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Message From Terry |
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Financial
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About
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This newsletter is courtesy of Terry Fay and RetirementByDesign.ca. Please remember that while strategies outlined within this newsletter may be appropriate for some investors, you should always consult a financial advisor to determine if they are appropriate for you.
Sincerely,
Terry
Hello
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If you started with 1 penny and doubled it everyday, how long would it take to reach $1,000,000?
Example: Day 1 equals 1 penny, day 2 equals 2 pennies, day 3 equals 4 pennies, day 4 equals 8 pennies…, you get the idea.
In 28 days you would save $1,342,177.28.
Changing a few minor expenditures such as a latte a week could save you serious money over time. A coffee and muffin at a premium coffee shop is $6.65 tax included. A coffee and muffin at a regular coffee shop is $2.26 tax included. The difference is $4.39 per day multiplied by 20 days is $88 per month. $88 per month invested for 20 years at 7% is $44,916.
The speed in which you spend your money is commonly known as the burn rate. The speed that you burn through your income and some ideas on how to slow the burn rate is the main subject of this months news letter.
If you or someone you know would like more information on how to slow the burn rate please call.
Terry
BURN
BABY BURN!
What's Your Burn Rate?
Courtesy of Mackenize Investments
A survey sponsored by Mackenzie Investments shows that Canadians aged 18 and over still need guidance when it comes to spending, saving and investing. The results shed some light on Canadians’ “Burn Rate,” or how quickly we spend our income. In the end, much of the money we spend could be invested, saved or used to reduce debt. A wise spending choice today can improve our quality of life tomorrow.
Some key findings among the research include:
- On average Canadians make $100 disposable cash last four days
- Over two-thirds (67%) admit that spending money makes them happy
- 42% of Canadians say they have never stopped themselves from buying something so they could invest the money instead;
Burn Rate WORKBOOK
If you're interested in learning more about your burn rate or working towards changing it, we've inlcuded a resource for you.
It's Mackenzie's Burn Rate Workbook and you can download it for free. Then call us and we'll walk you through it.
All you really need to know is that we are committed to helping our clients achieve financial security and peace of mind.
Our Mission: Enhancing peoples lives by creating a positive life vision and the money to support it through our unique approach to financial planning.
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