Mind your own business!23 September 2019
What a bad title! You do not even know why you clicked on the link. By pure curiosity probably. This is in contrast to the more inspiring titles that extol happiness, work-life balance and mindfulness. Being yourself and being well surrounded is what matters the most. This is where the concept of freedom catches up with us: savoring one’s freedom is usually because one has given oneself the financial means to get there! Hence the importance of looking after one’s business in order to be able to afford a certain freedom. Without planning, you will always have the impression of running after time.
Some say that bohemians live on only a few dollars a day. For the majority of animal health professionals, we have fixed obligations that make voluntary simplicity unattainable: rent or mortgage to pay, a car, children to dress, etc. Your fingers scrolling on the photos of friends on travel posted on Instagram or Facebook make you dream. Can you afford it? You have to start by saving.
THE WEIGHT WATCHERS APPROACH TO SAVING
Shedding some extra pounds and shedding unnecessary expenses share several ingredients in the recipe for success. It’s hard to get there in a few days; we have to re-educate ourselves and understand our mechanisms that make us give up or succeed.
- State your savings: how many TFSAs? RRSP? Are the balance of your credit cards paid every month? Do you have a budget that determines your monthly expenses? Without an inventory of your finances, you risk going round in circles in your living room!
- Do you set a goal: A trip? A home or condo purchase? What amount and in how long? This is the fun part of the process!
- Determine a weekly goal that is realistic: how much do you have to save each week? Look at your savings account to make sure you stay on track. Waiting until the end of the month to make a statement is risky.
- Resist temptation: learn to detect moments of weakness. Like food, impulsive shopping is done when we are tired or stressed. You have to learn to recognize these signs and put a plan in place so you do not give up!
AFTER HIDDEN CALORIES, PAY ATTENTION TO HIDDEN FEES!
We jump when we realize the astronomical amount of calories that a Caesar salad contains. Chances are that the same shock will shake you if you calculate all the fees you pay at your bank! These are amounts that eat away at your “freedom” capital.
Tip: Invest in a TFSA that will allow you to keep the capital gain tax-free and use a platform that allows you to buy index funds that offer a diversified investment tool that tracks the fund’s performance, but for which management fees are a fraction of a standard common fund. Even Warren Buffett recommends it!
There are a multitude of platforms that allow you to manage your investments with peace of mind. Examples are Wealth Simple, Wealth Bar, Nest Wealth, BMO Smartfolio. Our favorite is Wealth Simple which some members of the team could try. Transparency, simplicity, security and very affordable (0.5% compared to 2.2-2.5% usual).
Many users even come to watch the amount of money raised every day and thus overcome the temptation to spend unnecessarily. By mingling with your business, this is how you realizes your dreams!
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