Tight Cash Flow Part 2
In part one of this topic; we identified 6 potential ways of adding additional sources of income. We expanded the first three options and now we will look deeper into the last 3 options we have identified.
- Invest in Real Estate
- This has been the source of wealth for countless millions of people
- Simply put you take some of the equity in your current home and invest in a rental property. You structure this so that all the expenses, mortgage, maintenance, taxes are fully covered. The trick is to grow the equity in this home and use it to purchase another and so on and so forth.
- A long term plan to generate personal wealth.
- A Home Based Business
- This is the fastest and most immediate way to add additional long term streams of income and can be done in several ways.
- Turn your hobbies into a business, i.e. sell what your hobby can produce. You have the fun and enjoyment of your hobbies and make money at the same time.
- Multi Level Marketing / Direct Marketing
- This is the fastest growing and least understood industry in the world.
- Many direct marketing companies that have been around forever.
- New ones start every day, most of which do not last past the first year.
- Some research is required but these can be the source of significant immediate part time or full time income.
- Ride it out and hope for the best
- This is simply not the answer.
The economy has changed and will continue to change at an ever increasing rate. We need to establish the multiple lines of income that will allow us to handle these changes and insure the retirement we all want. The best part: You’re never too old to establish this long term security.
In coming posts we will look more closely at the Real Estate option and the Multi level / Direct Marketing opportunity.
Posted in Happiness, Health and Wellness, Max International, Real Estate.
Tagged with Real Estate, Wealth.
By Harry O'Neal
– November 12, 2009
Major Differences in buying Foreclosures in the US Vs Power of Sale in Ontario
Court House Auctions, Homes sold for thousands less than property value, we have all heard these stories.
Let me stress I am not an expert in US or for that matter Canadian Real Estate Law. The intent of this article is to answer the question:
“Why can’t I buy a home under power of sale for thousands under the retail value of the property?”
In the US it appears that the lending institutions own the property and can sell it for whatever they want as long as it makes good business sense to the lender.
This is one area where the US laws are vastly different than those we operate under in Ontario. Under our foreclosure laws a home must be sold at market value. The lending institution must demonstrate that every effort was made to obtain a market value sale.
Why you ask?
The Power of Sales indicates that the owner has been unable to make the payments as required under the terms of the Mortgage. The owner my still have equity in the property the lending institution must insure that every effort is made to return to the owner as much of the equity as possible. Under the Power of Sale, the Lending Institution takes possession of the property but not the ownership, in fact for a significant period during the foreclosure and sales process the registered owner can still retain ownership by bringing the mortgage payments up to date.
Later in this series of articles there will be more detailed Mortgage Information provided by an expert in the field, A Mortgage Broker.
Posted in Real Estate.
Tagged with First Time Buyers, First Time Sellers, Mortgage.
By Harry O'Neal
– October 28, 2009
What are the Options?
We talked in the last post about the advantage of multiple income steams, taking into account that there are only so many hours available in the day, what are the options?
If we were to brain storm we could likely come up with a page full of options, let’s each of us do that while I will come up with a list for this discussion.
- A second job working a couple of hours in the evening or on weekends
- Your significant other gets a second job
- Go to school to increase earning potential
- A home based business
- Turn your hobbies into a business, i.e. sell what your hobby can produce
- Multi level marketing / Direct Marketing
- Ride it out and hope for the best
Let’s take a closer look at the first three options:
- You and your spouse get a second job.
- While this on the surface is an answer but what constraints are put on your social and family life?
- What impact does being employed by a second employer have on your quality of life?
- What if it conflicts with your primary job?
- Can you make enough money for the sacrifices involved?
- Going back to school
- Always a good idea.
- Lifelong learning has become a requirement in the fast changing world we live in.
- What should you take? How do you decide?
Stay tuned we will look at the other options and then drill a bit deeper.
Posted in Happiness, Health and Wellness.
Tagged with General Info, Happiness, Wealth.
By Harry O'Neal
– October 28, 2009
How to rebuild your retirement nest egg!
The worldwide financial crisis, the resulting job losses and stock market losses have put most of us somewhat behind the 8-ball when we look at the funds that are left in our retirement accounts. So what can we do about it and for those still a few years from retirement what can they do to insulate themselves from further market volatility.
Every financial planner, wealth building article or presentation that I have seen or read in the past number of years has spoke about the need for multiple income streams. What does this mean exactly; well let’s explore this for a moment.
While still working, it is fairly simple; you work – that is one stream; your significant other works – that is a second stream. What happens if one of you gets sick, loses their job or for whatever reason is unable to work? For most of us it is disaster time. We tend to live to our income + (credit card debt) and need the two incomes to handle these expenses. Know if we had a third income stream we could pick up some or all of the slack from losing one stream and if we had a fourth or fifth stream we could work to build up the other streams to compensate for the one that was lost. These financial wise men suggest that the more streams of income the more financially stable we become. Stay tuned, we will explore some options.
Posted in Happiness, Health and Wellness, Max International.
Tagged with Happiness, Wealth.
By Harry O'Neal
– October 21, 2009
You are a First Time Buyer when you buy your first house.
You are a First Time Seller when you sell your first house.
That makes sense doesn’t it!
Both are very scary times as you venture into the unknown. This series of articles will help you remove some of the fears and give you a solid frame work to take the next step with confidence.
Harry will be covering both First Time Buyers and Sellers separately but concurrently. By this I mean that after the introduction the follow on articles we be directed to a first time buyer or first time seller stream. Any questions that you present will be answered by Harry and become part of a Question and Answer Database.
The Second Part of this introduction will cover some of the misconceptions brought about by all the US experience and clarify the differences between what happens there and what happens here.
Please Note: This is information is directed toward Buying and Selling Residential Real Estate in the Province of Ontario, Canada; more particularly in Eastern area of the GTA and the Region of Durham.
Posted in Real Estate.
Tagged with First Time Buyers, First Time Sellers.
By Harry O'Neal
– October 5, 2009
Sunday October 4th marked the last day of racing for 2009. Although the weather was somewhat un-predictable we had a great weekend of racing.
This was the best Formula 1200 season that we have had in a number of years, both from a racing perspective and in the number of cars we put on the track. We consistently ran with 17 to 18 cars every race weekend.
The following are some pictures taken during the season.
The Long Line of “V’s” following the pace car.
The pace care has driven into pit lane and the race is about to begin.
And the Weekend Winners are presented with their rewards.
The pits on Race Day.
Would you like to be part of this picture? More information is available on Www.Formula1200.com
Posted in Amatuer Racing, My Interests, Uncategorized.
Tagged with Racing.
By Harry O'Neal
– October 5, 2009
For those of us that grew up in the 50’s and 60’s, we lived in an era where you finished high school or not, but could still get a well paying job with a local company, and like your parents this was to be a job for life. You worked hard, had an enjoyable life, bought and paid for a house and even put a few dollars away for retirement. These funds along with the pension you worked so hard to secure, through strikes and contract negotiations, would see you through retirement.
With the arrival of the 90’s this had all changed or was in the process of changing. I grew up in the Niagara Peninsula; long term employers like Horton Steel, Fleet Aircraft, Atlas Steel and John Deer to name a few, had all pulled up stakes or gone out of business. The companies still in business where quickly changing from a defined benefit pension to contributory individually managed pension plan.
The recession of 2008 /09; has seen a large loss in the stock market that has made significant impact on those close to retirement. The big question is what should each of us do to rebuild our pension nest egg? What can we do?
For those who still have a job, you could just wait it out and hope. For those close to retirement it is not so simple. Your choices seem to be either delay retirement for both you and your spouse or find other streams of income. This is not where you expected to be at this point in your life. Stay tuned for some thoughts on the alternatives.
Posted in Happiness, Health and Wellness.
Tagged with Wealth.
By Harry O'Neal
– October 5, 2009
The Formula 1200 18-race schedule is coming to a close. We have two weekends of racing left to enjoy, which translates into the final 6 races of the season. The CASC Ontario region and their affiliated clubs present these races. FREE tickets are available on line at http://www.casc.on.ca
The Formula 1200 Drivers Association (FTDA) has seen it’s car count grow from 8 to 18 over the past couple of seasons. Taking the economy into account the continued growth of FL1200 can in large part be attributed the consistent formula, low cost and ruggedness, putting racing within the reach of all.
Formula 1200 racing is the ideal next step from Karting. These cars are capable of 200Kph on the straights but the limited acceleration out of the corners proving by the 58 Hp engine requires a smooth driving style and mastery of the corners to be successful. These skills once learned lead to success at any level of racing. This has been attested to by Alex Ellis who believes that his current Formula BMW ride would not have been possible without the experience he gained through FL1200 racing. More information on FL1200 visit our web site Www.Formula1200.com
I am looking forward to seeing you at the track. I am not a driver so you will probably find my working on a car with dirty hands. I my not see you, however the FL1200 cars are parked together, just ask any one and they will point me out.
Harry
Posted in Amatuer Racing, My Interests.
Tagged with Cars, Racing.
By Harry O'Neal
– September 14, 2009
Some info for the Old Car fan in your house.
Starting today Thursday September 10 and running through Sunday September 13, 2009, is the largest Automotive Flea Market, in my opinion second only to Hershey Pennsylvania.
If you are interested, as I am, in old cars and either restoring them or hot rod building you cannot miss this event. Hard to find parts, information and advice are always readily available. As with any flea market it is always Buyer be Ware! There are great values to be had and some not so great as well. If you are looking for a fender for that 65 Mustang, you might find just what you need, the same goes for that 1931 Model “A” currently sitting in my garage.
If you decide to go plan on making a day of it, you will need all of it to see everything that is available, and Ladies there are non-auto related things there for you as well.
This event is located at Burls Creek Park, Hwy 11 on the 8th Line. For detailed information check their website www.burlscreek.com.
Posted in Cars, My Interests.
Tagged with Cars.
By Harry O'Neal
– September 10, 2009
The Legislative Assembly of Ontario carried Bill 118, an amendment to the Highway Traffic Act now bans drivers from using handheld devices with display screens while operating a vehicle on the road. The bill has undergone several revisions during its consideration, but the new rules of the road will be as follows:
- Holding or using a wireless communication device (a cell phone) or a portable electronic entertainment device (iPod) while driving is prohibited.
- Commercial GPS units along with similar dashboard-mounted devices that provide gauges and displays relating to logistical or navigation uses are fine.
- Using a cell phone or wireless communication device in hands-free mode, as long as you’re not holding it during use, is fine.
- Using any device while pulled-over or parked in a way that you are not disrupting traffic, is fine.
- The systems used by Ambulances, Fire Departments, and Law Enforcement are exempt.
The ban is in effect as of today, September 1 2009 and will carry a fine of $500. Demerit points will not be included, but depending upon the violation, police will have the option to also use existing careless driving laws for additional penalties.
Courtesy of :
Angela Hamlin, AMP
Mortgage Development Manager
Scotiabank
Posted in Uncategorized.
Tagged with General Info.
By Harry O'Neal
– September 4, 2009
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