by admin | Jan 21, 2015 | Advisor Stream
This is the time of year that many Canadians look to top up their Retirement Savings contributions-in large part to create a larger tax deduction, or to reduce potential taxes owing to the government.
This is definitely a very sound and prudent strategy, but it may not be the best course of action in all cases.
Here is a great article to get you thinking about how to best maximize your after tax dollars over the long term.
Be sure to give it a read before you decide what to do with your annual RRSP this year.
Cheers,
Mark
Don’t fall into the RRSP ‘tax trap’
As the annual RRSP contribution deadline approaches, it’s worth considering more than just how much money you can afford to stash away. Specifically, it’s worth thinking about taxes.
For many investors in registered retirement savings plans, the tax strategy starts and ends with deducting their annual contributions from their income. But this is a shortsighted approach that will likely lead to much larger tax bills than necessary down the road, financial advisers and tax specialists warn. How can you avoid the RRSP tax trap?
Read more here
by admin | Jan 17, 2015 | 52 Week Accountability Challenge
I trust you had a great first week on your 52 week Accountability journey.
Before we dive into this week’s challenges I want you to take a few moments to review your progress from last week.
It will be very helpful if you set aside 10 minutes each week-Sunday night is a great time to do it, or even first thing Monday morning to ask yourself the following questions:
- What is the goal that I am committed to achieving over the next 52 weeks? .
- What did I say I was going to do this past week?
- What did I actually do?
How do I feel about it? Briefly describe your victories or challenges from the past week. If you made progress, now is the time to give yourself a big pat on the back If you didn’t make any progress, don’t beat yourself up about it, but be honest in describing the Resistance that got in the way. Recommit to your goal, and move forward. FIDO (Forget it, drive on).
Week 2 Challenge:
- Creating a Burning Desire: The Power of WHY? List as many reasons as you can WHY achieving this particular goal is important to you. I challenge you to come up with at least 6 powerful reasons. The more powerful the WHY, the greater the likelihood that you will take consistent action toward your goal.\
- 48 Hour Action Step:What one action will you commit to taking within the next 48 hours that will move you one step closer to your goal? Take that Step.
The Power of Persistence: Four Steps to Achieving any Goal
1. DEFINITE GOAL: backed by a BURNING DESIRE:
2. DEFINITE PLAN expressed in CONTINOUS ACTION…starting NOW.
3. Mind closed against all Negative influences.
4. Encouragement of Supporters
Expect Success,
Keep Your Core Strong!
Mark Hudon, CFP™, CCS™
Financial Fitness Coach, Certified Cash Flow Specialist™
by admin | Jan 12, 2015 | Advisor Stream
Imagine if achieving the new year’s resolutions and goals that you set for ourselves was actually fun and rewarding instead of tedious and illusive.
Not that there isn’t work involved, but what if we were able to take a more upbeat approach when it comes to our goals, be they personal or financial?
Here’s an interesting article that appeared in The New York Times that I think you will find helpful for this year goals, particularly your investment related ones.
Cheers,
Mark
Investment Strategies for Resolution Breakers
THE problem with most New Year’s resolutions is that they aren’t any fun. Sure, many of us should eat less — and healthier. And of course, more exercise would be a good thing. But actually doing these things can be hard. It’s no different with financial resolutions. Spending less and saving more is a wonderful concept. But it would be much more enjoyable to take a big vacation in Bora Bora — and to lie on a hammock and consume high-calorie food and drink once we’re there. The authors of two new personal-finance books sympathize. They know it’s tough to achieve your financial goals – read on for the details.
Read more here
by admin | Jan 12, 2015 | 52 Week Accountability Challenge
Sometimes we need a little push (or a lot) in order to help us achieve our goals and dreams.
I’ve found that having someone to encourage, support, and give me a “kick” in the proverbial pants form time to time can make a huge difference in closing the gap from “potential” to “peak performance”.
That’s why over the next 52 weeks, starting right NOW, I’m going to “encourage” you to achieve the goals that you list as being most important to you. I’m also going to share with you some resources that I have found helpful in my own journey.
Feel free to contact me to ask any specific questions that you have, or to set up a time to have a more in depth conversation.
Week 1: ACTION STEPS:
- Write out your number one goal in present tense: Eg: “I am so happy and grateful now that I choose to complete the Scotiabank half marathon on Sept 25, 2015”.
- Ask, answer & commit to take action on the following question: What is the work that my goal is asking me to do to achieve it? (I call this the Golden Question)
Coach Mark’s Favourite Resources:(for maximum results, listen daily, I do).
1. Affirmation Audio: http://markhudon.gpwealth.ca/images/repository/5511/G2007AffirmationsTrackOnly.mp3
2. Rapid Manifestation Audio:
http://markhudon.gpwealth.ca/images/repository/5511/rapid_manifestation.mp3
3. Great Books: (There are lots & lots of great books, here are just a few of the old & the new that I find especially helpful).
- The War of Art, Stephen Pressfield
- Great Work, Great Career: Stephen Covey & Jennifer Colosimo
- Fit Soul Fit Body: Mark Allen & Brant Secunda
- Think & Grow Rich: Napoleon Hill.
Keep your Core Strong!
Mark Hudon, CFP™, CCS™
Financial Fitness Coach,
by admin | Jan 8, 2015 | Advisor Stream
2015 has now officially arrived. Happy New Year once again to you and your family.
At this time of year, there are no shortage of predictions for what might lie ahead for the coming 12 months.
Unfortunately, my personal crystal ball is fuzzy, and I’ve never been a big fan of prognostication.
Legendary economist, John Kenneth Galbraith once said…”The only function of economic forecasting is to make astrology look respectable”.
However, I do find it interesting to read what the prevailing business sentiment is pontificating on at the beginning of the year.
Here’s an interesting article from the Globe and Mail that highlights six big business stories to watch in 2015.
We’ll be sure to check back in over the course of the year, to see how things have worked out.
Cheers,
Mark
The six biggest business stories to watch in 2015
Canada’s economy was poised to enter 2015 with more cause for optimism than any time since the Great Recession. But oil’s slide has cast doubt over how the recovery will now unfold. Economists have been anticipating that Canada would finally achieve its elusive broad-based economic recovery in 2015, after years of leaning on high energy prices and a debt-fuelled housing sector to keep it afloat. Strong U.S. growth should drive a revival in demand for Canadian exports, which is expected to spur long-dormant business investment in new capacity and create jobs across a wide range of sectors. Here are the six biggest business stories to watch in 2015, from the Globe and Mail experts.
Read more here
