One common regret of middle aged investors is that they did not start saving earlier. If only we weren't so careless with our money when we were younger!
Well I learned about saving fairly early on. The problem is, I wasn't really saving. I was just "saving up." Ever since I made that realization, I've started to grow my retirement nest egg and my savings are starting to accumulate nicely. ... read more of this story»
If you are frowning and thinking to yourself, "Of course my mortgage interest is tax-deductible!" then you are likely a visitor from the United States. If you are frowning and thinking to yourself, "Of course my mortgage interest isn't tax-deductible!" then you are probably a Canadian. Our neighbours to the south have been enjoying a tax break on their mortgage interest for some time now. Although, as a Canadian, your home's mortgage interest is not normally tax-deductible, there is a technique that can make all or part of your mortgage interest expenses tax free. ... read more of this story»
So far we've looked at income, expenses, assets and liabilities, but what do these all add up to? Well, today we'll be looking at Cash Flow & Net Worth the two basic measurements of our personal financial health. By maintaining a positive cash flow and building a strong net worth you'll be securing your financial future. Understanding this will help us to unlock the secrets of wealth and financial independence. Let's take a closer look. ... read more of this story»
After discussing income, expenses, taxes and savings, what else is left to learn when is comes to personal finance? Today we are going to look at some personal finance heavy hitters: assets and liabilities. In simple terms what you own is an asset and what you owe is a liability. A liability is commonly known as a debt. If we look closer, however, we can see that some assets are worse than others. Also, some liabilities are better than others. Understanding what makes one asset or liability better than another can help us achieve financial success. Let's see how. ... read more of this story»
For many of us, the only way we know we are in rough financial shape is when we start having trouble paying the bills at the end of the month or when our debts just keep increasing instead of going down. For some, personal finance can seem like a complicated topic to grasp but it doesn't have to be. For others, personal finance seems simple but maybe you are overlooking some important concepts that could be helping you to escape the rat race sooner.
Over the next few weeks I'll be posting a series on personal finance concepts which should help demystify where your money is going and help you to regain control. This first article is an introduction to the key concepts of personal finance. ... read more of this story»