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personal finance

Wealth

5 Steps To Achieving Financial Independence

If you could ask a thousand people right now to list five things that they wish they could achieve in this lifetime, it wouldn’t surprise us in the least if one of the things that they mentioned was financial independence. That’s because, in a world that is filled with so much debt and credit issues, by knowing how to make savvy money choices, it can cause one’s life to be lot easier while granting them access to so much of what they desire to have.

If you happen to be someone who is currently on the path towards achieving financial independence yourself and you’d like a few tips on the kinds of steps that you should take in order to reach that goal, we have five proven ones for you below:

Don’t “get a job”. Start a career. There are a lot of people who work at low-paying, dead-end jobs who will tell you that they would’ve never thought their life would turn out that way. Years ago, they thought to themselves “I just need to get a job” and now here they are, still at the same place of employment, with a very limited possibility for promotion. The way to avoid this trap is to plan for a career. Think about the kind of professional you want to be. Go to college. Get an internship. Find a mentor. The more educated you are, the easier it will be to get a good paying position; one that will provide much room for lots of growth.

Set a budget. People make a lot of money mistakes, simply by taking the “I’ll just wing it” approach to their spending. It’s really easy to look up and realize that you spent hundreds of dollars on food, entertainment and clothes that you don’t really need. You can avoid this by establishing a monthly budget where bills and a savings account comes first. This brings us to the next point.

June 28, 2013

General

5 Tips For Setting Smart Financial Goals

Everyone seems to have the same financial goals in mind when you get down to the simplest of terms–we all want more money. Of course, finding ways to achieve our goals can be extremely difficult. For business owners, investors, and average individuals everywhere, setting smart financial goals is more necessary than ever. Only by being smart about your goals can you turn your dreams into reality, so get started on the right path today.

Define Your Goals
Before you can set out to achieve your financial goals, it will help to know what they are. As they say, if you don’t know where you’re going, then you can’t possibly know how to get there. Set aside some time to figure out specific goals that you want to achieve. Perhaps you’re shooting for a certain level of home equity, an increase in your investment returns, or a jump in profits from your business. Think about exactly what it is you want and be as specific as possible to start setting smart financial goals.

February 21, 2013

General

Top 5 New Years Resolutions To Help Improve Your Finances

When you sat down to make a list of your New Year’s Resolutions, did you mention that you wanted to improve your finances? If so, you’re not alone. As a matter of fact, out of all of the people who make it a point to make a resolution on an annual basis, “getting better about money” is one of the top five things on their list.

Here’s the thing, though: While that starts off as a plan, within a couple of months, many people end up not sticking to their goals and that’s usually because their approach was a bit unrealistic. Therefore, we’re here to provide you with five ways that you can do better with your money and stick it out for the rest of the year:

Study up. Without question, there is a ton of financial advice out in the world and a lot of people who would consider themselves to be experts; however, the only way for it to be meaningful to you is if you become knowledgeable about money yourself. When it comes to the kinds of financial concerns that directly affect you and your household, make it a point to read some books, attend some seminars and weight out the options. It’s never a waste of time to invest into some money education.

January 7, 2013

Investing

A Quick Personal Finance Reference Guide For Newlyweds

Friends of ours do premarital counseling, and due to the lack of financial education in Canada, I thought I would create a simple personal finance reference guide that our friends could use for the next couple they counsel. Although it is meant for couples who are first starting a new life together, some of the information might be helpful to people in other stages of life as well. So I thought I would share it on my blog as well.

RESPs

-Children need to have a SIN number, so apply for one as soon as your child is born.

-Government gives you 20% grant on up to $2500.00 of contributions per year for your child.

-Can be set up at any financial institution in Canada.

-Choose investments that are meant for long term growth such as mutual funds. Stay away from term deposits as your money won’t grow.

-Depending on your income, your child may also receive free money from the government in the form of Bonds so even if you can’t afford to put a lot into an RESP, set one up as soon as you have your child’s SIN, and when grandparents, etc. give your child money for birthdays, etc. just pop that money into the RESP.

-Note that it is wise to open a family plan RESP if you have more than one child.

-Select a financial institution that doesn’t charge any fees to have an RESP or to set it up.

September 12, 2012

General

What Can Mom And Dad Investors Learn From Corporate Finance?

What is corporate finance?

Most, if not all companies are created to make money. Corporate finance deals with the financial decisions that are made by the company, and the goal is always to maximize the value of the corporation while keeping risks low. In essence, the goal of those working in corporate finance is to maximize shareholder value.

Who does corporate finance?

Professional such as accountants and financial analysts perform the tasks of corporate finance within big companies and firms.

What are some of the responsibilities of people who do corporate finance?

People who are part of the corporate finance team for any given firm are responsible for managing the money forecasting – determining where it will come from and where it should be spent in order to maximize returns.

July 13, 2012

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