7 ways to spend your tax return
In case you haven’t heard all the radio ads about how scary your income tax is SUPPOSED to be(it isn’t) in order to scare you into paying money to have someone file your taxes, you may not have realized that it’s tax season. An exciting season for a lot of people because it’s the one time of year they get “paid” from the government. Unfortunately, your tax return isn’t getting paid from the government but only getting your money back that you’ve loaned them interest free.
If you’re like the majority of the population you’re probably getting some money back in the next few weeks and I’m going to share with you some ways how to spend your tax return. Some of these will be great for future you, others are going to be instant gratification for present you. It will be all your choice; I can only pass along the ideas. Read more
Overspending habits: What do you overspend on?
Most people have shopping habits that they may or may not realize. Breaking these habits may have the potential to save you lots of money because you’re probably overspending. These habits can be broken but breaking them can be mentally tough.
What I mean by mentally tough is that they’re overspending habits that you’ve either grown up seeing or have developed over time without realizing. For me, it’s buying books. When I first started working I would read a book every week or two, now I’m lucky I have the time to read one a month. But my biggest issue is that I for some reason don’t walk 4 blocks to go to my city’s public library where they would have the majority of these books to borrow for free. Something which not only benefits me by saving me money, but also walking there would be good exercise and it would reduce waste in the environment. Yet I always go online and order a brand new book for myself that will be read once and sit on a bookshelf for years until I give it away to a friend that may notice it when they visit.
Lotto Max Fever! How would you spend $60 million?
Here in Canada we have two national lotteries. Lotto 649 is the longest running since 1982 in which for $3 you can pick 6 numbers from 1-49 or have them instantly chosen at random for you. The jackpots start at a minimum of $5 million and always have a separate randomly generated number for a guaranteed million dollar payout with each draw. The second national lottery is called the lotto max jackpot. This lottery costs $5 to pick 7 numbers from 1 to 49 but also generates 2 additional groups of 7 numbers at random for a total of three chances to win. The jackpot starts at a minimum of $10 million and caps out at $60 million. Once it hits the $50 million mark it adds additional draws of $1 million dollars but these are not guaranteed like the lotto 649 extra draw.
Now these jackpots are nothing compared to the size of the powerball lotteries in the United States, with the most recent mega jackpot in January 2016 reaching over $1.6 BILLION but also Canada has less than a tenth the population when compared to our neighbours to the south and we have a measly Gross Domestic Product(basically the value of all goods and services produced in the country over a year) of $1.827 trillion compared to the US’s $16.77 trillion. Nonetheless, Canadians like they’re lottery playing just as much as the Americans and since Lotto Max’s Friday March 11th $60million dollar jackpot didn’t have a winner Canadians are going to be spending all this week dreaming what if… Read more
So you want to make money with income properties? Here’s 4 ways to do it.
So you want to start investing in income properties now? Great choice! Just like investing in the markets, income properties are all about one thing; time in the market. The best time for you to buy is now and the best time for you to sell is a long time away.
Real estate is similar to many investments in the fact that you cannot time the market. Analysts and the general public often get this wrong. Usually when someone does get it right, it was by pure luck and they’ll never be able to duplicate that performance again. In Canada, for example people have been talking about the bubble bursting in Vancouver and Toronto for as long as I can remember but from January 2015 to January 2016 they’ve still increased by 30.9% and 14.2% respectively.
It’s been any day now for those bubbles to burst for over a decade and they’re still booming. This brings me to the first way to make money with income properties.