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investing tips

Investing

Flipping Real Estate – The Dos And Do Nots

If you’re someone who has an interest in real estate and also in making money, then you’ve probably thought about getting into the business of flipping houses. After all, to purchase a home and then turn around and sell it for a profit can definitely be an attractive endeavor to get involved in.

However, nothing in life is as simple as A-B-C or 1-2-3. Virtually all things have fine print and stipulations to consider before taking on a particular task, including flipping homes. So, before you start to really put some time, effort and resources into it, we’ve provided you with a few do’s and don’ts to think about first:

Do know the guidelines. While there are some real estate rules that apply across the board, there are others that are relevant only to your state or province. You don’t want to take on a project like a home and sell it only to realize that you broke some of the laws surrounding house flipping where you live. Therefore, you need to do your research first.

January 13, 2013

Investing

A Quick Personal Finance Reference Guide For Newlyweds

Friends of ours do premarital counseling, and due to the lack of financial education in Canada, I thought I would create a simple personal finance reference guide that our friends could use for the next couple they counsel. Although it is meant for couples who are first starting a new life together, some of the information might be helpful to people in other stages of life as well. So I thought I would share it on my blog as well.

RESPs

-Children need to have a SIN number, so apply for one as soon as your child is born.

-Government gives you 20% grant on up to $2500.00 of contributions per year for your child.

-Can be set up at any financial institution in Canada.

-Choose investments that are meant for long term growth such as mutual funds. Stay away from term deposits as your money won’t grow.

-Depending on your income, your child may also receive free money from the government in the form of Bonds so even if you can’t afford to put a lot into an RESP, set one up as soon as you have your child’s SIN, and when grandparents, etc. give your child money for birthdays, etc. just pop that money into the RESP.

-Note that it is wise to open a family plan RESP if you have more than one child.

-Select a financial institution that doesn’t charge any fees to have an RESP or to set it up.

September 12, 2012

Investing

Tips On Investing In Real Estate

If you know anybody that has invested in real estate, then you know how lucrative it can be. The reason why so many people buy real estate and rent out is because they like the extra cash flow each month and they know that down the road that home will be worth much more than it is right now. This is what you need to understand because real estate is not all about flipping these days, there is a long term approach to it as well.

August 24, 2012

Investing

Why You Should Avoid The Stock Market

How many people do you know make a living from the stock market? My guess is that you don’t know very many, if any at all, and that is because it is getting harder and harder to make money. This is not because the stock market is not a great place to triple your money, it is just because too many people are greedy, and greed is never a good thing when dealing with the stock market.

July 30, 2012

Investing

Roth vs Traditional IRAs – Which Is Best For A Family On A Budget?

Retirement funding may not be the first thing on your mind when you’re worried about soccer practice basic meal planning and making it to the weekend, but saving for retirement now when your family is young – even if you’re on a tight budget – will ensure that you have a more secure future. While many parents are more concerned about saving for college than retirement, this is backwards thinking. Always remember: Your kids can find alternative funding for college, but no one is going to scholarship your retirement.

With that in mind, let’s talk about how you go about funding your retirement with an IRA. The main distinction here is Traditional vs. Roth IRA, and it can be tough to decide which is best for your family when you’re on a budget. Here’s what you need to know about the essentials of how these retirement accounts work and how you can choose which option will work best for your family.

April 16, 2012

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