How to Budget Properly

Learning how to budget is an effective way to eliminate debt. Here are five way you can become an effective budgeter

1 . Start Early

Starting early allows you to experiment and make mistakes. Learning from my mistakes during my 20s allowed me to discover my financial spending limits. By understanding my financial limits at an early age I was able to set up a budget that was both realistic and easy to follow

2 . Use the Available Resources

The first of many steps in effective budgeting is going online and looking for resources. One useful tool that I used to build my budget is PersonalFinanceCanada on Reddit. For Canadians, this is the ultimate resource for budget planning. Not only is it a resource for amazing advice but also provides budget planners, net worth calculators and other great financial goodies

3. Answer the Hard Questions

Before you even start thinking about a budget you will need to answer the hard questions. Are you going to be aggressive or passive? Will you track your spending daily, monthly or even yearly? Is this a long term commitment or new year’s resolution that will only last a week? By answering the hard questions you will be ready to build your budget

4. Create Accountability

Accountability is the key to successful budgeting. When creating your first budget you should find someone you trust to build accountability. After finding that special someone set up a 15-minute window once a week to report on your budgeting success and failures. Not only is this an incentive for you to follow through on your budget but also reduce the burdens of the budgeting process.

5. Understand That Your Human

Finally, understand that above all you are human. Humans are inclined to fail and make mistakes. This is an important lesson as there will be days when you forget to track your spending or you somehow splash 3000 dollars on those special Nikes. Do not sweat the small things and understand that becoming an effective budgeter is a marathon and not a race


5 Slick Ways To Deal With Debt in your 20’s

Your 20s is usually full of misadventures, late nights out and romantic fall-outs. Add student loans, bad credit and your $1500 shoe collection to that list and you get the picture. Here are five easy ways to deal with debt in your 20s!

  1. Know Your Financial Limit!

Learning your financial limits during your 20s is the best way to set the financial boundaries for the rest of your life. Lean on your experiences to understand what the minimum amount is needed to make yourself happy. If drinking that one $4 beer was enough to get you happy and drunk on a night out then that $4 beer should be the gold standard of how much you are willing to spend on alcohol on any night out. Feeling financially hurt but still not happy after spending $700 on that Coldplay ticket? Then maybe your financial limit should be $50 on the next set of tickets. Learning from these experiences make you the person you are tomorrow. Yes as you grow older your income and standards of living might increase but it should not justify spending that much money on Coldplay tickets!

2. Be Aggressive!

Becoming Chuck Norris in your 20s is a great way to learn how to fight debt. Be aggressive, be tough and above all learn that debt does not have your number instead you have debt’s number. Go all out and throw that credit into the fire pit. Do whatever it takes to show debt whose boss!

3. Build a Budget and Stick to IT!

One important lesson to control debt in your 20s is to build a budget and stick to it Having a budget in your 20s allows you to track how much you spend on any given day, month or year. By tracking your spending habits you gain knowledge. Use that knowledge and you are able to make better financial choices. Making better financial choices saves that 20 dollars you would have otherwise spent on organic moo moo juice. Build a Budget and Stick to it!

4. Learn to Live Frugally

Be the next Warren Buffet of your age group. Learning to be frugal is another great way to fighting debt in your 20s. Instead of eating out every day learn to cook your meals in batches over the weekend. Instead of spending 20 grand on that new beemer buy a $1500 clunker and drive it until it falls apart. Learning this lesson in your 20s is a slick way to be debt free the rest of the life.

5. Save, Save and Save Even more!

Learning to save until your financially butt-hurt is a great way to get ahead of debt in your 20s. Every year counts and the earlier you start saving the further you are ahead financially in your 30s, 40s and 50s. Take that 300 dollars you would have spent on those pair of nice sneakers and instead throw that cash into an Dividend Paying Stock, Robo Investor or even a High-Interest Savings Account (Equibank offers 2.3% interest right now) Being able to save 30 – 40% of your income in your 20s is a crucial building block to creating passive income and financial independence. Building a financial nest egg in your twenties makes you better prepared to deal with any future debt that rears its ugly head. So Save, Save and Save some more!

Being Financially Savvy During Holiday Sales

paper bags near wall

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 ( and PricePirates (

#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 or Amazon Warehouse Deals (

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!

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


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


FIVE Awesome Passive Income Ideas


Do you know the slick way to gain financial independence?

I will give you 10 seconds to guess














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


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 Slick Way to Building Passive Income

bank banknotes bill cash

Here are three slick ways to build and generate passive income of over 50,000 dollars a year

1. Rentals

In my area buying a house is expensive however the rent is high enough to make this investment worthwhile. Focus especially on new constructions when downpayment is typically low like a pre-sale condo.

2. High Interest Saving Accounts

Look for saving accounts in Canada that offer between 1.8 to 2%. These are usually done by credit unions and online banks. EQ Bank right now has an offer of 2.3%!

3. Dividend based Investments

This is one area where I am looking to diversify my incomes. Investments thats increase their dividends yearly are especially a target area.

Four Stages to Financial Literacy

black point and shot camera near macbook pro

Due to a record level of household debt in 2013 in North America, financial illiteracy raises epidemic concerns. Financial literacy is an individual’s ability to make informed and effective decisions with their own financial resources (, 2013). In 2012, 42% of Americans and 50% of Canadian adults gave themselves a C, D, or an F in their knowledge of personal finance (Toronto Dominion, 2012; Bank of Montreal, 2013). In light of this deficiency, it is clear why households have saved less than 5% of their income (US Bureau of Economic Analysis, 2013; Statistics Canada, 2012).

This lack in savings combined with financial illiteracy, is one effort of household debt soaring to more than 140% of disposable income (Toronto Dominion, 2013). Younger generations of North Americans entering the work force face the risk of even higher debt levels due to increasing unemployment rates and student loans.

This blog entry shares my experiences with personal finance to encourage more financial literacy training, starting with children to young adults.

Stage 1: My Introduction to Financial Illiteracy

My experience with financial literacy began at the age of 10 with a first gift allowance of US$30. That day represented my first step towards financial freedom. I felt my parents recognized me as trustworthy and responsible; old enough to manage money. I was naïve. In just three days, I had spent the money on happy meals, gumballs and my favorite teenage mutant turtle action figure. I remember coming back to my parents with tears in my eyes. I thought I broke their trust. Instead of the anticipated lecture, my dad just smiled. This was my first financial literacy lesson; save a portion of your allowance.

Stage II: Aware, but Financially Irresponsible

Fast forward eight years: I have just entered the University of British Columbia. My first part time job was in security – I made minimum wage. I opened a bank account and put in US$350. I received my first credit card happily provided by the bank’s financial advisor. I remembered my dad’s lesson on savings and as I worked my way through university. And, I made some big purchases using my credit card to ‘pay later’. By the end of that year, my credit card debt was double my annual earnings. I dutifully made the minimum payments ($10/month). With a 19% interest rate, my debt rapidly increased. It looked like there was no way out of this situation. I again turned to my dad for support and advice. He provided my second lesson on financial literacy; don’t spend more than you earn.

Stage III: Overcoming Financial Illiteracy Eight years after, I was working in my first job – with Vancity Credit Union in Vancouver, BC, Canada. By this point, I counted 16 years handling my personal finances. My dad’s numerous lessons had guided me to overcoming financially illiteracy. I have learned that financial management is full of perils which can negatively affect an individual’s happiness in life and economic well being.

Financial literacy is best taught at a young age. With a continuously developing brain and a natural curiosity, Generation Z (those now aged 1-13 years old) can rapidly learn valuable concepts around debt, savings and wealth creation. Without basic financial concepts, people are more susceptible to bankruptcy, carrying debt loads, scams and higher financial costs.

Stage IV: Teaching Financial Literacy to Others

Based on this understanding, I trained to become a certified financial literacy trainer with Vancity’s Each One Teach One Program (EOTO). This program has volunteers sharing basic financial concepts with people from vulnerable communities. Each presentation covers topics from introduction to banking to identity theft to what to do about fraud. The presentations I have done to date have been met by participants with appreciation, happiness and relief. While the EOTO participants are from different backgrounds, they all shared common stories of financial hardship.

A unifying sense shared among the younger participants was confusion in their lack of financial knowledge. Gaining the tools to overcome this ignorance through these financial lessons bestowed EOTO participants more confidence in handling their own personal finance and the affairs of their families. Not only was I delighted to be helping others, I learned another important lesson. Financial literacy is not only about the freedom to act, but also about the empowerment through confidence to understand and control one’s own situation.


Based on my personal experience, financial literacy is best learned at an early age. Parents are encouraged to actively develop their children’s knowledge of personal finance. The best way is through meaningful shared activities like teaching saving during the holiday shopping season and using a family ‘piggy’ bank. There are many online resources and saving tools for parents. One example is America Saves which includes an online pledge. In exchange for children saving $5 a month, they can earn special benefits. While saving $5 seems small, just having a monthly plan goes a long way towards successfully financing college tuition or affording a car. More importantly, all lessons about personal finance young stay with a child to use throughout life. With the Holidays around the corner, perhaps the best gift to give is a lesson on financial literacy.

Awesome Websites to Check Out!

Financial Educator Council:

Practical Money Skills: