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New Year's Resolution: Make more money

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DH Vancouver Staff Jan 07, 2010 2:00 pm

Everyone would like a little bit more money in their pocket to pay down debt, put some money away, or to buy another flat screen TV. We’ve compiled a small guide to help you make some money.

First, understanding how to manage the money you have is vital:
1. PracticalMoneySkills.ca
2. MoneySense.ca

Then, create additional cashflow through a side business venture or taking another job, if needed. Or you can always make a ton of money on the Internet like local-boy worldwide sensation John Chow.

Investing in equities will always be risky, especially after the quick run-up this past year. Investing in ETFs or index spiders will decrease equity risk but still carry systematic risk. You can avoid frauds out there by checking out CSA.

Real estate is always hot and reliable in Vancouver. Of course, real estate is long-term. Holding for 10 years nearly always guarantees a high return. Looking for property where rental income exceeds mortgage payment to create a positive cash flow is optimal. But don’t fret if you have to put in $50/mo to make the payment. It would also be wise to take advantage of 35 years amortization before it may be taken away as a choice. We’ll have a huge feature on the state of the real estate market in the Future of Metro Vancouver in a couple weeks.

I hope this helps a bit. Remember, it takes patience, preparation and planning to manage and make more money.


D8d194f40cb13417f79d4d8daee34fdb?s=96&d=mm&r=g
DH Vancouver Staff
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