Скачать или смотреть What you NEED to do with your MONEY ASAP - Survival Guide to INVESTING

During these uncertain economic times, learn how to best protect yourself from a financial crisis. Canadian Real Estate Investor Darren Voros walks you through how to best track, reduce, save, and invest your money.

Step 1 in the survival guide to investing is tracking your spending. In order to know where your money is going from and where it's going to, you need to accurately track you're spending. There are great free apps in order to do this such as Mint and Mylo and paid software like quickbooks. There are many choices so pick a platform that works for you.

Mint - https://www.mint.com
Mylo - https://mylo.ai
Quickbooks - https://quickbooks.intuit.com/ca/

Once you have categorized everything then it's time to break things down into two categories. Fixed costs and Discretionary spending. Fixed costs are the things you need to live such as food, shelter, transportation, medication, etc. Discretionary spending is pretty much everything else.

Step 2 in the survival guide to investing is reducing your spending. Try to find as many efficiencies as you can in order to reduce your spending. The more detailed you are when it comes to tracking your spending the easier it will be to reduce your spending.

Step 2b in the survival guide to investing is paying off any high interest debt. Most credit cards have interest rates of 20% or higher for balances carried forward month to month so make sure you're paying these off as quickly as you possibly can.

Step 3 in the survival guide to investing is to create a reserve account. Your reserve account should be 3-6 months of your living expenses set aside in an easily accessible account such a savings account or a GIC. If you're using a GIC make sure to use one with flexible options and no penalties for withdrawal.

If you own rental properties, you should have a 3-6 month emergency fund for each one of your rental properties as well.

You can use a site like https://borrowell.com to find a savings account that works for you. Once you've entered your information, borrowell will give you recommendations on which accounts might work best for you.

Step 4 in the survival guide to investing is to try to earn more money. Easier said than done but if you can earn more money you can save more money and therefore you can invest more money.

Step 5 in the survival guide to investing is invest as much money as you possible can. Investing in this order will help.

1. Invest in your TFSA
2. Invest is RRSP's
3. Invest in Cash Flowing Assets

Cash flowing assets would be anything that pays you on a monthly basis such as a Savings Account, GIC's, Bonds, Dividend Stocks, Rental Properties and Peer to Peer lending. Your rate of return will vary on these so pick something that fits your risk tolerance and experience level.

DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.

Website
www.darrenvoros.com

Instagram
  / darren.voros  

Facebook
  / vorosd