Multi Streams Of Passive Income.
November 26, 2009
The wealthy have always been in tune with the fact that having only one source of income, no matter how lucrative, is a recipe for financial disaster.
With the rise and fall of financial empires, even those thought “too big to fail” many consumers who were not actively engaged and involved in their financial management are now taking a much more involved and hands approach to this very integral part of every adult’s life.
The recent financial upheaval has made most of us much more financially aware and alert, even if we are not all expert, we are asking more questions and expect more reasonable and specific answers.
Consumers who never thought they could own and operate a business , are now doing so at growing rate.
The ease with which a business can be researched, setup and operated is being facilitated by the Internet and many consumers are enjoying huge multiple incomes which cost very little to fund.
Are you open to the idea of creating multiple sources of passive income?
Digging Out Of Debt In 8 Steps
July 31, 2009
Digging Out Of Debt In 8 Steps
Shared via AddThis
“History shows that you’ll make up 80% of your bear market losses within the first year of the recovery” (Money, November 2008)
These financial principles can help you weather even the worst economic storm.
Stay focused on your financial goals. If you’re feeling nervous about your investment choices, remember that historically, investors who invest consistently, whether the market is bullish or bearish, reach their long-term goals.
The best way to ride out the fluctuations of the stock market is to maximize the dollar- cost-averaging – investing a certain fixed amount consistently regardless of the ups and downs in the market.
“History shows that you’ll make up 80% of your bear market losses within the first year of the recovery” (Money, November 2008)
Slash and burn bills where and when you can.
To determine dollars available for expenses and savings, write down your gross income, subtract your taxes, (CPP, EI and income taxes) and subtract what you pay for your group health, group insurance coverage and group RRSP/Pension plans.
What most people do that gets them deeper into financial problems: money comes into their chequing account, they spend it, and at the end of the month there’s nothing left.
Of course they don’t accomplish their financial goals to save or set up an emergency fund.
Here’s what they should do instead. On the day the money hits your account, have 10% automatically transferred to your savings account.
That way you won’t be tempted to spend it.
Keep good credit. Preserve and protect your good credit at all cost.
To keep your all- important credit score attractive, pay your bills on time, limit the number of credit cards you have, and don’t be tempted to finance big-ticket items.
If you are having trouble keeping up with your credit card payments you might consider consolidating your high-interest revolving debt into a single fixed- rate loan.
This could lower your monthly payment and set a debt freedom date.
Note: Try to avoid bankruptcy if at all possible!
Not only is a bad for your credit it is a black mark on your character, no matter how prevalent this option has become, it is easier to get into than to live down.
Reduce your exposure to risk. In uncertain times, having good legal protection in your pocket makes sense when trying to limit your vulnerability.
Consider a company called Pre-paid Legal Service, a low-cost program that gives you and your family access to legal services in the event you need it.
This service also includes Will preparation and annual Will updates among its many benefits.
Increase your income. Adding a second or even a third income short-term is a great way to get through the crunch.
Or you could join the hundreds of thousands of new business owners that are seeking to take more control of their incomes, and start a low-cost business of your own..
There are many low-cost businesses that can be started for less than $100.
As well, this extra income, no matter how small, will help you get back into your investment planning goals for educating your child, taking that long awaited vacation or retirement planning.
Yvonne Finn helps her clients by providing them with financial education and information that will enable them to achieve their goals of debt – freedom, financial independence and leaving a legacy of a financial “family tree” that is much more secure than they found it.
The first step is the financial plan, which is a complimentary and customized financial needs analysis for each client.
Want to a free plan of your own?
Email me now!
The Greatest Thing About This Financial “Crisis”!
May 13, 2009
If there is one extremely positive effect of this financial, crisis, confusion and some say disaster, is that so many people have woken up and took their collective heads out of the sand.
Where we have ended up, is NOT a surprise or even an overnight creation.
We were warned!
Many experts were seeing and saying that, both personally and fiscally, we were being irresponsible.
But like willful children we ignored all the don’ts and so here we are, looking for someone else to clean up our mess.
However, the greatest thing to come out of this financial crisis is that we are all in this together to a greater or lesser degree and must be part of the solution.
Financial health and well-being has always been about planning and executing of the financial strategies in the plan.
Financial success is not derived from “winging” it!
Nothing worthwhile is.
As a financial coach, I have always only worked with clients who work from a financial needs analysis, a financial plan that we work on together.
Without a clear goal to focus on there is no way to measure outcome of any strategy.
Today, I am finding it much easier to convince clients that they need a financial plan.
The first step in the plan is to highlight the clients dreams, desires and goals.
Revolving debt is a killer of financial dreams with often times little to show for the high price of not wanting to wait.
The first aim of a client’s financial plan should be to eliminate consumer debt, ESPECIALLY revolving debts.
Request your complimentary, customised and personalised financial needs analysis here today!
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