Dec
02

Busting Financial and Investing Myths

43
Myth #1: I don’t need to be an investor. My job will take care of my financial wealth.Many people assume that they do not need to be an investor and that their job or their business will take of their financial wealth. That is a big financial myth! The truth is you do need to be an investor and your job or your business is not your financial wealth – although your business is part of your wealth. It is important that you know that your current job or your business and savings plan will not be nearly enough to build...
Continue reading
0
Nov
26

Why “Invest for the Long Term” is Obsolete Advice

10276900_l
In the late 1980’s, a number of things happened that changed the economic landscape- a number of mutual fund companies boomed, number of financial planners exploded and demand for shares of stocks skyrocketed. Until then, most Canadians invested in GICs or Canada Savings Bonds. It is a known fact that all mutual funds require fees regardless of whether you earn money or lose money. Moreover, Canadians actually pay much more for the same services than Americans do. Canadian fund profit margins are among the highest in the world. The no load funds simply charge an annual marketing fee which affects and...
Continue reading
0
Nov
20

Why “Save Money” is Obsolete Advice

20027134_l
For years, our parents have repeatedly told us us how we should save money in the bank. We were made to believe that if we had some money saved, we'll be set for life. That may be partially true back in the early days but in the 21st century, you can do way more with that money instead of giving it to the bank for "safekeeping." First off, the saying "a dollar saved is a dollar earned" no longer applies once the US went off the gold standard many many years ago. And because of past financial events such as the...
Continue reading
0
Nov
18

Why “Get out of Debt” is Obsolete Advice

57750232_l-1
If you have been following our blogs for a while now, you probably know that there are two types of debt: Good debt and Bad debt. Let’s take a refresher on what these two types of debts are.Good debt: Good debt is money leveraged to make more money. This is debt that someone else pays for you. Bad debt: Bad debt is consumer debt and money spent on consumable items. This is debt your pay for. It is a known fact that bankers want smart debtors as customers and not savers. Since a bank can take your dollar and magically create...
Continue reading
0

The KD Blog