Million Dollar JourneyMillion Dollar JourneyThe Making of a Millionaire - A Canadian Personal Finance Story. Come follow the story of a 20 something year old Canadian on this journey to 1 million in net worth by the age of 35. Daily topics include personal finance, investing, taxes, and frug Articles
The KISS Principle
2008-04-17 11:30:00 Continuing on from my post about "The best time to start is now", I'm going to expand on the concept with the KISS principle. The KISS principle is something that I "try" to live my life by. No, it's not about kissing girls (or is it?), KISS in this case stands for "Keep It Simple Stupid". ... More About: Kiss
The KISS Principle
2008-04-17 11:30:00 Continuing on from my post about "The best time to start is now", I'm going to expand on the concept with the KISS principle. The KISS principle is something that I "try" to live my life by. No, it's not about kissing girls (or is it?), KISS in this case stands for "Keep It Simple ... More About: Kiss
Calculating Your Adjusted Cost Base (ACB)
2008-04-16 11:30:00 There was a comment left on the "How Capital Gains Tax Works" article about how to calculate your capital gains when you make multiple stock purchases at different prices over the years. The key is to go back into your records and find the transaction details to do an adjusted cost base calculation. After figuring out ... More About: Stock Investing , Cost , Base
Having a Newborn - Getting Down to Business
2008-04-15 11:30:00 Man, newborns sure do poop a lot. I always knew that a lot of diaper changes would be required, but they go through diapers like they own stock in "Pampers". Anyways, poop is not the topic of this post, it's the financial business that must be carried out after a baby is welcomed into the ... More About: Business , Children
New Car every 10 years or Used Car every 5?
2008-04-14 11:30:00 David asked an interesting question in the comments section of "Best and Worst Used Cars of 2007", the question was: .. is it cheaper to buy a used car every 5 years, or a new one every 10 - 12? I currently have a ‘95 Dakota (needed a new rear diff this year (caused ... More About: Years
Weekend Reading - April 12, 2008
2008-04-12 11:30:00 My Dollar Plan explains how stock stock splits work in her article Stock Splits 101. Canadian Capitalist gives us another reason to avoid hedge funds. The Digerati Life has a great article on how to make 10 ordinary things last longer. Consumerism Commentary has a detailed article on 10 steps to break the credit card habit. Lazy Man and ... More About: Reading , April , Weekend , 2008
The Restaurant Blogger and Winners of Book Giveaway
2008-04-11 11:30:00 The Restaurant Blogger A childhood friend of mine has started a blog of his own called "The Restaurant Blogger". You know, it really shows when a blogger is passionate about something as it comes through in their writing. The Restaurant Blogger has had the dream of owning a restaurant for as long as I can remember. He ... More About: Book , Winners
TFSA vs. RRSP - Best Retirement Vehicle?
2008-04-10 11:30:00 Ed Rempel, a CFP and CMA, has written another guest post on the topic of TFSA vs. RRSP's. This time, instead of writing about clawbacks, he does a direct comparison. It's a fairly lengthy (and technical) post, so you may want to get more comfortable. “You give 100 percent in the first half ... More About: Retirement , Vehicle
The Best Time to Start is Now
2008-04-09 11:30:00 I get a ton of email from people asking "How do I start" or "I can't start my financial journey because I'm in debt". The best time to start improving your financial life is NOW. Are you in debt? Start a plan to reduce spending, and putting more money towards that debt. You'd be surprised how much ... More About: Time
Tradefreedom Discount Brokerage Review
2008-04-08 11:30:00 We have done many discount brokerage reviews, from the good to the not so good. I thought that we had most of the brokerages covered, but after some comments from readers, I was missing an essential piece of the Canadian discount brokerage market, Tradefreedom. This article will provide a preliminary view of the discount brokerage Tradefreedom. ... More About: Review , Brokerage , Discount
Income Property Financing for New Investors
2008-04-07 11:30:00 Melanie and Robert McLister, mortgage planners and editors of Canadian Mortgage Trends, have taken the time to write about obtaining financing for real estate investors. This is a must read for Canadians considering getting into the rental market. Aspiring real estate investors seem to ask one question more than any other: “How much do I have to put down to buy an income property?” Most are unaware that it’s now possible to buy a small rental property (2 units or less) with $0 down. It wasn’t always that way. Until last fall, most borrowers wanting 100% financing on an income property had to resort to “alternative” (private or subprime) lenders, or negotiate vendor take-back mortgages (VTBs). The problem is that VTBs are often hard to arrange and 100% alternative financing is expensive–and has all but dried up thanks to the credit crunch. In October, however, property investors got lucky. CMHC came to ... More About: Property , Financing , Income , Investors
Money Writers and Weekend Reading
2008-04-05 11:30:00 A few weeks ago, the personal finance blog network "The Money Writers " invited Million Dollar Journey to join their team of bloggers. After some discussion, MDJ graciously accepted as it is a great opportunity for both the readers and the blog. What does this mean? There won't be any major changes around MDJ, it simply means that ... More About: Reading , Weekend
Best of Million Dollar Journey: March 2008
2008-04-04 11:30:00 Time again for the Million Dollar Journey monthly summary - The March 2008 Edition. Before we start, we are currently giving away 5 copies of the book Every Family's Business. If you haven't entered already (open to everyone), you can find the rules and enter here. On another note, there has been sporadic down time with ... More About: March 2008
Book Giveaway: Every Family?s Business
2008-04-03 11:30:00 As promised during the book review, Dr. Thomas William Dean has generously offered to give away 5 copies of his popular book: Every Faimly's Business : A Blueprint for Protecting Family Business Wealth. Here is a snippet of the review: Here is some food for thought, did you know that only 1/3rd of ALL family business survives to ... More About: Book
Questrade Improves Commission Structure
2008-04-02 11:30:00 A Questrade PR rep emailed me about their new and improved commission structure. Their old system gave you a choice of either $4.95/trade for up to 495 shares ($0.01/share after that) OR $9.95/trade for unlimited shares. Depending on the volume of shares that you're trading, one choice may be more cost effective than the other. They ... More About: Commission , Structure
Book Review: Every Family?s Business
2008-04-01 11:30:00 Dr. Thomas William Deans contacted me about a new book that he has written on family business succession called Every Family 's Business : A Blueprint for Protecting Family Business Wealth. I must admit, when I first heard about the book, I wasn't very excited about reading it as the topic isn't very "sexy". However, this all changed ... More About: Book Review , Review , Book
March 2008 Net Worth Update: (+1.17%)
2008-03-31 11:30:00 Time for another net worth update: The March 2008 Edition! There is a saying in Newfoundland that would describe the markets perfectly.. "The arse has fallin out of her." When will the markets find a bottom? Are we there yet? In terms of market returns, the only reason my retirement accounts are showing positive relative ... More About: Update , Net worth , Worth , March 2008
Winner and Weekend Reading - March 28, 2008
2008-03-28 10:30:00 Great Canadian Rebates $25 Amazon/Chapters Gift Certificate Winner When I first wrote about Great Canadian Rebates, I promised readers who joined under my referral that they would have an opportunity to win a $25 gift certificate from Amazon/Chapters. As keeping with the promotion, we have drawn the newest winner.. Patricia from Toronto! Congrats! The next 100 ... More About: Reading , Weekend , March , 2008
Differences in Non-Refundable Tax Credits and Tax Deductions
2008-03-27 12:30:00 This is a pretty common question asked during tax season. What exactly is the difference between a non-refundable tax credit and a tax deduction? Tax Deduction A tax deduction reduces your income for the year which can potentially mean that you've over paid on your taxes. Come tax return season, you'll get a refund on your ... More About: Differences , Credits
Saving Strategy: Avoid Upgrading Your Housing
2008-03-26 11:30:00 This is a lesson that I'm in the process of learning. If you plan on living a frugal life, it's much harder when building/buying a brand new house or upgrading your housing in general. The Building Process We had every intention to keeping our house simple and even hoping to keep our expenses below the ... More About: Strategy , Housing , Saving , Avoid
Sustainability, Sustainable Development, and Financial Health
2008-03-25 10:30:00 Regular reader and commentator DAvid has taken the time to share his thoughts on sustainability and financial health. I thought that this topic would be refreshing as MDJ doesn't touch on the topic of green living very often. The greening of our world has become a topic of importance to the Canadian ... More About: Health , Financial , Development , Sustainability , Sustainable Development
Carnival of Personal Finance # 145: Baby Education Edition
2008-03-24 14:10:00 Welcome to the 145th Carnival of Personal Finance: The Baby Education Edition. With the new baby, I've been thinking a lot about how to properly raise a child and how to teach them about personal finance and business. So what's better than a baby theme that will take us on the road of financial education. ... More About: Personal Finance
Hosting the Carnival of Personal Finance
2008-03-22 09:30:00 Just a quick note that Million Dollar Journey will be hosting the Carnival of Personal Finance this coming Monday. If you are a blogger and interested in getting some exposure, then this is a great opportunity. If you are new to the scene, you can read the Carnival of Personal Finance event that MDJ hosted before. Please ... More About: Hosting
Weekend Reading - March 21, 2008
2008-03-21 10:30:00 Before we get into some weekend reading, there was a winner chosen for a free copy of Rich Dad's Increase Your Financial IQ. Out of the 65 comments received, AppleTree was randomly chosen as the winner! Congrats! Thanks to all who participated. What are your thoughts of contests that require a bit more work than ... More About: Reading , March 21 , Weekend , March , 2008
Informal In-Trust Accounts
2008-03-20 11:30:00 I received an email from Leah the other day asking what are some options for investment accounts for children. Right away, I thought about RESP accounts, however, those aren't for Leah as they are too restrictive. I can see the new Tax Free Savings Account (TFSA) being an alternative to the RESP, however, the rules haven't ... More About: Trust
How Exposed is the Smith Manoeuvre to the Lipson Case?
2008-03-19 10:30:00 Numerous readers have contacted me regarding the current Lipson case and it's potential affect on the Smith Manoeuvre. When it comes to legal matters, I usually contact a lawyer for more information. It just so happens that the blogger behind Thicken My Wallet is a former lawyer and is more than willing to help. Below ... More About: Case
Book Giveaway: Rich Dad?s Increase your Financial IQ
2008-03-18 10:30:00 As promised, we will be giving away a free copy of Rich Dad's Increase your Financial IQ. Here is a snippet of the review: What I liked about the book? In Financial IQ #1, the author explains why the rich are rich and why the middle class and poor stay that way. Kiyosaki explains that the rich use ... More About: Book
Book Review: Rich Dad?s Increase Your Financial IQ
2008-03-17 11:30:00 Robert Kiyosaki's book publisher contacted me about their newest book: Rich Dad's Increase Your Financial IQ. As I have read the other Rich Dad Poor Dad books, I was excited about getting my hands on this book. For those of you who aren't familiar with the Rich Dad series, it's a financial education series which teaches ... More About: Book Review , Review , Book
Weekend Reading - March 14, 2008
2008-03-14 10:30:00 Before I start the link fest, I'd like to announce the winner of "Fast Profits in Hard Times". Out of the 103 comment entries (all of which made me hungry), Lyu was randomly chosen as the winner. Congrats! If you like these book giveaways, stay tuned, we'll be giving away another book ... More About: Reading , Weekend , March , 2008
Frugal Recipe: Cooking a Whole Chicken
More articles from this author:2008-03-13 11:30:00 I was doing some cooking the other day and I thought popped in my head that I don't post a lot about recipes on MDJ. Cooking /recipes can become a popular topic as everyone eats and why not save some money while your at it? This recipe is for cooking a whole chicken. There are various times ... More About: Recipe , Chicken , Frugal 1, 2, 3, 4, 5, 6, 7 |
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