Million Dollar JourneyMillion Dollar JourneyThe Making of a Millionaire - A Canadian Personal Finance Story. Come follow the story of a 20 something year old Canadian on this journey to 1 million in net worth by the age of 35. Daily topics include personal finance, investing, taxes, and frug 
Articles
Income Property Financing for New Investors
2008-04-07 11:30:00 Melanie and Robert McLister, mortgage planners and editors of Canadian Mortgage Trends, have taken the time to write about obtaining financing for real estate investors. This is a must read for Canadians considering getting into the rental market. Aspiring real estate investors seem to ask one question more than any other: “How much do I have to put down to buy an income property?” Most are unaware that it’s now possible to buy a small rental property (2 units or less) with $0 down. It wasn’t always that way. Until last fall, most borrowers wanting 100% financing on an income property had to resort to “alternative” (private or subprime) lenders, or negotiate vendor take-back mortgages (VTBs). The problem is that VTBs are often hard to arrange and 100% alternative financing is expensive–and has all but dried up thanks to the credit crunch. In October, however, property investors got lucky. CMHC came to ... More About: Property , Financing , Income , Investors
Money Writers and Weekend Reading
2008-04-05 11:30:00 A few weeks ago, the personal finance blog network "The Money Writers " invited Million Dollar Journey to join their team of bloggers. After some discussion, MDJ graciously accepted as it is a great opportunity for both the readers and the blog. What does this mean? There won't be any major changes around MDJ, it simply means that ... More About: Reading , Weekend
Best of Million Dollar Journey: March 2008
2008-04-04 11:30:00 Time again for the Million Dollar Journey monthly summary - The March 2008 Edition. Before we start, we are currently giving away 5 copies of the book Every Family's Business. If you haven't entered already (open to everyone), you can find the rules and enter here. On another note, there has been sporadic down time with ... More About: March 2008
Book Giveaway: Every Family?s Business
2008-04-03 11:30:00 As promised during the book review, Dr. Thomas William Dean has generously offered to give away 5 copies of his popular book: Every Faimly's Business : A Blueprint for Protecting Family Business Wealth. Here is a snippet of the review: Here is some food for thought, did you know that only 1/3rd of ALL family business survives to ... More About: Book
Questrade Improves Commission Structure
2008-04-02 11:30:00 A Questrade PR rep emailed me about their new and improved commission structure. Their old system gave you a choice of either $4.95/trade for up to 495 shares ($0.01/share after that) OR $9.95/trade for unlimited shares. Depending on the volume of shares that you're trading, one choice may be more cost effective than the other. They ... More About: Commission , Structure
Book Review: Every Family?s Business
2008-04-01 11:30:00 Dr. Thomas William Deans contacted me about a new book that he has written on family business succession called Every Family 's Business : A Blueprint for Protecting Family Business Wealth. I must admit, when I first heard about the book, I wasn't very excited about reading it as the topic isn't very "sexy". However, this all changed ... More About: Book Review , Review , Book
March 2008 Net Worth Update: (+1.17%)
2008-03-31 11:30:00 Time for another net worth update: The March 2008 Edition! There is a saying in Newfoundland that would describe the markets perfectly.. "The arse has fallin out of her." When will the markets find a bottom? Are we there yet? In terms of market returns, the only reason my retirement accounts are showing positive relative ... More About: Update , Net worth , Worth , March 2008
Winner and Weekend Reading - March 28, 2008
2008-03-28 10:30:00 Great Canadian Rebates $25 Amazon/Chapters Gift Certificate Winner When I first wrote about Great Canadian Rebates, I promised readers who joined under my referral that they would have an opportunity to win a $25 gift certificate from Amazon/Chapters. As keeping with the promotion, we have drawn the newest winner.. Patricia from Toronto! Congrats! The next 100 ... More About: Reading , Weekend , March , 2008
Differences in Non-Refundable Tax Credits and Tax Deductions
2008-03-27 12:30:00 This is a pretty common question asked during tax season. What exactly is the difference between a non-refundable tax credit and a tax deduction? Tax Deduction A tax deduction reduces your income for the year which can potentially mean that you've over paid on your taxes. Come tax return season, you'll get a refund on your ... More About: Differences , Credits
Saving Strategy: Avoid Upgrading Your Housing
2008-03-26 11:30:00 This is a lesson that I'm in the process of learning. If you plan on living a frugal life, it's much harder when building/buying a brand new house or upgrading your housing in general. The Building Process We had every intention to keeping our house simple and even hoping to keep our expenses below the ... More About: Strategy , Housing , Saving , Avoid
Sustainability, Sustainable Development, and Financial Health
2008-03-25 10:30:00 Regular reader and commentator DAvid has taken the time to share his thoughts on sustainability and financial health. I thought that this topic would be refreshing as MDJ doesn't touch on the topic of green living very often. The greening of our world has become a topic of importance to the Canadian ... More About: Health , Financial , Development , Sustainability , Sustainable Development
Carnival of Personal Finance # 145: Baby Education Edition
2008-03-24 14:10:00 Welcome to the 145th Carnival of Personal Finance: The Baby Education Edition. With the new baby, I've been thinking a lot about how to properly raise a child and how to teach them about personal finance and business. So what's better than a baby theme that will take us on the road of financial education. ... More About: Personal Finance
Hosting the Carnival of Personal Finance
2008-03-22 09:30:00 Just a quick note that Million Dollar Journey will be hosting the Carnival of Personal Finance this coming Monday. If you are a blogger and interested in getting some exposure, then this is a great opportunity. If you are new to the scene, you can read the Carnival of Personal Finance event that MDJ hosted before. Please ... More About: Hosting
Weekend Reading - March 21, 2008
2008-03-21 10:30:00 Before we get into some weekend reading, there was a winner chosen for a free copy of Rich Dad's Increase Your Financial IQ. Out of the 65 comments received, AppleTree was randomly chosen as the winner! Congrats! Thanks to all who participated. What are your thoughts of contests that require a bit more work than ... More About: Reading , March 21 , Weekend , March , 2008
Informal In-Trust Accounts
2008-03-20 11:30:00 I received an email from Leah the other day asking what are some options for investment accounts for children. Right away, I thought about RESP accounts, however, those aren't for Leah as they are too restrictive. I can see the new Tax Free Savings Account (TFSA) being an alternative to the RESP, however, the rules haven't ... More About: Trust
How Exposed is the Smith Manoeuvre to the Lipson Case?
2008-03-19 10:30:00 Numerous readers have contacted me regarding the current Lipson case and it's potential affect on the Smith Manoeuvre. When it comes to legal matters, I usually contact a lawyer for more information. It just so happens that the blogger behind Thicken My Wallet is a former lawyer and is more than willing to help. Below ... More About: Case
Book Giveaway: Rich Dad?s Increase your Financial IQ
2008-03-18 10:30:00 As promised, we will be giving away a free copy of Rich Dad's Increase your Financial IQ. Here is a snippet of the review: What I liked about the book? In Financial IQ #1, the author explains why the rich are rich and why the middle class and poor stay that way. Kiyosaki explains that the rich use ... More About: Book
Book Review: Rich Dad?s Increase Your Financial IQ
2008-03-17 11:30:00 Robert Kiyosaki's book publisher contacted me about their newest book: Rich Dad's Increase Your Financial IQ. As I have read the other Rich Dad Poor Dad books, I was excited about getting my hands on this book. For those of you who aren't familiar with the Rich Dad series, it's a financial education series which teaches ... More About: Book Review , Review , Book
Weekend Reading - March 14, 2008
2008-03-14 10:30:00 Before I start the link fest, I'd like to announce the winner of "Fast Profits in Hard Times". Out of the 103 comment entries (all of which made me hungry), Lyu was randomly chosen as the winner. Congrats! If you like these book giveaways, stay tuned, we'll be giving away another book ... More About: Reading , Weekend , March , 2008
Frugal Recipe: Cooking a Whole Chicken
2008-03-13 11:30:00 I was doing some cooking the other day and I thought popped in my head that I don't post a lot about recipes on MDJ. Cooking /recipes can become a popular topic as everyone eats and why not save some money while your at it? This recipe is for cooking a whole chicken. There are various times ... More About: Recipe , Chicken , Frugal
TFSA vs RRSP - Clawbacks & Income Tax on Seniors
2008-03-12 12:30:00 Ed Rempel (CFP/CMA) is back! This article will pit the new Tax Free Savings Account (TFSA) against the old school RRSP with the main focus being the potential GIS/OAS clawback during retirement. “The future ain't what it used to be.” – Yogi Berra Tax Free Savings Accounts (TFSA’s) were just announced in the recent federal ... More About: Income , Seniors , Income Tax
Book Review and Giveaway: Fast Profits in Hard Times
2008-03-11 12:30:00 FSB Associates contacted and provided me with a free copy of the new book "Fast Profits in Hard Times - 10 Secret Strategies to Make You Rich in an Up or Down Economy" by Jordan E. Goodman for review. This hardcover book, as the title suggests, goes into various investment strategies for the more aggressive investor. ... More About: Book Review , Review , Book
The Smith Manoeuvre Money Flow
2008-03-10 12:30:00 I get a lot of emails about leveraged investing and the Smith Manoeuvre. In particular, how to go about "capitalizing the interest". As you may have read, it is possible to fund the investment loan with the loan itself. This is called capitalizing the interest. Basically, it's where you withdraw an amount (equal to the monthly interest payment) from the HELOC, and redeposit it as the monthly interest payment. CRA accepts that a loan can pay off the interest charges of another loan while keeping the interest on both loans tax deductible. As a side note, many people have written comments about using the investment loan to buy mutual funds with HIGH distributions. Typically, high distributions include Return OF Capital which is fine providing that you NEVER withdraw them. If ROC distributions are withdrawn from the investment account, the tax deductible portion of the loan will be reduced. Only dividends/interest can ... More About: Money , Flow
Weekend Reading - March 7, 2008
2008-03-07 11:30:00 Time again to show some recognition for great articles written around the blogosphere this week. Blueprint for Financial Prosperity, a very popular pf blog, has taken the time to interview yours truly. Thanks Jim for the opportunity! Big news for variable rate mortgage/loan holders! The Bank of Canada has decided to drop interest rates by 0.50%! What ... More About: Reading , Weekend , March , 2008
Setting up The Smith Manoeuvre - The Blueprint
2008-03-06 11:30:00 I've written about The Smith Manoeuvre since the inception of this blog but I haven't been practicing what I preach. That is, until now. As you probably know, this strategy is composed of 3 main parts: The mortgage The automatic readvancable HELOC The underlying investments Lets get started with my blueprint for setting up a slightly modified Smith Manoeuvre. The ... More About: Blueprint
The Smith Manoeuvre Resource
2008-03-05 11:30:00 Over the past year so, MDJ has posted many articles on the topic of using a HELOC to invest in equities aka: The Smith Manoeuvre. This article will compile all the posts into a single Smith Manoeuvre Resource . Hopefully, you'll find it useful. The Basics The Smith Manoeuvre Basics Common Smith Manoeuvre Questions The Contrarian Downsides of the Smith Manoeuvre Readvancable ...
30 Personal Finance Rules of Thumb
2008-03-04 11:30:00 Nobleea has come up with the idea of compiling personal finance rules of thumb into a blog post. He has done the research and has shared with us his findings. Who is Nobleea? He is a regular reader, commenter, engineer, and personal finance enthusiast. It is often believed that the term ‘Rule of Thumb ’ was ... More About: Personal , Personal Finance , Finance , Rules
Determining our Life Insurance Needs II - Scenario
2008-03-03 11:30:00 Yesterday, I wrote about the criteria that needs to be considered when calculating life insurance needs. Today, I'm going to calculate our personal requirement for life insurance in case the worst happens. Note that the insurance requirements for each spouse would be different if one spouse made significantly more money than the other spouse. However, ... More About: Life , Insurance , Life Insurance , Scenario
Weekend Reading - Feb 29, 2008
2008-03-01 11:30:00 During my weekend reading posts, I typically link to the same blogs. However, this time around, I'm going to "diversify" and point out some great articles from other popular voices in the blogosphere. No Credit Needed has hosted this weeks Festival of Frugality. MDJ submitted the article "Eating in Before Eating Out". Lazy Man and Money sometimes ... More About: Reading , Weekend , 2008
Best of Million Dollar Journey: Feb 2008
More articles from this author:2008-02-29 11:30:00 Time for another monthly summary on MDJ. In this issue, we will go over the top 5 articles of Feb, the top commentator and winner of a copy of RRSP's. Along with this, MDJ will be having it's first advertising special. More details at the bottom of the post. Top 5 most viewed (or commented) MDJ ... More About: Journey , Dollar , Million , 2008 1, 2, 3, 4, 5, 6, 7 |
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