Is There a Secret to the Rich Being so Rich?
Have you ever wondered how the rich get so rich? Have you sat and wondered if there’s a secret, and if so, what the secret is? Believe it or not, there is a secret to obtaining wealth, but it most likely is not what you think. People who have accumulated financial wealth have done so with wise investments and the use of private investment counsel. When you hire a highly qualified private investment expert, you are paying people to personally handle your investments, carefully follow your directions and report back on a regular basis. Surprisingly enough, in most cases, the fees for these services are much less than traditional brokerage fees that you may be paying now.
To the dismay of many, general financial advisors get a hidden ‘trailer fee’ of your portfolio of about 1% annually, on top of the 0.4% commission fee. When the mutual fund companies’ own fees are also included, you will pay close to 3% a year. Investment council firms generally charge rates of about 1% to 1.5% of assets per year; more than one percentage point lower than what general financial advisors charge.
Hiring an investment counsel is often considered the next step after you’ve worked with a broker or financial planner to grow your portfolio to the stated private counsel minimum, which is usually around seven figures. This may sound like a hefty nest egg, but many Canadians reaching their retirement have managed to put a lot of money away. If you have not reached this financial minimum, many firms are willing to take you on for even less than their stated minimums if they see a lot of potential to grow your portfolio.
Private investment counsel firms will assign a highly qualified representative with a chartered financial analyst (CFA) designation, the investment industry’s most respected designation for managing money. They will go through a rigorous process to specify your risk tolerance, financial constraints, investment objectives and overall guidelines to managing your money (called an investment policy statement or IPS). They will generally provide a monthly report that will compare the performance of your investments to benchmark indices for the over-all market so that you can clearly see how your investments perform compared to the market as a whole. Private investment firms are not a service that’s sold, but rather a service that’s bought. The advice you get is informative and balanced, with no soft peddling of market risks.
There are many private investment firms out there to choose from. If you would like to begin investing, but don’t have any free cash available, you might want to consider a loan. Like with investment firms, selecting a lender should be researched as should fitting payments into your budget.
Canadians Struggle to Afford Their Homes
The Conference Board of Canada has recently found that the lack of affordable housing has left one-fifth of Canadians struggling to pay for their homes. They fear this number could increase as the mortgage rates rise from their recent lows. This means that currently, 20% of Canadians are affording their homes by cutting other costs that could personally affect them. A home is considered unaffordable if the costs exceed 30% of one’s pre-tax income.
The current Canadian mortgage rate of 5.25% is being raised to 5.85%, up six-tenths of a percent. This move is being followed through by five of Canada’s largest banks and will affect all five-year mortgages. The report from the Conference Board of Canada comes just as CIBC and National Bank announce they too, were raising their mortgage lending rates by more than half of a percent, ahead of the Bank of Canada’s anticipated rate hike that is expected this summer. This likely spike in bank rates will end the historically low mortgage rates that have brought us into 2010.
The Conference Board of Canada claims the high debt loads that are being taken on by consumers are an attempt to get in before the mortgage hikes take effect. These same homebuyers are considered responsible for the housing market rebound that Canada has seen up until now. However, there is a fear that anxious consumers will continue to overextend themselves in an attempt to get into the housing market meanwhile, the level of Canadian incomes has remained relatively consistent, not providing enough of an increase to match the housing prices.
Much of the problem lies with the buyers who didn’t put a lot down, which means their mortgage payments are quite high. Combine this with an increased mortgage rate and the outcome will be homeowners with a serious affordability problem. If the current prime rate of 2.25% rises by 2.5 percentage points, which is an average cycle increase, a variable mortgage rate could cost a homeowner about 30% more per month.
A large segment of the housing population’s demands have not been met due to the heightened fees of construction, resulting in developers being focused on building homes aimed at people in the higher tax bracket. There is also a gap in rental availabilities as developers are building condos instead of apartments, leaving rental properties sporadic and expensive.
There is an element of concern that there could be more defaults on loans or more home foreclosures due to interest rate increases, but it is felt that most people will find ways to cut expenses to pay off their mortgages, which may pose a risk to Canada’s recovering economy. If you feel that you are in a position of needing to tend to a bad credit rating or financially prepare for the upcoming rate hikes, a private bad credit loan may be an affordable answer.
Retiring in the Red
If you’re of the younger generation but are still around the age where the thought of starting to save those retirement funds are stashed away in the back of your mind, you may be surprised to know many retirees are retiring in the red. Years spent enjoying well-earned lavish vacations, purchasing expensive items (bags and shoes, ladies – cars and watches, men), drinking fine wines and indulging in restaurants are eating away at potential retirement money.
Living outside ones means seems common practice for many people. With so much rotating credit available, many of us simply are not saving for the golden years. The recent recession had people reciting ‘Freedom 85′, which unfortunately, probably has a ring of truth to it. While many of us know retirement is inevitable, falling somewhere between death and taxes, the mental concept to just work longer seems to be common one. With people living longer and generally being healthier, it can make sense to consider this an option.
However, we have to admit how unpredictable life can be. An unforeseen health issue or accident can instantly eliminate any of those longer working intentions. Suddenly even Freedom 85 is unobtainable. An unexpected health issue forces many people into early retirement. Even if you’re lucky enough to have a generous pension, the payout will be reduced because of early retirement, which will most likely end up being less than your previously earned salary.
According to Statistics Canada, more and more Canadians continue to grow their debt loads. The Bank of Canada says the average person has accumulated $36,000 in bills. They blame this on credit card addicted young people, but older Canadians are still piling up debt as well. The Credit Counselling Society noted 14% of their clients are over 56, saying this category of clients has almost doubled in the past ten years. If you’re about to start saving for retirement, here are a few tips:
The first thing you need to do is reduce risk. Real estate and stocks don’t necessarily provide the benefits they once did due to surging markets. People need to realize conditions change and markets around the world have been falling. Scaling back is also a key to retirement success. If you’re not the type to live outside your means, then living on 50% to 70% of your pre-retirement income won’t be a problem.
There are things you can do now to help yourself later. If you own debt and traditional banks are no longer an option, consider applying for a secured private loan. This may help put your finances in order so saving for retirement won’t be such a red-hot issue.
Cash in 3D
Ever notice how things just happen in life and always when you are least ready for it? Your boss gave you some hard-earned down time, but you didn’t stash any cash for that weekend get-away? You’ve fallen in love-just when you thought it would never happen-but now you can’t afford a ring to propose? That 3D Blu-ray TV you have been so dying for is half-price in a fire sale, and your credit card is maxed out?
Get cash. Fast. With a car title loan.
Even if you have bad credit, no credit, or a recent bankruptcy, you can get cash fast by using your vehicle as collateral. See that 3D TV? Buy it tomorrow. A car title loan is an easy online application you make from home. Sometimes, it may be only a few hours before that cash is wired-yup, it can be direct deposited-into your account. For that weekend splurge. Or that ring for her. Or a little indulgence for yourself. Apply today, and tomorrow, you may be on your way . . . to Vegas, or a little 3D Blu-ray.
How to buy with a car title loan
If you own your vehicle, and it is less than eight years old, go online and fill out an application. You can do it at your convenience, and from the privacy of your home, with no harassing phone calls, or time-consuming visits to the bank. In 24 hours, and usually even faster than that, you’ll hear back about your application.
Almost everybody gets approved-and you can too! Think what your car is worth, and you could get as much as 40% of its value in just a few hours. To buy the things you want.
Think your car isn’t worth much?
No cash to repair your car means it’s a bit run down or beat up? No problem. Take out a car title loan to repair your vehicle. Build up its value again. And re-build your credit while you’re at it.
A dream in 3D
A car title loan can be the loan that turns your life around-from the doldrums to 3D. Change up a beat-up heap to a ride in style, a new home theatre that brings your friends milling round, or just a quick escape from the every day to give you a new outlook on things.
Whatever you need, you may be surprised at how easy it is to finance through a car title loan. Check it out.
Valentine’s Day Loans: Getting the Ring of her Dreams
With Valentine’s Day right around the corner, love is in the air and the thoughts of popping the question are on the minds of many couples. If the credit cards are maxed and finances look bleak, there are alternatives to getting money to help make Valentine’s Day a day she will never forget.
There’s nothing more romantic than a proposal on Valentine’s Day and to have a ring, or the means to get a ring after the proposal is a source of anxiety for many men. January’s credit card statements might be leaving a pit in the stomach and if there’s a bad credit rating then finances may not look too optimistic.
Women need not be the only recipient of engagement rings. There’s a growing movement of women who want to reciprocate to the proposal and purchase a ring for the husband-to-be. Perhaps finances are also looking dismal but there are options.
There are a couple of alternatives that make sense. Taking out a loan to create some breathing room on those credit cards and some extra cash for a ring, or taking out a loan strictly for the purposes of a ring are two ways to tackle this problem.
When shopping for an engagement ring, several jewelers will try to sell the notion that a ring should cost a certain percentage of a man’s wages. This gets a lot of men into serious financial trouble. Of course a jeweler’s main objective is profit. Finding a ring that won’t keep you in debt for decades is what really counts, and there are thousands of rings out there to choose from.
No need to worry about bad credit. Options are out there to obtain a loan that will help you create the ultimate Valentine’s Day. Loans such as car title loans are tailored specifically to those with bad credit or no credit. This type of loan is secured by the value of the borrower’s vehicle, and as a result of being secured, they are much quicker and easier to obtain than a typical loan.
Bad credit is a fact of life for many people for a myriad of reasons. No one intentionally sets out to destroy their credit rating, nor should they not have options available as a result. With a little research to find the right loan and the right lender for you financial situation, you can make that Valentine’s Day marriage proposal one your significant other won’t soon forget.
The Cost of Relaxation
As most of Canada prepares for snow, ice, and cold weather, many Canadians are beginning to think about jetting off to warmer places. There’s nothing quite like a nice relaxing vacation to soothe the sense and ease troubled winter minds.
Of course, there’s just one problem – coming up with the funds to spend on a warm vacation can be difficult. If you own a mobile home, then you should know that a sunny beach vacation is within your reach.
While there’s no way that a brick and mortar bank will grant you the money you need to travel, there are other options available. Mobile home owners belong to a unique group of people that already have an asset. Thus, private lenders that offer mobile home loans are more than willing to approve a loan for a mobile home owner.
Thanks to private lenders that understand your need for sunshine (after all, who can bear an entire winter full of sub-zero weather?); you can obtain a mobile home loan. This type of loan is simple to apply for, and simple to understand.
You can apply for a mobile home loan through a private lender online, and you’ll know whether or not you’ve been approved for this loan within a matter of minutes. You won’t have to explain why you need a vacation, and you won’t need to argue with a lender.
Once you have obtained your loan, the money that you need to book your vacation will be deposited into your bank account right away. After you have your vacation money, all you’ll have to do is start looking for the ultimate spot.
Paying back this type of loan is also easy to do. When you sign up for your mobile home loan, a private loan agent will speak with you about repayment. In the case of a mobile home loan, a repayment plan that works for you will be set up. This way, you can pay back your loan when you are ready.
By scouring the web, you can find lots of travel vacation sites that offer all-inclusive deals. Also, call your local travel agent to see what kind of winter package you can obtain. When you have money in your pocket, planning a sunny escape is easy to do.