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Listen to “How seniors choosing to downsize could improve their health” on Spreaker. Guest Speaker: Karen Shinn Cofounder of Downsizing Diva walks us through the services that are available to seniors looking to downsize. What services does Downsizing Diva provide? How is Downsizing Diva different from a traditional moving company? What are some of the age groups that have used Downsizing Diva services? How is an objective viewpoint important when deciding which items to take with you and leave behind? How does a floor plan assist you in deciding which furniture’s to take with you? If thinking of downsizing, why is it important to make the move sooner rather than later? How does residences like condos, senior apartments and retirement residences have a higher appeal for people with reducing mobility? What signs should you be aware of for you to seriously consider downsizing? Why is social isolations common in seniors who lost a spouse? Why is there an increase in the phone calls for downsizing in September, October or before winter? How does neighbourhoods play a factor in choosing to downsize? How have the notion of retirement homes changed over the years? How does retirement homes help prevent social isolation and increase enthusiasm for life?

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Joe Sammut, Mortgage Agent at Mortgage Architects talks about the importance of maintaining a good credit score. How important is the credit report? What are some of the things you could be doing in your 20’s to make sure you have a good credit rating? Why is it important to make the minimum payments, if you cannot afford to pay the full amount on your credit card? What is a credit score out of? Why is it important to pay of your credit card balance sooner than waiting for the statement? Transcript Davelle:              Here we go. Hi, Joe. Thanks for joining the show today. Joe Sammut is a … Is it mortgage broker or agent? I always forget. Joe Sammut:     I am a mortgage agent with Mortgage Architects. Davelle:              Okay. Joe Sammut is a mortgage agent with Mortgage Architects. He is going to be joining us today to talk about the stimulating topic of credit reports. Thanks, Joe, for joining us. Joe Sammut:     You’re very welcome. Thank you. Thanks [inaudible 00:00:24]. Davelle:              One of the reasons I decided to talk about credit reports is a couple of weeks ago we were doing one of our first time buyer seminars and it was just a topic that just came up. I’m noticing it’s a topic that comes up continually with people who are looking to make a big purchase, like buying a house or a condo, because they don’t understand the importance of having a good credit report, what goes into it, and how they go and make sure that they have a good credit report. Joe, do you want to tell us a little bit more about how important the credit reports really are? Joe Sammut:     Certainly. What I will tell you, or what I would like to start with, is credit is unfortunately not one of the things that any of us have ever been taught in school. Even our school curriculums today are not at all discussing credit perhaps the way they should. Perhaps educating young people, most importantly young people, on how maintaining a good credit score and a good Beacon score is going to help them throughout their adult years simply because without a good credit score it’s going to be virtually impossible to get financing going forward if they’re not conscious of exactly what their credit looks like. What we find is that unfortunately by the time we get to … By the time an individual gets to us when they’re in their late 20s, early 30s, a lot of the damage has been done already and then we need to spend a number of years with that client or with that prospect to help them repair their credit and give them some guidance as to what perhaps they should’ve done when they were in their late teens, early 20s. Credit is something that carries through life with you. It’s your signature. It is your credit worthiness. It’s your ability to obtain credit. It’s what lenders look at to decide whether or not they’re going to give you that car loan, that student loan, your first mortgage. Again, credit is a very, very important part of peoples’ lives. Unfortunately, as I said, it’s not taught young enough on how to maintain good credit and how much in fact credit costs you if you don’t maintain it properly. Davelle:              Sure. If you’re in your 20s what are some of the things that you could be doing to make sure that you have a good credit rating? Joe Sammut:     One of the things that I encourage young people to do is to, first of all, get a credit card of any sort. A $500 Visa, a $500 MasterCard. Get something in their name that they then can utilize on a monthly basis and pay it off the minute they use it. Now, by doing this you’re definitely not going to be the bank’s best friend because they’re not making any interest off of you because you spend the money on their credit. You’re then in turn paying it back so that way you have a zero balance, so therefore they can’t accrue any interest to your bill. As I said, you’re not the most popular of individuals amongst the banks because they’re not making money off of you, but it doesn’t matter. They will make money off you in the future and they realize that that’s helping you to maintain or to establish some good credit. Get a small credit card, utilize it, use it, buy something, pay it off, use it again, pay it off. Pay it off as soon as you spend it. Don’t necessarily wait until you get the bill at the end of the month to then pay the bill. You’re best off to pay the bill or pay it online the day after you spend the money, so then that way you’re much more conscious of not spending the money unless you had it available to you to pay the bill off. Davelle:              Got it. What about what’s some advice that someone in their 30s should know about their credit? Joe Sammut:     Same type of thing, but one of the biggest misconceptions is if I have a small balance on my credit card and I don’t make the payment this month that’s okay. I’ll just make double payments next month. Doesn’t work that way. If you cannot afford to pay the credit card off in its entirety at least try to make the minimum payment at all times on time or before the due date always. Simply because if you don’t your credit bureau gets flagged with a delinquency on that credit card or on that loan or what have you. That is what impacts your Beacon score most negatively, if you have delinquent payments. Davelle:              Got it. Joe Sammut:     At all times try to make at least the minimum payment until such time that you can afford to make more