By Val Kumagai, BES, CFP®, Money Coach and Financial Planner
Most people who start a business don’t do it for the sole purpose of making money. There are usually much easier ways to earn a living than to build a business.
At the risk of sounding mystical, it’s more often a “soul purpose” that creates the energy behind entrepreneurial success. People who start businesses are passionate about what they do. But here’s the thing: the people who stay in business, the people who thrive and grow, are also practical about what they can and can’t do.
They know that even if they don’t feel comfortable in the world of profits and losses, debts, taxes, budgets and succession planning, learning how to take control of their money and having a financial plan in place will make them more successful – and allow them to continue doing what they love.
Here are the top five money challenges you’ll face as a small business owner: Continue reading
Most Canadians are very familiar with mutual funds. In simple terms, a mutual fund is made up of a collection of individual stocks, bonds or other securities chosen by a fund manager with the goal of generating returns for the investors while balancing risk. Investors pay a percentage fee, referred to as the Management Expense Ratio (MER), to cover the cost of the management, marketing and administration of these funds. In Canada the average MER is around 2%.
Retirement, or financial independence, ranks as one of people’s top financial goals. We’re currently in the midst of “RRSP Season”, and many Canadians are giving at least a passing thought to their eventual retirement.
