EMPOWERING PEOPLE TO FINANCIAL GREATNESS

SINCE 2010

Buying a New Car Can Cost You Millions

April 22, 2010

How buying new can cost you millions

I have a good friend who moved to Canada from Europe. Once he was settled and had a good job, he decided that he needed to own a new vehicle. After looking for some time, he deiced to buy a brand new red sports car. I’ll admit I was pretty jealous when I saw his car! It smelt new, it drove perfectly, and it had every feature just how he wanted it. It even came with sporty alloy rims! His brand new sports car made my old ’94 Saturn with 2/4 cracked plastic rims and a painted side mirror look it was salvaged from a gnome infested farm yard.

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Myths About New Cars

April 22, 2010

Myth: I can deduct the interest from my taxes!

Myth: Leasing a new car gives a tax advantage for my business

Truth: According to Dave Ramsey’s “Total Money Makeover” leasing works out to an equivalent interest rate of around 14%!! I’ve seen credit card’s that offer a better rate than that! Leasing is more like renting:

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Green Eyes in Africa

April 19, 2010

Eeach Sunday I take a break from writing articles on managing money, and turn to something a little more meaningful. As the first article in this section, I would like to raise awareness of a small non-profit organization called Green Eyes in Africa. They are a group “dedicated to educating, empowering, and loving impoverished African orphans.” What is unique about the Green Eyes in Africa orphanage is that neither of the two founders accept a salary for their work, ensuring 100% of donations go to those in need.

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Play like a “Rich Kid” for Free

April 13, 2010

It’s a sad truth, but most things we buy just don’t get used. After a short time they go into a box or into storage and rarely give that that initial joy. Not only do these purchases take up useful space and cause clutter, they also cost a lot of money! Fortunately there is a simple method that can satisfy your cravings for “that newest toy” without shelling out the cash.

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One Million – One Year

April 8, 2010

Indira Gandhi: There are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less competition there. Make $1,000,000 by working just one year How much money would you like to have when you retire? Would a million dollars do? You [...]

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Budgeting with the Envelope Method

April 7, 2010

Sometimes keeping track of mid-month expenses can be difficult. Wouldn’t it be nice if there was a way to know exactly how much money you had left in a given budget category? Fortunately there is a way and it’s very easy! It’s called “The Envelope Method”

The basic idea of the Envelope Method is that each budget category is given an envelope, and the budgeted amount of cash is inserted inside. As the month goes on, food expenses are removed from the food envelope, fun expenses are removed from the fun envelope, etc until the month is over or the envelope runs out of money.

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Stay ahead by living behind – Never blow another budget

April 7, 2010

Perhaps you are in a situation where your monthly income varies wildly from month to month. Wouldn’t it be calming to know exactly how much money would be available? This method is perhaps one of the simplest, yet the least used. The process: Get a month ahead, and live on what you made last month. [...]

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Improve your Budget

April 6, 2010

I have called this worksheet the Advanced Record of Cash-flows Worksheet, but in reality it is just as simple as the basic version. The main difference is that the advanced worksheet contains more sub categories. The additional categories will give you more control over individual elements of your budget, and help give a better idea of exactly where your money is going. The additional categories help to weed out areas that might be over or under funded.

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