Every single day gives us a new morning. We’ve awakened to a day that is free from mistakes. It’s full of hours and hours of opportunity. Do we fill those hours with doing the same old thing that got us into the state that we’re in
Or do we throw aside some of those old routines and choices and try to work for something a little better in our lives?
Today is a day where you can complete a project that’s been on your mind for a while.
Today is a day when you can learn something new. Today is a day when you can invest the time to build a stronger relationship with someone.
Today is a day when you can set up things to save you time and money later on.
Today is a day to master one real estate strategy and take action...Read More
As you know I enjoy studying the habits of financially successful people. This allows me to learn from their mistakes and introduce changes into my own life. I read an article about Carlos Slim Helu, one of the richest men in the world with an estimated net worth of $US67 billion. He lives in a modest house he has owned for 30 years and his bedroom is the size of a hotel room. We also know that Warren Buffett has lived in the same 5 bedroom house for 55 years.
These billionaires know one simple fact and live by it: every dollar you don’t spend on something foolish is a dollar you can instead spend on something worthwhile.
What’s something foolish? A food item at the store you don’t really need. A bigger house than you need, which drains property taxes and maintenance and utilities from your pocket. An entertainment item you don’t have time for. The list goes on and on...Read More
It has been a very difficult and stressful week. I was sick for 3 and was unable to put any logical thought into my writing. There have been many, many times over the past several years when I have felt completely overwhelmed by my work as a human resources professional, managing the Thornhill Wealth Forum, writing my book, investing in family and reaching true financial independence.
My big dream is to reach true financial independence.
By that, I mean that I have enough money socked away in relatively stable investments so that the income from those investments provides me with enough for my family to live on regardless of whether I’m actually earning income.
Why is that my goal? It’s not so that I can sit idle. It’s so that I have the freedom to take giant personal risks, like spending several months doing nothing but perfecting a novel or spending a bunch of time laying the groundwork
for a charity or making a real difference to the lives of a few people without having to worry about failure...Read More
Trying to be continuously motivated is tough. When you don't feel motivated it simply means that the thought of what you are intending to do is not compelling enough for you to move. From my experience this is because of one reason:
The thought of what you plan to do appears too vast in your mind, which creates the feeling which is the opposite to motivation – overwhelm.
What you are planning to do is not associated enough to a compelling outcome. This occurs frequently if the outcome you are working towards is too far into the future. For example, if you set a financial freedom goal of owning 10 real estate investments, do not plan to achieve your goal in 12 months. This is unrealistic, unless you win the lottery...Read More
I love my wife dearly and respect and value her opinions. But, I really, really don’t like arguing with my wife. Sometimes, though, we disagree about money, investments and financial planning. We see things differently and bring different experiences and thought processes to the table. She is an accountant and works with numbers every day. I work with people and love to manage money. We might be married, but we are two different people...Read More
Financial Freedom is inter- twined with passive income. It is difficult to be financially free without having some form of passive income.
So, what is passive income?
Here is my definition:
“Passive income is any income derived from an initial investment of time, money, effort, or ideas without additional input of time, money, effort, or ideas”
So, for example, the cash flow from a real estate investment is a source of passive income. A published book is a source of passive income. A retirement fund can be a source of passive income. Network marketing that involves ethical distribution of funds to all participants (not only to people at the top)can also be a source of
passive income...Read More
According to the CD Howe Institute, Canada is unlikely to see a “massive wave of defaults” in the housing market as the market cools.
The report comes day after the Canadian Centre for Policy Alternatives released a report saying six Canadian cities – Vancouver, Calgary, Edmonton, Ottawa, Toronto and Montreal – were due for a correction because prices have increased beyond what’s justified by the broader economy.
“A comparison of housing market policies in Canada versus the U.S., however, suggests that there is little likelihood of a U.S.-style surge in foreclosures or a collapse of house prices in Canada.”
He said a decline in underwriting standards was key to the dramatic bust in the United States, which saw prices plummet up to 50 per cent in the last three years in some markets. Although both countries have kept interest rates at historic lows, regulations regarding who could get in on the market differed significantly.
“During the U.S. housing boom, both private insurers and government-sponsored enterprises facilitated looser underwriting standards by increasing their exposure to high-risk mortgage products such as low-documentation, interest-only and adjustable rate mortgages,” he said.
“This buildup was a key factor in the U.S. housing market crash, since when house price appreciation slowed (and then reversed) many borrowers found themselves unable to meet their monthly mortgage bills or to rely on higher prices to refinance. The resulting rapid rise in foreclosures, in turn, seems to have played a role in driving the large decline in U.S. house prices since 2006.”
Canadian officials didn’t give in to the temptation to ease qualification criteria, he said, which means fewer homeowners should find themselves in a position where they can’t pay to keep their homes. Indeed, after a short period of looser standards from 2003-2006, the government clamped down and forbade zero-per-cent-down mortgages with amortization periods longer than 35 years.
It further tightened standards this year, insisting buyers qualify for mortgages at the five-year rate instead of the lower variable rate, and insisting on higher down payments for investment properties.
“Canadian housing policies, which avoided the sharp decline in underwriting standards seen in the U.S., worked well in reducing the possibility of a housing bust in Canada during 2008-2009, and continue to mitigate the risk of a massive wave of defaults in the future,” he wrote.
“To the extent that current policies impose on taxpayers a significant exposure to mortgage insurance guarantees and, therefore, some of the aggregate risk of a decline in housing prices, it will be in the interest of all Canadians if policy makers recall the lessons of the 2008-2009 experience should pressures to relax underwriting standards reoccur in the future.”
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The objective of the Thornhill Wealth Forum is to assemble like-minded people interested in wealth creation, to share, learn and prosper through knowledge sharing and networking. Our philosophy is to be supportive of the wealth of others. Share information on self-promotion or help a struggling entrepreneur…even share it with your competition