Hi there!
Wanted to post this quite long ago, but somehow it always slipped off.
Here is the link to a very usefull site with lots of free financial information. There are guides for Tax reduction, Life insurance, Investing, Home base business and more.
True help Financial
This is the excerpt from their mission statement:
"The mission of The Canadian Financial Security Program is to assist Canadians to create, grow, protect, and pass on financial assets or wealth with full knowledge, understanding and comfort, and to educate and thereby empower Canadians to use certain money strategies that will improve and protect their lifestyle now, and for the rest of their lives. "
Enjoy.
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4 comments:
I realy want to ask you one very delicate question, that bothering for quite long:
"Is it really possible to earn 1.000.000$ in 2-3 years? And if yes how it can be done."
Thanks a lot for you answer!
Hello friend.
Good question. Just to give you some insights on the figures: Microsoft started at 1975 and stepped over the $1.000.000 revenues mark in 1978. It took around 3 years to Microsoft to accomplish this goal.
It is not impossible for one person to do it. You can for example find another Microsoft and buy its stock before it goes public (easy to say, hard to accomplish).
If you are strong marketer or salesperson, you can join the Internet Marketing business (MLM) and grow your organization leveraging your abilities and by that multipliying your sales and revenues. I didn't do that (yet), so I have no measure of how much money it can potentially make you.
Also, depending on your initial capital, you can invest into Real Estate. Wise investments give nice returns.
Whatever your endevour is, make profound due dilligence, before you step into anything. Preferrably seak for advice from those who already done whatever you wish to do. Most of the times the money you spend on advise will return tenfolds.
Finally, there is no blueprint of what one should do to have that million dollars. I wish I had, but as I see it now some of my ideas might be good for one and strange for other. I know what puts money in my pocket and try to give this knowledge to others here. I am not surprised when someone says my ideas are risky or the returns are low. Everyone has different expectations and risk tollerance.
Go over the ideas I compiled on this blog and drop me a mail if you like them or need more information.
Please don't take the money making books/sites that promise you $5384 in 5 days seriously. I've been there - most of them are plain bull....
Make your own due dilligence or, if you don't know how, seak for competent advice.
Another point I would like to emphasize here is that $1.000.000 in bank savings account will give you interest earnings of around $30.000 a year. And the figure will be much lower after the CRA takes its part. Not sure you can live from this.
Let me guide you to the better question.
What is your definition of Rich person?
Is it the one who has $1.000.000 in his/her bank account?
Not exactly. If the money is not being invested properly it tends to evaporate quicker than you think such a hugh amount would.
The Rich person is the one that has more passive income that he/she spends. If your expences total to $3000 a month and your business and investments bring you $5000 income a month, you are rich. Your money works hard for you when you sleep, when you go to vacation, when you spend time with your family, when you do whatever you like to do in your life.
I hope you are not dissapointed with my answer. I sincerely believe that strong passive income from wisely invested funds is much more attractive than $1.000.000 in bank account. Although I wouldn't reject having both :) I prefer monthly cash flow over one time lamp sum.
Money in the bank is merely the instrument for other investments.
Peace.
Slava.
Dear Slava,
I just came to Canada from China a 3 month ago…
I have 250.000$ that I do not really know how to get profit from it.
Do you have some “concrete” suggestion?
Thanks for your time and prompt answer.
Good time of day to you!
With $250.000 initial funds the possibilities are virtually unlimited.
Personaly, I would diversify in these areas:
1. Real estate in strong markets
2. Legisi fund
3. mPowerTec
4. Stock market
First 3 give you a steady monthly cash flow. Real Estate also has an appreciation yield.
Stock market is more risky, but the risk is always manageable. I have a good stock advisors for that purpose. And there is always an opportunity to discover that next "Microsoft".
As we go into the area of private financing decisions here I would prefer to discuss it with you offline. I have connections with couple of RE companies that look for investors capital. It might be of interest to you as it impose a small-moderate risk with very nice returns and no headaches.
If you would be interested to hear more, please email me your contact information to slavasrfp@yahoo.ca.
Slava.
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