The Mogo Blog

How to become a millionaire

It takes the average millionaire 28 years of investing before they hit that 1 million dollar mark. The lesson is clear: consistent, long term investing is the surest path to success. But, what most people don’t realize is that even a small amount of money can get you there. Just $4 a day - that’s right, what we would spend on a latte- could turn into over $4M if you invested long enough. This is based on the average annual return of the market as measured by the S&P 500 of 10%. If you doubled th

Goal setting tips & tricks

Got big money goals like getting out of debt or retiring? That’s great! Did you know that research has shown that you’re more likely to achieve your bigger goals by breaking them into shorter term goals? For example, if your big goal is to pay off all of your debt in 5 years, your initial goal could be to simply pay $50 extra towards your debt by the end of the month. By breaking your big goal down into shorter term and more realistic goals that you can easily achieve, you’ll set yourself u

How to spend less money online

COVID-19 has made many of us switch to online shopping. But did you know that even before the pandemic one study [] found that online shopping was the #1 culprit for overspending? If you shop online, try leaving the items in your cart for 24 hours before hitting the checkout button to see how much less you spend. There’s a good chance that by the time you come back you’ll realize that your pu

Spending Mindfully

If you’re like most of us, you’ve noticed how much less you’re spending, and have been reevaluating what is truly important to you. One thing is for certain: many of us are realizing just how much our personal financial health matters. In fact, being debt free and financially healthy are the new status symbols that many of us aspire to, not fancy new shoes or a new car. Mindful consumerism matters now more than ever. Your money is power, power to change. How you spend it impacts your own abil

Reaching your goals

It's the last hump day of May and we could all use a little inspiration right now. Take a moment to think about what it would be like to achieve your most important money goal. Before James Dyson invented his now world famous Dual Cyclone vacuum cleaner, he spent 15 years creating 5,126 versions that failed. People who succeed never quit – they fall down and they get back up. The same applies to achieving your money goals Here’s a story of a single mom, Kumiko, who had fought her way through