Looking toward the future: 2017 goals and plans

goals

2017 Goals and Plans

As you may have already read from my Q4 2016 post I achieved about half of the goals I set out for myself and this blog last year. I’m not usually one for New Year’s Resolutions but this blog turns out to be a great accountability check. If I post goals and plans for everyone to see, I better be planning on completing them or else I look like a fool! Or at least I think I do and you guys just don’t care.

For this year I’m going to load myself up with some goals and hopefully crush them all! For the sake of organization, I’ll break them down into a few different categories. So here we go! Read more

How to NOT become a millionaire

hot to not become a millionaire

There’s tons of websites and guides out there to help you get rich fast. Well here’s another list for you to read, but it has nothing to do with getting rich quick, or even getting rich at all. Here’s 7 ways to NOT become a millionaire as if we NEED more help with that!

  1. Don’t take advantage of your employer matched GRRSP contributions – This is an instant return on your investment, but you probably don’t want to do it because it’s a hassle or the management fees from the designated broker might be a little higher than your own Canadian Couch Potato Portfolio and you can do better without their money weighing you down. Turning down a 100% return to save 1% is a sure fire step to ensure you do not become a millionaire.
  2. Don’t negotiate a salary – Employers are ALREADY offering you more then your last job AND they said that’s as high as they’ll go, so you don’t want to make them angry by asking for more. In my day to day work I’ve had the pleasure of interviewing and sending job offers to people and they almost never negotiate their salary. This is fantastic from my point of view because I just got an employee on sale for that project.
  3. Stay in one job miserable job – After all you should be thankful you have one right? Some say that if you stay in your jobs for more than 2 years you can make about 50% less than those who don’t. So that’s a pretty quick way how to not become a millionaire just by staying put.
  4. Don’t teach yourself about personal finance – They don’t teach us anything in school for a good reason, right? Public school boards totally have our best interests in mind when it comes to teaching us life skills. I constantly use Pythagorean’s theorem and dissect small animals at my job.
    You’ll probably want to write down these books to make sure you never accidentally read them: The millionaire teacher, The Wealthy Barber Returns and well really just anything about money, don’t bother with it. School taught you enough, after all you came out of high school knowing how to file your taxes right?
  5. Keep up with the Joneses – They’re financing everything and so should you! After all it gives everyone the impression you’re doing so much better in life then they are and that’s how you want to live right? Leverage every purchase you make so the majority of your income is going to interest payments and while you’re at it make sure a few of those purchases are on credit cards. The quickest way to never be a millionaire is to always carry a balance from those designer goods on your credit cards so you rack up that 18-21% interest. If you’re paying enough interest each month that’s an excellent way to not become a millionaire!
  6. Invest in highly volatile stocks and trade with your gut – There’s people that study the markets and world trends for a full time job and they can’t predict how the markets will go, so trading with your gut is the best way to not become a millionaire, right? Just buy and sell as you see fit, you don’t need any training but if you’re going to take some training make sure it’s those from one of those get rich quick guys you might see paying models to promote on Instagram and on some YouTube channels. They’re definitely a scam, so they can certainly help you to not become a millionaire.
  7. Don’t learn from your mistakes and accept responsibility – Once filed for bankruptcy? It probably was just bad timing in the markets and will never happen again! Definitely repeat those same steps to ensure you’ll never become a millionaire.

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3 ways I discovered how to reduce my taxes

Reduce my taxes

3 ways I discovered how to reduce my taxes

I remember a few years ago I read this article online that I now cannot find. It was basically an explanation on how the rich pay much less in taxes as a percentage of their income.  I didn’t think too much about trying to reduce my taxes at the time because I had recently graduated university, and was starting my new career in another province.  I had too much to worry about before I could worry about trying to reduce my taxes…like getting enough income to start paying taxes. I thought that would be the best place to start!  But I think it really stuck with me subconsciously because over the next few years I started to think of multiple “hustles” to help reduce my taxes as I felt this could be another avenue for retaining more money.
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7 ways to spend your tax return

spend your tax return

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

Canadian Investors losing faith!?

Canadian Investors losing faith

Ohh hey there fellow Canadian Investors!

(and non Canadian investors alike! but this post is geared slightly more towards the Canadians. Sorry!)

Hope I haven’t kept you waiting too long! I’ve been under a rock these last few months hiding from the falling Canadian stock market. I haven’t been hiding by myself either, according to the Financial Post Canadian investors haven’t been feeling this worried since the financial crisis in 2008.

Canadian Investors losing faith

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Why don’t we learn about personal finance in school?

Why don't we learn about personal finance in school?

Why don’t we learn about personal finance in school?

I don’t think I’m alone here when I say everything I was taught about money was either self-taught or taught to me by family members.  I went into high school knowing almost nothing about money and came out “prepared” for the real life, knowing almost nothing about money. I mean I came out with some really useful life skills like knowing that mitochondria is like a power plant for your cells. Or that calculus sucks. Probably my most useful skill was learning how to break an egg from several floors up while trying to not break the egg…Seriously, did anyone’s egg not break or am I just a terrible engineer?

Upon my graduation, the whole money thing wasn’t a big deal, I was heading to University. I had some money saved up, was working 20 hrs a week and was living at home with my parents help. Sad to say but I wasn’t overly concerned or really even aware of my situation in life and I don’t think I was alone. Then one day some student organization put up some craft paper on a wall with the title “Debt Wall”. Students were encouraged to write how much in debt they were in anonymously. After a few days this thing was filled with insane numbers. There were a lot of $30,000+ numbers, hundreds of them all probably from only student loans and maybe some credit card debt. It astonished me that people had put themselves into this much debt this early in their lives, such a deep hole to climb out of so early in life when soon you should be buying your first car, house and getting married or whatever else we used to think we were supposed to do right after high school or after your post-secondary education.

But that wasn’t me, I had no debt and I thought they were fools; without knowing how much I didn’t know.

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Net worth Q1 2015

Net Worth Quarterly update

Here’s my starting point for tracking my financial journey of increasing my net worth to a point where I can say I’m financially free.  I’m actually many years into the journey already, but there are a lot of improvements to make over the next few years. I’m going make quarterly updates for us to see and discuss my progress on becoming financially independent.
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