Flattening the Curve vs Flat-lining the Economy

Shutdown of the Canadian economy under the Carona virus has come fast and hard. Restaurants shut down, Hotels as 5% occupancy, airlines laying off employees by the 1,000s. March Employment Insurance applications reached nearly 1 million by the end of the third week, representing 5% of the Canadian Workforce. Unessential businesses have been shutdown along … Continue reading Flattening the Curve vs Flat-lining the Economy

Traits of the Wealthy: Discipline and Consistency

Key attributes to achieving financial success and creating wealth for your family are 1) discipline and 2) consistency. Its not luck or good fortune. Its not winning the lottery or inheriting money. It isn't spending on posh cars and clothes. Its the ability to be financially disciplined on a consistent basis. Financial discipline comes in … Continue reading Traits of the Wealthy: Discipline and Consistency

Top 3 cars for Wealth Building

There is an inverse correlation between the price of the car you drive and building wealth. Cars are possibly the biggest wealth-destroying purchase you will make throughout your lifetime. From the moment you drive the car off the dealer lot, you lose up to 30% of its value. Don't be tempted into driving a nice … Continue reading Top 3 cars for Wealth Building

7 Ways for Canadian Families to Get Ahead

These 7 steps will help Canadian families build wealth and get ahead. Being able to get ahead through the daily grind of family life is important for successful future. Measure your net worthGet on a budget, or at least track your spending.Cut out the unessential expensesGet out of debt and stay out of debtBuild a … Continue reading 7 Ways for Canadian Families to Get Ahead

TFSA vs RRSP

In a recent Financial Post article, "Are RRSPs really work it? The answer may surprise you" linked below, the author gets into the math of compounding with pre and post tax investments. Its an interesting exercise to see how best to grow net worth and tax implications for your heirs. https://business.financialpost.com/personal-finance/retirement/are-rrsps-really-worth-it-the-answer-may-surprise-you The trouble with using … Continue reading TFSA vs RRSP

Life advice: Take action

My mother, who shaped most of my life and who died from a 2 decade battle with cancer when I was 23, once said to me, "no matter how good you think you are, there is always somebody out there better." Shocking to hear when you are an idealist teenager. But brilliant advice as it … Continue reading Life advice: Take action

Book review: Total Money Makeover, by Dave Ramsey

Dave Ramsey is a radio show host of the Dave Ramsey Show out of Tennessee in the US. His concepts offer followers the ability to achieve financial peace. The basics of his concepts are presented in his book, The Total Money Makeover. Dave introduces easy to follow baby steps to financial freedom. These steps aren't … Continue reading Book review: Total Money Makeover, by Dave Ramsey