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Oil jumps above US$105 after Riyadh blasts, futures slip and yields near 24-year highs. TSX, Wall Street and global markets for Oct 8.

  Canadian Money Brief | Thursday, October 8, 2026 | Morning edition Oil is jumping, futures are sliding and bond yields are sitting near 24-year highs. Explosions in Riyadh, including a blast at the city's airport, sent crude sharply higher early Thursday and pushed U.S. stock futures lower. That follows a rough Wednesday for Toronto, where banks and miners dragged the TSX down. Here is where every major market stands before the open. Key takeaways Brent crude jumped about 5% to above US$105 a barrel; WTI rose about 5% to roughly US$92.75. S&P 500 futures are down about 0.6% and Dow futures about 1% after Wall Street's four-day winning streak ended Wednesday. The TSX fell about 1.7% Wednesday to near 35,040, led lower by the big banks and gold miners. The U.S. 10-year yield touched 5.36% on Wednesday, its highest since April 2002, and is hovering near 5.3% again. Markets are pricing in at least one Bank of Canada rate hike by year-end. Canada: TSX stumbles as banks and m...
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Debt-Free to Wealthy: A 20-Year Roadmap to Financial Freedom

Introduction

Debt can be a significant obstacle to achieving financial freedom and building wealth. However, with careful planning, discipline, and dedication, it is possible to pay off debt and set yourself on the path to financial prosperity within two decades. This article aims to provide you with a comprehensive guide on how to pay off debt and get rich in 20 years.

Step 1: Assess Your Debt Situation

The first step towards financial freedom is to understand your current debt situation. Create a detailed list of all your debts, including credit card balances, student loans, mortgages, and any other outstanding loans. Note the interest rates, minimum monthly payments, and the total outstanding balances. This assessment will serve as a foundation for your debt repayment strategy.

Step 2: Create a Realistic Budget

To pay off debt effectively, you must establish a realistic budget. Track your monthly income and expenses to identify areas where you can cut costs and save more money. Allocate a portion of your income specifically towards debt repayment while ensuring you have enough for necessities and emergency savings.

Step 3: Prioritize Debt Repayment

To expedite your journey to financial success, focus on paying off high-interest debts first. The snowball method involves paying off the smallest debts first and then rolling the freed-up payments into the next debt, creating a snowball effect. The avalanche method prioritizes high-interest debts, saving you more money on interest in the long run. Choose a strategy that aligns with your financial goals and stick to it consistently.

Step 4: Negotiate Lower Interest Rates

Contact your creditors and negotiate for lower interest rates. Many creditors may be willing to work with you, especially if you have a history of making on-time payments. Lower interest rates mean more of your payments go towards the principal balance, accelerating your debt repayment.

Step 5: Increase Your Income

To speed up the debt repayment process, explore opportunities to increase your income. Consider taking on a part-time job, freelancing, or starting a small business that aligns with your skills and passions. The additional income can be directly channeled towards paying off debts, enabling you to get out of debt faster.

Step 6: Build an Emergency Fund

While paying off debt is essential, it's equally crucial to create a safety net for unexpected expenses. Start building an emergency fund that covers three to six months' worth of living expenses. Having this buffer will prevent you from falling back into debt when faced with emergencies.

Step 7: Invest Wisely

Once you have paid off your high-interest debts and built an emergency fund, it's time to focus on investing for long-term wealth creation. Diversify your investments across various asset classes, such as stocks, bonds, real estate, and retirement accounts. Seek advice from a financial advisor to ensure your investment strategy aligns with your risk tolerance and financial goals.

Step 8: Continue Learning and Growing

Financial literacy is key to maintaining financial success. Continuously educate yourself about personal finance, investing, and money management. Stay updated on market trends and economic changes that may impact your financial decisions.

Conclusion

Paying off debt and achieving financial success in 20 years requires determination, discipline, and a well-thought-out strategy. Assess your debt situation, create a realistic budget, and prioritize debt repayment. Negotiate for lower interest rates and find ways to increase your income. Building an emergency fund will protect you from future setbacks, while wise investments will help grow your wealth over time. Stay committed to continuous learning and take charge of your financial future. With perseverance and diligence, you can pay off debt and pave the way to a prosperous and secure financial life.

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