“your valuables. Times: have- changed. : These days they use telephones. ~~ ; “One scam that we recently heard - - “Few of us can stand prosperity. “Another man’s, I — Mark Twain s many of you know, we help send the community's children to colleges and universities through an annual program of bursaries and scholarships. This year, 13 individual awards were given to graduating students. One block grant was also presented to a graduating ciass as a whole. Our congratulations to the following winners: Ryan Schieman Nooshin Kiani Alison Grigg Peter Dusicka Christiana Gauger Tracy Krotz Honka Oszvald Nanette Lam Keri Aletier Shane Maier Heidi Rootes Kerry Barber The Vancouver Waldorf School, a grant to the graduating class. : . assets has increased the security of your deposits since the $100,000 deposit ‘ guarantee on your account — the best the financial industry offers, incidently — - is backed by these assets and the B.C. provincial government. The greater the assets, the greater the security. Up to now, no one has ever lost a nickel in B.C. credit unions. Not one thin nickel. With asset performance like this, ‘-and members like you, that truth will stand. Finding the ideal mortgage. Mee used to be a 25 year sentence. No longer. They're now first strike weapons in the bitter struggle between financial institutions. Mortgages are more flexible, better tailored, and easier to get. So intense is the competition, in fact, that the “price” of a mortgage, the interest rate, has become virtually identical. This is important information because if you’re shopping for rates, you won't get any deals. These days, the “deals” are in the bells and whistles, the features, not the price. The smart shopper knows this and now visits their friendly bank manager with a comparative shopping list in hand. If you haven't got around to making one, use the one below. If you're a little fuzzy on some of these features, a brief primer follows: Annual pay-down: how much of the mortgage are you allowed to pay off in one lump sum? 157 * 20%? This is a real money saver over the long term — if you can afford to take advantage of it. Payment frequency: some mortgages allow you to make payments every two weeks, not just once a month. Saves substantial dollars. Portable: this allows you to take your mortgage with _ you to a new house when you sell your old one — same term, same rate, same ies, amount. A very useful Pre-approved mortgage: lenders grant a mortgage before you actually find the property. Useful because it lets you know exactly how much you can spend and § eliminates the problem of jj finding financing before your dream home sells to someone else. / Rate protection: applies to ff pre-approved mortgages whereby your pre-arranged mortgage rate is guaranteed for 60 days even if rates go up. The 5 worst mistakes to make with mone O nly 5? Indeed, the mistakes we make with money are legion but, space being short, the Money Manager picked out § the 5 worst sins. Not knowing how money works. Money can work for you if you understand a very simple equation: regular investing + compound - interest + time = wealth. For instance, if you invest $100 a month at 6% interest compounded annually, at the end of 35 years you'll have $142,000 in the bank. | Your actual cash investment is only $42,000 but, thanks to compound interest, it triples itself. If you can find | an investment vehicle paying # 12%, your monthly $100 — will earn over $643,000. At 15% interest? $1.4 million. Start regular investing. $100 a month, $50 a month — with enough time, jf you can come out a winner. Indeed, time is the key. The sooner you start the investment habit the better MORTGAGE SHOPPI NG ‘LIST “Annual vay down? Payment frequency? ~- Portable? : Pre-approved mortgage? Rate protection?