Personal Priorities
A BMW with a payment prompts my pity rather than envy. However, if you have a paid-for home, I will likely sing your praises. This again speaks to personal priorities.
I think there is an assumption by people who don’t control their spending that those who do must not know how much fun it is to be them. What some spendthrifts fail to realize is that frugal people derive pleasure from different things. For example, Read More Are You Addicted to Your Pay Cheque?
Most of us live in financial bondage. We sacrifice our time and family to our employers in order to receive a pay cheque.
We like our nice houses, but we have to keep going to work to pay our mortgages. We like our gadgets, toys, restaurants and vacations, but have to keep working to enjoy those pursuits. We give the most precious part of our lives away,...Read More Credit Card Advice for My Daughter
Even though I have been educating my kids about money management, it still seems that some of my messages land on deaf ears. My university going daughter recently received her first credit card. Here are some of the lessons I shared with her on managing her finances, especially her credit card. Credit cards are like sharp knives. They’re wonderful tools, but ...Read More
Do You Know Your Debt Number?
Most people know their beacon score. Very few know their debt number.
If you avoid the mailbox and pay bills only once a month, then you are avoiding knowing your debt number. By avoiding your debt, you are allowing yourself to dig a deeper debt hole. By not knowing how bad your debt situation is and just blindly making minimum payments and hiding, you are allowing yourself to...Read More Best ROI and POM Money Can Buy
Almost everybody I know, who has a mortgage, wants to pay if off as soon as possible. There is no shortage of advice on how to get the job done. At the end of the day it boils down to “pay more principal”.
Paying mortgage principal early is a powerful money saver because small debt reductions compound dramatically over the life of the loan thus eliminating many times the payment in interest. Now that we know how to pay off your mortgage early let’s look at the benefits to following this strategy... Read More Real Estate Investing Is Hard Work....But Worth It
We all have busy lives. Investing in real estate is not an activity that is
done each and every day, unless you are doing it full time. Distractions can easily take away your investing focus. Depending on your finances, it could be quite a few months in between buying properties. Here are some techniques to help you stay focused on your financial goals...Read More A Tale of Two Incomes
Meet Jeff. He is a successful realtor who earns $200 000 a year. He claims that he does not earn enough to keep his memebership to the country club or pay for his summer cottage. He is really freaking out!
Now meet Shera. A single mother earning $45 000 per year. She recently paid off her credit card debts of $15000 and is saving money for a summer vacation. She is also planning to invest in a "rent to own" investment...Read More Pay For Your Vacation Now….Not Five Months After You Return
Vacations are fun and also stressful… if you don’t prepare. The key is to pay for your vacation before you make the trip and not pay for it 5 months after you return from your dream vacation. Here are some tips to help you prepare for your vacation?
Save for your summer vacation NOW! The money will not magically appear in your account unless you plan to save. All you have to do is...Read More Financial Freedom Changes Your Actions
Financial freedom is not a pre-requisite for happiness. You can be happy right now regrdless of your financial situation. However, when you achieve financial freedom your life suddenly changes from pre-determined to self-determined. When your life is self determined, you no longer have excuses for why your life might be less than ideal. You instantly become solely responsible for your happiness with no excuses allowed. Here is the reality most people people working 9-5 face. Their lives are ...Read More
Multitasking: Losing Weight and Saving Money
Losing weight and saving money are math problems. To lose weight, you need to create a calorie deficit – eat fewer calories than what your body needs to maintain its current weight. To save money, you need to spend fewer dollars than you earn. Both cases can be boiled down to a case of simple arithmetic: dollars in vs. dollars out, calories in vs. calories out... Read More
Cash Flow Is Really Good
We all use leverage as a strategy to maximize our assets, own more property, and have greater cash flow. Investors use retirement accounts, savings accounts and mortgages as leverage, to own income property. Low interest rates make it possible to buy properties on terms that will produce immediate profits. However, banks are unfriendly to investors, hard money is available, but they have higher rates... Read More
So, Entrepreneur, What is your Excuse?
Most successful people shun or pay very little attention to obstacles and excuses that can hinder their progress or goals. They turn obstacles into opportunities and then move on. Here are three common excuses most entrepreneurs encounter...Read More
Lessons From Three Millionaires
I enjoy studying the lives of successful people so that I can glean lessons from their lives and implement into my own. Successful people are not necessarily people with the most money, but rather people who have time to do what they want to do, when they want to do it, coupled with the flexibility to avoid doing things they find displeasing. In today’s Friday Minute I want to focus on lessons from three millionaires...Read More
Pennies, Payments and Patience
Recently, a friend offered up an interesting thought on personal finance issues: “You know what the worst part about getting your money straight is? The waiting. It doesn’t happen overnight. It can take years. All of that waiting on your debts to go away is just excruciating.” I know exactly what he means – and it’s not just the debts either. The same thing can be true if you’re saving for a down payment for a house or simply waiting until you can make the next leap in your career. Personal finance success often means waiting. Patience is pretty much a required virtue. Read More
Consumers of Love
As I was writing this newsletter on Tuesday, I am surrounded by red roses, hearts and many people wearing red...must be Valentines Day!
We have been told that gift-giving is one of our “love languages.” This idea is utterly ridiculous. I love you—see, here’s this expensive shiny thing I bought you. Gift-giving is not a love language any more than Stephen Harper is New Democrat. Gift -giving is a vapid, pernicious cultural imperative in our society, and we have bought it hook, line, and sinker. We have become consumers of love. Read More So You Think You Can Leverage
I had an interesting discussion with a good friend who also happens to be a fund manager. He is also an investor in stocks and bonds. He studies the financial markets religiously and has a comprehensive stock portfolio. Our discussion went something like this. The ROI on my index funds have out performed inflation and….my guess is that it has also out performed the real estate market. "Ummm," I said. Not expecting a response, I took the opportunity to educate my friend about leverage and why real estate investing is more likely to make you financially free quicker than investing in stock. This is what I said: Read More
Make Money From Your Passion
Is it possible to have your passion also be your core source of income?
We seem to hear more and more stories of people reaching the promised land. But, is it really possible for the everyday person? Why is it that the people who succeed once, seem to have similar successes on future endeavours? Read More TF (what the fuss) RRSP or TFSA
So, which comes first, your registered retirement savings plan (RRSP) or tax free savings account (TFSA). Before the February 29 deadline, many Canadians will be considering whether an RRSP or TFSA is better for their future. As a refresher here are the basics: An RRSP is a tax-deferred savings vehicle that allows Canadians to help fund their retirement. Contributions are tax deductible. This means that the individual's taxable income is reduced by the amount contributed in a given tax year. A TFSA is Read More
Personal Lessons from 2011
Every January, I set a list of goals and get ready to take on a new year of frenetic activity. The beginning of the year is a great time for renewal of energy and taking on the things I have always wanted to tackle — debt, fitness, helping others and living a life with purpose. But it is also a great time to learn some lessons from the previous year. Here are some lessons I learned in 2011: Read More
Financial Freedom Goals for 2012: Start with Debt Reduction
Along with losing weight, getting out of debt is the most popular New Year’s resolutions. The most popular financial resolutions are saving more, paying off debt, and reducing spending. More than half of most resolutions are abandoned within a month and reducing debt is forgotten within weeks. If you resolve to get out of debt this coming year, here are some ideas for not losing sight of that goal.
Don’t focus on zero debt, focus on financial freedom. Debt is at worst slavery, at best willful indentured servitude. If your family takes home $5,000 per month from your job after taxes, but your credit cards, loans, and rent or mortgage total $4,000 each month, you work only one-fifth of your hours for yourself. The remaining four-fifths of your time at your job is exclusively for your creditors. You might as well just hand your paycheck over or work off your debt directly with the credit card companies. Read More The Little Things
For many of us, December is filled with spending money on things for others. We go out of our way to make our kids, friends, colleagues and family happy. After all of the money is spent and the gifts are opened, the things you will remember will be the little things that have almost nothing to do with the gifts. When I think back to every one of my favourite memories of my life, none of them have anything to do with gifts. They have to do with little things. Read More
What I Learned about Refinancing
Over the past week i have been speaking to Chris Nicholi about refinancing an investment property and I realized how easy the process can be if you are organized and know what to expect. It also helps to have a professional by your side to guide you and help avoid possible snags you could encounter along the way. This is what I learned:
Read More Wealth Lessons From Vincent van Gogh
Vincent van Gogh was one of the greatest painters of all time. He also spent most of his life destitute. The one woman he loved rejected him. Almost everyone who saw his paintings found very little value in them and he was never seen as a talented painter. Historians have characterised van Gogh as somebody struggling with self-doubt and physical and mental challenges. They also depict a person with passion and drive and a sense that he was doing the right thing, even if the people around him didn’t believe in him. Read More
If
‘’IF’’ is a short word with a big meaning. Below are some ‘’IF statements’’ related to wealth, money and decision-making that I have written in order to keep me on track towards financial freedom. Please feel free to send me your ’IF statements’ and I will add them to the list.
Words That Inspired Me This Week
Over the past week, the following words of wisdom has inspired me to greater financial, personal, and professional success.
To give perspective, I have added my own commentary. Hopefully, they will inspire you as well.
If you work hard to build your knowledge, your experience, and your ability, you’re also building your independence. Lending Money to Family Can Be Touchy
I was recently asked for a loan from a good family friend, which made me feel uneasy. I wanted to loan the money, but I also knew that if I loaned the money, it would create a lender-borrower situation that would become an uncomfortable combination.
For me a lender-borrower relationship is a business transaction. The one I have with my bank for my mortgage. This relationship does not make me feel warm and fuzzy. There is no emotional attachment. But, when you lend money to family or friends, you add an emotional dimension to the equation. I believe in helping friends and family when they are in need. However, I also make the following assumptions when lending money to friends and family: Read More Advice To My Daughter: Spend Wisely
I have been teaching my university - going daughter about managing her money and saving and investing for the future because schools do a very poor job about increasing our children's financial IQ. Lately, I have also been giving her advice about spending her money in a practical manner. "Be careful how you spend your hard earned money", I tell her. Spend your hard earned money on practical, useful, and meaningful experiences rather than designer stuff that has no value. It has been a struggle convincing her to be practical about her spending habits. Here are a few things we have spoken about over the years. Read More
Entrepreneurs have the “X Factor”?
"Being an entrepreneur is not about an idea, it's about excitement."
So, what is the “X Factor”? I have tried to understand the difference between entrepreneurs and people who prefer the certainty of a 9-5 job. Entrepreneurs possess some qualities that differentiate and define them from everybody else. Here are some of the qualities that make them different. Read More Characteristics of Debt-Free People
I purchased Steve Jobs biography yesterday in order to learn more about what made him successful. I am really interested to understand what habits people practice to make them successful. In terms of financial success, why do some people know how to control their finances so well, while others are constantly trying to get out of debt. Why is it that there are families out there with household incomes under $50,000 comfortably making ends meet and saving for retirement with no debt on the books, while others Read More
Book Review: Debt Is Slavery
Michael Mihalik, author of Debt is Slavery, does not mince his words at all on this topic. He is blunt and has some hard advice for some people. The book is only 88 pages. Here is a summary of the key chapters of the book. Read More
Life Lessons from Ralph Waldo Emerson
Ralph Waldo Emerson was an American philosopher, lecturer, essayist,
and poet. His work has influenced nearly every generation of thinker, writer and poet since his time. In this weeks Friday Minute I want to talk about some of the profound life-lessons we can learn from Emerson. Lesson 1: Aim Above The Mark “We aim above the mark to hit the mark.” To hit the mark, it’s necessary to Read More What Steve Jobs Taught Me About Real Estate Investing
Steve Jobs was a unique genius who transformed the world because he believed he could. He has been called the modern day Thomas Edison, the Beethoven of business, and the most prolific visionary since Henry Ford.
He has left us with so much more than incredible technology. I never met him. I never saw him in person. I never spoke to him on the phone. Yet, I respected the man and his genius, and I am deeply saddened by the loss. Steve Jobs changed the world, because he was crazy enough to believe he could. The reality is that even if you have never owned an Apple product, Steve Jobs has impacted your life. Here are some real estate investment lessons I learned from Steve Jobs: Read More Who Can I Blame Today?
You would have much greater personal wealth if only they would get things in order in Ottawa.
You would have invested in Real Estate if only the "bubble" would burst? You would have purchased real estate if only the banks would stabilise interest rates. You would be able to save money if only they didn’t manipulate you into buying stuff. No matter what is going on in your life, you can Read More Debt as a Way of Life
Credit cards are only about 50 years old. in that short time, they have changed the landscape of personal finance to the degree
that they are seen as a “way of life.” The number of credit card users has increased dramatically from the 1970s to the point today where they are seen as a necessary crutch to maintaining a lifestyle. Credit card companies have discovered a gold mine where they can charge 20% interest. and they have marketed this concept so well that debt is the most aggressively marketed product in the history of the world. Read More Thoughts on Money and Wealth
I am always interested in learning what financially successful people think about wealth and money so that I can learn from their successes and failures. I suggest you also read 3 Lessons from Rich Dad Poor Dad.
In this weeks Friday Minute, I have provided brief commentary on five peoples thoughts on wealth and money. Read More Positive Change Does Not Come From Having Powerful Ideas
Share Knowledge. Build Wealth. The entire purpose of the Thornhill Wealth Forum is to get your mind thinking about financial freedom (through real estate) and helping others achieve their goals. Even if you don't agree with every idea or conclusion presented at the monthly meetings or the Friday Minute, you are at least pushing yourself forward by thinking about those ideas. Read More
9 Movies Every Entrepreneur Should See
I enjoy watching movies for relaxation, fun, adventure and education. As an entepreneur I learn from different avenues and movies are no exception. As an avid movie watcher I have listed the 9 movies that every entrepreneur should watch. Here is my must see movie list that entrepreneurs should see. Read More
Debt Free For Life by David Bach
Over the past two Friday's I have reviewed the first 11 chapters of David Bach's personal finance book, Debt Free For Life. This week I will conclude the review and recommend whether the book is worth reading. Read More
Summer is Here…Don’t Forget Your Financial Goals
Distraction is the greatest enemy of a person with momentum towards financial freedom.
And it's easier than you think to get distracted once summer hits. People start to talk about vacations, kids not being in school, laying out and getting a suntan-all the fun stuff that we look forward to each year. When you have been working hard at paying off debt or sticking to your budget for a few months and then start to relax, you can have a hard time refocusing. But remember this: Attaining Financial independence is the goal, no matter what time of year it is. Overspending will get you into trouble just as much on February 19 as it will on June 7, October 10 or three days before Christmas. As far as spending goes, you must be as indifferent toward the season as your money is. Here are some ways to churn forward without losing your momentum this summer: Read More
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Next Meeting: Saturday, May 26
Investment Opportunities
18 Town Houses in Ingersoll - $109 000 Rent To Own in Brampton Cash Flow Duplex: $89 000 18 Unit Building in Windsor. $495 000 Mortgage Investments Rent To Own: 23% annual return for 3 years Cash Flow Property - $41 000 Invest in Brazil - 20% ROI Sign Up For The Friday Minute Newsletter May 2012 Personal Priorities Are You Addicted To Your Pay Cheque? Credit Card Advice for My Daughter Do You Know Your Debt Number? April 2012 Best ROI and POM Money Can Buy Real Estate Investing Is Hard Work A Tale Of Two Incomes Pay For Your Vacation Now March 2012 Financial Freedom Changes Your Actions Losing Weight and Saving Money Cash Flow is Really Good So, Entrepreneur… What is your Excuse? Lessons From Three Millionaires February 2012 Pennies, Payments and Patience Consumers Of Love Stuff So You Think You Can Leverage January 2012 Make Money From Your Passion TF (what the fuss) RRSP or TFSA Personal Lessons from 2011 Financial Freedom Goals for 2012 December 2011 If Wealth Lessons from Vincent van Gogh What I Learned about Refinancing The Little Things Success Without Happiness is Failure November 2011 Words That Inspired Me This Week Lending Money to Family Can Be Touchy Entrepreneurs have the “X Factor”? Advice To My Daughter: Spend Wisely October 2011 Characteristics of Debt Free People Debt is Slavery Life Lessons of Ralph Waldo Emerson What Steve Jobs Taught Me About Real Estate Investing September 2011 Who Can I Blame Today? Debt as a Way of Life Thoughts on Money and Wealth Summer is Over, Kids are Back at School. Are You Preparing for the Next 5 Years? August 2011 Positive Change Does Not Come From Having Powerful Ideas 9 Movies Every Entrepreneur Should See What is Better? Investing in Multifamily or Single Family Homes What is Better? Investing in Multifamily or Single Family Homes..Part July 2011 Debt Free For Life by David Bach Wealth Creation Reminders Summer is here...Don't forget Your Goals June 2011 Real Estate: The Secret To Wealth Creation Pay For Experiences Not Things Financial Peace of Mind is Priceless 5 Lessons a Millionaire Taught Me May 2011 Eat That Frog How The 30-Year Mortgage Prevents Financial Independence Invest In Yourself First 7 Hours in a Room with Buffet and Gates April 2011 Talking About Money is Hard Wisdom and Advice: Why We Fail to Listen Whose Debt is It Anyway? Mine Hers or Ours? 3 Lessons from Rich Dad, Poor Dad Wealth Creation Through Perseverance, Character and Wisdom March 2011 Credit, Costs and Mortgages Fuel, Oxygen,Ignition and Real Estate Investing 5 Skills You Will Not Learn at School February 2011 How to Evaluate a Property in 1 Minute or Less 10 Reasons Why Being Debt Free Makes You Happier Is Loving Money Wrong? January 2011 7 Financial Mistakes to Avoid for 2011 What is Your Financial Game Plan for 2011? December 2010 Take Interest In Your Mortgage 5 M's of Real Estate Investing November 2010 Is Your Credit Card Spending Out Of Control? Toilet Train Yourself to Financial Freedom Save Or Pay Off Debt? How To Analyse a Real Estate Investment October 2010 Financial Independence: What Does It Meant To You? 18 Rules to Grow Rich By 9 Life Lessons From Warren Buffet Pretending To Be Rich or Wanting to be Rich 7 Ideas To Eliminate Rampant Credit Card Debt September 2010 New Credit Card Rules: What Does It Mean? The No Sweat Financial Filing System Financial Lessons From My 11 Year Old Son 5 Millionaire Myths August 2010 Co-Sign At Your Own Risk Budgets are Meant to be Broken What You Should Consider Windsor for Real Estate Investing Roadmap for a Fiscally Sane Fall July 2010 Your Comprehensive HST Guide The Power of 1% 4 Staging Tips To Sell your Home 9 Thoughts on Personal Finance So You Want To Be A Landlord June 2010 Choosing The Perfect Neighbourhood 5 Things To Do Before You say "I Do" Remedy For A Bloated Budget May 2010 What Free Software Do You Use? 10 Ways to Improve Your Credit Score REIT vs Owning Rental Property $50 Per Week x 45 years = $1 Million April 2010 Start a Legacy Drawer Money and Relationships New CMHC Rules. What Does It Mean? 7 Ways to Cut Your Credit Card Debt 13 Ways To Spend Your Tax Refund March 2010 10 Commandments of Wealth Creation Teach Your Children About Wealth Creation The Truth About Debt Consolidation Pick One Action....Today February 2010 How Do you Know if Money Runs your Life? RRSP Contribution Rules The Save- to- Spend Budget January 2010 5 Powerful Ways to Prosper in 2010 Guidelines for Reducing Debt Doing Wealthy People Stuff Older Newsletters TWF RECOMMENDS...TWF does'nt recomend just anyone. These are the best.
Allen Smith: Windsor Real Estate Need a Mortgage? Future Equity can Help |
