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Main Money Get-rich-slow

Get Rich Slow

These aren't really schemes, if it takes you 35 years to become rich. Nevertheless, for those of us planning to live that long, here it is: (If you have something that you would like to add to this page, send me a note.)

 



Workaholism and the myth of hard work

Interesting article on the myth of "hard work" as the route to success:

Workaholism and the myth of hard work

Have to get back to work so leaving this for a later read

 

Book Review: The Missing Risk Premium by Eric Falkenstein

falkenstein-the-missing-risk-premium4

I'm going to keep this one short - read the book - it's good for investors on any level.

Some of the quotes from the book:

"The idea that to get rich you need to take risk seems to imply that risk begets higher returns, but this is just a logical fallacy, like using successful gamblers as role models for investing."

"Simon Lack notes that over the 1998-2010 period, a whopping 97% of the dollar profits generated by the hedge fund industry went to the fund managers, not the investors."

This is a good one, can be used as the summary for the book:

"Risk takers dominate our lives via their disproportionate effect on our genes and their influence on our technology and culture. They did not become successful, however, merely by taking some abstract risk that is the same for everyone and then enjoy the higher rewards that came with it. They instead took the right risks, those consistent with their unique strengths, and reaped rewards consistent with a mastery of something important."

If you are still not convinced, you can read this, more thorough review.

 

Fees eat up 90 percent of RESP refund after baby's death

Our modern world offers us infinite amount of ways to part with our hard-earned dollars. RESP is one of them, even with the government contributions. Here's a family, that lost its child and wanted to get back their contributions. The parents had put a total of $2,730 into the child's RESP, started in March 2011 with Children's Education Funds Inc. They got a cheque for $287, just over 10 per cent of the money they had deposited - the rest was eaten up by upfront fees. For those that still have a doubt - here's another reminder that all those "financial advisers" are just salespeople, who are only concerned with the final number on their paycheck, not your investments.

So what should we do? Invest into your mortgage.

Read the full article.

 

Facebook stock

facebookFeeling adventurous? Why not buy Facebook stock? You already have the account, now you can have a piece of the action. Started at $38 this morning, now trading at $40.11.

(Let's see down the road if I should have listened to my own advice).

 

UPD: Well, it's day 3 trading facebook stock and I think this is appropriate:

roi social networking

 

How to make money online

Here are 21 steps/suggestions on how to make money online. This is not a get rich quick scheme, just some helpful pointers by Seth Godin. Hopefully it will be of use to someone.

 

Here it is

 

Guaranteed paid vacation by country

Mr. Burns: I'll keep it short and sweet.  Family, religion, friendship.  These are the three demons you must slay if you wish to succeed in business. When opportunity knocks, you don't want to be driving to a maternity hospital or sitting in some phony-baloney church. Or synagogue.

Guaranteed_Paid_Vacation

Read more...
 

Stop Coddling the Super-Rich

Here's an interesting editorial by Warren Buffet. You have to admire his honesty: "Last year my federal tax bill - the income tax I paid, as well as payroll taxes paid by me and on my behalf - was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. "

Here's our basic mistake: "If you make money with money, [..] your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine - most likely by a lot". If you want to make money, you have to find a way to stop selling your labour at an hourly rate.

Here's the full article.

 

Buy Apple stock

236537_ipod_mini_dock_1Enough with the Ipods and Ipads already! If you haven't done so yet - buy Apple stock. The company stock (AAPL) went up 6% in the pre-market trading on July 20th, after blowing away expert estimates. Apple made $7 billion in 3 months, which makes it the global leader in mobile phones and tablet PCs (more bad news for RIM).

I have yet to buy one Apple product. I think I have an Ipod shuffle somewhere that I've received as a free gift for opening a bank account.

(Just for the record, AAPL stock is now at $398.80)

Read more...
 

Profit growth (stocks)

Want a stock tip? Here's a simple one: Globe and Mail financial published a table of companies that have steadily grown in the past 5 years. As simple as that.

Companies that posted profit growth every calendar year, 2006-10
Company Ticker Price $
(June 29)
Market
Cap ($-Mil.)
Dividend
Yield %
Price to
Forward
Earnings
Open Text Corp. OTC-T 60.82 3,482.0 0.0 C+
Home Capital Group HCG-T 50.51 1,753.7 1.4 A-
Shaw Communications SJR.B-T 21.59 9,389.1 4.3 C+
CGI Group Inc. GIB.A-T 23.02 5,322.1 0.0 C+
Descartes Systems DSG-T 6.75 419.7 0.0 C+
Stantec Inc. STN-T 27.66 1,265.5 0.0 C+
Enbridge Inc. ENB-T 31.16 24,126.4 3.2 D+
Equitable Group Inc. ETC-T 28.60 427.9 1.5 A+
Atco Ltd. ACO.X-T 61.63 3,562.2 1.9 B-
Shoppers Drug Mart SC-T 39.76 8,646.8 2.5 C+
Astral Media Inc. ACM.A-T 37.00 2,077.4 2.0 B+
High Liner Foods Inc. HLF-T 15.96 241.2 2.5 A-
National Bank of Canada NA-T 77.18 12,556.9 3.7 B+
Grades are relative to the largest 680 stocks in the CPMS universe based on market float (A is best; E is worst). Source: Morningstar Canada

 

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