Here are answers to the frequently asked questions, organized in sections.
General
The Six Basic Fears From 70 Years Ago
Napoleon Hill identified these six basic fears in 1937.
- #1 Fear: Poverty
(blog) - #2 Fear: Criticism (blog)
- #3 Fear: Ill Health (blog)
- #4 Fear: Loss of Love (blog)
- #5 Fear: Old Age (blog)
- #6 Fear: Death (blog)
Has much changed?
The Three Ways To Make More Money
There are three ways to make more money without winning a lottery.
- The three ways (blog)
Wealth Management
- The four steps in wealth management (blog)
- The ideal investments for tax-sheltered growth (blog)
- 13 questions to evaluate an investment that's "too good to be true" (blog)
- The pros and cons of financial leveraging (blog)
Financial
Financial Literacy
If we don't understand numbers, we risk financial problems
- Three reasons why financial literacy eludes us (blog)
- Three steps to keeping financially solvent (blog)
- Finance Minister Jim Flaherty on financial literacy (blog)
- Do you understand compound interest? (blog)
- $1,000,000 after taxes on the investment growth (blog)
- Why we accept airport security but deny our financial security (blog)
How Financial Planning Is Done
Financial planning can be done in many different ways since there's no standardized definition of the process. Anyone can call themselves a financial planner since there are no educational requirements or proof of competence. So results will vary. Some financial planners charge you and make no money from any products you buy. Some advisors prepare a plan for free and get compensated from product sales. This raises doubt about their objectivity.
Here's more about financial planning.
The Most Pressing Issue For Entrepreneurs
The answer is tax. Details to follow.
- Secret 7: The best tax sheltering in Canada (blog)
- The problem of "trapped" retained earnings (blog)
Advisors
How To Pick An Advisor
Picking an advisor is very important. Do consider chemistry, credentials and generosity.
- Does your advisor have these three elements? (blog)
- How advisors fool you (and what you can do) (blog)
- How to evaluate a proposal from an advisor (blog)
What You Like And Dislike About Your Trusted Financial Advisor
Your trusted financial advisor — generally your accountant — does some things well. In other areas, there's room for improvement. Here's what clients say. Do you feel the same?
- What you like/dislike (blog)
- The least prestigious professions (blog)
- How advisors really prepare term life insurance proposals (blog)
Insurance
The Top Five Insured Strategies
Would Warren Buffett "Buy-Term-and-Invest-The-Difference"?
Warren Buffett buys quality. What would he think of term insurance.
Why Life Insurance Has Unique Tax Advantages
Widows and orphans. Life insurance was developed to provide money to families upon the death of the income earner (which was usually a man in those days). Nowadays, life insurance has many other uses and can even help you while you're alive and if you have no dependents. The wealthy and their advisors use it as a component of tax planning.
- The original and overlooked tax-free savings account (blog)
- How Pink Floyd's insights on mortality help you (blog)
- The fine print taketh away ... except in life insurance (blog)
- The two drawbacks of investing in life insurance (blog)
- The overlooked advantages of universal life (blog)
Solvency
An insurance policy is a promise that may extend decades. Lots could happen because of internal problems or outside factors. You can't easily switch to another insurer.
Philanthropy
What we give makes a life. We can give things, money or time. We can get tax incentives for donations too.
