Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Personal Finance
Bitcoin Payments on the Rise
Reuters | , | Feb 28, 2023
The 15-year-old cryptocurrency has filled many roles - from source of speculation to hedge against inflation - but has struggled to find a clear identity. Now there are growing signs it’s edging towards its intended purpose: payments.
- Bitcoin payments on the rise: The amount of bitcoin stored on the Lightning Network - a payment protocol layered on top of the blockchain - has jumped by two-thirds over the past year to hit an all-time high of 5,580 coin, according to crypto data firm The Block. Crypto payment specialists have also seen strong volumes.
- U.S.-based BitPay said transaction volumes jumped 18% last year versus 2021. CoinsPaid said volumes in the fourth quarter of 2022 rose 32% compared with a year before.
See: Lyn Alden Analysis: A Look at the Lightening Network
- Aside from bitcoin, other cryptocurrencies including stablecoins, which are pegged to the value of traditional currencies, have emerged as popular options, particularly for cross-border payments, remittances, plus in emerging markets where the value of local currencies have been hit by inflation.
- Efforts by some of the world’s largest economies, including Japan, China and India, to create their own digital currencies (CBDCs) could also choke crypto payments growth, say some market players. For others, though, growing interest in CBDCs is evidence that blockchain payments tech is here to stay.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Reverse Mortgage Debt Skyrockets 31% YoY Among Canadian Seniors
Better Dwelling | Daniel Wong | Feb 6, 2023
Reverse mortgage debt has recently surged in growth, with the debt rising at an unusual fast rate for any credit segment.
- Canadian homeowners aren’t shy about cashing in on their windfall, especially seniors. Regulatory filings with OSFI, Canada’s bank regulator, show reverse mortgage debt surged in November.
- The outstanding balance rose 5.9% (+$370 million) to $6.7 billion in November.
- The balance is now 31.0% (+$1.6 billion) higher than a year before.
See: Saddled with Rising Rates and Debt, Canadian Borrowers Seek Mortgage Alternatives
- Reverse mortgages are loans disbursed as lump sum or regular payments, secured by your home equity. It’s similar to a home equity line of credit (HELOC), but the big difference is in repayment—you don’t have to make regular payments or prove you have the debt service capacity.
- The catch is interest accumulates in the background, eroding the home equity you’ve built up. These loans generally have higher interest rates than traditional HELOCs or mortgage refinancing.
- The sudden boom for reverse mortgage debt is due to a combination of monetary and demographic factors. Since repayment isn’t required, rising rates are likely allowing the debt to accumulate faster for those without fixed terms.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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5 Ideas to Save More Money for Your Investments
Guest Post | Feb 7, 2023
Image: Freepik/jcomp
You know that the secret to growing your wealth is investing. Investments are the key to unlocking compound growth that can surpass anything you could do by simply setting aside part of your income. But with inflation persistently high, rent and mortgage costs skyrocketing across Canada, and the general cost of living taking a bigger and bigger bite out of your income, it’s getting harder to set anything aside for investing.
When your goal is to save as quickly and aggressively as possible, now may be the time to get innovative with your ideas for saving money.
#1 Head to the Discount Grocery Store
In Canada, the major grocery store companies typically have both high-end and discount chains. You can get many of the same products and produce you’re used to at a lower price by heading to a more budget-friendly grocery store.
While a few cents or dollars may not seem like much on each individual grocery item, it adds up at the end of the week, and you don’t have to change the foods you’re used to getting.
#2 Buy Your Technology Used
Electronics are no longer a luxury in most cases. You need them for work, life, getting your own business off the ground, and even getting around.
However, you can save hundreds by buying used electronics like smartphones and computers used.
There’s another great trick to save even more every month: look for unlocked phones in Canada. That way, you can get any phone you want and have the freedom to get a plan from the cheapest carrier.
#3 Downsize Your Apartment
When work-from-home took off during the COVID-19 pandemic, a lot of people took the opportunity to move. Some left the city while others upgraded their space, investing in places with an extra bedroom to serve as a home office. Now that the push to get back to the office is in full swing, it may be easier to downsize your apartment.
The move back to the office doesn’t have to be a buzzkill. Many companies are focusing on fostering a better workplace culture and creating more collaborative environments to maximize the benefits of the office.
#4 Get a Roommate
If you don’t want to move, you can also give up that home office by getting a roommate instead. Splitting shelter costs with another person can put hundreds of dollars back in your pocket every month.
#5 Debt vs Investments
Finance experts often suggest paying down your debt to cut down your monthly expenses. That’s a good point, but it may be more complicated.
It always makes more sense to pay down debt than invest if your interest rates are higher than your real investment returns. For example, if you have student loans that you don’t owe any interest on, it can make more sense to invest the extra money.
See: How to get into angel investing with ‘no’ money
However, if you have 20% interest credit card debt, that’s likely costing you more than the returns you get on today’s volatile stock market.
Saving more can be a challenge, but these ideas should make more room in your budget for you to get back to investing.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Top Ways to Save Money for Your Child’s Future
Guest Post | Jan 27, 2023
Image: Pexels/Oleksandr Pidvalnyi
When preparing for your child's future, everyone wants the best for them. However, planning for a healthy financial future doesn't always come as naturally. Fortunately, there are some simple guiding principles that can help you create a savvy savings plan for your little one's benefit in the long term. Here are just a few of the top ways to save money for your child's future:
Open a Savings Account
This will give you an easy way to store and track all the money you save in one place. Many banks offer special accounts for children, including bonus rates and other incentives. Banks also offer online banking options, and it's easier than ever to keep an eye on how much you're saving and how it's growing over time. You will also be able to review your budget and adjust as needed. This will ensure you are constantly optimizing your savings. Savings accounts are also a great way to teach kids about financial responsibility and the importance of saving for the future.
Set Up Automatic Transfers
If you want to ensure that you consistently contribute to your child's savings, consider setting up automatic transfers from your checking account into their monthly savings account. This way, you'll be able to set aside a specific amount each month without having to remember or manually transfer the funds yourself. You can set up multiple transfers if you want so that different amounts are transferred each month depending on when bills are due, or other expenses arise.
Invest in Your Child's Education
Investing in an education fund will help ensure that they have enough saved up when they need it later. Depending on where you live, you can take advantage of savings accounts designed explicitly for education costs. These often include tax advantages and other incentives to help grow your child's money even more. For example, in Canada, the RESP (Registered Education Savings Plan) allows parents or guardians to save money for their child's post-secondary education. This way, you can start saving early for your child's college or university tuition. Be sure to read up on any applicable rules and regulations before investing.
Set Up an Investment Account
Setting up an investment account for your children is a great way to get them started on building wealth early on in life. Investment accounts offer tax benefits and potential returns with low-risk investments like mutual funds or exchange-traded funds (ETFs). Since investments grow over time, it gives your child more flexibility when they decide what they want to do with their money down the line, such as investing in real estate or starting a business.
Teach Them About Financial Literacy
Teaching your children about financial literacy from an early age is essential for them to become responsible financial adults one day. Make sure they understand concepts like budgeting and saving so they don't face financial struggles in adulthood due to poor habits developed during childhood. This way, they will better understand how to manage their money and make smart financial decisions.
See: Renewing the National Strategy for Financial Literacy
You can set your child up for a secure financial future with the right guidance and tools. Starting to save for your little one's future early on will help them build a strong foundation they can continue to build upon over time. Make sure to open a savings account, create automatic transfers, invest in your education, and set up an investment account. It is also essential to ensure your child understands the basics of financial literacy. By understanding these principles from an early age, they will be able to manage their finances more effectively and set themselves up for success in the future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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3 Easy Tricks to Pay Off Your Student Loan Faster
Guest Post | Jan 21, 2023
It’s a rare student who doesn’t want to pay off their student loan faster. And in today’s post, we’re going to share three tricks that will help you do so without a huge surplus of cash.
#1 Pay More than the Minimum Due
An average student’s life is more than hectic. Urgent assignments, extra-curriculars, seminars, workshops, and lectures don’t leave young learners enough time to earn some extra money. But college students are an amazingly resilient, resourceful, and adaptable category that can make it in combining studies and work. If you avail yourself of a reliable essay maker for students, chances are you’ll also find some time for a part-time job, which will help you pay more than your minimum due.
Your student loan officer will tell you how much you owe each month. And lots of people just pay exactly what they are told. But did you know that paying even a little bit more than your minimum due can seriously reduce the time that it takes for you to pay off your student loans? This is because the extra money can get applied directly to the principal balance of your debt instead of your interest. So, if you start paying just 10 dollars more than your minimum monthly payment, chances are you will be able to actually shave up to an entire year off of your repayment period.
Unfortunately, there’s a twist to this trick. Sometimes, loan officers can get a bit sneaky and apply that extra money you gave them to future payments instead of to the chunk of debt that you’re trying to pay off. You do need to consult with your student loan servicer directly and prescriptively tell them that you want the extra money applied to the principal balance of your debt.
#2 Bi-Weekly Payment
A slightly trickier but highly effective strategy would be making bi-weekly payments.
If you get paid on a bi-weekly schedule, you know that there might be a couple months out of the year you get those sweet-sweet three paychecks in a month. It’s because there are 52 weeks in a year, which actually ends up shaking out to 26 bi-weekly pay periods. You could apply the same principle to your student loan debt and actually squeeze out an extra monthly payment without having to pay more. Here is how it works.
A fictional Sarah owes $400 a month in her student loan payments. Typically, she pays that $400 on the last day of every month. But instead, Sarah decides to split that in two and pays $200 on the 15th and another $200 on the last day of the month. Because she’s paying bi-weekly, Sarah actually ends up paying an extra $400. So, she’s making 13 payments instead of 12 monthly payments. Just be sure that you’re paying both parts of your bi-weekly payment before your monthly bill is due. Otherwise, you can end up being delinquent on your student loan. There is on flaw, though. Not all services allow borrowers to do bi-weekly payments. So, call your servicer directly and clarify this issue.
#3 Pay Now or During Your Grace Period
For those who are still in college or recently graduated, start making payments now or during your grace period. There is no rule that says you have to wait until your loan servicer sends you the first bill in order to start making payments. Chipping away at your student loan debt early before you’re required to start making payments is a great way to reduce both the amount you owe and overall interest you’re going to pay.
See: Finliti Delivers Personalized Financial Insights Using the Power of Psychometrics
Paying even just a little bit every month is really going to help yourself out post-graduation. And just because you start making payments early doesn’t mean you have to keep going. You can always switch back until you’re required to pay your bills after the deferment of your loan while in school or during your grace period.
These are just three simple tricks, which, nonetheless, can help alleviate your financial burden and get out of debt sooner.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Ottawa Homeowners Need Relief
Guest Post | Jan 11, 2023
Image: Pexels/Ketut Subiyanto
You don’t need to be an avid newspaper reader to know that the cost of living is rising everywhere. Cities across North America are increasingly expensive, and Ottawa is no different.
With interest rates and inflation impacting the lives of Ontario residents, homeowners need a few ways to stabilize and strengthen their finances. Read on for a few helpful tips.
Home Equity Loans and HELOCs
Homeowners looking to consolidate loans or borrow money at low-interest rates should consider getting a HELOC or home equity loan in Ottawa from an industry-leading mortgage firm. Using your home as collateral is the surest way to get the lowest rate, and the funds get approved quickly, so you can use them when needed.
You can secure a lump sum payment to borrow in the form of a home equity loan, whereas a HELOC, or home equity line of credit, lets you borrow continually at a stable rate. Speak to your broker about which option is right for you and which specific type of loan or HELOC works best.
Legally, you’re free to use the borrowed money for whatever you want, but most experts recommend using it for things like home renovations or repairs. Try to avoid using these funds for frivolous indulgences since the failure to repay the loan can result in losing your home.
Drive Less
Most North American cities were designed to revolve around cars. Planners anticipated everybody owning their own private vehicle and assumed most trips would be by car.
Today, fuel is incredibly expensive, as is auto insurance, maintenance, parking, and all the various costs the city pays for road upkeep. The simpler and healthier solution is to use your car less.
Deciding to leave the car at home and go for a walk or take public transit lets you get some free exercise or take some time to read a book instead of worrying about navigation or directions. Private car ownership is a money pit — it’s the only form of transportation that costs money when you aren’t using it, as anybody who has ever paid for parking knows.
Save the wear and tear on your vehicle by only driving when it’s truly required, such as for long journeys or when you need to haul a lot of cargo.
Don’t Go Out on the Town
The price of food is rising quickly to the point where restaurants can’t afford to serve lettuce. With prices this high for ordinary groceries, you can imagine how much extra restaurants need to charge to break even, given the low margins in that industry.
It may be understandable for restaurant managers, but if you’re struggling to make ends meet, you’ll need to prioritize your own budget. You don’t need to remain homebound, but try to find tasty food at great prices in a lovely atmosphere — fancy restaurants don’t necessarily offer better food or service, even if the price is higher.
As prices keep rising, Ottawa homeowners should know about all the different ways they can get some financial relief.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Top 5 Ways for Your Mortgage Not to Overwhelm You
Guest Post | Jan 9, 2023
Image: Pixabay/Tumisu
Navigating the mortgage process can be overwhelming, with loads of paperwork, plenty of calculations to consider, and many decisions to make. You may feel overwhelmed as you try your best to understand all that goes into getting a home loan. However, there are ways to make the process more manageable. This blog post will explore the top five tips for ensuring that your mortgage will be manageable during the application process.
Equity Release
Equity release is a financial product that allows you to borrow against the value of your home. This can help you pay off other debts or make large purchases without taking out a loan or mortgage. It's essential to consider the risks associated with equity release, but for some people, it may be an ideal way to reduce their debt burden and the amount of money they need to borrow for their mortgage. The critical thing to remember is that you should always seek professional advice before taking out an equity release.
Refinance Your Mortgage
Refinancing your mortgage can be a great way to reduce your interest rate and lower your monthly payments. Consider this option if you've been paying on your loan for a while and interest rates have dropped since you got it. Keep in mind that there are better ideas than refinancing. You may have to pay fees and closing costs, so ensure you're getting the best deal by researching and comparing offers from different lenders.
Consider Debt Consolidation
Debt consolidation can be a great option if you're overwhelmed by multiple debts, such as a mortgage and credit cards. This involves taking out one loan to pay off all of your existing ones so that you have one larger payment instead of having multiple monthly payments.
A debt consolidation service can help you find the best deal and ensure that you're getting the best terms, so don't be afraid to reach out for help. York Credit Services has a knowledgeable team of certified credit counselors with experience assisting people in getting the best rates for debt consolidation. A credit service can also offer advice and guidance on managing your debt, so it's worth considering if you're overwhelmed.
Renegotiate the Terms of Your Existing Mortgage
If you already have a mortgage and are looking for ways to manage the debt, renegotiating the terms may be an option. By doing so, you could reduce your interest rates or extend the life of your loan to make it more affordable in the short term. Speak with your mortgage lender about this possibility; you never know what they might be able to do for you. If you decide to renegotiate your loan terms, you should ensure it's sound and won't hurt your credit score in the long run.
Have an Emergency Fund
It's always essential to have an emergency fund that can cover unexpected expenses such as medical bills or car repairs. This can help ease the pressure of paying for these out-of-pocket costs, preventing them from becoming a strain on your budget.
An emergency fund can also help you if you're struggling with your mortgage payments or are at risk of foreclosure. It won't solve the problem entirely, however it can provide breathing room and give you time to explore other options, such as debt consolidation or refinancing.
Following these tips can help you manage your mortgage payments and give you peace of mind when getting a home loan. If you're feeling overwhelmed, don't hesitate to reach out for help. A credit counseling service can provide you with guidance and advice on managing your debt and making sure it doesn't become a burden in the long term.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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