Latest Posts
Friday, January 21, 2011

Yakezie Challenge Time

by  | Write a Comment  (2 Comments)

This week at Do Not Wait we took a look at the top ten reasons to save for your retirement. As you go through your 20s the thought of retirement planning rarely hits you. Then as your 30s and 40s come, retirement planning will become all you think about. It’s worth getting a head start.

Yakezie challenge:

1. Hire A Personal Trainer Or Get Buff On Your Own? @ Financial Samurai.

2. Lean Turkey Costs How Much?! @ BITFS.

3. Life After Salary: One Month Without a Paycheck @ Consumerism Commentary.

4. 3 Principles About Building Wealth That Can Be Learned From Warren Buffett @ Buy Like Buffet.

5. The Best Travel Rewards Credit Cards @ Free From Broke.

6. The Learning Game: Newbie Cardholders Bear The Brunt of Fees @ Canadian Finance Blog.

7. 2 Best Tips on How to Freelance Effectively and Profitably @ Extra Money Blog.

8. 100 Words On: Why You’re Better Off Buying A Used Car @ Len Penzo.

9. With great freedom comes great responsibility @ Early Retirement Extreme.

10. When I Started Tracking My Finances @ Bucksome Boomer.

11. What Does it Mean When an ETF Jumps the Track @ MJTM.

12. What Are The Best Gas Credit Cards For 2011? @ Invest It Wisely.

13. Planning For The Next Phase Of Life @ Everyday Tips and Thoughts.

14. Preferred Shares — In Plain English @ Wealth Pilgrim.

15. The Art of Saying No @ Couple Money.

Read Post   Comments (2)   Print This Post Print This Post
Posted in Blog Roundup |
Tuesday, January 18, 2011

Top 10 Reasons to Save for Your Retirement

by  | Write a Comment  (9 Comments)

top reasons to retire

In these first (or last) weeks of RRSP season, here are some excellent reasons to make sure you Do Not Wait! to save for your retirement.

1- Realize Your Retirement Dreams

Go ahead, I dare you: meet your financial planner or investment advisor and find out what you need to do to Realize Your Retirement Dreams!  I am positive that putting cash aside now for your days after work is over will top the list of steps you’ll want to follow.

2- Take Back The Cash You Loaned to the Government

If you don’t think about RRSPs this way, it’s time to start.  An RRSP contribution reduces your taxable income and as a result, reduces your tax payable.  More often than not, it means you will get an income tax refund.  See if you can reduce your tax withheld at source if you contribute to your RRSPs at the beginning of the year or on a weekly / biweekly basis.

3 Having Options Later in Life Is Worthwhile

These days, everywhere you look, the media and legislators are worried about the people with a lack of retirement savings.  You need motivation, how about this: having options later in life is worthwhile.  I don’t mean Freedom 55, living on a sailboat, how about deciding what you want to eat this week (stay away from cat food and ramen noodles).  Pick and choose your leisure activities, the clothes you wear, the gifts you want to give your grandchildren, etc. Saving for your retirement can help afford you with choices later in life.

4 You Are Healthy and Could Live a Long Time

This might not apply to everyone, if not you have more important worries.  If so, being healthy and living a long time can be expensive.  Make sure you have enough income throughout retirement by saving now!

5 Healthcare Costs Are Not Going Down

If number 4 doesn’t apply beware, healthcare costs are not going down.  Even if you live in Canada, it seems that taking care of your health Costs!  Whether its parking at the clinic or hospital, tests or heaven forbid: you need treatment or therapy. Saving for your later days can allow you the best health care.

6 Working as a Walmart Greeter is Not Your Thing

Don’t get me wrong, many people enjoy working and being a walmart greeter could be your thing.  If not, see number 1.

7 Saving Money is Rewarding

Far from being just a pun.  It is true, looking at your retirement savings or investment account can put a smile on your face.  Reward yourself now and later by saving money now.

8 Investing is a Hobby

Take a look around, there are millions of people who find that investing is a hobby.  If this isn’t you, see number 1.

9 Enable Yourself to The Fruits of Your Labor

Put yourself in a position to enjoy the fruits of your labor.  I have never met anyone who said they didn’t work for their retirement.  I have met many folks who wished they had more savings set aside to better enjoy their days after working all those years.

10 If You Don’t, No One Else Will

If none of these other reasons have you convinced, remember, no one else will save money for Your retirement!  The list of businesses that are reducing the pension they offer employees is as long as my arm.  Governments abroad and soon, closer to home are looking at ways to pay out less (and later) in terms of retirement benefits.  So take care of your retirement, Do Not Wait! to make your RRSP contribution.

Do you contribute at the beginning of the year, throughout or at the last minute?

Author: Robert

image credit

Read Post   Comments (9)   Print This Post Print This Post
Posted in Retirement Planning & Resources |
Monday, January 17, 2011

Business Earnings are Positive

by  | Write a Comment  (No Comments)


It seems like every time I open the Money section of the newspaper, someone is explaining how business earnings are positive.  Positively what you ask?  I agree, and oh, by the way (btw) what does this have to do with my retirement savings plan and why I shouldn’t wait before I add to the pot.

Signs That The Economy Will Recover

First of all, business earnings are positive usually refers to what publicly traded companies reported for earnings (and more importantly profits) versus the expectations of what the financial analysts had calculated.  What this means to you and I is that the companies that are listed on the stock markets are doing better than the “experts” predicted.  This can be considered good news by most of us because it normally means in general that money is being spent.  Cash is what makes the economy go, it fuels jobs, spending, savings, which can be turned into investments.

The Stock Market is a Leading Indicator

Also good to know, is that when business earning beat the analysts predictions, the markets tend to rise (if there isn’t any other bad news out there).  The stock market is considered a leading indicator as to the performance of the economy.  The government reports statistics that confirm how the economy has been doing.  So much like what happened in 2008-9 when the government announced 6 months after the fact that we were in a recession, the rest of us want signs of where the economy is going not where it has been.  As an investor, it would be interesting to know what’s coming up.

Translate News into Useful Information

What is truly important is to look at the plethora of economic / financial news and make heads or tails of it for our own use.  Perhaps you have a Relationship With Your Investment Advisor who can help shed some light on how to take advantage of the current situation.  If not, this might be an occasion for you to talk with someone who can can steer you in the right direction.

I hope this helped make some sense out of what we see on a regular basis in the Money/Business section of the newspaper.  I can see this becoming a recurring theme.  My goal for this type of post will be to help you Take Responsibility for Your Investment Returns and to ensure that we all take the useful information that can be found in the news as we sift through the rubble of gloom & doom that the mass media believes we can’t get enough of on a daily basis.

What are the news items / headlines that you have questions about?  Make sure we cover the business news you want to turn into useful advice.

Author: Robert

Read Post   No Comments   Print This Post Print This Post
Posted in Ìnvest to retire |
Friday, January 14, 2011

Bitter Cold Link Time

by  | Write a Comment  (No Comments)

Many of you reading this are probably very cold the second you leave your home. Grab a cup of coffee and enjoy the following links:

1. 4 Ways to Retire Early by Cheating @ Consumerism Commentary.

2. How-to Pick the Right House For a First Time Home Buyer @ Green Panda Treehouse.

3. Government Of Canada: Please Release All Locked-In Retirement Money @ Money Smarts Blog.

4. What People Pay Shouldn’t Change Our Behavior @ Sweating The Big Stuff.

5. Blogger Tax Deductions You Should Be Looking For Come Tax Time @ Free From Broke.

6. Are You Responsible for Your Spouse’s Debt? @ Moolanomy.

7. A Resolution Worth Keeping: Take Advantage of Cash Back Programs @ The Wisdom Journal.

8. How Important is Income Diversification? @ PIN.

9. 30 Financial Moves Before 30– Ideas Worth Trying @ The Financial Blogger.

10. Choosing a Tax Professional: What to Consider @ Money Ning.

11. Leith Wheeler Weighs in on Currency Hedging @ Canadian Capitalist.

12. Is it Possible to be Both Eco-Friendly and Frugal? @ Grad Money Matters.

13. How to Overcome a Financial Loss @ Cash Money Life.

14. Tips for staying financially fit in 2011 @ Brip Blap.

15. The life and death of a blogger @ Early Retirement Extreme.

Read Post   No Comments   Print This Post Print This Post
Posted in Blog Roundup |
Wednesday, January 12, 2011

Business Consultants and How They Can Help, Part II

by  | Write a Comment  (1 Comment)

Here is the follow up post to how business consultants can help entrepreneurs and business owners get ready for retirement.  Last time around, Business Consultants and How They Can Help, Part I

discussed why it is important to Surround Yourself with Good People and covered Mentors and Business Consultants.

Today, we’ll review the importance of an accountant, financial planner, business banker, lawyer or notary, and insurer.

An Accountant

Depending on the size of your business, industry and where you are located, your requirements from an accountant will differ.  The most important consideration in choosing your accountant is accessibility.  You may prefer to do business with a large firm of Chartered Accountants (and may need to deal with juniors on a regular basis) or to hire a CPA or CGA directly or small accounting services office and have to wait at key times of the year due to the size of the firm.  Communicate your requirements in advance and be sure that the accountant is prepared to become a key part of your business.

Financial Planner

OK, I happen to be a financial planner.  As an entrepreneur, you are probably a very busy person.  The advantage of having a financial planner as a trusted advisor is they are able to quarterback your personal finances.  Whether it be regarding investments, debt management, retirement or insurance needs, legal aspects, taxation and estate considerations, your financial planner has the skills to provide guidance to help you.  In certain circumstances the financial planner will bring in addition expertise to support the plan.

Business Banker

Whether you like it or not, there are advantages to having your business borrow.  At the same time, your banker can validate what you have planned with the help of your accountant and business consultant.  The role of a business banker should be looked at from a risk management point of view.  Few of your advisors have much to lose in your business adventure.  The banker is there to protect the cash the bank will lend to you.  Use them to help identify where and how to reduce your risk.

A Lawyer or Notary

Hopefully the state of your business won’t call for a lawyer on retainer and yet it is important to have access to a lawyer or notary in order to protect you and your business at critical times.  Whether it be to create a partnership agreement, to advise you on merger & acquisition particulars or to prepare the sale of your business, a lawyer can help you protect your assets and maximize the potential of your business.

Insurer

Last but not least, you’ll want to have someone help protect you and your venture.  Protection from what you say?  Not only death, disability, fire, but what about overhead insurance, protecting your key people, your inventory, your accounts receivable.  Your insurer, much like your banker, can help you identify risks and show you coverage to mitigate them.

Valuable Business People

As previously mentioned, I believe there are scores of valuable business people who consult entrepreneurs on just the subjects where they need help.  I trust the examples of the Good People You Need to Surround Yourself With are helpful.  So Do Not Wait! look at what you can do right now to better prepare to improve your business and build your nest egg to be used for your retirement.

Author: Robert

image credit

Read Post   Comment (1)   Print This Post Print This Post
Posted in Career and Entrepreneurship |
Page 20 of 33« First...10181920212230...Last »