Wealth Management For Canadians – Rule of 40 – The money murdering formula the mutual fund industry would rather you not know
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Have you ever wondered why it is so difficult to get ahead with your investing? Ever wonder why the long term horizon and those incredible returns financial and investment advisors promise never seems to happen? Well there is a simple reason for this .. just look at the sky line of any downtown Canadian city and you’ll see it littered with the big banks and financial institutions.
There’s a reason for this. Banks, investment firms and advisors eat up a third of your wealth … that is 1/3 of your hard earned money and investment returns … and keep it for themselves. Management fees charged by mutual funds, banks and other financial or investment advisors are hidden. They are buried in the performance of the mutual fund.
Ask any Canadian about how much they pay their investment advisor and most will either tell you one of two things .. they either don’t know, or worse yet, they tell you that their advisor doesn’t charge them anything. The reason they say this is because they don’t actually have to physically write out a cheque or transfer money to pay them .. they just help themselves from your investment account.
In this video tutorial, we look at a very interesting formula which an actuary discovered that deals with your wealth and how much you are really paying the investment industry to manage your money. You don’t have to be an actuary to use this. It is very simple to calculate and it provides you with a mind-boggling number which I think you will find interesting.
Are your Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) account invested in Canadian mutual funds? Did you know that a study was recently done that showed that Canadian mutual funds charge the highest management fees in the world? Sure, why not. The industry never had to really disclosed how much you paid them on an annual basis .. thankfully that is going to change with some new transparency and reporting rules put into place by the Canadian government.
Check out my Wealth Accelerator Course which is free here on YouTube or on my web page. My goal is to completely transform the way people think about money and money management.
If you agree with what I have to say, then you may be interested in taking my flagship Personal Pension Academy course for only $97. I have offered this course at live workshops for upwards of $500. Check out the following Course link to sign up for this low price today. For less than the cost of a couple of personal finance textbooks, I’ll give you lifetime access to the course, and all the quarterly updates.
Continue your free training with the next videos in the Personal Pension Academy:
Video 1 – Secrets the financial industry don’t want you to know
Video 2 – The Investment ADD Death Trap
Video 3 – Turning your TFSA into a personal pension plan
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Here are some other good resources on Tax Free Savings Account – How they work and what they do
– Good explanatory video – https://www.youtube.com/watch?v=5pcvgKCxFhk
– Another good explanatory video from ScotiaBank (although I wouldn’t buy any of their investments) – https://www.youtube.com/watch?v=a3Flb9lGUMM
– TFSA vs RRSP explanation and examples – https://www.youtube.com/watch?v=iraKxb6baCc
– Information on Tax Free Savings Accounts (TFSA) from the Canada Revenue Agency (CRA) – http://www.tfsa.gc.ca/
– Good article from the Globe & Mail on so Do’s & Don’ts of TFSA investing – http://globalnews.ca/news/1502572/5-dos-and-donts-of-tax-free-savings-accounts/