You don’t have to be a financial guru anymore to invest - INVEST NOW has been published

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Invest Now: Ahmed Dawn

First Published: ADawnJournal.com Mar 8, 2008

I am writing this post to let you all know that Invest Now has been published and available at all major online stores.  Invest Now delivers a convincing case for avoiding daily spending temptations and then shows you the secrets to smart investing. With as little as $25, you can become a successful investor by following three simple and practical steps.

The must-have guide for Canadian investors, Invest Now delivers three surprisingly simple steps to safeguard your financial future.

You don’t have to be a financial guru to develop a consistent savings plan and accumulate wealth. Invest Now offers all the tools and motivation you need to start building a safe and secure financial future now for you and your family. Invest Now has won prestigious Editor’s Choice and highly prestigious Publisher’s Choice award for its editorial integrity and outstanding design quality.

I will issue a pres s release shortly stating the publication of Invest Now. Invest Now is not available at bookstores yet. Invest Now will take another two to three weeks to hit Chapters shelves. I will let you know once that happens and also will issue another press release.

Why We Don’t Invest?

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Why You Should Invest

Our main problem is a lack of information. Most Canadians were never taught any personal-finance lessons in school and in university. Also, we have this idea that in order to invest, we need a lot of money, a PhD, and status as an investment guru. Invest Now shows you how you can start investing with very little money—and even less expertise. Investing can be as simple as walking into a bank or picking up your phone.

First Published: ADawnJournal.com Mar 27, 2008

Award-winning book Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. To purchase a copy, visit Chapters Indigo or buy online - Invest Now: A Canadian's Guide to Investing

Banks Are Charging Ridiculous NSF Fees

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Bank Has No Limits for Fees

Just received a Notice of Changes flyer in my mailbox from TD Bank. The flyer is full of as usual information. That is, fees are going up on some services. One fee increase made my eyes pop out in wonder.

New NSF (Non Sufficient Funds) fee will be $42.50 starting May 1, 2008. Paying $42.50 NSF fee is way too much and absolutely ridiculous. We all know that banks are only interested in making money, and they don’t care about their customers. Average bank clients are not valued or respected by these banks. We tend to be loyal to our banks, and they are taking advantage of this. Most of us do not research and shop for a better bank. What you can do to get a better deal and treated as a valued customer by your bank? Follow these simple tips below:

  • Banks basically measure your value by looking at your bank balance. If you have accounts with many banks, you may want to think about consolidate them into one account in one bank. This will give you more money in one bank and hence more value.
     
  • Have an overdraft protection attached to your bank account. An overdraft protection will protect you from NSF situation because this feature will pay extra money if your account falls short. There is a charge involved with this option but it’s not as ridiculous as NSF fee.
     
  • A decent overdraft protection fee should be somewhere around $5. You should pay this only when you use it. If your bank charges monthly recurring fees to have this option, change your bank. A good example is President Choice Financial. Their overdraft protection fee is $4.95, and you pay only when you use it. You will also be paying an interest charge on overdraft balances but still it’s a lot better than paying $42.50.
  • And last but not least - never write a cheque if you don't have money in your account (I know you all know this).
    First Published: ADawnJournal.com Mar 16, 2008

What Is An RRSP?

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The following is an Excerpt from my first book Invest Now. Invest Now is jam-packed with timely information and timeless advice for the beginning Canadian investor. Invest Now covers a broad range of topics including RRSP. Invest Now will be published in a few weeks.

What Is An RRSP?

An RRSP (registered retirement savings plan), or registered account, is not something you actually buy. This is just an account type, and you buy qualified investments to hold inside that registered plan. Think of the RRSP as an umbrella sheltering you from the sun. Think of the sun as the Canada Revenue Agency. As long as you are under the umbrella, you are protected from the heat. As long as you are inside your registered plan, you are protected from taxes.

Advantages of an RRSP

  • Deposits generate tax receipts to provide tax breaks.
  • If the account generates income, no taxes have to be paid, because income is sheltered.
  • If you sell your holdings and achieve profits, you pay no taxes on capital gains, but you pay withholding taxes on withdrawals.
  • You pay no taxes on growth and switches made inside your account, as long as you are not going outside the registered plan

Disadvantages of a Registered Account

  • The account is registered with Canada revenue Agency (CRA). That’s where the term registered comes from.
  • You are only allowed to deposit so much money.
  • Withdrawals are restricted.
  • You are taxed on the amount you withdraw. The more money you withdraw, the more taxes you pay. See withholding tax rates listed at the end of this chapter.
  • You can’t keep this account forever. The account has to be terminated once you are 71, and you have to convert this account to a Registered Income Fund (RIF), from which you have to receive annual income by law. Also, you can take out all your money once you are 71, but this is not a good idea, as you have to pay hefty taxes.

First Published: ADawnJournal.com Feb 26, 2008

Get Smarter by Seymour Schulich - A Must Read book

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Affiliated Link: I collect Small Commission If You Purchase Using this Link

Affiliated Link: I collect Small Commission If You Purchase Using this Link

Life and Business Lessons

Get Smarter by Seymour Schulich is a business book full of life and business lessons from business and non-business perspectives. Seymour Schulich is a self-made Canadian billionaire and a great philanthropist. So far, he has donated over $200 million dollar to various educational and non-educational organizations. This is a book you must read and its money well spent – if you are buying this book.

Schulich has taken a very laid-back approach to describe his thoughts and you will never be bored reading this book. I will list some of my favourite chapters here:

 

 

  • Money’s Value Falls 90 Per Cent Every Thirty Years

  • There’s No Such Thing As Overnight Success

  • Never Envy the Rich Man or Any Person

  • China

  • Spending Money

Get Smarter has 49 chapters in total. In appendix, Schulich describes his top ten movies, his trip to the Arab World and a reading list. Let me end this post by describing a quote by author’s which basically spells out the essence of personal finance teaching – “I have a 12-year-old car, a 35-year-old house and the same wife,”

First Published: ADawnJournal.com Dec 13, 2007