Mike Wells- Financial Planner

08/03/2021

I love this picture of lizzy and myself, she has put in soo much hard work and effort to get to this point. And continues to push forward to get better. It’s inspiring to me as I too try and learn and grow as a person, father, business owner. Keep it up kid!

01/30/2021

My Saturday mornings. We are a company on the move! ⁉️

09/20/2019

What is your biggest Financial fear?

05/15/2019

Have you ever asked yourself, why do places like Walmart, Canadian Tire, Costco, heck even Tim Hortons try to get me to sign up for a Credit Card? simple it makes them a lot of money! Some of the latest stats is that for every dollar Canadian's earn, we are spending $1.70. In order to cover the extra $0.70, we use thing like Credit Cards, Lines of Credit, and Pay day loans to cover the deficit.
With the help of The Rule of 72 it will aid us to illustrate why Credit is such big business.
Lets say we have a Credit Card that has an interest rate of 18%. 72 goes into 18 four times. So if you are not making your payments your debt will double in as little as 4 years. and if your making the minimum payments by the time your done paying your debt off you have paid for that item a couple times over. Payday Loans are even more scarier, lets say we get a rate of 30% (I've seen them as high as 48%) Your debt can double potentially as quick as 2 and a half years. With rates like this you might as well be running up an escalator backwards. I'm not telling you to go cut up all your cards, and not to get payday loans, but will have a better understanding when you go to use that plastic card.

If I have peaked your interest, and you would like to get some more information. DM me and we can chat.

The Rule of 72 is a mathematical concept that approximates the number of years it will take to double the principal at a constant rate of return compounded over time. All figures are for illustrative purposes only and do not reflect the interest rate of any product. Additionally, they do not reflect the many types of risks, expenses or charges associated with any actual product or account. Past performance is not an indication of future performance. The interest rates on various products and accounts will fluctuate over time and, as a result, the actual time it will take any sum to double in value cannot be predicted with any certainty. It is unlikely that any one rate of return will be sustained over time. Additionally, there are no guarantees that any product or account can outpace inflation.

03/18/2019

03/18/2019

Over the next while, I am going to focus on Education with my page. I am going to go over concepts that will hopefully give you some tips on how money works.

Rule of 72.

They Rule of 72 is how Compound Interest works. We use this concept to help illustrate as to how money can grow. By dividing 72 by the annual rate of return, investors obtain a rough estimate of how many years it will take for the initial investment to duplicate itself. Here is an example.

29 year old with $10,000.00 getting a 2% return on their investment. 2 goes into 72 thirty six times, So the person in this example would have to wait for 36 Years for their money to double.

29- $10,000.00
65- $20,000.00

Lets use the same 29 year old, and now lets say they are getting a 8% return. 8 goes into 72 nine times. With the money now doubling at a rate of every 9 years, the same 29 year old now has $160,000.00 at age 65

29- $10,000.00
38 $20,000.00
47 $40,000.00
56 $80,000.00
65 $160,000.00

That is a difference of $140,000.00 in their account at retirement. Is that a Little Difference? or Big difference?

If you found this information helpful hit "Like" if you are looking to find out more information leave a comment Below and I will reach out to you.

- Mike

The Rule of 72 is a mathematical concept that approximates the number of years it will take to double the principal at a constant rate of return compounded over time. All figures are for illustrative purposes only and do not reflect the interest rate of any product. Additionally, they do not reflect the many types of risks, expenses or charges associated with any actual product or account. Past performance is not an indication of future performance. The interest rates on various products and accounts will fluctuate over time and, as a result, the actual time it will take any sum to double in value cannot be predicted with any certainty. It is unlikely that any one rate of return will be sustained over time. Additionally, there are no guarantees that any product or account can outpace inflation.

09/17/2018

09/14/2018

Check out my new website https://wfgconnects.ca/mwells and take the "How Money Works" Challenge

WFG – Believe in a Better Financial Future

09/14/2018

Come check out my new website @ https://wfgconnects.ca/mwells and take the "How Money Works" Challenge

WFG – Believe in a Better Financial Future

07/30/2018

What is Critical Insurance? and why is it so important? Its insurance in the event a life threatening illness such as Cancer or Heart attack were to occur. It a one time Lump sum Tax free payout, Which allows a person to focus on getting better instead of rushing back to work. If you would like to get a free quote, or more importantly more information. Send me a DM and we can chat some more!