by admin | Feb 23, 2015 | Advisor Stream
One of the most common financial questions I have heard over the years, is whether it is better to pay down your mortgage or save for your retirement?
Recent behaviour indicates that many people have chosen to focus on paying down their mortgage vs saving for retirement.
In my opinion this is a reflection of the time tested adage that money is about more than math. The emotional decision to seek out security over more financially profitable alternatives often takes precedence.
When you do take a look at the numbers; (particularly expected rates on return on your RRSP compared to the prevailing cost of mortgage debt) the decision definitely favours adding to your retirement savings.
Here is an excellent article that takes a look at the math, as well as the emotion.
Cheers,
Coach Mark
How saving for retirement beats paying down your mortgage
Saving for retirement beats paying down your mortgage. There – a long-standing debate in Canadian personal finance is settled. To build wealth in today’s low interest rate world, divert money you were going to use to pay down your mortgage balance to your registered retirement savings plan or tax-free savings account. This is the conclusion of a report to be issued Thursday called “Mortgages or Margaritas: Is Paying Down Debt Putting Your Retirement at Risk?”. Read on to see the proof.
Read more here
by admin | Feb 23, 2015 | 52 Week Accountability Challenge
Accountability Challenge Week 8: A Simple Plan for Success.
As you know by now, (or at least I hope that you do), one of the four core steps to our Power of Persistence formula to reach any goal that we set is to have definite plans backed up by continuous action starting right now.
In this week’s lesson I want to focus on helping you to create a simple, yet very powerful daily plan of attack. I personally use this very simple formula every day to help me to stay on track.
Again, I wish I could claim credit for the creation of this step, but I can’t. I was initially introduced to the original version of this gem of an idea in where else? Napoleon Hill’s classic book Think & Grow Rich. This version is a slight modification.
Accountability Challenge Week 8: A Simple Plan for Success.
6 Most Important plus Vital One.
Before you leave the office at the end of each day or at the latest before your head hits the pillow each evening, take 5 minutes to list out the 6 important steps you can take the next day that will move you closer to reaching your top goals.
Of those 6 most important action steps, list out the one step that you consider MOST VITAL. to your success. Be sure to focus 100% of your efforts on accomplishing this one VITAL step.
Once you have done that, move on to the next most important step, complete it, and then carry on down your list until all 6 steps are complete.
There will be those days where you do not complete all 6 of your action steps. However if you have been diligent in starting with your MOST VITAL priority for the day, then the chances are you will still be making terrific progress to your goals.
Here’s a look at what the format for this exercise looks like. It is very easy to put this into your contact management program in the form of an ongoing, recurring activity.
My 6 Most Important Tasks for Today plus Vital One:
My Most VITAL One:
Now go to it!
Keep Your Core Strong!
Mark Hudon, CFP™, CCS™
Financial Fitness Coach, Certified Cash Flow Specialist™
Creator of The Core Conditioning Program™
by admin | Feb 16, 2015 | Advisor Stream
Happy Family Day!
During the heart of a bitterly cold winter like we are currently experiencing in southern Ontario-thoughts often drift to what it would be like to pack up and head out for a much warmer, and perhaps more exotic climate.
For some people this decision entails not just a temporary reprieve from the harshness of colder climate, but actually making a permanent move-retiring abroad.
Whether you are seriously contemplating this decision for yourself, or just day dreaming about it, here is an interesting article to help you divert your attention for a few moments.
Cheers,
Coach Mark
Overcoming The 5 Big Obstacles To Retiring Abroad
There are plenty of reasons people consider retiring abroad, among them: A lower cost of living (sometimes much lower); Better weather (sometimes much better); The ability to live a different type of life — perhaps less stressful, healthier, more meaningful or a self-reinvention; To have an adventure. There are also reasons why people won’t consider retiring abroad. But based on the 4,700 answers and 200 stories posted by the 300+ expats on our site, Best Places In the World to Retire, I think five commonly perceived “obstacles” are overblown and can easily be overcome:
Read more here
by admin | Feb 16, 2015 | 52 Week Accountability Challenge
The Core Conditioning Program 52 Week Accountability Challenge
Accountability Challenge Week 7: Six Steps to turn desire into reality.
One of the key ingredients in achieving any really big, hairy or audacious goal is DESIRE.
In Napoleon’s Hill’s classic book Think and Grow Rich, he states that desire is the starting point of all achievement. Hill teaches us that this can not be just any old ordinary desire. It must be a “white hot” BURNING Desire.
Hill explains to the reader that there is one main difference that distinguishes practically all who succeed from those who fail.
Wishing for what we want in life will not make it so. But, desiring our goals with a state of mind that becomes an obsession, then planning definite ways and means to achieve our goals, and backing those plans with persistence which does not recognize failure, will bring us the successful achievement of our goals.
In Chapter 2: Desire, Hill outlines his can’t miss practical 6 step method for turning our desires into reality. If you are truly serious about achieving your major goals this year, then take the time to complete the following 6 steps.
Accountability Challenge Week 7: Six Steps to turn desire into reality.
First: Fix in your mind, exactly the goal that you desire. Do not be vague with your description. Be definite as to exactly what you want.
Second: Determine exactly what you intend to give in return for the goal that you desire. (There is no such thing as “something for nothing”).
Third: Establish a definite date when you intend to achieve the goal you desire.
Fourth: Create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action.
Fifth: Write out a clear, concise statement of the goal you intend to achieve, name the time limit for its acquisition, state what you intend to give in return for the money, and describe clearly the plan through which you intend to achieve it.
Sixth: Read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning. AS YOU READ-SEE AND FEEL AND BELIEVE YOURSELF ALREADY IN POSSESSION OF YOUR GOAL.
Go to it!
Expect Success,
Coach Mark,
Thought for for week : P.S. “Do or Do Not. There is No Try” – Yoda
Keep Your Core Strong!
Mark Hudon, CFP™, CCS™
Financial Fitness Coach, Certified Cash Flow Specialist™
Creator of The Core Conditioning Program™
Check out our exciting new Website, Radio Show, & Cash Flow Planning tools:
https://financiallyfitforlife.ca/
http://webtalkradio.net/internet-talk-radio/financially-fit-for-life/
http://cashflow-specialist.com/
by admin | Feb 8, 2015 | 52 Week Accountability Challenge
The Core Conditioning Program 52 Week Accountability Challenge Week 6: Imagine The Moment
This week’s challenge is short, sweet and fun.
I’m a firm believer that before you experience the actual achievement of any goal, dream, or desire in its physical form, you have to first see, feel, and achieve it in your mind’s eye.
Many experts call this “visualization”, or “visioning”. Whatever you want to call it, it’s been proven to work, so let’s give it a test drive, with our most important goals.
52 Week Accountability Challenge Week 6: Imagine The Moment
- Find a quiet, peaceful place where you won’t be disturbed or distracted for the next 2-3 minutes.
- Picture in your mind’s eye, in the present moment, the successful completion of your most important goal. See it as if it is actually happening right now.
- How would you feel? Would you be experiencing a huge sense of accomplishment, joy, satisfaction, relief, unstoppable self-confidence? Feel those feelings.
- Bring in as many of your physical senses as you can. How would this experience feel? Look? Taste? Sound? Smell?
- Repeat this process with other really important goals you have.
Keep Your Core Strong!
Mark Hudon, CFP™, CCS™
Financial Fitness Coach, Certified Cash Flow Specialist™
Creator of The Core Conditioning Program™
Check out our exciting new Website, Radio Show, & Cash Flow Planning tools:
https://financiallyfitforlife.ca/
http://webtalkradio.net/internet-talk-radio/financially-fit-for-life/
http://cashflow-specialist.com/
Thought for the month: ”The important thing in life is not to triumph, but to compete”. Pierre de Coubertin
