all outstanding debts and you'll get out of debt faster and rebuild a robust credit score. Good low-interest credit card options include:

  • MBNA True Line Mastercard: Annual interest rate is only 12.99% and there's no annual fee. Get this card before December 31, 2024, and pay 0% interest for 12 months on all balance transfers completed within 90 days of opening the account, although a 3% transfer fee applies. Still, transferring a balance an outstanding balance of $5,000 from a credit card that charges 20.99% interest per year, could save you more than $550 that first year. Apply for the MBNA True Line Mastercard.

  • MBNA True Line Gold Mastercard: Like the True Line card, this credit card charges a low annual interest rate of just 8.99%, but you'll need to pay an annual fee of $39. Apply for the MBNA True Line Gold Mastercard.

  • Scotiabank Platinum American Express Card: This card comes with a steep annual fee of $399, but the low annual interest rate of 9.99% means you'll pay much less when carrying a balance. Approximately $4 per month for every $500 owed. Plus, this card doesn't charge foreign transaction fees on any foreign currency purchases making it a great travel companion and you earn two Scene+ points for every dollar spent. Until October 31, 2024, new account holders can earn up to $2,100 in value (in the first 14 months), including up to 60,000 bonus Scene+ points. Apply for the Scotiabank Platinum American Express Card, today.

  • Scotiabank Value Visa: This Visa card charges an annual interest rate of 12.99% and, until October 31, 2024, new account holders will pay no annual fee a savings of $29 and pay 0% interest on balance transfers for the first 10 months. Apply for the Scotiabank Value Visa, today.

Falling for pyramid schemes

So many mothers are under pressure to 'have it all.' Work-at-home pyramid schemes with people on the bottom making very little money specifically target women who want to earn an income while raising their kids. The desire to do it all isn't new and the schemes that prey on this desire are also not new, according to 2021 article published by the Huffington Post4.

These companies know how to prey on women's insecurities including the idea that you must be popular to be valued and you must earn to have a say in household monetary matters. Dont fall into this trap. Take the time to educate yourself about pyramid schemes5. There's nothing wrong with wanting it all but you will need to prioritize what's important, right here, right now.

Undervaluing your skills

Women are still paid 9.2% less than men, on average, even if they have the same education and work experience, according to data released by Statistics Canada6.

If you've been working for your company for a while, dont be afraid to ask for a raise or to inquire if a promotion might be available.

Speaking up can be tough, especially if you sense that your boss doesnt recognize your true value. If you find yourself stuck in a pay situation that probably won't get any better, it may be time for you to look for new opportunities elsewhere.

with files from Shannon Quinn and Leslie Kennedy

Trade Smarter, Today

With CIBC Investor's Edge, kick-start your portfolio with 100 free trades and up to $4,500 cash back.

Sources

1 Loans Canada: Women are better at finances than men; men know it, too: New survey results (Mar 8, 2023)

2 Fidelity Clearing Canada: Why women are a major force in investment circles (Mar 2024)

3 MSNBC: Being a woman hurts your credit score Here's what you can do about it (Dec 17, 2018)

4 Huffington Post: MLMs are a nightmare for women and everyone they know (Jan 29, 2021)

5 Competition Bureau Canada: Pyramid schemes

6 Statistics Canada: Intersectional perspective on the Canadian gender wage gap (Sept 21, 2023)

Contact Details

Wise Publishing, Inc.

Aaron Young

+1 310-500-8744

aaron.young@wisepublishing.com

Company Website

https://money.ca/

View source version on newsdirect.com: https://newsdirect.com/news/hey-gals-here-are-the-worst-mistakes-youre-making-with-money-597052139

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Press Release

Structural Repetition: West Red Lake Gold’s New Ore Shoot is Similar to the High-Grade 8-Zone

Published

2 hours ago

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November 27, 2024

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West Red Lake Gold Mines is currently working towards a restart at the Madsen Gold Mine in the Red Lake Gold District of Northwest Ontario, Canada. A Pre-Feasibility Study (PFS) for the Madsen Mine is targeted for release in early 2025. The WRLG management team projects a mine-restart date in 2025.

Vancouver, BC, Canada, 27th Nov 2024 – Sponsored content disseminated on behalf of West Red Lake Gold. On November 21, 2024 West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) reported additional drill results that define a new ore shoot at the Upper 8 Target following up on the October 2, 2024 intercepts of 44.17 g/t Au over 1.3 meters and 20.63 g/t Au over 0.5 meters.

West Red Lake Gold Mines is currently working towards a restart at the Madsen Gold Mine in the Red Lake Gold District of Northwest Ontario, Canada. A Pre-Feasibility Study (PFS) for the Madsen Mine is targeted for release in early 2025.  The WRLG management team projects a mine-restart date in 2025.

“Our main objective this year with the surface drill program was to make new discoveries,” Will Robinson, VP of Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “We have been focusing on drill targets generated from our conceptual modeling that possess the geologic potential to produce high grades.”

“The initial results we received from Upper 8 were very encouraging and motivated our team to add a second drill to focus solely on this new high-grade area,” stated Shane Williams, WRLG President and CEO in the November 21, 2024 press release.

“Upper 8 was already a shallow geologic analog to the deeper 8 Zone, but with the exceptional grades and visible gold showings we’re now encountering, this target is becoming truly reminiscent of the high-grade gold mineralization Red Lake is known for,” continued Williams.

“It’s still early days, but we believe the Upper 8 target has the potential to become the next new significant discovery in the Red Lake gold camp and supports the likelihood for the presence of more high-grade deposits like 8-Zone yet to be discovered across the Madsen property.”

“If you compare 8-Zone with Upper 8, you’ll see the structural repetition in the way the mineralisation is oriented in these two shoots,” confirmed Robinson. “Our theory is that we may have one or two more of these zones stacked between Upper 8 and the deeper 8-Zone. Next year, we’ll get back in there with the drill, to test that theory.”

The Upper 8 target is hosted within the same lithologic unit (Russet Lake Ultramafic) approximately 750m up-plunge from the main 8-Zone deposit.

Its location in ultramafic rocks, its style of mineralization, and its exceptionally high grades make the 8 Zone geologically unique from the main Madsen deposit.

The 8 Zone currently contains an Indicated mineral resource of 87,700 ounces @ 18 grams/tonne gold, with an additional Inferred resource of 18,200 oz @ 14.6 grams/tonne gold.

“The size of the Upper 8 shoot that we’ve defined is similar in size and scale to the deeper high-grade 8 Zone,” Robinson told GSN. “The new shoot is 30 meters wide and 130 meters along plunge. We’ve only got 15 or 16 holes in the Upper 8. We are in an early stage of drilling on this target, but I’m encouraged by what we’re seeing. The geology is holding together.”

 

“The Pre-Feasibility Study (PFS) for the Madsen Mine is nearing completion,” stated WRLG in the November 21, 2024 press release. “The final phase of this study involves optimizing underground development and infrastructure sequencing and refining the associated operating and capital costs. West Red Lake Gold is working with SRK Consulting on these optimization opportunities, a process that is expected to take an additional few weeks to complete. As such the PFS is now targeted for release early in 2025”.  

The WRLG Pre Feasibility study will be based on:

1. Real Costing: Operating underground at the Madsen Mine for the last year means West Red Lake Gold understands the real costs for blasting, mucking, and haulage of mined material.

2. Final Engineering: The Madsen Mine is essentially built. With the mine having operated as recently as 2022 and with West Red Lake Gold having studied and remedied many of the issues from that period over the last 18 months, there are very few unresolved engineering questions at Madsen.

3. Detailed Mine Plan: West Red Lake Gold has built a detailed mine design for the first 18 months of operation and intends to have 24 months of definition drilled in-situ mineral inventory defined prior to restart, which is targeted for mid-2025. This level of operational readiness far exceeds what is typical at the PFS stage in most development scenarios.

“Today, a tight labour market has made filling mining jobs harder than ever,” reports the Canadian Mining Journal. “Headhunting has become widespread, negotiations have gotten more complex, and as the industry is experiencing a wave of retirements.”

“Training is extremely important,” Robinson told GSN, acknowledging the challenge. “So are working conditions. We have a beautiful new camp at the mine site. Every room has its own restroom. That’s a perk usually reserved for top brass. A lot of the workforce live locally in Red Lake. But we have diesel mechanics, welders and pipe fitters flying in from other areas. In this tight labour market, the quality of the camp is an important part of worker retention.”

West Red Lake has partnered with Horizon North to provide the 114-person accommodations and mine dry facilities for the Madsen mine site.

Typical Horizon North Facility Built for Canadian Mining Camps

The Madsen Mine deposit presently hosts an NI 43-101 Indicated resource of 1.65 million ounces of gold grading 7.4 g/t gold and an Inferred resource of 0.37 Moz of gold grading 6.3 g/t gold. [1.] [2.] [3.]

The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.

Contact: guy.bennett@globalstocksnews.com

Disclaimer: West Red Lake Gold paid Global Stocks News (GSN) $1,500 for the research, writing and dissemination of this content.

Full Disclaimer: GSN researches and fact-checks diligently, but we cannot ensure our publications are free from error. Investing in publicly traded stocks is speculative and carries a high degree of risk. GSN publications may contain forward-looking statements such as “project,” “anticipate,” “expect,” which are based on reasonable expectations, but these statements are imperfect predictors of future events. When compensation has been paid to GSN, the amount and nature of the compensation will be disclosed clearly.

References:

  1. SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada.
  2. Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca
  3. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc., and dated June 16, 2023, and amended April 24, 2024. The Madsen Resource Estimate has an effective date of December 31, 2021 and excludes depletion of mining activity during the period from January 1, 2022 to the mine closure on October 24, 2022 as it has been deemed immaterial and not relevant for the purpose of the updated report. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca

Media Contact

Organization: Global Stocks News

Contact Person: guy.bennett@globalstocksnews.com

Website: https://www.globalstocksnews.com

Email: Send Email

Country: Canada

Release Id: 27112420435

The post Structural Repetition: West Red Lake Gold’s New Ore Shoot is Similar to the High-Grade 8-Zone appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

GFH Launches OUTLIVE in City Scape: An innovative Real Estate Venture rooted in Health & Well-being

Published

2 hours ago

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November 27, 2024

By

 

Manama, Bahrain, 27th Nov 2024- GFH Financial Group (“GFH”) today announced the launch of OUTLIVE in Cityscape, an innovative real estate developer and creator of master planned communities and mixed-use projects with a focus on health and well-being, which will operate across the MENA region and Europe.

OUTLIVE leverages the combined expertise and capabilities of the GFH Group and its management team with proven expertise in development, design and conceptualization of living communities.  OUTLIVE will operate in Europe and the Mena region with a particular focus on the growing and attractive Saudi as well as the UAE markets where there is strong demand for such focus and need for communities that deliver well-being attributes in addition to physical appeal. 

The venture addresses six key wellness dimensions: Social connection, Environmental stewardship, Physical health, Emotional awareness, Mental engagement, and Spiritual wellness, all working together to create a holistic approach to human wellbeing. 

Commenting, Mr. Hisham Al-Rayes, Chairman of OUTLIVE and GFH Group CEO remarked, “OUTLIVE represents our initiative to create differentiated communities where wellness and sustainability go hand in hand. This venture reflects our commitment to our region by creating unique and differentiated real estate offering.”

Adding, Mr. Walid El Hindi, Board Member and Managing Director of OUTLIVE, said, “This is not just a real estate company – it’s an opportunity to create people-centric communities, fostering connections, and a profound sense of belonging. While sustainability in real estate centers on creating buildings that care for the planet, wellness real estate focuses on crafting places that care for the people.” 

In line with its mission, OUTLIVE is also bringing senior living to the region by developing supportive environments specifically designed for older adults. These premium communities will provide personalized services and foster social connections, promoting a dignified and fulfilling lifestyle catering to seniors.

As OUTLIVE prepares to unveil its ambitious projects, it aims to raise the bar for transformative developments across the MENA region and Europe. 

Media Contact

Organization: Media Scene PR and Translation

Contact Person: Husain Naser

Website: https://mediascenebh.com/

Email: Send Email

State: Manama

Country: Bahrain

Release Id: 27112420464

The post GFH Launches OUTLIVE in City Scape: An innovative Real Estate Venture rooted in Health & Well-being appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

UniJoin Updates Domain Zone to Strengthen Anonymity and Enhance Privacy Features

Published

3 hours ago

on

November 27, 2024

By

UniJoin has updated its domain zone to ensure uninterrupted access and enhance user anonymity. The platform utilizes advanced CoinJoin technology, offering tools like a Bitcoin Mixer and Bitcoin Tumbler to anonymize cryptocurrency transactions. Key features include a user-friendly interface, Tor Browser integration, zero logs policy, and high-quality transaction mixing. UniJoin remains committed to empowering users with secure and private financial management in the digital economy.

London, United Kingdom, 27th Nov 2024 – UniJoin has taken a significant step to strengthen user privacy by adopting a new domain name, ensuring uninterrupted access to its services despite previous blocks. The platform leverages cutting-edge CoinJoin technology, designed to anonymize and make cryptocurrency transactions untraceable.

Commitment to Financial Privacy

UniJoin’s primary goal is to help users achieve and maintain financial anonymity. Through CoinJoin, the platform pools users’ crypto assets with others, effectively mixing them. Users then receive clean, untraceable coins, safeguarding their privacy and breaking any traceable links to their original assets.

About UniJoin

UniJoin is a leading privacy-focused cryptocurrency service, offering tools for users to manage their digital finances anonymously. While Bitcoin and other cryptocurrencies like Litecoin are inherently pseudonymous, UniJoin bridges the gap to true anonymity by utilizing advanced mixing technology.

UniJoin simplifies financial privacy while empowering users to analyze and manage their blockchain transaction history transparently. By connecting their wallet address, users can privately review activity with a level of control unmatched by traditional financial systems.

Key Features

  • User-Friendly Interface: UniJoin offers a seamless and intuitive process to switch to “Anonymous mode,” enabling users to conduct transactions without revealing their identity.
  • Tor Browser Compatibility: The platform integrates with the Tor Browser, allowing users to maximize their privacy when accessing UniJoin.
  • Zero Logs Policy: UniJoin prioritizes user privacy by ensuring no activity logs are stored, keeping transaction histories secure and confidential.
  • Advanced CoinJoin Technology: By employing CoinJoin, UniJoin provides a high-quality mixing method that enhances transaction anonymity and untraceability.

Why Choose UniJoin?

UniJoin stands as a robust solution for cryptocurrency users seeking to anonymize their transactions. By combining simplicity, advanced privacy tools, and a commitment to user confidentiality, the platform offers a reliable and secure environment for safeguarding financial privacy.

With its new domain and privacy-enhancing features, UniJoin continues to lead the way in helping users navigate the digital economy securely and anonymously.

 

Media Contact

Organization: UniJoin Co.

Contact Person: Sergei Pavlov

Website: https://unijoin.org/

Email: Send Email

City: London

Country: United Kingdom

Release Id: 27112420453

The post UniJoin Updates Domain Zone to Strengthen Anonymity and Enhance Privacy Features appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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