Dr. Tracy Thomas has built a career out of coaching celebrities, CEOs, professional athletes, and other high-performing individuals.

The psychologist and author, who started her coaching business 12 years ago, earned over $1 million just in 2021 alone. She’s also built a seven-figure net worth, thanks to high earnings coupled with consistent saving and investing. Insider verified these details by viewing tax forms and bank account statements.

“I have accumulated a lot, and I’ve also invested a lot,” she told Insider.

Thomas has been saving and investing a portion of her income since she started her career three decades ago, she said. However, she hesitates to use the word “saving.”

The term connotes “deprivation of the things you really want to do in the moment,” she explained. “It’s  not very attractive or glamorous.”

Instead of thinking you need to “save” your money, tell yourself that you’re “accumulating wealth” or “building wealth,” she advised.

Similarly, replace the word “budgeting” with “allocating,” she added. Budgeting implies restriction — having to cut something out of your life. Instead, frame it as: You’re allocating money for future goals or purchases, like a home, car, or retirement.

This is the type of language that Thomas and her clients use, she said: “They’re not ‘budgeting’ their money — that’s a scarcity mindset. They’re allocating or investing their resources. They’re allocating resources into some of their monthly entertainment; they’re investing into their wardrobe; they’re investing into their future lake house.”

Reframing your thinking and using what she calls “wealth language” may have a greater impact than you think. It helps to not only re-establish your relationship with money, but shifts thinking from a “scarcity” mindset to one of abundance.

For example, “If you say, ‘I’m building wealth,’ the wording of that in your own psyche already starts to produce way more wealth, because the self follows whatever the directions are that you’re giving it,” said Thomas. “It’s similar to when someone says, ‘I’ve got bad news’ or, ‘I’ve got great news,’ and immediately your chemistry shifts, because you’re following those directions.”

Success coach and author Jen Sincero offers similar advice in her book, “You Are a Badass at Making Money.”

“If you’re broke or not where you want to be financially, you can be sure that your language could use an upgrade,” writes Sincero.

Oftentimes, what you say reveals your true thoughts and beliefs about money. She highlights specific phrases that may seem harmless but can actually be limiting and hold you back from building wealth. Here are six common ones:

• “I want” is another way of saying “I lack”
• “I wish” is another way of saying “I’m not in control”
• “I need” is another way of saying “I lack”
• “I can’t” is self-explanatory
• “I hope” implies it might happen or it might not
• “I should” implies maybe you won’t or don’t want to

Try using this language instead, says Sincero:

• “I have”
• “I create”
• “I’m grateful for”
• “I enjoy”
• “I can”
• “I choose”

“Make the commitment to become aware of your language,” writes Sincero. “Get practiced at taking deep breaths before you speak. This will give you the space to stop, notice what was about to come out of your mouth, and course correct if needed.”

(This article is courtesy of Business Insider)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Today’s Labour Force Survey (LFS) for January was much stronger than expected, once again calling into question how long the Bank of Canada’s rate pause will last. This report showed no evidence that the labour market is slowing in response to the vast and rapid runup in interest rates. 

Employment surged by 150,000–ten times more than expected–and most of the gain was in full-time jobs. The employment rate has returned to pre-pandemic levels. Employment rates among people 55 to 64 have been on a solid upward trend since the summer of 2022, mirroring the rise in employment over that period observed among most demographic groups.

Immigration remains a vital factor in hiring. According to the latest population estimates, in the third quarter of 2022, Canada’s population grew the fastest in over 50 years, mainly driven by an increase in non-permanent residents. In the Labour Force Survey, non-permanent residents represent the majority of a larger group, including those who were not born in Canada and have never been landed immigrants. Non-permanent residents can hold various kinds of work, study, or residence permits. On a year-over-year basis, employment for those not born in Canada and who have never been a landed immigrant was up 13.3% (+79,000) in January, compared with growth in total employment of 2.8% (+536,000).

Average hourly wages rose 4.5% on a year-over-year basis in January, down from 4.8% in December. This is good news for the inflation outlook, but it remains much above the 2% target. Year-over-year wage growth reached 5.0% in June 2022 and peaked at 5.8% in November (not seasonally adjusted).

The unemployment rate remained near a record low, holding steady at 5.0% in January, just shy of the record-low 4.9% in June and July last year. 

Employment growth was most robust in wholesale and retail trade, healthcare, education, other services and construction.

Bottom Line

The Canadian jobs market is showing no signs of slowing. This has to make the Bank of Canada at least a bit nervous. The US jobs market data in January was also robust, and the Fed Chairman, Jay Powell, has assured markets that interest rates are likely to rise further. 

This is the last jobs report before the Bank of Canada meets again on March 8. The CPI data for January will be released on February 21 and will be the primary factor determ

(This article is courtesy of the Sherry Cooper Assoc.)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

For those who celebrate Family Day, we thought we would highlight some ideas for special things you can do with your loved ones, and remind them how much you care!

From crafts and cooking to volunteer work or exercise classes, below are a few ways you can celebrate Family Day this year:

• Cook a Meal Together: From making mini personalized pizzas to cooking up a brand-new recipe or baking something delicious, the kitchen is a great space for family time and making fun memories!
• Get Crafty: Time to break out the glitter, glue and fun! Set up a craft station at your house this Family Day to entertain younger children – and reawaken your inner child! Don’t be afraid to get messy and create something fabulous.
• Volunteer: A great way to make an impact (and bond with your family while you’re at it) is to volunteer your time together! Consider reaching out to a local organization or finding an event, such as a park clean-up, to participate in.
• Try an Exercise Class: Want to enjoy your family and get a little exercise while you’re at it? Try joining a ZUMBA workout or an online exercise class! Not only is this a fun activity you can do with your kids from home, but it is a great way to teach them about health and start setting up healthy habits for life.
• Record a Message: Sometimes, the entire family isn’t able to get together but recording a message together and sending it to those aunts, uncles and grandparents who live elsewhere is a great way to celebrate your family no matter where they are in the world.

No matter how you spend it, I hope you have a wonderful Family Day and I wish you and yours the best to come.

(Courtesy of the DLC February Newsletter)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Even bond traders and economists are stumped about what the next few years will bring. The repercussions of a global economy that stopped suddenly, shed millions of jobs and initially contracted 30% only to rebound in a flash on the back of free-money government programs are still being felt.

Predicting where the economy goes from here risks taking comfort in spurious accuracy. We’ve never experienced a similar set of circumstances. With hindsight, we now see that policymakers have made severe errors—taking interest rates to unprecedented lows and flooding the system with massive fiscal stimulus has precipitated global inflation; home prices in Canada surged 50% in the three years following the pandemic; variable-rate mortgages were much cheaper than fixed-rate loans as the central bank cut overnight rates to 25 basis points.

The volume of mortgage originations surged, with a record proportion, in VRMs. Now many borrowers have hit their trigger points. The banks allow the amortization of rising interest payments owed, easing the near-term pressure on borrowers. Those with adjustable-rate loans have seen their monthly payments rise seven consecutive times, with likely another rate hike next week. This, in addition to inflation, has reduced household purchasing power. Many are hoping that interest rates fall to pre-COVID levels soon.

Initially, the central banks argued that inflation was transitory. Many are betting that the old forces that worked to keep inflation under control for years would reassert themselves. The federal banking regulator is now proposing additional restrictions on mortgage lending to highly indebted households.

We hope for the best but must prepare for a slow return to 2% inflation. Home prices have fallen but are still up more than 35% from pre-pandemic levels. Labour markets are still robust, but a slowdown is inevitable. This will be a transition year with little likelihood of interest rate cuts. The Bank of Canada will pause soon to see if the lagged effects of higher rates further reduce inflation. Few believe the 2% target will be hit this year or next. The benchmark policy rate, now at 4.25% will not return to its pre-COVID level of 1.75%.

(This article is courtesy of the DLC February Newsletter)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Canadians believe they will need to save up $1.7 million to retire, up 20 per cent from 2020, according to a study published by BMO Financial Group on Tuesday.

“While the anticipated headwinds in 2023 will understandably prompt concerns about how inflation and interest rates will affect our finances, Canadians remain resilient and are taking proactive measures to protect and invest in their retirement nest egg,” said Nicole Ow, the head of retail investments at BMO.

The report said Canadians are prioritizing retirement savings as both contributions and account holdings have increased from the previous year. The national average amount held in Registered Retirement Savings Plan (RRSP) increased two per cent to $144,613 in 2022, while almost half of Canadians said they’ve contributed to their RRSPs for the tax year.

However, despite believing they need to save more money, only 44 per cent of Canadians are confident they will have enough to retire as planned, the study said. This figure represents a 10 per cent decrease from 2020.

BMO said 74 per cent of those surveyed said they are concerned about how current economic conditions will affect their financial situation, while 59 per cent say those conditions are making them less confident of meeting their retirement goals.

Inflation hit a four-decade high of 8.1 per cent in the summer of 2022 but fell to 6.3 per cent in December and is expected to decline further by the end of this year, according to BMO Economics. The sharp increase in CPI in 2022 exceeded wage gains and resulted in a significant loss of most families’ purchasing power, it said.

As for retirement planning, the survey said Canadians take different approaches, including 22 per cent planning to retire at between the ages of 60 and 69 with an average age of 62.

Meanwhile, among those who had experienced a major life event, such as starting a family, moving homes or starting a new business, since the beginning of the pandemic, 20 per cent had experienced a loss of income and nine per cent had to make a large payment.

The study added that 69 per cent of Canadians believe the state of the economy has affected the amount they are saving, and 60 per cent say it has affected the money they are investing.

Canadians can look to financial advisers to help them remain focused on their financial goals during disruptions, major life events and uncertainty, Ow said.

The BMO survey, conducted by Pollara Strategic Insights, surveyed 1,500 adult Canadians online between Nov. 4 and 7, 2022. The margin of error for a probability sample of this size is ± 2.5 per cent, 19 times out of 20.

(This article is courtesy of the Financial Post)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

The Benefits of Refinancing:

– Access a lower interest rate than the rate on your other debts;

– Consolidate your debt into one, simple & convenient payment;

– Modify your current mortgage by extending or reducing the number of years remaining on your mortgage amortization;

– Access equity within your home to complete home renovations;

– Access home equity to invest in stocks, education or other real estate.

There are many potential benefits to refinancing and we can help. Ask us how.

– We’ve got a Mortgage for that! –

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally, people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer. 

If you are considering a second mortgage for any reason, here are a few key points to keep in mind:

Second Mortgages and Home Equity: Your second mortgage and what you can qualify for hinges on the equity that you have built up in your home. Second mortgages typically allow you to access up to a max of 80% of the home value; very few lenders will consider a second mortgage over 80% of the home value.

For example, if you are seeking an 80% Loan-to-Value loan (“LTV”):

House Value $850,000
80% LTV (maximum mortgage amount) $680,000
less: First Mortgage ($550,000)
Amount Available Through Second Mortgage $130,000

Second Mortgages and Interest Rates: When it comes to a second mortgage, these are typically higher risk loans for lenders. As a result, most second mortgages will have a higher interest rate than a typical home loan. There is also the option of working with alternative and private lenders depending on your situation and financial standing. Keep in mind, typically lenders who offer a second mortgage are private lender MICs (Mortgage Investment Companies) – in addition to some trust companies and credit unions. For major banking institutions, you would need to hold your first mortgage with them in order to be considered for a second mortgage.

Second Mortgage Payments: One advantage when it comes to a second mortgage is that they have attractive payment factors. For instance, you can opt for interest-only payments, or you can select to pay the interest plus the principal loan amount. Work with your mortgage broker to discuss options and what would work best for your situation.

Second Mortgage Additional Fees: A second mortgage often comes with additional fees that you should be aware of before going into the transaction. These fees can vary widely but often are a percentage of the mortgage.  Other fees to consider include appraisal fees, legal fees to set up the second mortgage and any lender or broker administration fees (particularly with alternative or private lenders).

Second mortgages are a great option for many homeowners and, in some cases, may be a better solution than a refinance or a Home Equity Loan (HELOC). If you are interested in learning more or want to find out if a second mortgage is right for you, don’t hesitate to reach out to me today.

(Courtesy of the February DLC Newsletter)

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

I’m so honoured to announce that I’ve been selected as a finalist for one of the Tammy Moyer Woman Of Worth Awards, sponsored by Global TV! They have such an inspiring event planned on February 26th from 1-5 pm with MC Coleen Christie from Global, keynotes, entertainment, prizes and more. Details and early bird registration savings until February 7th, let’s celebrate together Will I see you there? 

The Angela Calla Mortgage Team

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

While we are all still feeling the pressures of inflation, there is finally some relief in sight. Interest rate hikes are slowing down for Prime Rate and the best part is that fixed rates have come down from their highs.

With that in mind, we want to ensure all our clients are able to get the best mortgage and rate possible. Since we are an independent brokerage, we are not committed to any one institution, thereby being able to tailor the best option specific to your situation.

Some successes to share from this week:

• Kimberly of Surrey who got pre-approved with us originally in November 2022 was able to get $100,000 more on their approval with the reduction in fixed rates in the last 4 months. This really helps open up more options for her purchase and with house prices dropping, this is a win-win scenario.
• We had 8 files in one day we were able to get rate reductions before the closing date, just by doing our regular lookbacks. These clients range from First-time Homebuyers to Mortgage Renewals and Transfers to other lenders for better terms.

Give us a call or send us an email and we’d be happy to answer any questions you may have. As well, if you are currently thinking about the next steps in your mortgage future our Mortgage Planning Webinar will be open to anyone to attend on February 23, 2023, at 7 PM PST. You can sign up by following the link HERE.

The Angela Calla Mortgage Team

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog.