Wealth Management For Canadians #4 – Using the wealth building formulas in this series to build a portfolio and create wealth
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In this series, I’ve gone over three really simple, but extremely useful ratios or formulas that you can use to apply to your own investing and build wealth. First, I taught you how to avoid giving a third of your wealth away to banks or financial advisors using the Rule of 40.
Second, I taught you how long it would take to double your money at a given rate of return by analyzing the Rule of 72. And finally, we looked at a similar ratio that told us how long it would take for us to get our money back … how long to be repaid on our original investment. These 2 formulas were similar. The difference was due to compounding and I also showed you the power of compounding.
In this tutorial, I show you how to put it all together and have these formulas drive your investment methodology and completely change the outlook of your investment and retirement planning. In my opinion, retirement planning in Canada is usually an uphill battle because of the way the entire wealth and banking industry is set up. High fees, as I showed you in the Rule of 40 video, plays a critical role in your retirement planning. It’s quite simple the more money that stays in your investment account and can be re-invested, the better off you will be.
The approach is quite simple. Avoid investing in securities that charge you a management fee and invest only in securities that you know will allow you to double your money at some point. That’s what investing is all about.
If you have a Registered Retirement Savings Plan (RRSP) and/or a Tax Free Savings Account (TFSA), then you need to start putting a plan like this in place right away to start on the road to success. Right now, you are likely invested in mutual funds because that is where everyone tells you that you should be invested. I’m telling you the opposite. I’m telling you to start taking matters into your own hands and put the money to work for you. It’s not that difficult.
Subscribe to my YouTube channel and I will teach you how to manage your own money. I’ll show you that market value investing is not the way to build true wealth. In my Personal Pension Academy and Wealth Accelerator courses, I give you a step-by step blueprint on building an investment plan that works. You won’t need to pay high priced advisors to put it together. Do you know why? Because it is based on logic and grass roots investing.
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
Check out my free online money course – The Wealth Acceralerator:
To Enrroll In the Personal Pension Academy sign up here:
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/