Downsizing your life? You can easily lose money. Here's how to downsize and keep the most money possible
The typical vision is something along the lines of lowering costs, raising some liquid capital and simplifying the workload. Downsizing for many Canadians involves moving to a smaller home, shifting to one car or going car-less, reducing high-maintenance assets like boats, cottages, equipment and other fun machines, cancelling expensive memberships and generally having fewer things to stress about with more money in the bank.
It's a grand effort to downsize, and can take years. When done thoughtfully, it can shore up retirement savings and ease pressure on one's budget. If rushed or the plan's half-baked though, downsizers can easily lose money. Don't let this be you.
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