These five lessons made me a personal finance expert and provided the foundation for an awesome life. Money is a fuel for all the things that you want to be do in life and being smart with it makes things easier. Get your kids to understand and love money as soon as you can. Hard work and mastering money will take them the distance.
Millennials are a cautious bunch when it comes to their money. It's not surprising given the economic downturn of 2008 is still fresh. For many young Canadians, this market chaos was their first experience with investing. But it's important to let cooler minds prevail: avoiding the markets altogether is not wise, especially with so much time on your side.
It's aid that people are more genuinely happy through experiences rather than things, so pick your ultimate travel location and go! I'll show you how to do it for the most bang on a budget. Did you think of where you wanted to go? Did it pop in your head? Book it boo! Make sure you have the money first. I'll show you how.
I was at a workshop the other day about personal finances. Instead of the usual blah blah blah about investment opportunities and admonishments to save more for retirement, this one took a very different tack. The moderator wanted us to consider our emotional relationship with money. The first question she asked was who's in control?
Have you ever dreamed of living in another city? Royal London? Beautiful Paris maybe? Ancient Istanbul? New York or L.A? Do it today! I've lived in a bunch of cities across the globe to absorb their culture and heritage and you should too. Most countries will let you stay for at least six months so you can have time to immerse yourself in your new city. Here is how I do it on a dime!
It's the good "Big Rocks" that can actually make you wealthy (or poor) so let's concentrate on the big rocks! Large items that can make you poor are things like expensive dinners, cars, boats and big ticket clothing. And then things like business equity, investments, and property are the big items that make you rich.
Think about how you feel about money vs. how wealthy people feel and if your belief system is serving you. If you currently have a positive belief system on money, ah-mazing. Keep it up! If you have a negative association with money, wouldn't it serve you better if your habits were one of a money maverick?
When creating a budget for your bucket list you have to keep in mind a bunch of things. The first thing is that there will always be more items to spend on vs. how much you bring in. We have one kick at "the bucket" so let's all make sure that we use our money as a fuel to get everything we want in life. This is how you do it.
There are many ways to turn everyday features of your home into income generating assets (appreciating assets) and often they are things that you will need to buy anyway. It is all about being smart about how you structure your home and how you shop for it. Here are some things you can invest in for your home that will make it a money maker for life.
Despite all their blessings over the last 30 years in Canada, my parents still live a frugal lifestyle etched in the shadows of the carnage of their war-torn past. I know the value of what I have, because of the price THEY had to pay. What happens to children of successful first and second generation Tamil professionals, who no longer need to say "We just don't have money for that"?
I have nothing against the word success or even it's traditional definition. It's just a word, after all. But let's call it what it is. It's a benchmark for performance and attainment -- a measuring stick. Tangible metrics are important and have their place, particularly in the business world. But if you're looking for personal fulfillment, it's not likely that traditional measures of success are going to get you there.
The reality is that what we do with our money every day, matters, and could have long-term implications for our financial security. Every day, we are making trade-offs with our money. Living with intent and purpose creates meaning in our lives, and this creates joy. We need to connect the idea of living a joyful existence with our money.
Predictably, the success or failure of your plans may be determined even before the strike of midnight. 'Tis the season for peak gym-membership sales and promises of budgeted spending. Whatever your goals are for 2015, there are a couple of safeguards you can implement to ensure that you aspirations are accomplished.
Most people who follow these simple steps soon discover they can live on much less. They turn away from consumerism, and lead happier, more focussed lives. They stop being human doings and once again become human beings. Some even discover financial independence. Equally important, their impact on the planet is dramatically reduced. Win, win, win.
The biggest lessons I've learned about investing have come from the biggest mistakes I've made. I bought a pre-construction condo unit in a popular Toronto neighbourhood. I forked over a 20 per cent deposit to make the purchase. That was four years ago, the property still hasn't been built so I can't sell it or rent it out.