5 Things to Help You Survive Your 40s & 50s

Team Gill • July 19, 2018

You know those days where everything goes wrong and you’re so tired you don’t know what direction’s up? They’re a lot more manageable when you know what you’re working towards.

Here’s 5 things that’ll help you survive—and make the most of!—your 40s and 50s.

1. Do work you enjoy.

Brace yourself for the motivational platitudes… Life’s too short to do work you don’t enjoy. You’re never too old to start something new. It’s not too late!

They’re cliches for a reason.

We spend too many hours working and commuting to be in a career that gives us the Sunday night dreads. Doing work we enjoy gives us the sense of purpose and energy we need to juggle our way through these years. And man, do we need all the energy we can get…

This doesn’t mean you have to storm into your boss’s office yelling, “I QUIT” so you can start a surf school in Hawaii (Although, go for it!). Maybe you do need a whole new career, but perhaps you just need a new position within your company, or to tweak the one your have so you’re working on different projects.

Bottom line, a more enjoyable career might be easier to get than you think. And it’s so worth it.

2. Have extra cash on hand for emergencies.

Between your kids, your parents, your home, and even your pets (have you seen vet bills these days?!) someone’s bound to need something.

Having cash on hand means you’ll be able to cover these surprise expenses stress-free. So the next time Fido needs an emergency run to the vet to get who-knows-what removed from his paw, your won’t have to rely on credit or give up your weekly brunches to cover it.

The general rule of thumb is to have three to six months worth of cash on hand in an emergency fund. In these years make it closer to six months worth, just to be safe.

3. Take care of your health.

What’s that got to do with money, you ask? Everything.

We all know neglecting your health now can lead to big medical bills down the line, but that’s not really the point. Staying healthy means you can make the most of your time, and time is the most precious thing we have. What good is time off if you’re not healthy enough to enjoy it?

We’re not saying you should stop buying cookies and sign up for a triathlon, just a couple healthy habits can go a long way. Maybe that’s walking your kids to practice instead of driving, having healthier lunches at work, joining a hockey league with your friends… whatever works for your lifestyle.

4. Know what you’re working towards.

No, “retirement” doesn’t count. Get specific! How do you want to spend your time? What do you truly value? What makes you happy?

Spend more on that and less on everything else.

If you’re a homebody or someone who loves to entertain, it makes sense to put money towards renovations or a bigger house. But if you’re a travel junkie who sees wine tastings across Europe in their future, maybe you need to downsize and put those dollars towards your Italy fund.

Let go of what you think you should be spending on and working towards, and get clear on what you actually want.

5. Make a plan for your money.

Once you know what matters to you and what you’re working towards it’s a whole lot easier to make a plan for your money.

You can estimate what that new house or wine tour will cost and save for it accordingly. You’ll know how much you’ve got leftover to spend today and you’ll know what spending will make you happy, and what won’t.

The daily grind becomes a lot more manageable once you know you’re investing in the life you want.

 

This article was written by Randy Cass, CEO, Founder, and Portfolio Manager at Nest Wealth.  This article originally appeared on the Nest Wealth blog on May 26th, 2017. 

Share

Sign up to to our newsletter to hear weekly updates on market news, timely buyer/seller tips, and up to date rates

SIGN UP
Mick & Sheila Gill
CANADIAN MORTGAGE EXPERTS
RECENT POSTS 

Mortgage Approval 101: GDS & TDS Explained

By Team Gill • December 16, 2025
Can You Afford That Mortgage? Let’s Talk About Debt Service Ratios One of the biggest factors lenders look at when deciding whether you qualify for a mortgage is something called your debt service ratios. It’s a financial check-up to make sure you can handle the payments—not just for your new home, but for everything else you owe as well. If you’d rather skip the math and have someone walk through this with you, that’s what I’m here for. But if you like to understand how things work behind the scenes, keep reading. We’re going to break down what these ratios are, how to calculate them, and why they matter when it comes to getting approved. What Are Debt Service Ratios? Debt service ratios measure your ability to manage your financial obligations based on your income. There are two key ratios lenders care about: Gross Debt Service (GDS) This looks at the percentage of your income that would go toward housing expenses only. Total Debt Service (TDS) This includes your housing costs plus all other debt payments—car loans, credit cards, student loans, support payments, etc. How to Calculate GDS and TDS Let’s break down the formulas. GDS Formula: (P + I + T + H + Condo Fees*) ÷ Gross Monthly Income Where: P = Principal I = Interest T = Property Taxes H = Heat Condo fees are usually calculated at 50% of the total amount TDS Formula: (GDS + Monthly Debt Payments) ÷ Gross Monthly Income These ratios tell lenders if your budget is already stretched too thin—or if you’ve got room to safely take on a mortgage. How High Is Too High? Most lenders follow maximum thresholds, especially for insured (high-ratio) mortgages. As of now, those limits are typically: GDS: Max 39% TDS: Max 44% Go above those numbers and your application could be declined, regardless of how confident you feel about your ability to manage the payments. Real-World Example Let’s say you’re earning $90,000 a year, or $7,500 a month. You find a home you love, and the monthly housing costs (mortgage payment, property tax, heat) total $1,700/month. GDS = $1,700 ÷ $7,500 = 22.7% You’re well under the 39% cap—so far, so good. Now factor in your other monthly obligations: Car loan: $300 Child support: $500 Credit card/line of credit payments: $700 Total other debt = $1,500/month Now add that to the $1,700 in housing costs: TDS = $3,200 ÷ $7,500 = 42.7% Uh oh. Even though your GDS looks great, your TDS is just over the 42% limit. That could put your mortgage approval at risk—even if you’re paying similar or higher rent now. What Can You Do? In cases like this, small adjustments can make a big difference: Consolidate or restructure your debts to lower monthly payments Reallocate part of your down payment to reduce high-interest debt Add a co-applicant to increase qualifying income Wait and build savings or credit strength before applying This is where working with an experienced mortgage professional pays off. We can look at your entire financial picture and help you make strategic moves to qualify confidently. Don’t Leave It to Chance Everyone’s situation is different, and debt service ratios aren’t something you want to guess at. The earlier you start the conversation, the more time you’ll have to improve your numbers and boost your chances of approval. If you're wondering how much home you can afford—or want help analyzing your own GDS and TDS—let’s connect. I’d be happy to walk through your numbers and help you build a solid mortgage strategy.

Home Reno Dreams? Let’s Talk Mortgage Financing

By Team Gill • December 9, 2025
How to Use Your Mortgage to Finance Home Renovations Home renovations can be exciting—but they can also be expensive. Whether you're upgrading your kitchen, finishing the basement, or tackling a much-needed repair, the cost of materials and labour adds up quickly. If you don’t have all the cash on hand, don’t worry. There are smart ways to use mortgage financing to fund your renovation plans without derailing your financial stability. Here are three mortgage-related strategies that can help: 1. Refinancing Your Mortgage If you're already a homeowner, one of the most straightforward ways to access funds for renovations is through a mortgage refinance. This involves breaking your current mortgage and replacing it with a new one that includes the amount you need for your renovations. Key benefits: You can access up to 80% of your home’s appraised value , assuming you qualify. It may be possible to lower your interest rate or reduce your monthly payments. Timing tip: If your mortgage is up for renewal soon, refinancing at that time can help you avoid prepayment penalties. Even mid-term refinancing could make financial sense, depending on your existing rate and your renovation goals. 2. Home Equity Line of Credit (HELOC) If you have significant equity in your home, a Home Equity Line of Credit (HELOC) can offer flexible funding for renovations. A HELOC is a revolving credit line secured against your home, typically at a lower interest rate than unsecured borrowing. Why consider a HELOC? You only pay interest on the amount you use. You can access funds as needed, which is ideal for staged or ongoing renovations. You maintain the terms of your existing mortgage if you don’t want to refinance. Unlike a traditional loan, a HELOC allows you to borrow, repay, and borrow again—similar to how a credit card works, but with much lower rates. 3. Purchase Plus Improvements Mortgage If you're in the market for a new home and find a property that needs some work, a "Purchase Plus Improvements" mortgage could be a great option. This allows you to include renovation costs in your initial mortgage. How it works: The renovation funds are advanced based on a quote and are held in trust until the work is complete. The renovations must add value to the property and meet lender requirements. This type of mortgage lets you start with a home that might be more affordable upfront and customize it to your taste—all while building equity from day one. Final Thoughts Your home is likely your biggest investment, and upgrading it wisely can enhance both your comfort and its value. Mortgage financing can be a powerful tool to fund renovations without tapping into high-interest debt. The right solution depends on your unique financial situation, goals, and timing. Let’s chat about your options, run the numbers, and create a plan that works for you. 📞 Ready to renovate? Connect anytime to get started!