My thoughts on Volunteer Work

Personal Finance
  Volunteering A wise person once told me: "If your good at something, never do it for free."  I don't know who was the first to coin this phrase but I also know the Joker said it in the movie The Dark Knight (2008).  Regardless, I agree with this statement.  However, I also believe that if your not good at something, don't be afraid to start doing it for free until you are.  This is where volunteer positions can come into play.  Not only is it contributing to society and your community in general but a person can gain some pretty valuable skills learned from volunteer organizations. Political Parties Volunteering in a political party is a fantastic way to give back and learn very valuable skills simultaneously. Below are a…
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My thoughts on Taxes and Insurance

Personal Finance
Income Taxes Completing an income tax return is surprisingly simple.  I use the software Turbotax which is very user friendly.  They also have different software options to suit everyones individual needs.  I also have a Canadian Revenue Agency account which makes the steps even easier.  Thats all it is, just following through step by step answering questions and filling in blanks, thats it!  People may think I'm joking but far from it.  Taxes are really incredibly easy to do.  Better than an paying an accountant over $100 to do it for you.  If your not doing your own taxes, seriously consider it.  If your a very high income earner or have complex issues and can afford a great accountant that is worth the cost then kudos. Insurance Insurance is important…
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My thoughts on Financial Planning

Personal Finance
Financial Planning Financial planning is an in-depth analysis of an individual or family's current and future financial position by using what is known now to predict the future basically.  These plans include how much to: spend, save, invest and retire effectively.  The first step in creating a financial plan is determining a person's current financial position.  Take some time to calculate and really evaluate your own spending, saving and investing.  Sometimes just adding it all up is enough to motivate someone to get their finances in order, that motivation is healthy, embrace it.  Once your fully aware of your situation, it's time to create a SMART goal for your finances. SMART Goal SMART stands for : S - Specific M - Measurable A - Attainable R - Realistic T - Time-Based…
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My thoughts on Net Worth

Personal Finance
Net worth is a measurement, a simple calculation: assets minus liabilities.  An asset is any object of value while a liability is any form of debt.  People track their net worth to ensure they are building their wealth over the months and years.  They do this by creating simple net worth statements. Net Worth Statement Example Assets House $200,000 Vehicles $20,000 Jewellery $1,500 Liabilities Mortgage -$143,000 Line of Credit -$2,600 Net Worth $75,900   Negative Net Worth A net worth of $75900 is a great start!  Our example person has managed to get their finances to a point where their net worth is positive. If a persons net worth is negative, their priority should be to pay off their debt in my opinion.  They should also start with paying the…
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My thoughts on Credit Cards

Personal Finance
Credit Cards One of the most common mistakes that people make in their financial life is to overspend and maintain a balance on their credit card(s).  The average canadian who had credit card debt in 2015 owed a balance of $3745.  With average credit card interest rates in Canada being 19%, this equals to $711.55 in interest annually.  Quite a sum of money spent on just maintaining that debt and not paying down principal.  There is currently somewhat of a debt crisis here in Canada, most people in debt are gaining more rather than paying it off as debt ratios are increasing in Canada.  This especially applies to consumer debt which means debt gained by buying depreciating assets or consumable products.  However, not all hope is lost for us as…
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