tag:blogger.com,1999:blog-6211350150405411171Thu, 29 Aug 2024 00:20:42 +0000Financial strategies for the average Canadian looking to save money, tax, and cash flow.http://financialstrategiestoday.blogspot.com/noreply@blogger.com (Mike McKay)Blogger29125tag:blogger.com,1999:blog-6211350150405411171.post-2924447317426299173Thu, 10 Jul 2008 17:55:00 +00002008-07-10T13:56:21.826-04:00Make sure to subscribe to the new blog. Good night and good luck!!http://financialstrategiestoday.blogspot.com/2008/07/shutting-down-shop.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-2904358508139277838Wed, 09 Jul 2008 01:57:00 +00002008-07-08T21:59:00.156-04:00To subscribe to the new blog click here.Latest articles are following the theme on debt and debt reduction.Enjoy and please comment.http://financialstrategiestoday.blogspot.com/2008/07/new-articles-on-new-blog.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-2100746592579580108Tue, 08 Jul 2008 03:12:00 +00002008-07-07T23:16:22.152-04:00Please resubscribe via this link http://www.financialmanagementpartners.com/wordpress. A number of articles have been written and ready to be posted. Some are already there.You will find similar email subscription links and RSS feeds.The remainder of the site is still under construction. In the meantime, visit http://www.termchoice.ca. We have launched an online life insurance quoting systemhttp://financialstrategiestoday.blogspot.com/2008/07/new-blog-location.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-8990818868851041342Fri, 28 Mar 2008 15:10:00 +00002008-03-28T11:11:40.638-04:00Big News To Come: Financial Strategies Today will be undergoing a complete renovation. Will keep you posted....http://financialstrategiestoday.blogspot.com/2008/03/under-construction.htmlnoreply@blogger.com (Mike McKay)1tag:blogger.com,1999:blog-6211350150405411171.post-4930205874752000949Wed, 13 Feb 2008 18:23:00 +00002008-02-13T13:39:47.737-05:00In my time in finance I have seen a lot of younger (and older) people start from scratch in their financial paths. One of the things that can be an easy trap to fall into is having a whole portfolio based in equities. This can easily happen in a bull market especially when dealing with the 'marketing machines' that are driving what we are faced with in the investment world.When dealing with http://financialstrategiestoday.blogspot.com/2008/02/are-you-on-track-with-your-plan.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-1639656780937216434Thu, 07 Feb 2008 22:33:00 +00002008-02-07T22:02:05.277-05:00Here is some interesting food for thought:1. Since 1950 there has never been a 10 year rolling period where the TSX lost money. The lowest 10 year average rate of return was 3.3% was from September 1964 to September 1974. The best 10 year average rate of return was a whopping 19.5% from August 1977 to August 1987.2. The lowest 30 year average rate of return was 8.6% from June 1952 to http://financialstrategiestoday.blogspot.com/2008/02/market-blips.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-7541391662361403271Thu, 07 Feb 2008 21:22:00 +00002008-02-07T16:25:29.262-05:00I will be featured on Experts on Call this Saturday at 4pm. Topics discussed will be RRSPs, leverage concepts, and debt reduction. You can listen live by going to CFRA's website here.http://financialstrategiestoday.blogspot.com/2008/02/experts-on-call-580am-cfra-ottawa-feb.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-6291848240141058422Thu, 24 Jan 2008 19:34:00 +00002008-01-24T14:35:16.292-05:00In times of market volatility it is important to revisit the initial philosophy that brought you to choose to undertake any financial strategy: long-term, conservative thought. If there is anything that the last six years have taught is it is that the markets are a long-term vehicle that can treat us very well when given time.Based on those comments I do not intend to undermine the volatility http://financialstrategiestoday.blogspot.com/2008/01/market-commentary.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-6274350052680797182Fri, 23 Nov 2007 03:16:00 +00002007-12-11T13:16:20.663-05:00I am going to quote directly from Timothy Ferriss' book The Four Hour Work Week:"Most people will never be able to retire and maintain even a hotdogs-for-dinner standard of living. Even one million is chump change in a world where traditional retirement could span 30 years and inflation lowers your purchasing power 2-4% per year. The math doesn't work (Living Well, March 20 2006, Suzanne McGee)http://financialstrategiestoday.blogspot.com/2007/11/r-is-not-for-retirement.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-6263851915865172657Wed, 07 Nov 2007 20:21:00 +00002007-11-07T15:25:21.670-05:00Here are the links for you to listen to the radio show from last Saturday on CFRA on The Mortgage Accelerator. 1, 2, 3, and 4.Don't forget that there will be an information seminar tonight at the Embassy West in Ottawa.http://financialstrategiestoday.blogspot.com/2007/11/experts-on-call-nov-03-audio.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-7888490233645552479Tue, 06 Nov 2007 21:01:00 +00002007-11-06T16:02:01.773-05:00Tomorrow I will be speaking at 7pm at the Embassy West in Ottawa. It will be a free information seminar on The Mortgage Accelerator.If you would like to attend you can RSVP at 1-877-330-1131.Hope to see you there.http://financialstrategiestoday.blogspot.com/2007/11/seminar.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-3718917833865019801Sat, 03 Nov 2007 14:08:00 +00002007-11-03T11:29:09.734-04:00Today I will again be featured on Experts on Call on Ottawa's CFRA 580am at 4pm. I will be discussing 'The Mortgage Accelerator'. To listen live click here.I will also be speaking with Mortgage Architects on Wednesday November 07 at 7pm in Ottawa at the Embassy West Hotel.Although the program is considered to be innovative and valuable, it is also complex and difficult for an individual to http://financialstrategiestoday.blogspot.com/2007/11/mortgage-accelerator.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-1581973165488262138Fri, 02 Nov 2007 01:32:00 +00002007-11-01T21:54:27.708-04:00What is Return of Capital?Distributions from an mutual fund may contain capital gains, dividends, interest income and return of capital. A return of capital is any distribution from a mutual fund that is not treated as either capital gains, dividends, or interest income. These funds are commonly referred to as TSWPs or T-series.When you receive a return of capital, you are essentially getting http://financialstrategiestoday.blogspot.com/2007/11/scoop-on-return-of-capital.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-728578071447240512Wed, 31 Oct 2007 01:44:00 +00002007-10-30T21:48:58.679-04:00Here is a summary that I received from Fidelity investments regarding today's news regarding tax relief:Canada’s Government Delivers Broad-Based Tax Relief for Individuals, Families and Businesses The Honourable Jim Flaherty, Minister of Finance, today presented the Government’s 2007 Economic Statement, which proposes broad-based tax relief for all Canadians, including a further reduction of the http://financialstrategiestoday.blogspot.com/2007/10/summary-of-tax-relief.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-2536403146072298660Wed, 24 Oct 2007 16:48:00 +00002007-10-24T12:51:40.067-04:00I have a rental property for a few reasons. Not only do I see it as a good way to grow equity over the long term but I also get some nice tax benefits from it. I found this link on the CCRA the other day and thought it would be useful for people who hold rental properties and are looking to get the most out of the tax benefits. Enjoy.http://financialstrategiestoday.blogspot.com/2007/10/are-you-making-most-of-your-rental.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-5534245272530358762Tue, 23 Oct 2007 21:47:00 +00002007-10-23T17:50:55.270-04:00In relation to some of the comments I made a few articles ago, Fidelity investments released a study stating that Canadians are in for a retirement shock. Have a read.I have also posted the link in the BUZZ section.http://financialstrategiestoday.blogspot.com/2007/10/buzz-canadians-in-for-retirement-shock.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-565727697743582017Tue, 23 Oct 2007 21:13:00 +00002007-10-23T17:54:34.226-04:00Over the past two years I have been developing The Mortgage Accelerator. In the meantime the concept has gotten out there and it has been proven that it is working for people.What the program does for an individual is very valuable:1) Gradually convert your existing mortgage payments to eventually be 100% tax deductible2) Pay mortgages down faster3) Grow an investment portfolio while you pay http://financialstrategiestoday.blogspot.com/2007/10/mortgage-accelerator.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-5560789736888608429Mon, 22 Oct 2007 20:55:00 +00002007-10-23T17:44:39.351-04:00Mackenzie Financial recently released at 10 question quiz to test Canadians and their knowledge of tax in Canada. Here it is:Take the Quiz:1. "You are only allowed to contribute to a Registered Retirement Saving Plan (RRSP) up to the age of 69."2. "The limit to what I can contribute to my child's Registered Education Savings Plan (RESP) each year is $4,000."3. "A 65-year-old may allocate up to 50http://financialstrategiestoday.blogspot.com/2007/10/canadians-and-tax-knowledge.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-2026252590482940084Tue, 16 Oct 2007 14:08:00 +00002007-10-16T10:10:33.279-04:00Some people had trouble with the links. Here are the MP3s.1, 2, 3, and 4Enjoy.Next Experts on Call will be November 3. Mortgage accelleration strategies will be discussed.http://financialstrategiestoday.blogspot.com/2007/10/experts-on-call-repost.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-1554557537340457486Mon, 15 Oct 2007 15:44:00 +00002007-10-15T14:42:23.131-04:00I was planning on writing my next post on Mortgage Acceleration strategies. However, I have to address this.Last week InvestorED.com released a survey that found that 46% or Ontario's adults have never taken the time to set out a financial plan on how to save for retirement. It also found that 58% do not have a plan to save for their children's education and 88% have never had a plan to save for http://financialstrategiestoday.blogspot.com/2007/10/dont-know-what-you-dont-know.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-7058613513888318736Fri, 05 Oct 2007 02:31:00 +00002007-10-04T22:36:01.541-04:00The replay of the broadcast on CFRA can be heard here: 1, 2, 3, and 4The topic was Are RRSPs Right For You.http://financialstrategiestoday.blogspot.com/2007/10/experts-on-call-broadcast-sept-292007.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-7348809688650421168Sat, 29 Sep 2007 15:14:00 +00002007-09-29T11:59:03.146-04:00Today I will be speaking on CFRA in Ottawa from 3-4. To listen live click here.What is going to be discussed on the program is RRSPs and if they are right for everyone. I had touched on this earlier in my Living In Canada post in regard to how this would specifically effect the Ottawa population.The main points that I plan to cover in the program are:1. Is it possible to have too much in an http://financialstrategiestoday.blogspot.com/2007/09/are-rrsps-right-for-you.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-1972113214064433205Fri, 28 Sep 2007 00:01:00 +00002007-09-29T12:05:33.447-04:00It isn't difficult to find a sea of information on this topic. Most leads to the conclusion that over an extended period of time one is always better off using a variable rate mortgage over a fixed rate mortgage. However, why do statistics show that eight out of ten mortgages are done on a fixed rate?Am I missing something here???I found a study done in 2001 at York University that concludes http://financialstrategiestoday.blogspot.com/2007/09/mortgages-fixed-vs-variable-wotsuh-deal.htmlnoreply@blogger.com (Mike McKay)1tag:blogger.com,1999:blog-6211350150405411171.post-6976039201795625600Tue, 25 Sep 2007 15:55:00 +00002007-09-25T12:47:17.243-04:00Part of my goal with this blog is to show people how it is not difficult to turn existing financial plans into innovative and rewarding concepts that can maximize wealth, minimize tax, and maximize cash flow.However, where does someone start when they are at the very beginning of their financial journey? It is always tough to take the first step.One thing that is a fact about our habits when it http://financialstrategiestoday.blogspot.com/2007/09/part-of-all-you-earn-is-yours-to-keep.htmlnoreply@blogger.com (Mike McKay)0tag:blogger.com,1999:blog-6211350150405411171.post-7595685538494429412Fri, 21 Sep 2007 19:34:00 +00002007-09-21T16:29:19.680-04:00I really enjoy Scott Young's blog . He writes mainly on overall efficiency and tips on how to achieve success in lifeHe wrote a recent article that I felt had some really wise points that could be coresponded to the concept of financial planning. In my business I often encounter people who have recently become very excited over a particular aspect of their finances and often ramp up too fast. http://financialstrategiestoday.blogspot.com/2007/09/virtues-of-successful-plan.htmlnoreply@blogger.com (Mike McKay)0