Wednesday, March 30, 2011
To Become Wealthy
knowing your time frame will tell you how much to be put aside each month, then we look for investments that payout 6-8 % as the historical inflation rate has been 3%, so easy math; so depending on how many years we have the ratio could be 60% stock/40% bonds or maybe a 50/50 split. If you have a big window maybe do margins if your in the 20-30 age bracket and have the tolerance for risk B) Boost your savings in your RRSPs to save taxes paid to the government and if your employer matches up to 50%......well there is nothing better than investing with someone else's money lol C) Increasing your income; hard to find a higher paying job so maybe work part time on the weekends or start a small company on the side to generate more cash D) Real Estate; you know my opinion on house ownership with my past blog, but the 'X' Factor is location, location and did a mention location hahaha, so do your homework on this subject. Also look at buying flats/duplex's so you can live in one and rent out the others and take advantage of your 'sweat equity' for some repairs/cosmetics around the property while your renters are paying down your mortgage for you.....nice!!