Toronto’s 2023 ThreeBestRated® Award Winner Victor Fong, President of Fong and Partners Inc. advises on dealing with debts
Industry: Financial Services
Ontario, Canada (PRUnderground) December 27th, 2022
Dealing with debt is never a pleasant experience for anyone. Broadly speaking, debt utilization is actually a great way to grow your finances when used properly. Unfortunately, most people misuse debt. In most cases, it’s lack of financial knowledge that causes problems, says 2023 ThreeBestRated® Award Winner Victor Fong, President of Fong and Partners Inc. from Toronto, Canada’s financial capital.
Victor insists that dealing with debts is actually quite straightforward when you have a proper understanding of how debt works. In between his busy schedule, he’s dedicated some time to educating us on this subject. This is what he advises:
- First of all, it’s important to be able to distinguish an expense from an asset. For example, rent paid to lease an apartment is an expense whereas real estate is an asset. Both serve the same function: they provide you with shelter. However, a rental unit doesn’t grow in value because you don’t own it, whereas a home that you own does grow in value.
- Avoid using debt to pay for expenses – pay for expenses with cash. If you are going to incur debt, use it to acquire assets that will grow in value and will provide you with future cash flow (such as real estate). Ensure that the average annual rate of growth of an asset is higher than the annual interest rate on the debt you’re using to acquire your asset.
- Keep a budget to keep track of your expenses and identify any unnecessary ones so you can reduce or eliminate them. This practice saves you a lot of money in most cases.
- Follow the “Save First Spend Rest” principle which means always spend your income only after saving it. He insists on saving at least 10% of your gross earnings in a high-interest savings account each month throughout the year. This can be used as an emergency fund or to invest in assets in the future.
Why Should You Work With Fong And Partners Inc.?
Fong and Partners Inc. is a well-known Licensed Insolvency Trustee which provides top-tier personal bankruptcy and consumer proposals services to deal with your debts. This is what makes them pass the vigorous 50-Point Inspection of ThreeBestRated® and why they’ve been a featured listing in the Best Licensed Insolvency Trustees in Toronto for the past several years. Their team is filled with dedicated professionals who can help you with your financial challenges. They have thousands of clients who are happy with their dedicated and personalized service. They offer a free, no-obligation consultation. They are headquartered in downtown Toronto, and have branch offices in Mississauga and Brampton. You can visit their website at https://startingovertoronto.com/
The wide range of services they offer includes debt counsel, unsecured debts, income tax debt, personal bankruptcy, lawsuits, consumer proposals, wage garnishments, filing bankruptcy or consumer, debt consolidation, student loans, surrendered credit card issues & investigation in debt.
Fong and Partners Inc. always thank their clients for choosing them and do promise a fresh financial start for their clients that gives prosperity. They are always proud of the positive feedback and glowing reviews they receive from their clients. The firm feels privileged to be listed in ThreeBestRated® for this long time. “ThreeBestRated® has been helpful to me in my online marketing” says Victor Fong.
Three Best Rated® was created in 2014 with the simple goal of finding the top 3 local businesses, professionals, restaurants, health care providers, and everything in-between, in any city. Every business is meticulously handpicked by our employees. We check business’s reputation, history, complaints, ratings, proximity, satisfaction, trust, cost, general excellence, reviews, and more, using our 50-Point Inspection. We only display businesses that are verified by our employees. Other places will call this “hard work” and “unnecessary”. We call it “due diligence” and “the right thing to do”. Our website is updated on a regular basis for quality and the latest business information.
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