$100 a month can make you a millionaire. How?

Posted in: Saving Advice

Many young people think they're more likely to win the lottery than save a $1 million, according to a recent survey by TD Canada Trust. But you can become a millionaire in 40 years by starting with as little as $100 a month and staying focused. Here's how: From ages 25 to 30, you save $100 per month, for a total of $7,085.08, assuming a rate of return of 6.8 per cent per year, compounded monthly.

Facebook, Google mull $10B Twitter buy

Posted in: Financial News

Technology titans Google and Facebook are kicking the tires on social media site Twitter and considering a bid for the company, a report in the Wall Street Journal said Thursday. Executives at the two companies and others have been engaged in low-level discussions with Twitter for months, exploring the possibility of absorbing the much-hyped company.

MasterCard PayPass is gaining popularity in retail environments

Posted in: Financial News

Financial Institution offerings for customers an exciting opportunity to deliver the value MasterCard brings to consumers, merchants and businesses through our convenient, secure and innovative payment technologies, including PayPass MasterCard. MasterCard PayPass provides a convenient alternative to cash. The introduction of MasterCard PayPass credit cards are a significant step forward in the evolution of cashless transactions. It removes the need for customers to fumble for cash and coins, or swipe a card and sign a receipt in retail environments where they speed of payment processing is critical such as quick serve restaurants, drive-throughs, parking lots, gas stations, and more. Merchants who accept PayPass are seeing speedier checkout lines as cardholders simply tap their PayPass enabled MasterCard card on a reader and the secure transaction is completed in a matter of seconds.

Are you the first time home buyer? Using your RRSP and Saving your Down Payment

Posted in: Financial News

Home buyers plan allows first time home buyers to withdraw up to $25000 dollars, from their RRSP for the purpose of buying or building a qualifying home. The amount must be repaid to the RRSP with in fifteen years with a minimum annual payment. If a repayment is not made for a given year the minimum repayment is included as taxable income for that year. When you feel short on the cash needed to buy your home? The money in your RRSP can be used to buy a first, eligible home without taxation on your withdrawal. You should thanks to the Home Buyers Plan, the contributor and their spouse can withdraw up to $25,000 each towards the purchase or construction of a home, whether it is new or not. Some restrictions apply if you or your spouse have been home owners in the four years preceding that of your withdrawal and up to 31 days before you made the withdrawal.

How do you build up the personal financial planning to achieve financial security for you and your family?

Posted in: Financial News

A good financial plan brings you closer to your financial goals by building investment capital. Your pool of invested capital can be accumulated by reducing income taxes, saving portions of your income, minimizing interest expense, and implementing a structured investment program. At the same time you have to protect your family by ensuring your plan includes appropriate provisions for an estate plan, power of attorney, disability insurance all these issues together is the process of creating a personal financial plan.

Income trusts are pool of capital invested in a specific business

Posted in: Financial News

Most income trust units trade on the Toronto stock exchange. Income trust hold underlying assets anything from power generating stations to hotels to portfolios of stocks. They are structured to earn cash flow through dividend, interest, rental income or capital gains, depending on the type of trust. Most of the net cash flow earned by the trust is passed on to investors or unit holders in the form of payments called distributions. These are paid out monthly or quarterly

What is the relationship between Canadian and U.S money market funds

Posted in: Financial News

U.S. money market funds are similar to their Canadian counterpart in the sense that both have returns closely tied to current market interest rates, and both consist primarily of T-bills, banker’s acceptances and commercial paper. The returns on both are fairly uncorrelated with equities and fixed income securities. There is one significant difference U.S. money market funds are invested in U.S. dollar denominated securities. Canadian and U.S. interest rates rise and fall together, they don’t rise and fall in absolute lock step and it is the U.S. and Canadian exchange rate that accounts for most of the difference. Canadians buying U.S. money market securities are making a currency play and that show up in the correlation between the two fund types.

International Global Investment companies invest in open ended and closed ended funds.

Posted in: Financial News

The open ended are more familiar and are commonly called mutual funds. They are open ended because the funds can sell additional shares to the public at virtually any time with little or no restriction. The proceeds from the sold to the mutual funds itself since there is no secondary market for the shares. Closed end funds on the other hand have a fixed capital structure, in that shares are initially sold to the public and the proceeds invested in a portfolio of securities according to a set of objectives. The open ended fund, the management of closed ended funds is paid a fee to manage the portfolio, which may be subject to constant revisions. But unlike the open ended fund, new shares in the closed ended fund are only issued in specific issue, and then only with the approval of the appropriate bodies. The shares of closed end funds are traded on stock exchange in the same manner as shares of public companies

Credit counselling focuses on the repayment of creditors

Posted in: Financial News

Are you worrying about your credit problem? There are lots of ways to resolve the credit problems. Debt consolidation has been one effective tool to manage credit and debt. Debt consolidation is reducing interest charges by consolidating high interest bearing charge cards and retail credit cards for a lower interest line of credit or consumer loan is a well establish the debt management. Debt consolidation is a tool to protect the credit rating, where there is a shortage of money to meet all the creditor payments as they become due of payable. Many different ways are available to solve your credit problems. A cautionary note is the overall financial well being of the individual or family unit requires assessment at this stage. Re-mortgaging is another common method to pay out your credit cards and other family obligations by using the equity in the home.

Is it a good debt or is it a bad debt

Posted in: Financial News

You should understand that not all debt is bad. Unless you inherited a bundle, no doubt need to borrow money from time to time, that’s fine as long as you are careful about why and when you take out loans. First of all take a look at your current debts and sort them into good and bad. You have to minimize your bad debts. Next you should walk through what to do with ultimate in bad debt such as your unpaid credit card balances. But also want to keep the good or bad strategy in mind when you are contemplating taking on new debt. Always ask your self - is it a good debt or is it bad debt?

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