Wednesday, November 11, 2020

Financial Stability Highlights

Finances isn't something that is thought, at least not too heavily, in school and many of us only learn about financial principles "the hard way" which moves us away from financial stability. The following highlights are things to help you gain financial stability.
  • Have a budget.
  • Get out of debt.
  • Invest in yourself.
  • Know the difference between Asset/Liability. 
  • Know the difference between TFSA/RRSP.
  • Know what inflation and depreciation is.
  • Know the difference between ETF/Mutual Funds.
  • Have an investment portfolio both with a financial advisor/fiduciary and yourself.
  • Turn a hobby into a side business.
  • Know the difference between Term and Permanent "Critical Illness, Longer Term Disability, Life Insurance" policies.
Each of the above points could of been elaborated, and I've elaborated on a few already in previous posts, but you'll get more out of it if you do your own research on them. The following are suggestions of where you can get the information you need:
  • Cashflow Quadrant book by Robert Kiyosaki.
  • Financial Fitness course by Life Leadership.
  • Money Master the Game book by Tony Robbins.
  • Financial Advisor/Fiduciary.
  • Misc. Trusted source online.
Generally speaking, it's best not to ask your entourage for financial advice because chances are that they're broke. Only take information from those that have the results that you want in life.

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