Comments on: My Five Basics for Financial Success http://www.canadiancapitalist.com/my-five-basics-for-financial-success/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Book Winner, News and Weekend Reading | Million Dollar Journey http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-137804 Book Winner, News and Weekend Reading | Million Dollar Journey Fri, 13 Jun 2008 09:31:08 +0000 http://www.canadiancapitalist.com/?p=960#comment-137804 [...] Canadian Capitalist gives us the Five Basics for Financial Success. [...] [...] Canadian Capitalist gives us the Five Basics for Financial Success. [...]

]]> By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136980 A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com Sat, 07 Jun 2008 02:36:40 +0000 http://www.canadiancapitalist.com/?p=960#comment-136980 [...] Canadian Capitalist explains his Five Basics for Financial Success - as one of the most respected voices in the blogosphere, it’s worth checking [...] [...] Canadian Capitalist explains his Five Basics for Financial Success – as one of the most respected voices in the blogosphere, it’s worth checking [...]

]]> By: Thicken My Wallet » Blog Archive » Why I became a passive investor http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136750 Thicken My Wallet » Blog Archive » Why I became a passive investor Thu, 05 Jun 2008 08:55:33 +0000 http://www.canadiancapitalist.com/?p=960#comment-136750 [...] have learned many rules of investing from other blogs and two of them [...] [...] have learned many rules of investing from other blogs and two of them [...]

]]> By: Term Life Insurance PopStar http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136592 Term Life Insurance PopStar Wed, 04 Jun 2008 01:45:07 +0000 http://www.canadiancapitalist.com/?p=960#comment-136592 These are great tips. I think the easiest is the first (don't spend more than you make) and the most important is the fifth (protect what you have). Life insurance and other forms of insurance are often things that we overlook. But, especially with prices the way they are today (really low), I would hope that no one overlooks the simplest form of life insurance: term life insurance. It's easy to get and it's one of the best ways to protect your family or loved ones against your untimely passing. These are great tips. I think the easiest is the first (don’t spend more than you make) and the most important is the fifth (protect what you have). Life insurance and other forms of insurance are often things that we overlook. But, especially with prices the way they are today (really low), I would hope that no one overlooks the simplest form of life insurance: term life insurance. It’s easy to get and it’s one of the best ways to protect your family or loved ones against your untimely passing.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136544 Canadian Capitalist Tue, 03 Jun 2008 14:44:49 +0000 http://www.canadiancapitalist.com/?p=960#comment-136544 Michael: Cars are such money pits and many forget that depreciation is one of the major expenses of owning a car and is especially high in the initial years. Rob, Rob G, Thicken, Matt, Rachel: Good points. Phil: I guess that is one reason to keep two accounts and keep a bundle of cash at home as part of emergency preparedness. Michael: Cars are such money pits and many forget that depreciation is one of the major expenses of owning a car and is especially high in the initial years.

Rob, Rob G, Thicken, Matt, Rachel: Good points.

Phil: I guess that is one reason to keep two accounts and keep a bundle of cash at home as part of emergency preparedness.

]]> By: Rachel @ Master Your Card http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136515 Rachel @ Master Your Card Tue, 03 Jun 2008 13:21:30 +0000 http://www.canadiancapitalist.com/?p=960#comment-136515 I would also add that you need to set a goal - work out what you want to achieve with your finances and why and keep the goal written down. It may even be useful to break it down into smaller steps and most importantly have a deadline. I would also add that you need to set a goal – work out what you want to achieve with your finances and why and keep the goal written down. It may even be useful to break it down into smaller steps and most importantly have a deadline.

]]> By: Matt http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136459 Matt Tue, 03 Jun 2008 02:50:45 +0000 http://www.canadiancapitalist.com/?p=960#comment-136459 Good list - getting over the habit to spend more money than you bring in can be an incredibly hard one. But you're right it does get easier over time (though I'm still mastering it). Good list – getting over the habit to spend more money than you bring in can be an incredibly hard one. But you’re right it does get easier over time (though I’m still mastering it).

]]> By: Phil S http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136451 Phil S Tue, 03 Jun 2008 00:35:58 +0000 http://www.canadiancapitalist.com/?p=960#comment-136451 Keep it simple: Lots of people keep four or five bank accounts... I used to believe in that but now I think differently. Keeping a number of bank accounts is a GOOD idea, especially if consolidating everything into a single bank account would create a balance that exceeds the $ amount insured by CDIC. Also, I recently underwent a strange incident several months ago where BMO froze all my bank accounts because their computer detected a potential security breach. I had absolutely no access to ANY of my own money until I could get into a branch and even on my first visit, the computers were down so it took nearly two weeks before I had access to any of my own money - I was buying my lunches with change that I scrounged from the floor of my car and between my sofa cushions! Thankfully I wasn't travelling somewhere or else I would have REALLY been screwed. I NOW keep a variety of bank accounts in order to spread around the risk and also to keep my total cash balance in any single account well under the $100K mark. Not to mention in the event of another situation like the one that I had at BMO. It's a diversification strategy like any other... Sincerely, Phil Keep it simple: Lots of people keep four or five bank accounts…

I used to believe in that but now I think differently. Keeping a number of bank accounts is a GOOD idea, especially if consolidating everything into a single bank account would create a balance that exceeds the $ amount insured by CDIC. Also, I recently underwent a strange incident several months ago where BMO froze all my bank accounts because their computer detected a potential security breach. I had absolutely no access to ANY of my own money until I could get into a branch and even on my first visit, the computers were down so it took nearly two weeks before I had access to any of my own money – I was buying my lunches with change that I scrounged from the floor of my car and between my sofa cushions! Thankfully I wasn’t travelling somewhere or else I would have REALLY been screwed.

I NOW keep a variety of bank accounts in order to spread around the risk and also to keep my total cash balance in any single account well under the $100K mark. Not to mention in the event of another situation like the one that I had at BMO. It’s a diversification strategy like any other…

Sincerely, Phil

]]> By: ThickenMyWallet http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136426 ThickenMyWallet Mon, 02 Jun 2008 18:11:34 +0000 http://www.canadiancapitalist.com/?p=960#comment-136426 Great list. It ain't sexy but it is effective (and perhaps that is the key...). Great list. It ain’t sexy but it is effective (and perhaps that is the key…).

]]> By: Rob G http://www.canadiancapitalist.com/my-five-basics-for-financial-success/#comment-136424 Rob G Mon, 02 Jun 2008 17:19:25 +0000 http://www.canadiancapitalist.com/?p=960#comment-136424 I do like the lists as it is beneficial/intelligent to keeping your investments to what you understand. Warren Buffet per se. But if you have the aptitude (education as 4P mentioned) for more complex vehicles, then wouldn't this be apart of that person's KISS formula. "(7) Money isn’t happiness." I'd just like to say I believe the last (above) statement to be not entirely true. In it's simplest form money isn't happiness but neither is sex, marriage or winning the lottery. Dependant on your disposable income, you may or may not have enough left over to enjoy the funner things in life. I've gradually had my pay increase every year for the past 7 years from 24000$ to 59000$ a year. Personally I haven't noticed a great change in my happiness level yet life has been more fun the last couple of years. My increased income has also made it possible to partake in a greater deal of pleasure activities. If today my pay were to fall to lets say 24000$ I think I'd be a wreck. A persons attitude also goes along way. If your a stressed out worrier then no amount of money would help except maybe pay a therapist; how about the A type go getter, would he not be able to afford nicer clothes and better vehicles/houses to demonstrate his ambition and past successes. Money is relative to what you have, have not and what your neighbors/family/friends have and have not. In my honest opinion money is one of the greatest debates to ever exist. Take care, Rob G I do like the lists as it is beneficial/intelligent to keeping your investments to what you understand. Warren Buffet per se. But if you have the aptitude (education as 4P mentioned) for more complex vehicles, then wouldn’t this be apart of that person’s KISS formula.

“(7) Money isn’t happiness.”

I’d just like to say I believe the last (above) statement to be not entirely true. In it’s simplest form money isn’t happiness but neither is sex, marriage or winning the lottery. Dependant on your disposable income, you may or may not have enough left over to enjoy the funner things in life. I’ve gradually had my pay increase every year for the past 7 years from 24000$ to 59000$ a year. Personally I haven’t noticed a great change in my happiness level yet life has been more fun the last couple of years. My increased income has also made it possible to partake in a greater deal of pleasure activities. If today my pay were to fall to lets say 24000$ I think I’d be a wreck. A persons attitude also goes along way. If your a stressed out worrier then no amount of money would help except maybe pay a therapist; how about the A type go getter, would he not be able to afford nicer clothes and better vehicles/houses to demonstrate his ambition and past successes. Money is relative to what you have, have not and what your neighbors/family/friends have and have not.

In my honest opinion money is one of the greatest debates to ever exist.

Take care,
Rob G

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