How Long It Takes to Double Your Money?

Double Your Money

Have you ever looked at your savings account statements and wondered how long would it take to double your money at interest rates mentioned on those statements? By using a simple formula, you will be able to figure it out very fast.

This simple formula is called The Rule of 72. The rule works when your interest rate is compounded annually and you are not taking out any money or interests from your account. To find out how long it will take to double your money, take your interest rate and divide 72by your interest rate. Yes, 72is the magic number here. Let's say your high interest savings account is paying you 3% interest, divide 72 by 3 and it comes to 24 years. If you add more money every month to your capital, your money will double in lesser years. If you have a mutual fund which returns roughly 10% annually, your money will double in 7.2 years. Don't be discouraged by these long years. Investment is a discipline and you should not expect miracles to happen overnight.

First Published: Apr 17, 2007 ADawnJournal.com

Canada’s Cheapest Cell Phone Plans

Freedom Mobile Still Offers Best Plans

When searching for the cheapest mobile plans in Canada, you may get confused with all the players available to choose from. However, most of the value plan providers have been bought by big 3 brothers who have been terrorizing and manipulating the Canadian market since the invention of the cell phone. For example, Mobilicity was gobbled up and then destroyed by Rogers, Public Mobile was eaten by Telus and became ungenerous with their plans, and there is Bell Mobility hiding itself under Virgin Mobile.

To keep things simple, I will take Freedom Mobile as my base plans and will try to find lower plans that beat my base plans.

Freedom Mobile Plans

$25 per Month (No Data)

This plan offers unlimited Canada calling and unlimited Canada/US texts.

$35 per Month

Same as $25 plan + 2 GB data

Chatr Mobile Plans

This is Rogers. It offers a $20 per month plan, but it’s only unlimited local. You will be paying extra for sending texts, retrieving voice mail, etc. This is not an option for most users. The $25 plan offers unlimited province only and 100 global texts out. If you want data, you will have to add $10 for 500 MB or $15 for 1 GB. So it’s way more expensive than Freedom.

Fido Plans

This is Rogers as well. Their $25 plan gives only local 100 weekday minutes and unlimited weekend + evening minutes, and unlimited global texts. If you want data, 500 MB is $40 and 1 GM is $50.

Public Mobile Plans

If you use their create-a-plan tool and create a 30-day plan with only province- wide talk and no text no data, it comes to $27 per month. Add text and 1 GB data, it comes to $42. So it’s even worse than Chartr. Mobilicity used to offer plans that are similar to Freedom Mobile and in some cases even cheaper, but Telus destroyed it all since they took over.

Koodo Plans

This is also Telus. Their $28 plan comes with 100 minutes and unlimited texts. 500 MB and 1 GM data cost $40 and $50 per month.

Virgin Mobile Plans

This is Bell. $39 plan provides only Canada 100 minutes + Unlimited E+W and Unlimited Global text. 00 MB and 1 GM data cost $40 and $50 per month.

So from these plans it’s clear that although Shaw Communications bought Freedom Mobile, which used to be called Wind Mobile, its plans are still not destroyed and intact. As Shaw started upgrading their network to provide better and improved coverage and services, let’s wait and see if the plans remain as good as they are now and or if Shaw destroys them like the others.

Keeping Business in the family

Running A Business With Family Members

The word “entrepreneur” conjures up in many people’s minds an image of an individual who makes money for themselves with little concern for anyone, nor anything beyond their own bottom line. This is as unfair as saying that the only reason anyone takes on a job is doing so for selfish reasons. The truth is that entrepreneurship is a way of making a living just as surely as digging a ditch or manning the phones in an office. And entrepreneurship is not all about looking out for Number One, either. With a bit of co-ordination and collaboration, close family ties can make for a strong business profile.

Just think of all the people who have gone into business as a partner in a company and have come unstuck later on when their business partner turned out either to be unscrupulous or incompetent. In such cases, unless you have everything in writing and a great deal of resourcefulness, you can lose everything. By going into business as a family, or part of a family, you can avoid this step naturally. Thinking about it logically, how hard do you think it would be to hide an unscrupulous nature from someone who you see all the time?

No-one knows you better than someone with whom you have grown up – and vice versa. You know their strengths, weaknesses and their instincts and they know yours. When dividing up duties in an organization, it can often be confusing and challenging to assign the correct duty to the correct person. The solution? Well, by knowing each other so well you can instinctively spot who will do which task best – removing the early teething troubles that come from figuring all of that out. And if there is a task that no-one is especially suited for, the close collaboration that has characterized your life as a family makes it easier to deal with it as a team.

All of this ties in fairly neatly with another major benefit to working together as a family – the profit margin. Self interest is a perfectly healthy motivating factor in trying to do the best that you can in business. It is all the more likely that you will keep your eye on the ball if that self interest is tied in with wanting to do the best for your family. Although nothing is a guaranteed success without planning, motivation and a great deal of good luck, the conditions that make success more likely are ones that are nurtured as a rule within families.

There is a line of thought that says you should not go into business with a family member because when things go wrong you will have all the more reason to be unhappy, and there can be an increase in tension. It is true that without sound business sense on the part of everyone, a business could well go downhill very quickly. For this reason, family businesses will not always work and it is not a perfect fit for everyone. Nothing is guaranteed. But by approaching the tasks and the tests that business will throw your way as a team, you give yourself a better chance of achieving them. Something which family ties will help enormously with.

First Published: Apr 24, 2009 EntrepreneurJourney.com

Minor RRSP - Advantages & Restrictions

Early Age RRSP

There is no minimum age requirement to open an RRSP account. Children with earned income can open an RRSP account. The following are required in order to do so:

• A SIN (Social Insurance Number) is required for minors.
• Income has to be legitimate
• Income has to be recorded with proper receipts or documents
• T1 tax return has to be filed

There are many advantages of opening an early age RRSP. The followings are a few to mention:

• No actual contributions have to be made in the RRSP. Contributions can be made anytime later on. There is no time limit.
• Accumulates RRSP room for several years, which can be carried forward indefinitely and increases lifetime contribution limits.
• Allows a minor to contribute in RRSP right after entering work force. Someone who did not contribute at an early age wont be able to contribute right after entering work force because there will be no contribution room.
• RRSP deduction can be used anytime later on, when there is enough taxable income to use the deduction. There is no time limit to claim deduction.
• Gives income-splitting opportunity for parents who own business. Parents can hire their own children as employees and can pay then accordingly. Salary given to a child is a tax deductible business expense and it will create contribution room for the child.
• Contributions made in the RRSP will start growing and compounding tax free inside the plan.
• A great way to give children practical lessons about money management and personal finance at an early age.

Not all financial institutions allow minors to have RRSP. Most of the banks and big fund companies (like CI Funds) will allow minors to open an RRSP. Some institutions might put restrictions on minor accounts such as:

a co-signer is required (fund companies can do this)

can’t invest in mutual funds (banks can do this)

can only invest in GICs or savings accounts(banks can do this)

If you happen to face one of these or any other restrictions, do not get discouraged and shop for the best one. Minor RRSP is a great investment vehicle for kids and can provide lifelong benefits.
First Published: May 2007 ADawnJournal.com

How to Find Your Passion

Find Your Path

Three Simple Steps to Find Your passion

Passion is something that comes from your heart and you can continue doing it for as long as you want without any struggle and with enthusiasm. One simple way to look at passion is you are doing something because you want to do it, not because you have to do it.

Here are some simple things you can do to help you find your passion. To discover your true passion, you need to use your creativity and ask yourself some questions to bring out your true self.

Passion in The Past - Go through the recollection of your memories to find out what did you enjoy doing or what you always wanted to be when you were a kid. There is a good possibility that you will find your passion right in your thoughts or dreams when you were a kid.

Your Living Patterns - Although you may not have noticed, your passion is imprinted in those things you do on a daily basis. What you do daily tells you a great deal of what you like enjoying without any pressure. Here are some activities/hobbies you can take a look at to find your passion: the types of movies you watch, the types of books or magazines you read, things you like to collect or perform in your leisure, topics that interest you, events or shows that attract you, types of music you listen to, smartphone or tablet apps that you spend most of your time with, things you love to do when you open your computer, and so on.

Reflection in Your Dreams - We all dream and dreams can be a part of positive thinking to achieve the kind of life we want to live. What type of life do you always dream about living if you were given the opportunity? Or let’s say, if your finances have been taken care of and you don’t need to work anymore to earn money, what would you be doing? How would you allocate your time slot daily for the rest of your life?

If you can come up with your responses for these simple points mentioned above, you will be able to find what your passion is. Once you live a life doing things that you are passionate about, you will have the motivation, enthusiasm, and persistency to sail ahead at full throttle in life. Extraordinary success and fulfillment will be on your way.
First Published: May 31, 2013 www.simplepersonaldevelopment.com