Archive for the “Canadians” category

9 Things Rich People Do Differently Every Day

010th Sep 2014Canadians, Home Based Business, Income, Money

1. Rich people always keep their goals in sight.
“I focus on my goals every day.”
Rich people who agree: 62%
Poor people who agree: 6%

Not only do wealthy people set annual and monthly goals, but 67% of them put those goals in writing. “It blew me away,” says Corley. “I thought a goal was a broad objective, but the wealthy said a wish is not a goal.” A goal is only a goal, he says, if it has two things: It’s achievable, and there’s a physical action you can take to pursue it.

2. And they know what needs to be done today.
“I maintain a daily to-do list.”
Rich people who agree: 81%
Poor people who agree: 19%

Not only do the wealthy keep to-do lists, but 67% of them complete 70% or more of those listed tasks each day.

3. They don’t watch TV.
“I watch TV one hour or less per day.”
Rich people who agree: 67%
Poor people who agree: 23%

Similarly, only 6% of the wealthy watch reality shows, compared to 78% of the poor. “The common variable among the wealthy is how they make productive use of their time,” explains Corley. “They wealthy are not avoiding watching TV because they have some superior human discipline or willpower. They just don’t think about watching much TV because they are engaged in some other habitual daily behavior — reading.”

4. They read … but not for fun.
“I love reading.”
Rich people who agree: 86%
Poor people who agree: 26%

Sure, rich people love reading, but they favor nonfiction — in particular, self-improvement books. “The rich are voracious readers on how to improve themselves,” says Corley. In fact, 88% of them read for self-improvement for 30 minutes each day, compared to 2% of poor people.

5. Plus, they’re big into audio books.
“I listen to audio books during the commute to work.”
Rich people who agree: 63%
Poor people who agree: 5%

Even if you aren’t into audiobooks, you can make the most of your commute with any of these commute-friendly self-improvement activities.

6. They make a point of going above and beyond at the office.
“I do more than my job requires.”
Rich people who agree: 81%
Poor people who agree: 17%

It’s worth noting that while 86% of rich people (compared to 43% of poor) work an average of 50 or more hours a week, only 6% of the wealthy people surveyed found themselves unhappy because of work.

7. They aren’t hoping to win the jackpot.
“I play the lottery regularly.”
Rich people who agree: 6%
Poor people who agree: 77%

That’s not to say that the wealthy are always playing it safe with their money. “Most of these people were business owners who put their own money on the table and took financial risks,” explains Corley. “People like this aren’t afraid to take risks.”

8. They watch their waistline.
“I count calories every day.”
Rich people who agree: 57%
Poor people who agree: 5%

Wealthy people value their health, says Corley. “One of the individuals in my study was about 68 and worth about $78 million. I asked why he didn’t retire, and he looked at me like I was from Mars. He said, ‘I’ve spent the last 45 years exercising every single day and watching what I eat because I knew the end of my career would be my biggest earning years.’ If he can extend his career four to five years beyond everyone else, that’s about $7 million for him.”

9. And they take care of their smiles.
“I floss every day.”
Rich people who agree: 62%
Poor people who agree: 16%

Enough said.

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This article originally appeared at Entrepreneur . Copyright 2014.

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Success doesn’t always come easy, it requires hard work and dedication, but the great part about working your own business is that there’s no ceiling for success and your business can offer you time freedom that no other business can.

Moving Abroad an Option for Retiring Canadians

015th Jan 2013Business News, Canadians, Income, Real Estate, Retirement, Savings, Self Employed, Taxation, Taxes, Work from home, , , , , , , , , , ,

Dwindling pension benefits are forcing many Canadians to rethink how they’ll spend their golden years, but that doesn’t necessarily mean giving up their dreams of a sun-soaked retirement.

Some experts say that with proper planning, uprooting to an exotic locale can actually help cash-strapped seniors stretch their retirement dollars.

Aside from milder temperatures, they say many of the destinations favoured by Canadians — including parts of Mexico, Panama and Costa Rica — offer another advantage prized by those on a fixed income: a lower cost of living.

“It’s sometimes assumed that an international retirement vision or lifestyle is something that wealthy people pursue,” said Rod Burylo, a Calgary-based financial advisor specializing in international retirement.

“The reality is… some people retire to Mexico because it’s so darn cheap,” he said.

“One could reason, therefore, that if the economy suffered and their finances suffered, they may be more inclined to retire to Mexico because… they could have a better quality of life than they could have here.”

Many Canadians are having to make tough financial choices — including prolonging their careers or downsizing their homes — in preparing for retirement as debt-ridden governments and companies scale back benefits.

While financial considerations alone are rarely enough to prompt a drastic change of scenery, they often play an important role in the decision-making process, according to a recent survey by the BMO Retirement Institute.

The survey by one of Canada’s largest banks found more than 70 per cent of Canadians aged 45 or older have given thought to where they want to live out their golden years.

But it also found that while many fantasize about retreating to faraway lands, just over 10 per cent of respondents said they were willing to follow through and leave Canadian soil.

“I think you get people moving abroad for two reasons,” said Brian Burlacoff, a financial advisor with Sun Life Financial.

“You get a proportion of people who do want to spend time very purposely outside of Canada — snowbirds, for example, in Florida or Arizona — (and) they have a plan for that,” he said.

“But the other group that you get moving away are people that have no plan and they’re kind of drawing at straws because they have to find a place that’s less expensive to live in order to carry out their retirement objectives.”

That kind of “reactive” move, he said, is similar to trading a downtown Toronto lifestyle for a more affordable one in a neighbouring suburb.

But unlike a simple hop across municipal borders, crossing national boundaries can have serious tax and health care implications, he warned.

And even regions where the average day-to-day costs are low can drain the savings of those without a clear budget plan, he said.

A guidebook published by the Department of Foreign Affairs lays out the potential pitfalls for those looking to retire abroad, from the loss of Canadian citizenship or residency — and the resulting loss of health coverage — to the intricacies of foreign tax systems.

“Many developing countries lack the resources to collect taxes on foreign-source income, so they compensate by imposing high consumption taxes or import duties,” the document reads.

“Make sure you take into account all taxes, duties and fees, as well as the withholding taxes you will pay on income originating in Canada.”

Burlacoff and Burylo both recommend consulting an advisor who understands the specific challenges involved, and keeping in touch throughout the preparations and after the move.

At 61, Kerry Strayton believes he’s still up to a decade away from retirement, but that hasn’t stopped the Richmond, B.C., resident from getting a head start on his plans to retire abroad.

He’s already “actively researching” possible destinations for him and his wife, such as Colombia, Uruguay and Thailand — places with a pleasant climate and a thriving cultural scene, that he says are accessible enough that their son and daughter will be able to visit.

Moving seems like a necessity for the couple, whom Strayton says will have to live off their savings and his wife’s “small, very modest” pension given that his employer doesn’t offer a pension plan of its own.

He estimates it would cost roughly $1,500 a month in one of his chosen destinations to keep the same standard of living that would cost $2,500 in Richmond.

“To be honest, living in this part of the country in particular, which is very, very expensive, it’s hard to see how we would manage to have at least some kind of reasonable lifestyle,” he said.

Many unknowns remain: for one thing, the couple hasn’t decided whether to make a permanent move or take the more popular snowbird route.

But with several more years of squirrelling away savings ahead, the pair has some time to figure it out.

And in the meantime, Strayton said, they’ll be checking out the top contenders to see which one could eventually become their new home.

ORIGINAL SOURCE: Retirement Canada: Moving Abroad Still Possible For Canadians With Cash Woes

 

Canadians fear retirement savings will run out

014th Jan 2013Business News, Canadians, Home Based Business, Income, Retirement, Savings, Self Employed, Work from home, , , , , ,

Nearly one-third of Canadian retirees are worried that they’ll run out of money over the long term, even though they are generally satisfied with the current quality of retirement, says a new poll by CIBC.

The survey, conducted by Leger Marketing and released on Monday, found that 69 per cent of retired Canadians say the quality of their retirement is what they had hoped for. However, 28 per cent said they are afraid of running out of money over the longer term.

British Columbia retirees were among the most afraid (45 per cent) of running out of money to sustain certain lifestyles, while Atlantic Canadians were among the least likely (21 per cent) to be worried about running out of money.

“While it is positive to see that a majority of retired Canadians are living the retirement they hoped for, our poll findings also show there is concern around whether their retirement savings will sustain them in the years to come,” says Christina Kramer, executive vice president, retail distribution and channel strategy at CIBC.

Kramer added there are some unique factors facing retirees including low interest rates on savings and the need to make their retirement funds last longer than previous generations, which makes long-range planning even more important.

The results also showed that more than half of retired Canadians indicate that a short-term financial shock could cause cash flow problems, with 54 per cent saying they would not be able to handle an unexpected extra payment of $500 a month given their current budget. Of that figure, 34 per cent said it would be very unmanageable and 19 per cent said it would be somewhat unmanageable.

The poll was conducted online and used a sample of 867 pre-retirees and retirees between over a period of four days in late September, according to a CIBC release.

ORIGINAL SOURCE: Canadians fear retirement savings will run out

Retirement Income

An unfortunate reality in today’s world is that many people either in retirement or near retirement are struggling to make up the shortfalls that recent economic challenges and financial crises have created. So searching for a way to supplement your retirement income is completely understandable.

Further, the traditional pensions we all heard our parents or grandparents talk about or enjoy are also pretty much a thing of the past, so what is a person to do.

Some are forced into working part time at menial jobs such as greeters in Wal-Mart or McDonalds, while others pick up part time jobs delivering newspapers or tele-sales in an effort to supplement their retirement income, but for many health issues make it very difficult to take on part time jobs.

 

How To Run A Profitable Home Based Business

09th Sep 2012Canadians, Home Based Business, Internet Marketing, Network Marketing, Work from home, ,

How To Run A Profitable Home Based Business

There are several reasons that people start their own businesses, including a passion for a certain product or service or a need to have flexible hours! With your home business, you can be your own boss and work when it’s convenient. Read this article for tips on how to start a business at home.

Double check every email newsletter you send through your home business website for usability. If I find something I like, will I know where to click to find out more? Will I know how to contact you if I have a question? Can I easily forward the email to friends or post a link to it on my social media account? Make sure that YOU can do it so your customers can, too.

Get a professional website. The domain name should correspond with the name of your business. Choose a professional web-hosting firm. If you choose a “green” one, you can put a “green” emblem on your site announcing your site’s eco-friendly status. Also, your business cards and collateral should be as good as what a large company would use.

Keep a mileage log for your business driving. With a home business, you might find yourself driving to meet clients or suppliers, delivering orders or traveling to boutiques and trade shows. The IRS allows a write-off for business mileage, at about 34 cents per mile. That adds up! Check IRS.gov for the current year mileage allowance.

Evaluate the work space in your home. Since you are just starting out, it’s important to keep your overhead low and using your own home is a great idea. You must set aside a work area or space to conduct your business but should make sure you have the room.

Commit yourself not to decisions but to action. Starting and growing a home business does not follow a linear path. It zigs and zags and requires constant flexibility. There is no way to make all the right decisions up front; you just have to jump in and start doing. Commit to action everyday, and have faith that you will be able to make the right decisions each time choices come up.

Don’t let your webdesigner get you hyped up on new technologies unless they’re really going to drive people to your website. For example, creating a mobile version of your website is really only important if you have content for sale which could be read while commuting. Instead, make your main site mobile-friendly so everyone can access it.

With the advent of the internet, we’re now all able to access a ton of up-to-date information on the same field as our home business as soon as it’s written. Make sure to follow expert blogs, news outlets, and even social media accounts of your competition to keep yourself on top of the game.

If you have a home business with clients you MUST retain a lawyer to help you draft up contracts. Even if he creates a single generic copy which will work for every job you do, get him to do it! You can’t shake hands and trust people anymore, there’s just too much greed in today’s society.

Write your way to a home based business. If you enjoy writing, and have plenty to say consider a business in article marketing. You can make money by writing content for the internet. You can write at your own pace and market your skills anywhere you want. There is huge potential in article marketing.

If you have identified the type of home business that you want to start, do research on the industry. To make a business plan, you need to understand your industry. Find out if there is a market for it, how much competition there is and how much start-up costs will be.

Put important information about your home business on the first page of your web site. You do not want it to be difficult for potential customers to find what they need to order from you. Talk about why your product is valuable and give a description of the item. Have a way for them to directly connect to your ordering information right from that page.

Choose a business name that has meaning for you. Having an interesting name can make customers curious about your business, which means they may even ask you what it is and how you got the name. Make sure it has an interesting story behind it and you may soon find yourself with loyal customers.

Whether you want to be available when a spouse or children arrive home, you like to sleep in, or you really love a certain subject, home businesses can be an attractive option. Remember the tips in this article to start and manage your own successful, profitable home business in an effective manner!

Always remember – Dream Big!

411th Jun 2012Canadians, Income, Success, ,

Fantastic article from INC magazine.

Great to see such success.

Shark Tank’s Accidental Entrepreneur: Robert Herjavec

This CEO sold his last company to Nokia for $225 million. Now he’s aiming for a billion-dollar business. Here’s how Robert Herjavec went from penniless Canadian immigrant to Ferrari-racing celebrity.

If you recognize this man, it’s likely from the TV show Shark Tank, on which he analyzes and invests in companies alongside real-estate agency entrepreneur Barbara Corcoran, HDNet owner Mark Cuban, and branding expert Daymond John. But Robert Herjavec isn’t just an on-air personality; he’s also a serial entrepreneur who founded and runs the fastest-growing technology company in Canada. Herjavec—whose family arrived in Halifax after escaping the former Yugoslavia when he was 8—is a master of exits. He sold his first venture to AT&T; his second was purchased by Nokia for $225 million. And to think: He didn’t even want to be an entrepreneur. Inc.’s Christine Lagorio spoke with Herjavec about his unique entrepreneurial path, his investment strategy, and his recent cameo on a celebrity gossip show.

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