The Simple Truth: There Are 3 Types Of Income

I am very confident this post will give you many Eureka moments because it talks about things most people aren’t aware of. Also, if you really pay attention, the content of this email will keep you up at night for at least the next 2-3 days (in a good way of course). See, if you are in the middle class, the only type of income you might have heard of is “salary” or “commissions” or “part time wages”. You wouldn’t have heard of people making money through dividends, royalties, rent etc. Read More

The New Economy & The Challenges It Brings

If you haven't noticed already, things are very different from how it used to be in the past. Many people nostalgically say: "The past is long gone". Some also say "The past will never come back". I tend to agree with them. Even though I am only 30 years old, I can relate to older, simpler times, when people were less busy, when the cost of living was low and when people used to live in closely-knit communities. Nowadays things seem to be different. People, especially those in developed countries, always seem busy; they are always running around. The cost of living has increased & many people aren't even able to afford a principal residence. So what changed? Have Read More

Academic Education Does Not Always Translate Into Wealth

"Study hard in school, get a good job, work hard at that job so you can retire comfortably". Does this advice ring a bell? I am pretty sure it does. This is because we have, in one form or another, heard our parents or relatives mention this to us, in an all-too-helpful manner. Now, before I get flamed for criticizing this time-tested advice for success, I would like to point something out. I am not against education or going to school at all. In fact, I have a Bachelors of Financial (Hons) from York University and an MBA in Finance from DeGroote School of Business, which happens to be in the top 5 schools in Canada. So yes, I have pursued my higher education to a great Read More

Should You Cut Up Your Credit Cards & Throw Them Away?

Ah, credit cards. A source of convenience for some, a nightmare for many. If I was given $1 every time anyone at an online personal finance forum exclaimed: "Guys, credit cards are evil! Credit card companies are ripping us off. We should all get together and have a credit card bonfire!", I would have a lot more money than I have today. No matter how we feel about credit cards, the ultimate truth is that they are just a tool. They just magnify our behaviors and patterns. They just show us who we really are down to our very core. In essence, they are our reflection in the world of financial education. If you use them carefully, they reward you. If you go on a shopping Read More

Can You Achieve Financial Independence Working For Someone Else?

Our schools (and most parents) have programmed us from the very beginning to work for someone else. If you look at the education schools impart, you will see a pattern emerge: Get good grades so you could get a good job with a renowned corporation. Sometimes I feel that schools teach students about everything under the sun except for two areas, which in my opinion are not only necessary but required to keep the economy flourishing:
  • Money and finances - so people can stay away from bad debt & reach financial independence soon
  • Entrepreneurship - so more jobs can be created for the masses
So where do people go in order to learn about these two fie Read More