The Mogo Blog

How does credit card interest work?

We’re all kind of familiar with the basics, right? A credit card can help build your credit score and earn rewards like points or cash back [https://www.ratehub.ca/credit-cards/cash-back] as long as it’s used responsibly, otherwise, it can be harmful and charge steep double-digit interest rates. It's the classic example of a double-edged sword. But when does credit card interest kick in? And how is it actually calculated? The truth is it can be downright confusing, and many Canadians are in

Millionaire Mondays with Stacy Kim

Stacy’s relationship with debt has been a bummer at times, but she’s on track to pay down her student loan before she hits 30. Read about the budget that finally worked for her! This interview is part of a lightly chaotic series where Megan, a writer, discusses millennial financial goals with her peers and their strategies to get there. Spoiler: we all want to be millionaires. In this conversation: student loans (including some hard numbers), real talk about being financial dumb-dumbs, and the

Setting your sights high early is key to retiring with comfort

What do you think of when you think of millionaires? For us, it’s a mixed bag: Maybe… actually… not that mixed. Lol. Millionaires have a bad rap and it’s easy to see why. Most movie supervillains? Millionaires. Whoops! We said it! Okay, now hear us out. Get out your phone and open your camera. Flip it to the front facing lens. Get over the initial shock of seeing yourself from this angle. It takes a sec. Now find a cute angle and take a cute lil selfie. That babe? In that cute lil selfie?

How to Invest

Grow your dollars now b/c future you deserves it The stock market is one of those tricky things to wrap your brain around. If we asked you how to invest, could you answer? Not broadly, like, “when you invest you buy stocks and the value of those stocks impacts your wealth over time.” But like. How? What are the steps? What do I click on? We’ll tell ya. There are several points at which you must check your vibes while investing. The first: choosing your interface with the stock market. Uh oh

Top Tip For Saving: Pay Off Your Debt First

Paying down debt is no fun, but it’ll help you in the long run We’ve written at length about our golden ratio for budgeting, the 50/30/20 Rule [https://blog.mogo.ca/50-30-20-budgeting-for-people-who-think-budgeting-sucks/#.YgKrxlNKidY] . A quick explainer: this budget allocates 50% of your net income to paying for your fixed costs, like housing and food; 30% goes to your “wants,” like Netflix or concert tickets (RIP); and 20% goes to your goals, including meeting savings goals and paying down d