I have been an entrepreneur and self employed person my entire life. Was buying precious metals in my teens, purchasing homes in my twenties and by the third decade was doing on-line trading, acquiring land etc. To present times... i own/operate an Incorporated Company for the past 20+ years and I will pass on my experiences to you so you can achieve financial independence for you and your family. Terry Keys
Sunday, March 13, 2011
How to Save!
Hi everyone!! So we are reeling in the wasteful spending from our "wants and needs" list and also realizing we have to take care of our future ourselves. How are we to accomplish these goals?.....hang on for the ride!! First we need to save for a 6 month emergency fund, why you ask? Well life happens unless your living in a plastic bubble haha ( and that's not free from breakdowns lol) So put aside 10% of your pay to you've accumulated the 6 months of income, then move onto removing your debt and finally then start saving for the golden years of your retirement. Now if thinking about a mortgage, ( it shouldn't be more than 25% of your gross income) find out what the house payment would be and when paying your rent put the difference in a separate account till you have at least 10% down deposit for your dream abode. For your children's education if your in that category, look for the tax free Registered Education Savings Plan (RESP) and much like any other investment plan, the earlier you start the more savings you will earn towards your kids schooling, also set it up so your parents/friends can contribute.