Today, I was reading a book called ” First, Break All The Rules” , by Marcus Buckingham and Curt Coffman and came across some questions that I felt I must share with everyone. The authors have done alot of research in the area of employee motivation and productivity in the work place. At the conclusion of their reasearch ( which took about six years ) , they had identified 12 questions that measure the core elements needed to attract, and…
I have a tiny god daughter who is about to turn 1. She is so adorable. Oh the joy kids bring you in the first few years of their lives. Ever since I have heard of or read about the option of gifting RESPs , I have been wanting to start an RESP for her. I think she’ll make a great lawyer ( we’ll see how that turns out ). So being the control freak that I am, I trolled…
Borrowing to invest if done correctly can magnify gains. However it’s a double edged sword, it can also magnify your loses. Any investment that has the potential to earn you lots of return also should have the potential to lose a lot of money for you. If someone says otherwise, I recommend you get out :). Important concept here is your risk tolerance. Let’s take a look at an example. If you borrowed $100 000 @ 6%, and earned a…
1. Lack of Financial Knowledge – Our schools interestingly enough don’t teach personal finance concept at any level other than as university courses. Unless your parents have a good basis in personal finance knowledge, and teach it to you, you don’t have a mean to learn it other than teaching it to yourself. 2. Taxes – People need to understand the different types of taxes that are levied on them, and do tax planning to minimize the effect of tax…
I read an interesting article. Here are my thoughts on it. Source/Issue: “The 20-minute financial expert” , (MoneySense , www.canadianbusiness.com ) Written by: By Ian McGugan and Duncan Hood Key points from the Article: 1. This article attempts to give the reader a good basis on personal finance related topics such as how to save, smart ways to invest, tax tips, how to use leverage for benefit, insurance, will , how to find a financial adviser, and how to retire….
For many of us investing tends to be a black box. We are forced to think about investing when we start our first job (usually out of university), and we have the option of contributing to an employer matching plan. Or you have some money saved up, and you would like to put it in some place other than your savings account. I know many people are very risk averse, and prefer to keep their money in their savings accounts….
I have bought two cars in the last three yeas. I learned something new each time. I bought a brand new Honda Civic DXG in 2008, and I bought a used Honda Accord in 2009. I thought I’ll share some of my lessons :). Used vs. New I believe this decision should mainly be based on your preference, and what your planned purpose is for the car. When I decided to buy my first car in 2008, I needed to…
RRSP’s are a very well known product, and there is countless amount of information about it. However, I always find I have to dig through various resources to the find the information I need. So I have made an attempt to summarize some of the key and useful points about RRSPs. 1. RRSP stands for registered retirement savings plan. You can set up an RRSP at a bank. You can set it up as a savings account or as a…
In Ontario , Canada creating a will for yourself can be a very simple exercise. Over 50% of Canadian’s do not have a will. It will take less than 15 minutes for most people to create a simple will for themselves. What I recommend ( remember this is just my recommendation, and I am not a certified financial planner ) is that you create a quick will for yourself , and when you get time , and your financial situation…
My reflection on critical thinking and its application. Key Concepts Learned about Critical Thinking The key concept I have learned about critical thinking is to rethink situations using different frames. I have learned that all of us have these pre set views and values that determines how we see a situation. After reflection I realize our frames are most likely due to our upbringings, cultural views, characteristics and social values. I have also learned some techniques to help analyze situations…