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Smart Spending

March 29, 2011 By Leave a Comment
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It is an unending cycle for the vast majority of us: no matter how many hard-earned cheques we deposit, we soon have more bills to pay, more purchases to make, and more reasons to keep depending on those cheques. It may not always be possible to increase the funds coming in, but there are various subtle ways to control your spending so that you save or receive a little extra. Before beginning, understand that I am neither promoting nor endorsing specific products, brands, or organizations; I simply use examples from my own experience to illustrate my points. Retail Rewards I am aware that I spend more for some items when I buy them at Shoppers Drug Mart®, but I have also been able to redeem more than $100 worth of their Optimum Points within the last year, and I expect to reach that amount on my Optimum Card again by the end of this month. When I plan to buy non-urgent things, I wait until the store is having a promotion – then I go in, spend whatever amount I need to spend to get my extra Points or my reward, and go home happy. To learn about such sales in advance, it is well worth adding yourself to email lists for stores you frequent; that is, unless you are an impulse buyer who, after reading about their promotions feel prompted to shop even though you have other things to do with your money. (I don’t have a problem hitting “Delete,” but to each his own!) Shop at the Mom-and-Pops Conversely, patronizing smaller local stores, restaurants, beauty … [Read more...]

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Multiple Streams of Income: Your Best Backup Plan

March 15, 2011 By Leave a Comment
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Whether the economy is booming, busting, or simply bewildering, most of us are continually concerned about whether we have enough money coming in. We wonder about our cash flow. We wonder about our financial security. There is nothing worse than having your sole source of income dry up on you, especially if you are already buried in bills. You may have heard the phrase, "I would rather have it and not need it, than need it and not have it." You can surely anticipate the luxury of earning more money than you really need. Diversifying your sources of income can be done in many ways.  Some will choose to take on a part-time job in addition to their full-time one; some will rent out their own property or equipment; some will stage a one-time event such as a fundraising party or yard sale. The ways of going about multiplying your income streams are innumerable; but the objective, almost always, is to secure additional income. Besides material gain, a new job can lead to new knowledge, which is a fantastic goal in and of itself. There is no shame in going back to school or in learning about something totally unfamiliar to you; once you are firmly established in this new domain, you may even enjoy your secondary source of income so much so that it becomes your primary source. Have you ever considered working at multiple jobs instead of one full-time job? That way, even if you get laid off from one, your other job (or jobs) can still keep you going. Part-time jobs are less … [Read more...]

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Investing in Canada

March 9, 2011 By 1 Comment
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Canada is a country of world-class entrepreneurs and innovators, with a wealth of opportunity. If you are looking to invest in a great place for potential growth, there is no need to look beyond Canadian borders.. Invest in Canada, a bureau of the Department of Foreign Affairs and International Trade, says that Canada has the best education system among the G7 nations and the most highly educated population; this country also attracts the best and brightest from every corner of the globe due to its business-friendly immigration policies. According to the 2009 International Institute for Management Development (IMD) World Competitiveness Yearbook, more than half of Canadians aged 25 to 35 have a post-secondary education, which makes Canada number one in higher education achievement among the Organisation for Economic Co-operation and Development (OECD)’s member nations. In business education, Canadian schools excel by any measure. The IMD ranks Canada first in the G7 for its management schools. In BusinessWeek magazine’s 2008 MBA survey, three Canadian business schools finished among the top 10 outside the United States: Queen’s University (first), the University of Western Ontario (fourth), and the University of Toronto (eighth). And according to the Financial Times’ Global MBA rankings for 2009, five Canadian management schools rank among the top 100 worldwide. Canada also understands the importance of its business community and has created an environment for … [Read more...]

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Money 101

March 1, 2011 By Leave a Comment
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Money.  It’s the root of all evil; money doesn’t grow on trees; and it takes money to make money are some common expressions that many people have grown up hearing.  It’s no wonder then that many people have a dysfunctional experience with money.  In fact many people confusedly believe that money is the end goal: money is a tool for us to use to attain our goals.  The purpose of money is to allow us to acquire the things that make us comfortable.  Nothing more.  Nothing less. Financial literacy is not a curriculum taught in most schools, not even in business schools.  Society teaches what it looks like, how to count it, and who has it.  What we don’t learn are simple money concepts.  A proportion of society considers these concepts common sense.  Those are the few who were able to learn from their families or environment.  Another proportion of society never take time, or lack an opportunity to learn some of these basics. The following is a list of basic items that we should all be cognizant of to keep a little more in our pockets. Negotiate, Negotiate, Negotiate Most people fear and avoid confrontations.  Unfortunately, negotiations are considered by many to be either confrontational, or the other extreme: begging.  Negotiations can be a powerful ally to you in your everyday life.  You would be surprised at how many things you could achieve simply by asking.  Anything can be negotiated, from credit card rates to store discounts—items that … [Read more...]

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How to Pick the Right Financial Advisor

August 28, 2010 By 1 Comment

Are you a person who spends sleepless nights worrying about money and whether you’ll have enough of it when you retire? Are you looking for someone who can answer questions about how to manage your money? Or do you need to start looking for advice from new sources? If any of these scenarios apply to you, here are five tips to help you find the financial advisor that is right for you. 1)      Check for qualifications Make sure you choose a financial advisor who has the Certified Financial Planning (CFP) designation, or equivalent licenses. These special designations ensure that a financial advisor is well-versed in fund management and that they understand the ethical codes that they should abide by. 2)      Do extra research Interview a potential advisor the way you would interview a babysitter for your child or a photographer for your wedding—in-depth. Additionally, you should look for referrals from family and friends. The Internet is another important resource—from Facebook to LinkedIn, you can learn a lot about a candidate online. 3)      Ask how well they know their clients Be wary of an advisor who pushes you into doing something you are not comfortable with, or who tries to sell you a product that “guarantees” you a high rate of return. If it sounds too good to be true, then it most likely is. A financial advisor who is aware of differences in the personalities and preferences of their clients will make use of the Know Your … [Read more...]

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Dealing with Debt: A five-step plan to be debt-free in three years or less

April 27, 2010 By Leave a Comment
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If your employer tells you to expect a week’s delay for your next pay check, how will you respond? Will you find yourself panic-stricken, scrimmaging to rub two cents together to get by, or will you rest easy knowing you have a contingency plan—money saved in an emergency nest egg to see you through this minor financial setback? The Vanier Institute of the Family authored a report in early 2010 assessing the current financial state of Canadian families. It cited research that found 59 per cent of respondents stated “they would be in trouble if their pay check was delayed by even a week.” The study also revealed that Canadian families are “walking a financial high wire” with research from 2009 indicating several troubling trends. 2009 saw a 50 per cent increase in mortgages running 90 days or more in arrears compared to 2008. The number of credit card holders behind at least three months in their payments rose 40 per cent from 2008 to 2009. Also, household debt climbed to an astounding $96,100 in 2009, creating a debt-to-income ratio of 145 per cent, the highest it’s ever been according to the report. Along with the rest of the world, Canada is slowly recovering from one of the worst recessions experienced in a generation. Governments and corporations have begun to pick up the pieces and to lay out plans which will prevent repeats of some of their mistakes. But the “great recession” or “credit crisis” also brought to light the abysmal state of … [Read more...]

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