What to consider when doing your financial plan.

We all have goals, whether we realize it or not. It may be just to get through the day or it may be to make a million bucks. But we all have them. If you are smart you will write them down. According to the 3% who actually do that, they will make 10 time more than those who do not. 

Just like goals, there are elements that make up a proper financial plan. Here they are in layman’s terms.

1) Making Money

2) Keeping your Money

3) Spreading the wealth

Here are some idea’s to help you develop a good financial plan. Once this is done see your financial planner (like my friend Steve Cox) for proper implementation. 

1) Have a clear concise written goal. Know how much you would like to accumulate, how much you need to retire, when you plan to retire. What you plan on doing when you retire etc.

2) Some people think it is all about making money. Well that is part of it. It is really about keeping more of it to yourself. For proper strategies please see your financial planner. Otherwise here is my short take, make lots of money, pay off all your debts, retire rich. They say that most people are either broke or dead once they reach retirement age. To me that does not sound appealing.

3) Now this last step most people totally leave out, yet it is very important. How do you plan on taking care of your loved ones when you “shuffle off this mortal coil“? We are not immortal ya know. Do you have your own life insurance policy (and not just one offered by your employer) one that will provide your family with at least 3-5 years of your current income. What about a Will  or do you want the government to get it everything?

These are important things to think about. Contact my office today so we can help you take care of the now so you can properly plan for the future.

Cheers,

Pat

 

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Bank of Canada sets key overnight rate to 1%

Well the Bank of Canada has done it again. They cut the key lending rate by another 50 basis points. So it is now at 1%. They are doing this because of the current world wide economic crisis, and the belief that our economy will shrink by another 1.2% this year. The central bank also said that the current global financial system must stabilize before any economic recover is to happen.

For those of you who have not been keeping track, the Bank of Canada has cut the key lending rate by 350 basis points ( or 3.5%) in the last 13 months. Some also say that there is a possibility for another rate cut at the next scheduled meeting in March.

The charted banks quickly reacted by lowered their prime rates from 3.5% to 3%. Even though they matched this rate cut point for point, don’t forget that they have not always done so in response to recent rate cuts. So even though the Bank of Canada is cutting rates to stimulate the economy, some of the banks are trying to hold on to some of that discount rather than pass it on where it is really needed.  

This is important to you if you have a variable rate mortgage or line of credit. You are now paying less. However I would suggest keeping your payment fixed to a certain dollar amount so when and if it drops again you are paying more principal off of your loan. This will allow you to pay off your debt quicker.

Contact my office if you have any questions. I look forward to hearing from you.

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Give ‘em the old one-two combination!

I would not profess to know a lot about boxing, however, something can be said for a good sport analogy. My point is that goals and massive action are like a one-two combination. You cannot achieve success with one and not the other. Sitting on the sofa and wishing you could win the lotto will not do you much good unless you have already purchased a ticket or two. If you want reach your goals, they should be specific, measurable, achievable, realistic and timely. If you were paying attention that means “SMART”.

An important part of that formula has been omitted – action and I mean massive action. Being “Smart” about your goals is all well and good, but if you are still sitting on the sofa then shame on you. 

The same can be said if you were smart and timely enough to take advantage of current interest rates to restructure your finances. If you have just restructured, but have no plan to improve yourself financially, then you may find yourself in the same position in the future.

The one-two punch here is to make sure that if you have restructured; you have a plan and will take action to follow your plan. Ultimately your goal should be to eliminate all your debts as quickly as possible and then start building true wealth. It is possible; we have done this with many clients – clients who have saved thousands of dollars in interest payments and are now saving money every month!

Feel free to contact our office today – we can show you how to make improvements to your financial situation, it is possible.

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Obama knows a thing or two about timing!

By the time you are reading this Barack Obama may have already been sworn in as the next President of the United States. When he first announced his candidacy to run for the President of the United Stated on Feb 10, 2007, the odds were not in his favor. Many were predicting that another Clinton would receive the nomination for the Democratic Party. She was heavily favored to win, however Obama did things different. 

Many in politics advise candidates to focus on their message and to get it out to as many people as possible. Which is more important the message or the medium? They say that he was an ace at both. Their is no denying it that Obama is a brilliant orator, however what many do not realize is that he was particular adapt at getting his message out. Not everyone can attend live events, watch CNN, or follow the countless stories in the newspapers. In this day and age people have a constant urge to stay informed and want to do it in their own way. Barack Obama saw this and took advantage of the many social networks to get his message out to as many people as possible via facebook, Twitter, LinkedIn, MySpace and his own web site. People were able to stay informed on their smart phone on the go. You may be asking how this has anything to do with timing. Well it has everything to do with it; it helped him get his message out, by taking advantage of the latest social networking trends. He engaged more people, got them involved with the process, which gave him momentum to win the nomination and eventually the Presidency. 

You may also think that timing has nothing to do with the current state of your finances. Well nothing could be further from the truth. Think of it this way, would you rather have a 6.0% mortgage rate or 4.5%? The answer is simple; you would rather have the lower one. You probably assume that the higher rate is for people with less than perfect credit and that you could easily get the lower one. However, both were available as the discount rate for people with good credit over the last 24 months. The biggest difference is timing. You may also say that you will go out and get a loan only when you need it, well I am telling you that it may be too late.

You may not qualify for what you want if you wait for when you need it. Don’t wait until you are painted into a corner and you need a loan to help you out, because the only one available at that time may not be exactly what you want. There is no better time that now to look at restructuring your finances. It will put you in a better financial position in the long run, and allow you to weather out the uncertain financial times that we are currently facing. 

Feel free to contact my office so we may see if the timing is right for you.

Cheers,

Pat

p.s- This is by no means a reflection of my political views but rather an acknowledgement of his achievement.  

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Big Goals are meant to be shared!

At one time or another everyone has started off a new year with a list of goals and objectives they want to accomplish. The common goals that people have are; to lose weight, quit smoking, get in shape, make more money and get out of debt. They start the new year off with all the right intentions; some take action but not everyone. Most people quit before they succeed. What most people don’t realize is those who do succeed, did not do it on their own.

We have all heard the common expression “No man is an island.” It couldn’t be truer when it comes to achieving goals and getting ahead in life. People who successfully lose weight seek the advice of those who have done it before – from diet books, fitness trainers or support groups. 

Sharing your goals with your friends, family or the internet world in general has the following benefits: 

1) It makes you accountable to actually following through.

2) It brings you together with other like minded people. When two or more people of like minds come together you will experience what one of my favorite writers, Napoleon Hill, calls the mastermind effect – where the effect is greater than the sum of the parts.

3) You leave yourself open for others to help you reach your target.  

4) Your goal becomes bigger and more powerful.    

5) Call it what you want, but things just start to happen to help you reach your goal. 

This being said, I would like to share with you a few of my main goals. I know with your help anything is possible.

My goals are to be successful both in personal and professional life.  I will not settle for one without the other!

  • In my professional life, I want to help one person or family a week develop strategies to become debt free. To show companies how to effectively manage their debts to grow their business, and show that personal service and education are more important that the fine print of mortgage contracts.
  • In my personal life, I want to give the best care, support, time, attention and love to my wife Gillian, my daughters Ella & Georgia and to my son Beckett, and to appreciate and share every single free moment that I spend with them.  

Thank you for listening to my goals.  If you know of anyone who needs help reaching their goal of becoming debt free, please pass on my contact information.  I will reach my goals by helping others reach theirs – a great way to for everyone to succeed! 

Cheers,
Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Quickest way to recession proof your life!

We all would love to have the same level of comfort we were used to when the economy was booming. Now that things are less certain, the spectre of job losses impacting our own income is looming large. How can we protect ourselves before the worst happens?  What if there is an option available, one that does not require hours and hours of your time?      

We have looked around and found inspiration in the mindset many students have.  Not the ones who are stressed out trying to make their grades, the other ones: the ones who are making their grades and paying their way, the ones who don’t get stressed if the job at the store ends.  If that happens, they simply find another job to take its place or they don’t stress at all because that was their “fun” money, and they still have other sources of income which provide the necessities.  

Now, by no means am I suggesting you give up your current job and take on several others … to anyone with a mature family, taking on additional time-consuming workload is simply not an option.  But what if there was another way, a simple way, that could add to your current income?  What about simple ways you can develop multiple streams of income just by doing the things you are already doing anyway – with no extra time required, no special meetings, no products to buy or learn about?  

Actually the answer is much simpler than you may imagine. It’s not lottery tickets, bingo or blackjack!  It’s not Multi-Level Marketing either! 

 Hey, I’m not going to take up your time on this mail – this is just a short invitation – you can attend a webinar on Monday December 29th at 9pm Atlantic Standard Time.  It is about ways you can begin to monetize the value you are already giving to other people, doing the things you already do.  It also gives back rewards directly to you, in addition to earning you income.  

Join the webinar, there is nothing to buy, nothing to do, just options that are open to you, options that you can consider giving you additional comfort.  On the webinar you will receive information about how you can add more income to your life without adding many hours to your already busy schedule, while getting other rewards as well  – A win-win for everyone. Join our webinar – conference call & web seminar – and learn how you can recession proof your life.  

Places on the call are limited (sorry, the technology stops us opening the call to everyone) – so click here now for more information and get your official invitation reserving your place. 

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Bank's overnight rate drops to generational low!

The Bank of Canada just lowered it’s key lending rate by three quarters of a percentage point or .75 basis points. Assuming the banks follow the BoC lead ( they have not always the past few months) that will make the prime lending rate now 3.25%. This latest act of desperation by the BoC is to prevent us from dropping into a deeper and more prolonged recession, because of a world wide economic crisis and a troubled U.S economy.

This is all in an attempt to increase the flow of funds and to increase consumer confidence. In layman’s terms it is supposed to give you (and businesses) incentive to go out and spend some of your hard earned cash. This will not result in an immediate reversal of fortune, that will take some time. The immediate result they are looking for is to generate some heat on the frozen credit market. In other words, they want to make it easier for businesses and consumers to access money to borrow.

What does this mean to the average Joe or Jane? Well if you have a variable rate mortgage (one that is tied to prime rate) or a line of credit, then your payments will go down. That is if your bank follows the BoC’s lead, and there is now evidence that they are not. Other than that, there is not really enough incentive to run to the mall with a wad of cash. People are still losing their jobs at a record pace, because their companies are suffering and trying to remain solvent. 

So what can you do? Try to improve your personal financial situation by eliminating your debts as quickly as possible. Call my office today for a no obligation debt analysis so you can see where you are at and to get an opportunity to get a plan to eliminate all your debts in a very short period of time.

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Setting the record straight!

This post is in response to an article in the business section of today’s Chronicle Herald newspaper. While I admire and respect the broker quoted in the story, I believe that some of the message can easily be taken out of context and I just want to set the record straight. 

I have been a mortgage broker for just over 6 years now. During this time a lot has happened and a lot has changed in the Canadian mortgage market. Canada started off with only one true sub prime mortgage lender, several had entered the market and now we are back to only one again. With the advent of rampant sub prime lending here in Canada; we were introduced to 100% financing, stated income products, interest only mortgages and products for clients with less than perfect credit. While 95% of Canadian mortgage holders are unaffected, the 5% who have a mortgage from a sub prime lender should have a game plan (to prepare them) for renewal time. 

The main reason that I place clients with sub prime or alternative lenders is to get them financing until such a time that they could qualify for a main stream insured lender. I look at the sub prime lender as a bridge lender, who will give the clients time to improve their credit and or pay off debt before qualifying for better rates and terms. It would be a disservice if I expected any client to renew their mortgage with their sub prime lender. 

Would I tell all my clients who hold mortgages with sub prime lenders to sell their properties? No I would not. We would have to look at the reasons why they are with these lenders, how much time before renewal and help them develop the proper exit strategy. I do plenty of private loans and this is not any different. Just as with any private loan, you should also know your exit strategy. 

If you are someone who has a mortgage with a sub prime lender (such as Xceed, and others), don’t panic! There are still things that can be done prior to your renewal time. Please call my office so we can look at your options. 

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.
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Give yourself the best Christmas present ever!

it’s not an ipod, iphone, or even a new coalition government for those who want it. Curious? Be patient! Drum roll please……. here it is, a plan to get you out of debt and quickly. You may be thinking, well that is not very exciting. However when you think about it, actually it is! Picture this, no mortgage, no line of credit, no credit card debt what so ever, you are totally debt free.

Now instead of living paycheck to paycheck you are now able to build true wealth. You have the resources at your disposal to allow you to travel, to invest in your children’s education or the ability to make your retirement truly golden. 

There is no time better than now to start. It could be the difference between truly living or just going through the motions. Even though we have not met yet, I believe that you deserve better. So take this opportunity and contact my office right away, so we can put you on the fast track to a brighter future.

 Just so we don’t leave anyone out, this gift can also apply for those who celebrate Kwanzaa or Hanukkah.  

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

Get away from the everyday!

Many of you may be unaware that my company also offers travel service. We are affiliated with a major discount travel provider called Inteletravel. Essentially I am also a travel agent, offering to others the ability to obtain discounts on travel and accommodations or you can also join their service and get travel agent prices for yourself. It worked out great for us when we went to Bahamas in May of this year.

Well this great service just got a whole better for the month of December. I consider it an early Christmas gift. They are offering a thousand dollars ( yes $1,000) worth of travel & air fare discounts to any new agent who joins before December 31st of this year. Think of it as your get away from the every day. Take your loved one for a nice trip away, Golf with the guys or shopping with the girls. After all this recent economic news you deserve a break. 

Just surf over to my site and click on the link that says sign me up. Then pack your bags and get going, I hope to see you on the beach.  Also don’t forget to send me a note and tell me how it went.  

Cheers,

Pat

 

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

P.s- It has now been extended until January 15,2009.