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The RRSP Book Giveaway(s)
2008-01-18 02:21:00
I neglected to mention that The Canadian Capitalist wrote a review on The RRSP Book . He has also offered to raffle away 4 copies of the book through a contest he is running. All you have to do is leave a comment at the end of the review. There are 152 entries so far, so your chances are pretty good! Check it out - and while you are there you might want to consider subscribing to his RSS feed.And earlier today, another review appeared on Quest for Four Pillars authored by "Mike" - who is one of two authors who contribute regularly to that blog. Mike is also running a contest offering to give away a copy of the book. The method of entry for their contest is the same: just leave a comment! You can enter both contests to increase your odds of winning the book. I subscribe to their RSS feed as well - another good daily read.Of course you could just buy it and save yourself the suspense at www.theRRSPbook.com! Just kidding, try your hands at the contests first of course! :) ...
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Rogers Video Pay Per Day - Not working for me...
2008-01-16 02:41:00
I'm a serious movie buff. I mean, I really like movies - going to the movies AND renting movies. I saw I AM LEGEND twice - and it spooked me pretty good both times. The second time there was a girl rocking back and forth in her chair with her head buried in her dates' shoulder whispering, "This is wrong..." over and over again. If you were thinking of seing this movie - do try to see it in the theatres if you can... It's... an experience. :)But back to my topic! Rogers Video is the local movie store we frequent and a few months ago they introduced a new Pay Per Day system where you pay $1 less for a movie rental for top new releases - but the catch is that if you don't return it the VERY NEXT DAY you get charged an extra $1 every day for a maximum of 4 days. After that time, they revert to their "No Late Fees" structure.So if you can return it the next day - you save $1. If you return it within 2 days, you basically erase the upfront savings and end up paying...
More About: General , Working , Workin

Management Fee versus MER - NOT THE SAME THING!
2008-01-15 00:34:00
I thought I would take the opportunity to make today's post about the difference between MER's (Management Expense Ratios) and Management Fees.Too often people will use the two terms interchangeably - and this can be misleading. Generally business journalists and investor advocates will warn you to avoid MERs that are too high - and might site an MER of 2.00% as being the most you would want to pay for a certain type of mutual fund (this is just an example). However, some people will look at the Simplified Prospectus of a fund and note that a fund they might be considering has a Management Fee of 1.50%. They might think to themselves that this is acceptable based on what they have read about fees.But note that the MER is made of up a number of different types of expenses, only ONE of which is the Management Fee. A fund with a Management Fee of 1.50% may have a MER of higher than 2.00%.Specifically an MER (Management Expense Ratio) is made up of:Management fees paid to the mutual f...
More About: Versus , Thing

Charitable Gifts of Life Insurance: Give more for less
2008-01-14 04:24:00
I routinely come across people who make regular monthly or annual contributions to various charities. They are often surprised to learn that there is a way to dramatically increase the amount of their charitable contributions to their favourite charities without costing them a dime more out their own pockets. This can be achieved through the gifting of life insurance policies.Here's How It WorksNormally you would purchase a bare-bones permanent life insurance policy such as Term-to-100 - this allows for a set monthly (or annual) payment from now until the time you turn 100 years of age (if you make it that long!). The payment never fluctuates. The death benefit is known at the time of application, and that too never fluctuates.The next step is to designate a charitable organization as the IRREVOCABLE beneficiary, and further to assign ownership of the policy itself to the charitable organization. You would continue to pay the premiums, but now the premiums are treated as charitable...
More About: Life , Gifts , Insurance , Life Insurance , Give

The World's Cheapest Car - $2,500!
2008-01-13 02:40:00
You may have heard the buzz in the media this past week about the newest car on the market in India. It's called the Nano and is manufactured by TATA motors. For more information on the car, you can read this link from Forbes.com. It also includes a list of the world's cheapest cars. FYI: none of them are available to us. :(Nonetheless, the car (in it's most basic form) costs $2,500! No air conditioning, and not many frills at all. But consider that many families in India travel on a single scooter (Husband, wife and children!) which is not that safe or pleasant - so being able to travel in an enclosed mode of transportation for such a price can really make a difference to many families.This is not a car guy's car obviously, but there is that eco-cool factor in that the total environmental footprint is low (materials required to manufacture and close to 50mpg). With the price of gas and consumerism the way it is, sometimes I wonder if it wouldn't be better to trade in my curren...
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Update on "The RRSP Book"!
2008-01-10 22:33:00
Hi everyone, I've been pretty swamped this week with work relating to the book I just finished writing. I received the first physical copy (a proof) - and it is much more nicely produced than I thought it would be. :) I've had a number of bloggers take me up on getting a pdf copy ahead of time for a review (for which they will receive copies of the book for themselves and for giveaways on their own blogs.)Thanks to all the bloggers who have offered to help out! It is much appreciated.I still have some time to modify the book, as there are some spacing and editing fixes to be made (guess that's why they send a proof!), so I will gladly accept any comments from those who are providing reviews.Since it will take a month (or more) to get the book listed online with Amazon.ca and Chapters.Indigo.ca, etc. I have decided to create a special website for Canadians so that they may order it ahead of time. (The publisher is U.S. domiciled, and even has a $US price on the book! You can order...
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Debt Rating Agencies: As Worthless as Most Mutual Fund Managers?
2008-01-08 21:43:00
With the seemingly swift onset of the sub-prime mortgage meltdown in the United States, one has to wonder exactly what the true value of debt/credit rating agencies such as DBRS (Dominion Bond Rating Service), Moody's, Standard and Poor's, etc. actually is...If they are experts at analyzing debt, why did the sub-prime mess come straight out of left field? I suspect the REAL answers will never truly be revealed. Invariably the whole ordeal will be dragged down to the old "he said, she said" between Wall Street and the debt rating agencies - some fines, some new regulations and a few heads rolling to appease investors.But perhaps it is nonetheless time to look at the debt rating agencies in more detail. You might be surprised at some of these facts:Based on pre-tax margins...1. Moody's made more money than Microsoft or GOOGLE in the past 5 years.2. Moody's was the third most profitable company IN THE ENTIRE S&P 500 FOR THE LAST 5 YEARS3. Investors used...
More About: Mutual fund , Debt , Fund , Managers , Lending

Debt Rating Agencies: Parallels to Most Mutual Fund Managers?
2008-01-08 21:43:00
With the seemingly swift onset of the sub-prime mortgage meltdown in the United States, one has to wonder exactly what the true value of debt/credit rating agencies such as DBRS (Dominion Bond Rating Service), Moody's, Standard and Poor's, etc. actually is...If they are experts at analyzing debt, why did the sub-prime mess come straight out of left field? I suspect the REAL answers will never truly be revealed. Invariably the whole ordeal will be dragged down to the old "he said, she said" between Wall Street and the debt rating agencies - some fines, some new regulations and a few heads rolling to appease investors.But perhaps it is nonetheless time to look at the debt rating agencies in more detail. You might be surprised at some of these facts:Based on pre-tax margins...1. Moody's made more money than Microsoft or GOOGLE in the past 5 years.2. Moody's was the third most profitable company IN THE ENTIRE S&P 500 FOR THE LAST 5 YEARS3. Investors used...
More About: Mutual fund , Debt , Parallels , Fund , Managers

I've Just Finished Writing My First Book...
2008-01-07 20:12:00
If you go to Amazon.com, Amazon.ca or Chapters.Indigo.ca and do a keyword search for "RRSP" you may be surprised to learn that there has not been a book solely dedicated to RRSPs for the last 4 or 5 years. Not only that, as a financial advisor it's actually quite a tedious task trying to locate one definitive source of information pertaining to RRSPs and RRSP strategies. You read about one strategy, then you have to cross-reference with CRA's rules, then you have to sift through varying opinions of different experts who may or may not agree with each other, etc.So I decided to change that! :) The book is titled: "RRSPs" and contains 41 strategies for beginners to experts. It has nothing to do with investment selection, but rather how to save tax and take advantage of all the various ancillary RRSP benefits. The book is more of a reference book than a "How to create wealth" book - so it's surely more of a dry read than something like The Wealthy Barbe...
More About: Writing , General , Book , First Book , Nish

The Henson Trust: An Important Estate Planning Tool for Families that inclu
2008-01-05 20:56:00
Ram, the author of The Canadian Capitalist blog, recently wrote on the new RDSP program (Registered Disability Savings Plan) being offered by the government. I left a comment on the discussion mentioning that Henson Trust s are also worth looking at if you or someone you know has a family member who qualifies for Disability Support from the Government. Ram proposed that I write up a post on it, and I am dutifully obliging! :)Here it is in a nutshell:To qualify for Disability Support from the Government in the form of either payments or access to certain benefits (e.g. dental benefits, eye glasses, guide dog allowance, etc.) requires that you fall below certain income and asset levels. If you have too much income or too many assets, your assistance is reduced or cut-off altogether.If someone closely related to the disabled person dies and leaves their estate to the disabled person, the inheritance may violate the eligibility to receive further support (since the assets/income may be t...
More About: Estate , Planning , Tool

Take CPP Early? Or Late?
2008-01-05 15:12:00
The Canada Pension Plan (CPP) has a maximum monthly benefit of $884.58 for 2008 (for a 65 year old). That means that if you made the maximum annual contribution to CPP for a certain number of years, then if you were turning 65 this year and elected to take your CPP pension - you would receive this maximum amount. This works out to $10,614.96 for the year.In addition, the monthly benefit is indexed to inflation every January - so if inflation (as measured by CPI) increases, so does your monthly benefit.The CPP monthly benefit that you START AT is also adjusted by WHEN you elect to start receiving it. If you are under 65, you can elect to start receiving it if you are no longer working (actually, you only need not be working for 2 consecutive months, once you start getting your payments, you can go back to work - I'll write about that some other time.) Once you reach 65, you can elect to receive it even if you are working when you make the application.For every month before your 65th...
More About: Early , Late , Retirement planning

2007 TSX Performance worse than you think...
2008-01-04 07:36:00
You may already know that Canada's TSX stock market is very poorly diversified. The energy, materials and financial sectors make up three-quarters of the index! Also, our Technology "sector" is basically RIM (Research in Motion) - so when an analyst says you should be overweight or underweight Technology, he's basically telling you to buy or sell RIM! :)According to Bloomberg, the TSX was up 7.16% for 2007 - and many are happy with the positive number even though it is not in the double digit range that we have been used to from 2003 to 2006 (inclusive). An analysis of the point contributors to the TSX's performance for the 2007 year reveals that perhaps the Canadian market faired much worse than the headline numbers might indicate. It turns out that 72% of the market's performance can be attributed to only 3 stocks. The TSX started the year at 12,908.39 and ended at 13,833.06 for a total gain of 924.67 points. Here were the top 3 contributing stocks:RIM - 275.02 ...
More About: Performance , General

$100 Oil + The Higher Loonie = Gas prices still cheaper in the U.S.?
2008-01-03 06:59:00
If your eyes and ears work, you will no doubt know that the price of Oil has been on a tear of sorts for the last few years. I just saw on the news that Oil was $15/barrel as recently as 1999 - yet we touched $100/barrel during the trading day yesterday (Wednesday, January 2nd).But there is more to this story than meets the eye. Last year, the price of gasoline at the pumps in Canada was in the low 90 cent range when Oil was trading in the $60 range. During the past weekend, gas was around $1.05, yet Oil is 85% higher in price.But here is what really irks me: Gas is about 85 cents a litre in the States - and has basically maintained this 20 cent/litre beneficial spread over the last 2 years, even though our Loonie has appreciated by over 20%. Check it out for yourself at GasBuddy.com  You can convert from dollars per gallon to cents per litre and you can also play with the time ranges. For a real hoot - you can overlay the price of Oil on top of that as well. Nonetheless - the ...
More About: General , Gas Prices , Higher , Prices

If it snows more than 5 inches today - many Canadians will get a free vacat
2008-01-01 19:03:00
I don't know if you were aware of the promotion a certain travel agency was running in 2007. They stated that anyone who went online between June 12th and December 7th of 2007 to book a vacation between the dates of November 1st, 2007 and April 30, 2008 would get their vacation FOR FREE if it snowed more than 5 inches where they lived on New Year's Day. If you win, you would still have to pay "taxes, fees and service charges" - and that usually adds up to a few hundred bucks. Nonetheless - the direct product costs would be covered - and that's better than nothing! :)Apparently 30,000 people are potentially eligible. The official measurement will be taken from Environment Canada in four major cities. The official rules can be found here if you are interested. If each vacation averaged $1,500 and all 30,000 people got their vacations for free, then the company would be out $45 million.But don't worry, they took out a special insurance policy that pays them $100 million d...
More About: General , Free , Today , Canadians , Adia

A New Year's Resolution for 2008 if you carry high-interest debt
2008-01-01 07:57:00
With the New Year comes New Year's Resolutions of course! If you are one of the many people who carry high interest debt on credit cards or department store charge cards on a regular basis - the first thing you need to realize is that you are not alone. The second thing to realize is that there is no time like the present to really get a handle on things once and for all.There are some people who do not realize just how much money they spend in interest charges just for carrying a balance on their credit cards from month to month. And there are people who just see it as habit and don't think much of it at all. And of course there are many who would like to change the situation NOW, but don't see a viable solution due to the compromises involved.What I can tell you is that if it were easy, you would've done it by now. So understand that it will be a task that requires serious effort and sacrifice, but the rewards will be more than worth it. The alternative is to keep running arou...
More About: Debt , Interest , High , Lending , 2008

130/30 Funds' Past Performance
2007-12-31 04:45:00
Standard and Poor's has announced that they will launch index coverage of the 130/30 Strategy. Note that this will be different from the actual universe of 130/30 funds' performance. (See yesterday's post on the 130/30 mutual fund structure for more information.) The key word is "Strategy". What the index will track is the S&P 500 as the core of the index plus a 1% overweight to 30 top stocks and a 1% underweight to 30 bottom picks. This is designed to provide a benchmark of sorts for the fund managers to try and beat.Basically, since there is no real 130/30 index they have attempted to create an index that is derived from the S&P 500 in a manner that is similar for the investment mandate of a 130/30 strategy. Their picks of the top 30/bottom 30 stocks is based on Standard and Poor's STARS stock ranking system.Money magazine published a comparison between all 130/30 funds' performance and the "plain Jane" S&P 500 for a short period (July 19th, 20...
More About: Performance , Past , Funds

130/30 Funds Are Coming To Canada
2007-12-30 08:21:00
A new type of mutual fund may be entering the Canadian market in the near future. This particular type of mutual fund is known as the "130/30 Fund". Let me explain how it gets it's name:For every $100 invested into the fund, the fund manger will invest the $100 according to an already established mandate (for example Canadian Large Cap Value). The manager will then also short $30 worth of securities (based on the most over-valued securities in his/her mandate). When you short a security, you are selling a security you don't already own (you borrow the security from inventory). The hope is that the stock will go down and then you can buy the stock at the lower price and "cover the short position". Think of it as selling high AND THEN buying low - so you make money when the stock goes down. When you open a short position, since you are selling a stock you will receive the money you sold it for from the buyer. In this case of 130/30 funds, the manager will take th...
More About: Canada , Funds

Why are "Dollars" also called "Bucks"?
2007-12-29 07:54:00
The slang "buck" or "bucks" when referring to money is so common-place that no-one really questions it's oddity. But it turns out that the word "buck" is short for "buck-skin" (from a deer). Buck-skin's were used as currency once upon a time.The term "bread" has an origin from the United Kingdom. Specifically the Cockney phrase for money is "bread and honey" which was eventually truncated to just "bread". With regard to the $ symbol, seemingly the most popular theory as to it's origin is that it was created through the superimposition of the initials of "United States" (U and S) on top of each other. So Imagine an "S" with a "U" written right on top of it. The theory suggests that the bottom loop of the "U" was eventually lopped off to give us the more familiar "II". Like this article? Subscribe to Email Updates or the RSS Feed and keep up to date. ...
More About: General , Bucks , Dollars

Don't Qualify for the Lifelong Learning Plan? Who Cares...
2007-12-27 08:58:00
Mike from the Quest for Four Pillars blog commented on a post I had written about the Lifelong Learning Plan . He mentioned that if he were ever considering going back to school, he would be inclined to just withdraw the money from his RRSP since that year would probably be a lower income year and the tax hit not as bad as a "full" income year.It is an excellent suggestion. In fact, for the LLP, you almost always have to be enrolled in a full-time capacity at a qualifying educational institution. That means it is indeed likely to be a lower income year.Add to that:1. You no longer have to worry about what program you take and making sure it qualifies under the LLP.2. You don't have a set repayment schedule - you can make your repayments on your own terms, and probably in a higher tax bracket which will afford more tax refunds on your future contributions than tax paid on the withdrawal.Perhaps this is why most people don't use the LLP... Thanks for the suggestion Mike!Mik...
More About: Retirement planning , Ares

When Not Paying Back the Home Buyer's Plan or Lifelong Learning Plan Can Ma
2007-12-27 08:21:00
If you are aware of the Home Buyer's Plan or the Lifelong Learning Plan, you know that there are ways you can get money out of your RRSP (temporarily) through tax-free withdrawals. The programs require that you pay money back to your RRSP over time and the CRA will inform you of how much of the loan is required to be paid back in any given year.There is no rule that says you have to make the repayment - only that if you don't, then the year's required re-payment amount will be included as taxable income for that tax year. So if you are in a low income year and you have a repayment required - it might not be a bad idea to skip the payment and add the payment amount to your taxable income - it won't make a significant impact on your taxes.So for example, if you contributed to a spousal RRSP for your spouse or common-law partner and used money for the HBP or LLP - if your spouse is a stay-at-home parent with no income - they won't pay tax on skipping the re-payments.Additionally, ...
More About: Back , Retirement planning

You can make Spousal RRSP Contributions after Age 71
2007-12-27 07:25:00
It is still possible to make RRSP contributions after the year in which you turn 71 - just not to your OWN RRSP. If you have a spouse or common-law partner who is younger than you, then you can contribute to a Spousal RRSP set up in their name. This allows you to claim a deduction on your tax return and reduce your tax bill.Click here to read about Spousal RRSP's in more detail. There are a few catches of course. You must have RRSP contribution room in order to make an RRSP or a Spousal RRSP contribution - and this is generally harder and harder to come by when you are over 71 as you are most likely retired by now. BUT - so long as you generate EARNED income, you generate RRSP contribution room. So, if you work as a part-time consultant and earn salary, commission, etc., then you can generate RRSP contribution room - even in retirement.To sum it up: you can still generate RRSP contribution room after you turn 71 - you just can't use that contribution room to contribute to you...
More About: Make , Retirement planning , Contributions

You can Claim Unused RRSP Deductions after Age 71 too
2007-12-27 07:16:00
You may remember that you can make an RRSP contribution in a given year but carry forward the resultant RRSP deduction until a future year. This rule still applies even after you have matured your RRSP into a RRIF (or any of the other conversion options).The RRSP deduction will reduce your taxable income in the year that you use it. So if you think that there will be a significant tax liability a few years into retirement, such as the sale of capital property that would result in a large tax bill, you could make your RRSP contributions but delay claiming the RRSP deductions until that year. In other words, you do not lose the ability claim the RRSP deductions once you mature your RRSP.  Like this article? Subscribe to Email Updates or the RSS Feed and keep up to date.  Psst... it's FREE!
More About: Retirement planning

Free Money? Consider A RRIF before age 71 to Save Tax
2007-12-27 03:39:00
Just because most people will naturally wait until the last minute to convert their RRSP account to a RRIF account (the year they turn 71), there is a good reason to consider doing it earlier - especially if you are planning any withdrawals between ages 65 and 71 (inclusive).Recently the government announced that they had increased the pension credit from $1,000 to $2,000. This means that if you have $2,000 of pension income, you get a credit applied to your taxes. (Tax Credits are different from Tax deductions - a $2,000 tax credit will get you a savings of around $400 in tax payable depending on your province of residence.)RRSP withdrawals do NOT qualify as pension income - but RRIF withdrawals DO QUALIFY as pension income. (Note that you must be 65 to claim the pension credit). This means that if you were withdrawing $2,000 from your RRSP from age 65 to 71, you would save an additional $2,800 (approx.) in taxes if you instead received the withdrawals in the form of RRIF income.If...
More About: Money , Free , Save , Retirement planning

Unlocking Locked-In Accounts
2007-12-27 00:49:00
First remember to check for recent changes to various Pension Benefits Acts as many jurisdictions are now proposing more relaxed rules with regard to access to locked-in funds.BUT, if you find that you still have funds that are locked in, there are a couple of strategies you can use to unlock some or all of those funds:TWO STEP TRANSFER TO A REGULAR RRSPIf you have reached the age where you can convert your LIRA or LRSP to a locked-in account that allows for withdrawals (usually 55), but you are not yet ready to retire then you may be a candidate for this strategy. You can simply elect to take the maximum permitted withdrawal from the locked-in account and then make a corresponding contribution to your RRSP account. The tax payable on the locked-in account withdrawals will be offset by the contribution to your RRSP. This will essentially unlock a portion of your locked-in account. Do this as much as you can and you will have more and more flexibility with your retirement income late...
More About: Locked , Retirement planning , Unlocking , Locking

Locked-In Accounts: LIRA, LRSP, LRIF, LIF, and PRIF accounts
2007-12-26 23:23:00
The business of Locked -In accounts is a pretty messy one because there seem to be so many different names for the same things, yet many also have subtle, but important, rules differences and regulations.WHAT ARE LOCKED-IN ACCOUNTS?A locked-in account originates from being a member of a pension plan of a company (or government) that you no longer work for, and that relationship ended before retirement. Essentially, a locked-in account is where you hold the transfer of the value of your pension plan that you had accumulated. When you start working for a company (or government) that has a pension, your pension plan "vests" (normally after 2 years) which basically means that the value in the plan belongs to you after that vesting period has expired. Instead of just getting a cheque when you leave their employ, you get some paperwork from your HR department asking you to transfer the funds into a Locked-In RRSP (LRSP) or Locked-In Retirement Account (LIRA). (Sometimes your new ...
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Winner of the Digital Camera Giveaway Contest!
2007-12-25 08:08:00
With the official close of the Digital Camera Giveaway at 11:59pm EST on Christmas Eve, and after having getting the list of new email subscribers confirmed from The Million Dollar Journey there was a grand total of 111 entries between comments, Email subscriptions, referrals and posts about the contest on other blogs. Thank you to everyone who participated!I have to thank FrugalTrader for having the idea to hold the contest in the first place. He is the author of The Million Dollar Journey, one of Canada's top personal finance blogs. Also, many thanks to Derek from RedFlagDeals.com for sponsoring both the original contest and for agreeing to hold over the prize for the winner of this contest. Please be sure to visit both sites if you can - the more support we show for our sponsors, the more likely they are to sponsor future contests! :) And now for the moment you have all been waiting for! Without further adieu, the winner is: "JK". Congratulations JK and thank you ...
More About: Contest , General , Winner

All the Boxing Day Deals in One Place
2007-12-25 02:33:00
As you may know, the original sponsor of the Digital Camera Giveaway contest was www.RedFlagDeals.com. If you haven't already done so, you can actually download the boxing day flyers for most major Canadian retailers from their website. They have a very easy to navigate section from which you can choose what flyers to browse through. Take a look around ahead of time and plan your post-Christmas assault!Note: They also list deals you can find on many major online retailers' sites as well.Speaking of the sponsor... the winner of the 7.1 Megapixel Canon Digital Camera is going to be announced shortly as the contest closes in about 3 hours to new entries. We have received just over 100 entries and I wanted to thank everyone who entered!I hope everyone is having a wonderful holiday season and wish you all the best!Preet Like this article? Subscribe to Email Updates or the RSS Feed and keep up to date.  Psst... it's FREE!
More About: Boxing , Place , Boxing Day

The Spousal RRSP - One of the Most Overlooked Strategies!
2007-12-23 23:33:00
DON'T FORGET TO ENTER THE CONTEST TO WIN A FREE 7.1 MEGAPIXEL DIGITAL CAMERA - CONTEST CLOSES CHRISTMAS EVE, 2007 - CLICK HERE TO VISIT THE CONTEST PAGE!!! A Spousal RRSP is an account that is used for future income splitting purposes. If you are a regular reader of this blog, you will know that it makes great sense to equalize income between spouses in order to reduce household taxes as much as possible - this is due to our progressive tax bracket system.The lack of use of spousal RRSP's is one of most overlooked financial planning strategies I encounter on a regular basis - and it is almost imperative that you set one up if your current planning strategies do not allow for equal income in retirement between spouses. (If you are wondering about the new pension income splitting rules - don't worry, it still makes sense to set up spousal RRSP accounts and I'll explain why in a post in the next few days.)WHAT IS A SPOUSAL RRSP?A Spousal RRSP account is an RRSP account that a highe...
More About: Strategies , Retirement planning

Warren Buffett's First Book Due in 2008
2007-12-22 20:15:00
Considered by some to be the world's greatest investor, Warren Buffett has amassed a $52 billion fortune solely through investing. He is revered and idolized by many investors (both amateur and professional), and is a tremendously popular figure in the financial world. He has many fans, and countless books have been written about him - but he has yet to be actively involved in an authorized biography or investment-how-to book... is this about to change? Are the masses of Buffetteers finally going to get their wish?Maybe.It was announced back in 2005 that Alice Schroeder had signed a deal with a publisher to provide the first AUTHORIZED biography on Mr. Buffett that would be a "biogaphy on Warren's ideas". The title of the book is "The Snowball: Warren Buffett and the Business of Life". Buffett agreed to work with the author and the rights to the book were bought by Bantam Dell Publishing for $7 Million. It is slated for an April 28th, 2008 release.Schroeder has...
More About: General , Book , First Book

"Gentlemen Prefer Bonds"
2007-12-22 01:38:00
DON'T FORGET TO ENTER THE CONTEST TO WIN A FREE 7.1 MEGAPIXEL DIGITAL CAMERA - CONTEST CLOSES CHRISTMAS EVE, 2007 - CLICK HERE TO VISIT THE CONTEST PAGE!!! "Gent lemen Prefer Bonds " is a famous quote in the financial services. It's attributed to Andrew Mellon, a wealthy financier and banker from the early to mid 1900's. Mr. Mellon has a fascinating story actually - he served as the Secretary of the Treasury under three different U.S. Presidents and is widely remembered for seemingly favouring the wealthy in lieu of the middle and lower class by cutting taxes for higher income earners tremendously.However, his rationale was that the wealthy were being taxed so egregiously that they put all their money into tax-free bonds, thereby avoiding paying tax at all. Once the tax rates for the wealthy were reduced, the tax revenues to the country actually increased markedly! Such was his plan all along.Perhaps his famous comment was a testament to this state of affairs of the ...
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