Being Financially Savvy During Holiday Sales

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Boxing Day, Black Friday and Cyber Monday offer some of the biggest sales of the year. However, these big sales events can have an unintended consequence on your wallets. Here are five ways to be more financially savvy during holiday sales events so you can keep more money in your own pockets.

#1: Always Compare Prices Online

By comparing prices online you more likely to understand if that 50% off sticker price is actually a discount. You also may find there are better prices elsewhere. Some recommended price comparison sites include Google Shopping (https://www.google.com/shopping) and PricePirates (www.pricepirates.com).

#2: Build a List and Stick to it!

Having a list makes it less likely for you to get distracted during a holiday event. A list also allows you to strategize and go for the product you need as opposed to the products you want. There is also a less likelihood that you will have buyer’s remorse the next day.

#3: Use cash or debit card

Always purchase using cash or pre-paid debit cards. Even better allocate just enough cash to cover the purchase including tax. This will achieve two objectives. First, it will prevent overspending and second you will buy something you will need as opposed to something you want. 

#4: Know the Return Policy

Always check the return policy. Some retailers during the major holiday events reduce the number of days you have to return the product. Other retailers require the original receipt to return the product. Furthermore, there are some products that are not even returnable. The best thing you can do is always check the retailer’s return policy before making the purchase.

#5. Go Open Box

The best bang for your buck is open boxes. It is a well-known fact that many open boxes are products that are only opened once and then returned. Retailers will then discount the price even further or sell the product back to a third party open box retailer. So instead of buying something new in Black Friday or Boxing Day go save some money and shop at an open box retailer. A good open box retailer to check out include Open Box Buy Online https://www.openboxbuyonline.com/ or Amazon Warehouse Deals (https://www.amazon.com/Warehouse-Deals).

How to Just Say No!

Whether it is a request from my tenants, work colleagues, or even my barber being able to say No has always been tough. However in my journey to financial independence being able to say No is a barrier that I must overcome. Here are 5 strategies that I am employing to become more effective at saying “No”

  1. Be Confident and firm when saying “NO”. If you are emotional then it is easier for the other person to take advantage of the situation and convince you that saying yes is the better option
  2. Run through each possible argument when saying “NO. That way you are ready to counter argue and explain why you said no in the first place
  3. Remember it is about what you want, not what the other person wants. I have had issues about saying No to tenant requests even though it would an inconvenience to me. In certain situations, it is better for your physical and emotional well being to say No
  4. Say No and walk away. Do not give them the chance to change your mind. If you just walk away after saying No it will make it harder for the other person to better argue you their case.
  5. If the other person gets aggressive and starts to threaten you keep your cool and be level-headed. They want you to react so do not give them that pleasure.

If you liked my list please hit the like button and comment!

Christmas: The Best Time To Start Building Your Passive Income!

Merry Christmas everyone! While most people think of Christmas as the time to open presents, settle family feuds and drink barrels of red wine (and it surely is). It is also a great time to BUILD a PASSIVE INCOME. Here are Ten Christmas themed passive incomes that you can start building right now!

  1. Find and resell other people’s unwanted Christmas presents on Craigslist and eBay
  2. Write a Christmas themed book and sell it on Amazon
  3. Get into the Christmas spirit and help small business and individuals out by joining a Peer Lending Group
  4. Create a Holiday Themed – Youtube Channel
  5. Start a niche blog on WordPress that explores Christmas topics such as how to bake perfect Christmas cookies
  6. Learn to craft Christmas themed mittens, ornaments or toys and open up an online Etsy shop
  7. Start a new drop shipping e-commerce business where you sell other supplier’s Christmas goods
  8. Create a teaching course on Udemy and teach others about the spirit of Christmas
  9. Build an app on a Christmas related subject
  10. Open up a High-Interest Savings Account that takes advantage of Christmas bonuses!

Goldman Sachs Rules the World

With another economic recession in the horizon here is a rant I wrote seven years ago that would still apply today

Just read a new story concerning the comments made by a British financial trader to the BBC. The comments made by Alessio Rastani are seen as outrageous and immoral. But here in the economic world most of us would just shrug and say its the truth. The fact is that for financial traders and anyone connected to the financial industry “making money and not getting caught” is the golden rule. If it takes another recession to make an even larger profit than why not. Immorality is not even in the financial industry’s vocabulary. If it was then to a financial trader like Rastani it would mean not making enough money to support their lifestyle. This is true for Goldman Sachs. They want another recession and another money making opportunity. They do not necessarily see the slumped world economy in the view of an average person. To them, the recession is another bailout. Hopefully, many of you agree with my insight. However, if you do not agree then tell me why.

Best Ways to Eliminate Debt

There is a rule on debt “All Debt Is Bad Debt”. Any debt I accrue will usually be aggressively pursued and eliminated in the shortest time period. For example last month I had a 9000 dollar debt to pay off. In 3 short weeks, I eliminated that specific debt and saved hundreds of dollars in interest. How did I do it? Here are four steps I used to quickly and aggressively eliminate debt (Warning: This approach might not work for everyone)

Step 1: Ice your credit cards and put them in the freezer. Use cash or a debit card instead for any essential purchases

Step 2: Immediately transfer your debt from higher interest credit card to a lower interest LOC or Debit Card

Step 3: If you currently directing money into your savings account. “Stop it”. Instead, re-direct the money to paying off your debt first

Step 4: Eliminate any unnecessary spending and go cold turkey. When I go to make a purchase I usually have two lists on my mind. Is it a need or a want. If it is a need then I will go ahead and purchase the item. If it is a want then I will not purchase the item.

Slick’s Journey to Build a Passive Income: Physical Real Estate

home real estate

Real Estate Investments has always been a personal hobby of mine. Here is one real estate investment that you can make today but buyer be warned it is not for the faint hearted!!!

Physical Real Estate 

When most people hear the phrase “Investing in Real Estate” they think of physical real estate. Physical real estate is defined as a piece of land with a building on it and can be split into residential (multifamily and single family units) or commercial units. 

Investing in physical real estate has advantages and disadvantages.  Here are some advantages and disadvantage of investing in physical real estate

Advantages: Cash-flow and Appreciation

Generating cashflow is one of the biggest advantages of buying physical real estate. By buying property and getting a tenant to pay your expenses (aka mortgage, strata fees, property tax etc) you are able to generate cashflow aka passive income

Appreciation is the 2nd advantage of buying physical real estate. When you buy property it will appreciate in value (unless you are in Detroit ).  In the right market conditions a 30,000 dollars down payment can easily becoming a 300K profit by buying and holding a property for X number of years and using the tenant’s rent to pay off the mortgage

Disadvantages: TENANTS, TENANTS and TENANTS

Investing in physical real estate is a semi-passive investment at minimum and a PITA (pain in the ass) most of the time. As the landlord you will be dealing with late payments, broken toilets, property damage and if you are not scared enough maybe you will encounter the TENANT FROM HELL. You know the one tenant who calls you at 2 am in the morning to tell you that their sink is overflowing… yea that tenant. Of course it all comes down to how you communicate and manage the issue. 

Conclusion/Summary/I am too lazy to write anything else

Physical Real Estate can generate Cashflow and Appreciation over time but Landlording sucks big time antelope balls. If you want these advantage without having to be the landlord then take a look at Mortgage Investment Corporations and Real Estate Crowdfunding instead. I will talk about these two forms of Real Estate Investment next time so be ready!!!!

Signing off until next year

SLICK 

FIVE Awesome Passive Income Ideas

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Do you know the slick way to gain financial independence?

I will give you 10 seconds to guess

10

9

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2

1

0

TIMES UP

ITS PASSIVE FRICKIN INCOME!!!

Here are 5 awesome ways to build your Passive Income

1. Peer to Peer Lending
Just like it sounds Peer to Peer lending is like being a bank. You and a whole bunch of other people provide small dollar loans ($20 – $200) to an individual or a business at a reasonable interest rate. Think of it as crowdfunding a loan.

There are three big advantage of Peer to Peer lending.

A. First it allows you to spread your risk. You can for example give out 10 loans at $20 a pop. If one goes bankrupt you only lose the $20 dollars and you still have $180 dollars still providing a return

B. There is a low barrier of entry. You only need minimum $200 to invest as opposed to $40,000 dollars that you need to buy a rental in Greater Vancouver

C. the high rate of return is another advantage. Depending on the risk of the loan you can earn anything between 8% – 19% in interest. Not bad for doing no work!

One great peer to peer lending website to check out in Canada is Lending Loop. For those who are American who are bit spoiled you got a lot of options so google it yourself

2. GET OUT OF FRICKIN DEBT

This is as easy as it sounds. Get out of debt! Pay off that high interest credit card (19% geez weez louise what were you thinking???) and reduce that student loan to smithereens.

One way to pay off that pesky credit card is to transfer the balance to a lower interest credit card or even line of credit that has a lower interest rate. This will save you a lot of interest.

(Buyers beware: LOC interest is calculated daily so you might end up paying interest even if you pay off your LOC but do not worry its like 8 dollars not 800 dollars)

3. Real Estate Crowdfunding

If you live in a city with expensive real estate (I live in Vancouver) investing in physical real estate can be difficult. That is where Real Estate Crowdfunding comes along. Like peer to peer lending you along with others can invest in an actual house by pooling together your hard earned dollars. Not only do you protect yourself from the risk of a housing bubble burst but you do not have to worry about pesky tenants, broken down appliances, and lousy stratas(that is if you live in a condo or townhome)

4. Open a High Interest Savings Account

This one is easy way to build a passive income slowly. Here are the five step you need to take advantage of this passive income stream

1. Go to EQ (2.3% interest rate where else can you find that?)
2. Open up a High Interest Savings Income
3. Set up automatic payment that equates 20% of your biweekly or monthly income 4. Forget that you even had a High Interest Savings Account
5. Enjoy the compound interest baby!!!

9. Robo-Advisors

If you hate stocks and self directed investing like the Grinch hates Christmas then this one is for you. Robo Advisors are AI portfolio investment platforms that make it easy to invest and build up wealth with out even lifting a finger. Depending on your age, retirement goals and risk tolerance and for a low management fee the Robo Advisor will invest your hard earned cash into a mix of bonds, stock, cash, GICs, debt securities and many more!!! Two Robo Advisors to check out right now are Wealthbar and Wealthsimple. If this is not passive investing then I do not know what is

The 5 Best Steve Job Quotes

The words of Steve Jobs has begun to inspire us all. Most of us have probably never heard Job’s 2005 Commencement Speech at Stanford. However with his death these words are all that remain of a true genius and innovator. Here is a list of five quotes that in 2018 best represents Steve Job’s life and work

5. “Life is sometimes going to hit your head with brick. Dont Lose Faith!”

4. “And the only way to do great work is to do what you love”

3. “Keep Looking and dont settle”

2. “Your are already naked There is no reason to follow your heart”

1. “Stay Hungry Stay Foolish”

If Chuck Norris was Your Personal Financial Advisor

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Let’s say you walked into the bank one day and ask the bank teller for a personal financial advisor. 5 minutes later Chuck Norris walks out saying he is your new personal financial advisor. At this point you probably would wet yourself with excitement and believe that you are in a dream. Here are five pieces of advice that Chuck Norris (CFP) would give to you;

5.   You do not fear debt. Debt fears you

What Chuck Norris (CFP) is trying to saying is do not fear debt. There is such thing as good debt such as a mortgage to buy a new rental.

4. If you had 5 dollars and I had 5 dollars I would still have more money than you

As Norris would say having money is not the end game. Money is just a tool that you can use to invest in improving yourself and kick life’s ass

3. You do not need financial management. You are the management

Do not rely on financial professionals to get you into the right financial plan. You need to take the initiative like reading books on financial planning (Rich Dad,    Poor Dad, The Wealthy Barber)

2. If you Google search me filing for bankruptcy you will generate zero results. It just doesn’t happen

Put yourself in Chuck Norris’s shoes. Is bankruptcy an option for him? No it is not  and it should not be for you either. One of the best methods is to negotiate with your lenders or collection agency and find out the minimum amount you need to pay. Be Chuck Norris and be confident when you speak. Convince them that you will act in good faith and pay back every cent even if it means that you have to kills some wolves with your bare hands

1. You change your financial future with your FISTS. If it get in your way KICK ITS ASS!

In the end of the day you are the captain of your financial ship. If it starts sinking its not Chuck Norris’s fault you did not use the right type of material for your hull. You need to learn what the backbones of good financial planning and ask the right financial questions. Becoming financially wealthy is not easy it is back breaking work

 

 

 

What does Chuck Norris and Superman have in common?

5. They both used mind control on foes and friends alike

4. They both gave the public what they wanted even if they didnt want it

3. They both had nerves of steel to take on the giants of their world

2. They both controlled the world using one touch of a finger

1. Both are beyond human and can be categorized as Super Humans of the 21st century