Tag Archive for: debt elimination

Star or supporting part?

Put it this way, if there was a movie made of your life, would you be playing a leading role or a supporting part? By this I mean are you making the decisions that determine the overall direction of your life, or it is some other party like a spouse or boss? Don’t get me wrong, this is not a recommendation to act like a dictator. I simply mean that if you do not have clearly defined goals and plans to achieve them, then you are working to help someone else achieve theirs.

Believe it or not, it is not that hard to do. You can start small and work up. What do you want to achieve tomorrow, next week, next month and next year. Then describe in vivid detail what your long term goal looks like once it has been obtained. Have your big goal firmly in mind even while working on your short term goals.

If your goal is to be in fitness cover model shape then missing your workouts and eating double cheese burgers may not be in your best interest.  If you are in sales and your goal is to qualify for the company trip then you must make the calls. As well if you want to get out of debt then you must be keenly aware of how much money you have coming in and how much you have going out and to where. Then sit down and see if there are opportunities where you can increase your income, and cut expenses if possible. If you would like help developing a plan to help you eliminate your debt as quickly as possible, please feel free to contact my office. I look forward to hearing from you.

Cheers,

Pat

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

Change Please!

Every once in a while you meet one of those people who needs help but can not seem to get out of their own way. I met one of those people yesterday. After analysing their current situation we discovered that what they were currently doing was not getting them the results that they wanted. Which is actually a simple and painless process. After discussing several options we recommended one that would help them meet their needs and put them on track to achieving the goals that they told me about. Done deal one would think, however that was not the case. I learned a long time ago that you can not force square pegs into round holes, so no amount of convincing was going to win them over.  However detrimental as it may seem, they were just happy with the status quo.

So what can I do? I know convincing them will not work, and I do not like to play that game anyway. I have uncovered the truth to their current situation and presented a suitable solution to solve it’s problem. I have been doing this long enough to know that there are just some people that you can not help regardless what you try to do.

Why, it’s because some people are afraid of change! What they don’t realize is that status quo is like sitting on the railway track and change is the locomotive. If you don’t move you are going to be run over. It’s coming whether you want it or not. Change is the one constant to life. Those who adapt quickly survive and thrive, the others just get left behind. What I want you to take from this is to be open minded and flexible in your approach to your goals, as there is more than one way to achieve your objectives. Specially if the one that you are currently doing is not getting your the results that you wanted in the first place.

As always, I look forward to hearing from you.

Cheers,

Pat

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

Pss- if you sand still for too long, you are going to get run over.

Your last day….

Yup, you read that correctly. What would you do if today was your last day? I am not sure if this article was inspired by watching “The Bucket List” last night or hearing Nickelback’s song “If today was your last day”. There is a sad truth that we all have to face is that none of us get out of here alive. However we can make a difference while we are here. You can make an impact (in the world of business, the arts or for a cause), but better yet you could leave a legacy.

Leaving a legacy is a much better move than leaving your family holding the bag. That is what could happen if you leave pre-maturely intestate, that is what they call it when you die without a will. What could also happen in this case is you could also make the government your largest beneficiary. Here is the alternative, get in-touch with a good family lawyer to help you do up a will. It is actually a relatively simple and painless process. At this point you may think that’s all there is to it. However I know this from personal experience of having lost both my Mom and my wife’s Mom, that there is more to be considered.

Life insurance, yes life insurance. As exciting as that sounds it is necessary if you have dependents and or debts that exceed the total of your assets. At least that is what most insurance salesman or financial planners would tell you. If this is the case then they are leaving out something very important. The other reason you should consider insurance is to offset any potential estate taxes.

Picture this, you have worked very hard all your life and have built up a sizable nest egg and have very little debt. You have thought ahead and prepared your will and even have insurance. However your insurance policy is old and has not been updated and your nest egg has grown very well over the years. What happens when you pass is your will goes into probate and the end result is your dependents will get what is left after the government takes a huge chunk for estate taxes. So the moral of this story is, get a will and talk with a financial advisor or insurance expert to make sure that you have adequate insurance to provide for your family and to offset any potential estate taxes.

This article was written for the sole purpose of illustrating that estate planning should be part of any complete financial plan. Live each day as if it were your last. Find joy in what you do, see the good in others and pass it on.

As Always, I look forward to hearing from you.

Cheers,

Pat

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

In Therapy?

Or on life support? What exactly is the state of your finances? Should we break out the paddles now? This came to mind as I am still suffering from my latest crossfit workout from earlier today. Maybe some therapy would be good right about now.

Anyway back to the topic at hand. Like your physical health, are your finances healthy? Or do they need therapy? One of my favorite quotes from Tony Robbins is this “In your moments of decision you destiny is shaped”. The reason why I put this here is I need to know if you are happy with the way things are or are you ready to make a decision and change your life for the better? In the end it is really up to you and no one else, we are all born with the power to decide our own fate. If you knew you could not fail, wouldn’t you want more? The truth is you can never fail unless you give up, and by saying this I mean settling for what you have right now.

Once you have made the decision, the turnaround can be drastic and immediate or slow and gradual. It’s really all up to you. It is one of those things where you get out of it exactly what you put into it. Success leaves clues, you don’t have to do it on your own. Seek our people who have done it before, read their stores, talk to advisors, make a plan then put it to work. If there is anything that I can possibly help with please feel free to let me know. I look forward to hearing from you.

Cheers,

Pat

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

Set,point,match & championship!

Ok I have to admit that I have watched a fair bit of the U.S Open tennis recently. I have noticed that the players who have done the best were the ones who were focused on small things and were less emotional about the result of a single game. We can learn a lot from watching these people. *Congrats to Kim and Caroline, it has been fun watching you.

What small things can you do consistently that will give you exponential returns over the long run? What that will depend on what your long term goal is, but below are a few examples:

If your goal is to improve your health or fitness: do you workouts ( consistently), function follows form (meaning focus on what you are doing and your strength will soon follow), feed your body with small frequent meals. If this means starting with push ups, sit ups and walking do that but do it consistently and build on it.

If you goal is to improve your sales: Prospect, prospect, prospect, then follow up with everyone, be a product of your products (know what you are selling inside and out), show people how much your care rather than how much you know. This means talk to your past clients, your referral sources, and your target market, even if you have to start with 5 minutes a day, then build on it.

If your goal is to improve your financial health: Brew your coffee instead of buying it, pack your lunch instead of buying it, pay cash instead of credit, pay your bills on time instead of 90 days late, put away 10% of your income for retirement, and if needed consult an expert to help you develop your own personal plan.

Please contact me 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.

Have I got your Interest?

Well if I have not then I should, that’s because the Bank of Canada today announced that they will leave the key lending rate basically unchanged at .25%. However that is not the best part, the kicker is that they say that they will not touch the rate until mid next year. That is provided we do not have any unforeseen increases in inflation.  At this point you may be asking yourself, what’s in it for me? Well here it is, lower costs of borrowing, on things like secured and unsecured lines of credit, variable rate mortgages and any other loan that may be linked to the prime lending rate.

So what do you do now? Well given this news there is no better time than the present to take a look at your current financial situation and see if there could be room for improvement. By combining you high interest loans into one low interest loan you will lower your current monthly payments, cut your cost of borrowing and if done correctly can also be a way to achieve debt freedom much more quickly.

If you would like a free no obligation debt analysis, then feel free to contact my office. I will provide you with a simple form to fill out where can get a better idea of where your finances are right now and show you how to create a brighter financial future for yourself. I look forward to hearing from you.

Cheers,

Pat

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

Half assed?

Or complete ass? Unfortunately that is how most people approach the majority of the tasks that they do on a day in day out basis. At the end of the day the only person who you are really accountable to is yourself. Ask yourself how you think you really did? Did you give it your 100%, a half assed effort or were you just a complete ass about your responsibilities. If you are not happy with your current results, you only have to look back to the effort that you put into the task that you did.

Begin tomorrow with the end in mind. With that I mean, remain focused on your stated goal or outcome. Having a clear image of where you want to go is the 1st step. Next you must take massive action to make sure that you get going in the right direction. For example, if your goal is to improve your level of fitness, then sleeping through your workout is not the best way to start the day. Give each chosen (yes I said chosen because we are all given the ability to decide) task your full out 100% honest effort.

Also be flexible in your approach, notice what is working or not and keep changing till you find what works. Lastly stick to it until you reach your goal. These can also be applied to the goal of improving your personal financial situation. Sit down, take stock of where you are right now (know your income and expenses). See if there is opportunities to improve both. Decide where you want to go, income, expenses, trips, toys etc. Take massive action right away and notice what is working or not and keep going until you reach your objective. If you find that you need some help along the way, feel free and contact my office. I look forward to hearing from you.

Cheers,

Pat

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

Walk your talk!

Walk your talk!

It’s all too easy to give advice, and much harder to live by it. We have all seen or heard about the out of shape personal trainers, broke financial planners or the struggling life coaches who just happen to be at the end of their rope. Tony Robbins says that “repetition is the mother of all skill”, and Malcolm Gladwell in his great book “Outliers” says that it takes roughly 10K hours to truly master a skill or profession. I find that if I read it, then I hear it, I teach it, then I know it.

I am not the best mortgage broker out there, but I have learned a thing or two over the past 7 years. Writing and researching these blog posts has allowed me to hone my skills and to pay closer attention to my own financial decisions. Some say ” those who can do, and those who can’t teach”, well I would like to add something to that by saying that the truly great do and teach or at least share their knowledge.   Where would we be as a society if we had to learn it all over again with each successive generation. We would probably still be living in caves, and hitting each other over the head with rocks and sticks.

Knowledge is meant to be shared. I find that with each idea that is shared, 10 more great ones come back to me. if you have found any of my articles helpful then I would be extremely pleased, if you have anything to add or to share please feel free to comment. I look forward to hearing from you.

Cheers,

Pat

We regret to inform you

That you did not get that job, have not been accepted at XYZ University or did not qualify for the loan. My older brother called these PFO letters and for good reason.  Thinking back they mattered so much because you had no plan B. What would you do if you did not get that job, get that loan, or if your child was accepted at the university and does not have a student loan and you have nothing saved up to send them . Do you  have a slush fund, 60-90 days of income put away that would allow you to live? Are you asset rich, but cash poor, or just struggling to get by? Either way there is a solution and there is no time like the present to do something about it.

Stop walking around looking at your feet! Set your eyes on a goal toward the horizon and go for it. It’s too easy to get caught up in living day to day that we forget to plan ahead. However before you know it, you are nearing retirement with nothing saved to support yourself in your golden years. What do you do then, live off family or the government? The vast majority are either dead broke or dead once they reach 65, and to me that does not sound all that appealing. Take the time now before it’s too late. Design your ideal future.
I would suggest that you contact my friend Steve Cox a certified financial planner who can help you develop your road map to get you where you want to go. Once you have that we can sit down, if you need to, and help you restructure your debts so you can eliminate them more quickly and get on the fast track to building true wealth and financial freedom. I look forward to hearing from you.
Cheers,
Pat

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

Double the Pleasure!

Double the fun! Get your mind out of the gutter. In this situation it’s about the power of great combinations. Like Macaroni & Cheese, Burgers & Fries, Romeo & Juliet or in this case “Working Hard and Working Smart”! Working hard without working smart is sort of like the fly who keeps banging up against the glass thinking it will get a different result the next time around. How many times have you gone about doing something the same way as before but hoping that you would get a different result? If you were not aware, that’s the definition of insanity!

If you are working hard but not working smart you are just spinning your wheels, you go a few paces ahead only to have to take a few paces back just down the road. Don’t you think that it’s about time that you throw in the towel, no honestly I am kidding. One of the cornerstones of success is to take massive action. Notice what’s working and what is not, and be flexible in your approach, and to change what is not so you can adopt a new strategy to get you to where you want to go.

Romeo and Francine, just don’t cut it, nor does Butch Cassidy without the Sundance Kid. The result is much greater than the sum of it’s parts.

Working hard and working smart are the key, it’s the one two combination. If you find yourself struggling to get ahead financially, feel like you are living to just pay your bills. There is a better way. Feel free to contact my office, you never know we may be able to help. I look forward to hearing from you.

Cheers,

Pat

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