June 04, 2010
This month's Friday Minute is sponsored by Successfulinvesting.ca Invest in U.S. real estate - Find out how you can purchase real estate at deep discounts and get high positive cash flow with instant equity.
Choosing The Perfect Neighbourhood
Location has a lot to do with the future value of your home, so you need to choose wisely.The best advice for selecting a home is to buy at the bottom of the price range in the best neighborhood you can afford.
Here are some things to look for when purchasing a home:
Easy access: Most people don't want to spend a lot of time driving to get to work, school, or to go shopping. You don't have to live right next door to a business center, but it should be easy to get from your house to these places. Other pluses-libraries, parks and public transportation.
Good public schools: This is important for families shopping for a home. Most cities provide important test score information online, so take the time to research schools in your area.
Solid reputation: A neighborhood's reputation is based on several factors; everything from a low crime rate to how well the residents maintain their homes. Research crime rates online and a drive through the neighborhood will reveal how your neighbours care for their homes.
Future Gowth: You want to buy in an area that will be attractive to buyers years down the road. If new homes are being built in the area, that's a good sign that growth will continue. But be careful. You don't want the area to develop into a business district with your home in the middle.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
Next Meeting - June 26 - an afternoon with Rich Mom
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June 11, 2010
5 Things To Do Before You Tie The Knot
To set a good financial foundation for your future, here are five things you should do before you get married:
Know thyself:
Before you share the details of your bank accounts with your lover, be sure you know them yourself. If you have debts, know the total amount you owe, and what interest rates you pay on it. Know where your assets are and what they're worth. Your partner sould love you regardless of your net worth, but you'll both need to grapple with that number eventually. Better to be up front.
Know your Partner
When you're both in a calm, happy place, sit down together and share your financial information. Try to be open and non-judgmental about your partner's financial history and your own. There's no need to feel guilty for being in debt or having a spotty credit history, but you do need to be honest. It might help if both of you can think of financial issues as just another challenge of a life together.
Know your habits:
Even if you don't routinely track your spending, consider doing so together or separately for 3 months before you tie the knot. You'll get good information about your spending habits, and if you can share the information you'll both have a better idea of what you're in for and what challenges might lie ahead.
Know what you want: The path to wealth is paved with goals. You need to have some. Your marriage will be better if those goals are ones you and your partner create and pursue together.
Know how to get there: Even a single evening spent establishing financial goals can do you tremendous good as a couple. It is better to have a clear roadmap of how to achieve those goals. How much do you need to save to pay for that boat? How many years until one of you leaves the workforce to become a stay-at-home parent?
Of course, not all of life's big events arrive through careful planning. But laying out a path lets you live and spend with intention from your first days together. It also gives you more flexibility to handle emergencies and surprises as they come up. Try these financial calculators to help achieve your goals.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------June 18 2010
Weekend Project That Can Save You Money
60% of North Americans don't have a will. When they die, at least some of what they hope of passing on to their loved ones will be eaten up by lawyers and distributed by judges. Pretty amazing what an hour of contemplation and an hour of document preparation can do.
47% of North Americans have no life insurance. If they suddenly die, the people they care about most will suffer a rough road, likely losing their home and their standard of living. Pretty amazing what an hour of research, a couple hours of forms, and $50 a month can do.
71% of North Americans do not have a living will. If they have a life-threatening illness or injury that puts them in an unconscious state, the choice of whether they live or die winds up in the hands of a grieving loved one, burdening them with an incredibly painful decision at a moment of their deepest need. Pretty amazing what an hour's worth of document preparation can fix.
61% of North Americans do not have enough emergency savings to make it through three months of unemployment. If one of those people loses their job in this economy, there's an extremely good chance they'll run out of money before another job comes knocking. Setting up an automatic savings plan at your local bank to sweep some cash each week from your checking to your savings takes five minutes and fixes the problem.
If you managed to be in the minority in all four of these cases, congratulations. You're doing far better than the average North American.
If you're in the majority in any of these cases, I have a good idea for a weekend project for you.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
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June 25, 2010
Remedy For A Bloated Budget
Give yourself a week to do a task, it will take a week-but give yourself two days, and it will take two days. This phenomenon is known as Parkinson’s Law, which states: “Work expands so as to fill the time available for its completion.”
The same is true of spending and money.
When budgets expand
The minute you get a raise or even some birthday money, enter Parkinson’s Law: Your spending expands to consumethe additional cash
Here are three ways to regain control over your cashflow:
What's bloating your budget?
Don't guess: Read one month's bank statement and report back on the blog
To Your Success!
Azhar Laher
Thornhill Wealth Forum
This month's Friday Minute is sponsored by Successfulinvesting.ca Invest in U.S. real estate - Find out how you can purchase real estate at deep discounts and get high positive cash flow with instant equity.
Choosing The Perfect Neighbourhood
Location has a lot to do with the future value of your home, so you need to choose wisely.The best advice for selecting a home is to buy at the bottom of the price range in the best neighborhood you can afford.
Here are some things to look for when purchasing a home:
Easy access: Most people don't want to spend a lot of time driving to get to work, school, or to go shopping. You don't have to live right next door to a business center, but it should be easy to get from your house to these places. Other pluses-libraries, parks and public transportation.
Good public schools: This is important for families shopping for a home. Most cities provide important test score information online, so take the time to research schools in your area.
Solid reputation: A neighborhood's reputation is based on several factors; everything from a low crime rate to how well the residents maintain their homes. Research crime rates online and a drive through the neighborhood will reveal how your neighbours care for their homes.
Future Gowth: You want to buy in an area that will be attractive to buyers years down the road. If new homes are being built in the area, that's a good sign that growth will continue. But be careful. You don't want the area to develop into a business district with your home in the middle.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
Next Meeting - June 26 - an afternoon with Rich Mom
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
June 11, 2010
5 Things To Do Before You Tie The Knot
To set a good financial foundation for your future, here are five things you should do before you get married:
Know thyself:
Before you share the details of your bank accounts with your lover, be sure you know them yourself. If you have debts, know the total amount you owe, and what interest rates you pay on it. Know where your assets are and what they're worth. Your partner sould love you regardless of your net worth, but you'll both need to grapple with that number eventually. Better to be up front.
Know your Partner
When you're both in a calm, happy place, sit down together and share your financial information. Try to be open and non-judgmental about your partner's financial history and your own. There's no need to feel guilty for being in debt or having a spotty credit history, but you do need to be honest. It might help if both of you can think of financial issues as just another challenge of a life together.
Know your habits:
Even if you don't routinely track your spending, consider doing so together or separately for 3 months before you tie the knot. You'll get good information about your spending habits, and if you can share the information you'll both have a better idea of what you're in for and what challenges might lie ahead.
Know what you want: The path to wealth is paved with goals. You need to have some. Your marriage will be better if those goals are ones you and your partner create and pursue together.
Know how to get there: Even a single evening spent establishing financial goals can do you tremendous good as a couple. It is better to have a clear roadmap of how to achieve those goals. How much do you need to save to pay for that boat? How many years until one of you leaves the workforce to become a stay-at-home parent?
Of course, not all of life's big events arrive through careful planning. But laying out a path lets you live and spend with intention from your first days together. It also gives you more flexibility to handle emergencies and surprises as they come up. Try these financial calculators to help achieve your goals.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------June 18 2010
Weekend Project That Can Save You Money
60% of North Americans don't have a will. When they die, at least some of what they hope of passing on to their loved ones will be eaten up by lawyers and distributed by judges. Pretty amazing what an hour of contemplation and an hour of document preparation can do.
47% of North Americans have no life insurance. If they suddenly die, the people they care about most will suffer a rough road, likely losing their home and their standard of living. Pretty amazing what an hour of research, a couple hours of forms, and $50 a month can do.
71% of North Americans do not have a living will. If they have a life-threatening illness or injury that puts them in an unconscious state, the choice of whether they live or die winds up in the hands of a grieving loved one, burdening them with an incredibly painful decision at a moment of their deepest need. Pretty amazing what an hour's worth of document preparation can fix.
61% of North Americans do not have enough emergency savings to make it through three months of unemployment. If one of those people loses their job in this economy, there's an extremely good chance they'll run out of money before another job comes knocking. Setting up an automatic savings plan at your local bank to sweep some cash each week from your checking to your savings takes five minutes and fixes the problem.
If you managed to be in the minority in all four of these cases, congratulations. You're doing far better than the average North American.
If you're in the majority in any of these cases, I have a good idea for a weekend project for you.
To Your Success!
Azhar Laher
Thornhill Wealth Forum
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
June 25, 2010
Remedy For A Bloated Budget
Give yourself a week to do a task, it will take a week-but give yourself two days, and it will take two days. This phenomenon is known as Parkinson’s Law, which states: “Work expands so as to fill the time available for its completion.”
The same is true of spending and money.
When budgets expand
The minute you get a raise or even some birthday money, enter Parkinson’s Law: Your spending expands to consumethe additional cash
Here are three ways to regain control over your cashflow:
- Shrink your numbers: If you give yourself $500 to spend on groceries each month, you will. Lower that limit and you'll surprise yourself by spending less.
- Be skeptical about “needs”: If you get a $200 raise, don't justify spending it because you "neeeeed" a bigger car, new dishwasher.
- Keep percentages steady. I strive toward the 50/30/20 Budget. Because these budgets rely on percentages, as my earnings go up, my savings and spending also increase-but they remain in balance.
What's bloating your budget?
Don't guess: Read one month's bank statement and report back on the blog
To Your Success!
Azhar Laher
Thornhill Wealth Forum