Are Canadians making Embarrasing Financial Decisions?



According to a recent Ipsos survey commissioned by, Canadians are jumping into big financial decisions too quickly.

Canadians, in general, are committed to finding a bargain. But when it comes to the most important personal financial decisions, many are not conducting their due-diligence. The average Canadian, for example, spends less time choosing a mortgage provider than planning a vacation.

I found these survey results of the personal financial habits of Canadians, pertaining specifically to major decisions, like choosing a mortgage provider, very interesting!

It is interesting comparing how much time we spend thinking of vacation destinations and paint colours versus shopping for a good mortgage rate or insurance premium!

It’s hard to fault people for allotting more time to more enjoyable tasks in life. Part of the fun of vacationing is the planning. It’s something people like to do. Selecting a paint colour isn’t necessarily fun in the same way, but it is a decision that impacts people in a tangible manner, on a daily basis.

Whereas premiums and monthly payments might make us cringe they are something we only face once a month (or less), and oftentimes the action required to make those payments is automated. The paint in our bedroom is something we see everyday, which in that sense, certainly makes choosing one we like looking at seem like a monumental decision.

But of course this perception is skewed to favour immediate, visible gratification. Choosing a mortgage provider or auto insurer may be strenuous, boring or even painful, and the results of that decision are not quickly obvious, yet still, the actual impact of choosing one mortgage provider over the other will have a far greater impact than saving a $100 on a flight. And it goes without saying that the money saved by choosing the most cost-efficient mortgage provider puts the money in your pocket to indulge a little more with travel or home decor. The irony!

Here is a link to the official survey results.

Choosing an Online Stockbroker

In the past, many people considered stock trading as a complicated endeavour that no one could attempt without enlisting the assistance of a broker. Today, however, the situation has changed. Online stockbroking platforms such as CMC Markets have contributed greatly to the levelling of the playing field.


There had always been a mysterious perception of the traditional stock brokerage industry. Many people assumed that you were only qualified to directly trade in the stock market if you possessed certain special skills. This discouraged many people with just the right potential to make it big in the industry from making any effort. Only the unperturbed ones sought to pursue their investment dreams at a great cost in paying brokers to manage their trades as well as offer financial advice.


With technological advancement witnessed all over the world, stock market investors now have their future in their hands. Not only can they make independent decisions on the kind of trades they want to put their money on, they can also do it more efficiently and cheaply. All you need now is the amount of money you would like to invest and an internet-connected device such as a computer, a phone or a tablet. In the end, you realise that the benefits of choosing to work with a brokerage site outshine those of using a traditional broker by far.


Better Control


Despite putting forward the notion that they were taking care of every individual investor’s needs, traditional brokers were in real sense looking after their own gains. For instance, they would seek to promote particular mutual funds that had a certain partnership with them. On the other hand, online stockbrokers will not try to force you into any special strategy simply because they have nothing to gain from doing it.


It is always smart to seek the assistance of an experienced hand in stock trading. However, all some people want is to place their trade and be done with it. With online stock brokerage, your decision is entirely your own. If you succeed or fail in your trading, it’s all your own doing. The greatest advantage is the fact that you won’t have someone telling you what to do and what not to especially when you feel that you don’t need any second opinion.


Trading What You Want, When You Want


In the traditional stock trading setup, you could not just wake up and decide to place your trade. In most cases, you would have to contact your stockbroker and probably arrange for a face-to-face meeting. This not only resulted to loss of time but you could also be misled into trading wrongly or rejecting a trade that could have earned you great profits. In addition, there may not have been enough time for consulting your broker and you would lose a promising trade altogether.


In the world of online trading, you can access your portfolio from anywhere in the world, anytime of the day. All you need is internet connection and a web portal provided by your online brokerage firm. Among other executions, you can check prices, place a trade or effect some changes to your portfolio without having to rise from your sofa or interrupt a vacation in a faraway resort.


Quicker Access to More Reliable Information


The main reason for contracting a traditional broker was to use his knowledge and experience in the industry in making confident and informed trading decision. However, stock trading is a complex industry with loads of new information coming up by the hour. To succeed in it you need easy access to a lot more information than one or even two people can provide.


With the introduction of technology in stock brokerage, the availability of information is unlimited. The internet is full of new information and educative material on any kind of subject. In addition, you can get access to expert analysis and insights into the trade market. You don’t even have to pay for it in most cases.


Bottom Line


Advances in technology means a lot of transformations in people’s lives including the running of such industries as stock trading. To put it straight, traditional brokerage is fast becoming a thing of the past as it is replaced by a more efficient way of doing business. However, the most convincing reason for signing up with an online brokerage firm is the cost. While it will vary from one broker to another, it should be much lower than the amount a traditional broker would charge you.


Important Tips For Hiring a Financial Advisor

Important Tips For Hiring a Financial Advisor


If you are trying to plan for your retirement, want to try your hand at the stock market, or plan to do other important financial planning, having a financial advisor would be in your best interest. A financial advisor will ensure you put your money to the best use. If you have never had a financial advisor and aren’t sure what you should be looking for, know these important tips for hiring a financial advisor.


Consider Pay Structure


Different financial planners work on a different pay structure and you want to make sure you understand what it is and consider it before you hire anyone. Some advisors are commission-based, and that’s something that you want to avoid. When a financial advisor works on commission, that means they’ll make more money if you purchase certain insurance packages or invest in some mutual funds. You don’t want a financial advisor that is constantly pushing certain types of investments and insurance on you just so they can make some more money. You want a financial advisor that will work in only your best interest. Of course, fee-based financial advisors still have their drawbacks. Typically, this type of advisor earns about 1% of your annual assets. This means the advisor might encourage you to buy an expensive home or property that you don’t particularly need. However, it might be easier for you to pass on a house that you know you don’t need than pass on an insurance package that you don’t quite understand. If you can find an affordable financial planner that charges by the hour, that would probably be in your best interest. They make the same amount of money, even if you opt out of insurance packages or a private island. These planners have the purest motives, and you don’t have to worry about anyone pushing you to buy things you don’t need.


Check Their Background


When you hire a financial planner, don’t forget that they’re working for you, not the other way around. Many people hire services like this and feel like they need to be submissive. You should be interviewing the advisor. Ask to see the license and ask the advisor to write down references that you can call. The person you are hiring is going to have some control over your money, and you need to make sure that it’s someone you can trust. You wouldn’t put your hard-earned money in the hands of a stranger on the street, so you shouldn’t put it in the hands of a stranger behind a desk.


Ask for Recommendations


The most simple thing you can do is ask around for recommendations. Asking friends and work colleagues if they recommend anyone is your best bet. If there are people you trust who have been seeing the same financial advisor for years with success, it’s a good indication that it’s an advisor you would want to work with. It’s best to avoid a financial advisor no one knows. It doesn’t mean they won’t be good at the job; but when it comes to your money, it’s better not to take any chances. Check if a company has won any awards for being the best in their field. You can find top-ranked financial advisors by searching on the internet. For example, Fisher Investments is ranked a Top 10 RIA on InvestmentNews.


Verify Credentials


Just looking at credentials doesn’t prove anything, you need to verify them. The financial advisor should be a certified financial planner (CFP) or publicly registered. If certified financial planners get into any trouble, their disciplines become public knowledge. These disciplines can include a suspension, letters of admonition, or even a license revocation. The good thing about this public knowledge is that it’s very easy to find. You can simply go to the website, click on the state, and there are lists of names under each type of discipline. Make sure you look through the list and ensure the financial planner you are looking into isn’t on it. If they are, move on to the next person. You can also verify the certification on the same page. All you have to do is fill out the person’s information and you will know for sure.


Avoid Guarantees


You might find a financial advisor that continues to brag about performance and guarantees you certain returns in investments. There are rarely guarantees in the financial world, so this is a huge red flag. When you interview your financial advisor, pay attention to everything the person is saying. Make sure he or she isn’t promising a market-beating performance a certain return after a certain amount of time. If the person seems overly confident, it would be in your best interest to thank them for their time and walk away.


Hiring a financial advisor is a great way to manage your money. Just make sure you find someone you can trust so your money is in good hands. Follow these tips so you can be confident in your decision.

Managing Expectations with Forex Trading

There has always been a certain amount of sensationalism in regards to financial investments. In fact, you may have stumbled across online articles which promise “get-rich-quick” Forex strategies.


You could have read accounts of traders who amassed tens of thousands of pounds within a few months thanks to their secret “sure-fire” strategies. Many novice traders have become enamoured by such high expectations only to find that their profits are not nearly as stellar as they had initially hoped. How can you effectively temper your expectations against the reality of the Forex markets?


Understand Smoke and Mirrors


There are literally hundreds of marketing schemes which claim to provide you with a single strategy to capitalise on Forex positions. While this is a tempting dream, the reality is that such spurious promises are more marketing schemes than truth. Appreciate that the concept “one size fits all” does not exist within the currency markets. In the very same way, patience and time breed results. There is no doubt that a few lucky traders have enjoyed massive windfalls from time to time, but these individuals represent the exception as opposed to the rule.


Managing Greed


Expectation is dangerous word, for it can frequently cause unrealistic hopes to override logic. Much like in the real world, financial freedom tends to be the result of hard work and dedication. This same concept should be embraced when embarking upon any Forex trade. Think big and trade small. You will be pleasantly surprised at how seemingly meagre profits will conglomerate into larger gains as they add up. Greed has been the downfall of many currency traders. Avoiding this habit from the beginning will provide you with a stable foundation into the future.


The Role of the Trading Platform


The trading platform plays a critical role in the success of any investor. Not all are created equally. It is foolish to expect great things from mediocre software packages. Only choose systems which provide the transparency and tools necessary to gain an electronic edge. CMC Markets has specifically tailored such architecture around the needs of the modern trader. With such levels of clarity, it is much easier to cement realistic goals and mute the natural risks associated with currency trading.


Reality Check


The simple truth is that those who enter into the Forex markets expecting to become overnight millionaires are destined to be disheartened and disappointed. While there are trillion of dollars of volume within this sector every day, nothing but hard work (and the occasional setback) will pay off. Wealth takes time and thankfully, time is on your side. Always have a goal in mind and utilise each successive trade to navigate one step closer. Reality can be a potent friend in such cases.


Common sense should always moderate your expectations. Keeping a positive outlook is essential, but refrain from assuming that a million-pound trade is just around the corner. This will help you to avoid mistakes while over time, sustainable wealth becomes reality as opposed to a far-off myth.

All about Insurance – different perspectives involved

Nowadays, it is very much essential to pay insurance for every asset one possesses. Cars, home, life, health and much other insurance are available. The highlighting point is that, though everybody is paying insurance, many of them hardly understand the complete meaning and purpose of insurance. On the other hand, insurance people who deal in selling them to public know how difficult it is to make people buy their policies.

Insurance concept

Different Perspective in purchasing insurance

Of course, people do not trust the car dealer in showing the best car within their budget and advise them on how to spend wisely. They very well know that it is up to them only to find the best car that suits them. Likewise, a real estate agent cannot be relied upon completely by people for showing the best house in the area to buy it. Even a child knows that sales and marketing people will want to dispose their product to the person who got attracted towards it.  But in the case of insurance companies, it is totally a different scenario.  People trust the insurance companies and buy policies to cover their expenses. Of course, there arises a question why and how this is possible.

Promise in return

State mutual Insurance is one among the most popular health insurance policies. These are the companies that accumulate large wealth through selling mutual insurances to their policy holders. Actually, when people pay money to buy a product or a service, they get that product or avail of the service. They can easily realize the conversion and understand the transaction. However, when a person buys an insurance policy, what he gets is just a paper of promise and nothing else. This promise of protection during a loss becomes a great feature when that person avails of the claim. At this particular period when the policy holder utilizes it, the rates are far higher than the amount used for actual purchase.

Beware of insurance when it becomes a waste

However, not all insurance companies are reliable and trustworthy. There are many insurance companies that have proved to be a scam. They run their business only for the purpose of getting more money from the public than necessary and become wealthy in the fast method.

American way of insurance

The cost involved in health insurance of USA stock carriers is a definite one. The policy cannot be assessed. However, this does not include the stock companies. Hence most of the mutual insurance companies are expected to provide non-assessable policies only. The next aspect is the definite contract. The contracts carry the following paragraph:  “The Company is a perpetual mutual corporation owned by and operated for the mutual protection and benefit of its members in accordance with law and in accordance with the charter and bylaws of the company as now in force and as the same may be amended from time to time.”

Hence the policy protection terms may vary from time to time. However, reasonable changes and the by-laws affecting them only can be accepted.

Ways to Diversify Your Income Online

Perhaps your grandfather worked for 40 years in the same back-braking, hard labor job, payed into a pension and then retired off it. However, this day and age, there are so many ways to diversify your income that relying merely on the salary of your day job and counting only on your pension are archaic notions. And we can be thankful for that! No offense to grandpa, but if there is a better way to do it which allows you to be more comfortable and financially secure in the end, then why not try it?


Whether you are paying off your student loan, trying to get out of consumer debt, or padding your retirement nest egg, there are many good reasons to diversify your income or to generate a multi-stream income flow. Of course when many people hear this, they think right away of large-scale investment strategies, like investing in the stock market or in real estate. However, for those who want to diversify their income even further or want to find low-risk ways of generating a side hustle, there are other options out there that might not so quickly come to mind. Paying into a pension is fantastic, and maintaining a lucrative stock portfolio is great, but here are a few other ways that you can make money on the side to generate a flow of revenue that you can fall back on.

1. Blogging and Freelance Writing

Yes this can be time intensive, but it can also bring in a nice little bit of side money to cushion your nest egg. Freelance writing for sites that will pay you to guest post is perhaps the easier option, since it is a little less time-intensive. However, if you are hoping that your side income gig can also advance your career, then starting your own blog using a company like 1&1 is the way to go. Because you can ensure that your name remains attached to every post – some blogs and sites that pay you to post do not publish the article under your name – you can ensure that you establish yourself as an authority in your industry. What’s more, once your blog grows in popularity, you will have ample opportunity to monetize your blog. One monetization technique that will also further your career is if you sell some kind of product or service with your blog: sell helpful e-books, coaching or tutoring services, consultations, an online course, etc.

2. Freelance Design Work

With all of the tools at our disposal, it is becoming easier to get involved in design work. Whether that is offering help with web design, or designing e-books, there are many opportunities out there for people willing to do that work. Dedicating a couple of weekends here and there to some design projects can be a great way to bring in a little extra money. If it is within your skill set, offering assistance to help people optimize their sites instead of designing them is a very lucrative service to get into.

3. A Penny for Your Thoughts: Focus Groups

For something a little less time-intensive, you can sign up to be a part of focus groups and get paid merely to voice your opinion on particular products or services. This is an easy side hustle because all you have to do is be completely honest, which doesn’t take a lot of energy or creativity.

Is Pet Insurance Worth the Cost?

Proper pet care is not cheap, but most loving pet parents agree that their pets are a member of the family. Basic veterinarian care is expensive; immunizations, well-pet checks, flea/tick control, and heartworm prevention can quickly eat a sizeable chunk out of your wallet, not to mention the extras that come up with a special needs, sick, or injured pet. The idea of not being able to provide the proper care to an ailing pet is inconceivable to most pet parents, but surgeries, medications, and equipment can cost hundreds to thousands of dollars. 


These are a few of the reasons why over 1.4 million pets are insured throughout North America. Pet insurance can help you alleviate the burden of rising vet costs and in certain situations it can save you thousands of dollars in out-of-pocket veterinary expenses. However, if you don’t use the coverage, the monthly payments can take a significant bite out of your bank account.  

Here are answers to the most common questions about pet insurance:

How does pet insurance work?

Pet insurance works much like medical insurance for people, except pre-approval is not required for procedures as long as it is covered in your plan. The customer chooses a coverage plan and pays a monthly premium. You pay the veterinarian at the time of service, then submit the invoice with the insurance claim form to the company for reimbursement. Plans, fees, and deductibles vary by company. Some also require a vet exam prior to issuing coverage.

Do all veterinarians accept pet insurance?   

Pet insurance plans allow you to take your pet to any licensed veterinarian or animal hospital. But unlike human insurance, pet insurance requires you to foot the entire bill upfront and wait for reimbursement later. As soon as the claim form and invoice are submitted, the claim process is started and reimbursements can range from a few days to over a month, depending on the provider.

What kind of coverage is offered?

Most companies have customizable plans and packages. Basic plans often feature coverage for the unexpected injury, such as broken bones, vehicle accidents, and cuts, so if your pet accidentally swallows something they shouldn’t have, you’re covered. More inclusive packages offer coverage for illnesses, geriatric pets, training, well-pet checks, preventive care, medications, immunizations, hereditary conditions, chronic illnesses, and boarding. Never enroll in a plan before you fully understand the benefits and exclusions. If you are unsure about reimbursement amounts, policy limits, copays or any aspect of the coverage a simple Google search will reveal several consumer websites offering comparison charts to review side-by-side differences between plans. 

What about deductibles and allowance limits?

You choose the deductible, and in most cases, you can choose the maximum amount the company will reimburse annually or per incident. The deductible and allowance limit you choose will gauge the monthly premium (e.g., the lower the deductible, the higher the premium). Depending on your budget, coverage can be as little as $14 or close to $100 per month.  

What about multi-pet families?

Some pet insurance companies offer multi-pet plans so a pet owner can have more than one pet on a single plan without having to purchase a plan for each pet, which will reduce the monthly premium. However, the maximum number of pets allowed per plan may be different with each company. 

Are there age limits?

While many companies will not insure pets under 8 weeks or over 14 years old, others have specific packages created for kittens and puppies, or senior pets of any age. The pet’s age is also used to determine your monthly premium.

What if my pet isn’t a cat or a dog?

Even if your pet doesn’t meow or bark, there is insurance coverage created just for you. Pet insurance is available for exotic birds, lizards, hamsters, gerbils, rabbits, potbellied pigs, turtles, and more. Since the addition of exotic pets is relatively new, fewer companies offer this type of coverage. 

Are there waiting periods or age limits?

There usually is a 10- to 14-day waiting period prior to the insurance being granted, but in some cases as much as 30 days. This means, after enrollment, your pet’s coverage won’t begin until the day after the waiting period ends. If an incident or illness occurs during that time, it is considered pre-existing and will not be covered.

Is pet life insurance the same as pet insurance?

Pet insurance and pet life insurance (animal mortality insurance) are not the same. Pet life insurance is available for show animals, service animals, and livestock, which covers end-of-life costs associated with vet care required as a result of an accident or illness, as well as euthanasia, burial, cremation, and the animal’s worth.  
Is pet insurance worth it? Maybe, it depends on your situation… As The American Veterinary Medical Association (AVMA) states “there’s no magic formula that will tell you if it’s right for you and your pet.” But you can make a smarter decision if you’re equipped with accurate information and up-to-date facts. So shop around, compare quotes, read reviews, speak to your veterinarian and talk to other pet owners to make a decision that’s right for you.

Finding the Best CFD Trading Platforms

The Forex market is one of the most liquid and fluid trading markets out there. With more volume than either stocks or commodities, and with leverage allowing for the control of large amounts of currency the opportunities for massive gains because of even the smallest market movements is really hard to ignore. In many ways the Forex is seen as the Wild West of trading since there are so many opportunities and such an open and constantly moving market to take advantage of.


One of the opportunities is to trade with CFD. The only thing you need to start trading though is a reliable platform. But, how do you choose one among so many different CFD trading platforms online?

What Do Great CFD Trading Platforms Have?

The first thing to look for when narrowing down the list of your top CFD trading platforms is to make sure every platform you are considering meets a basic set of standards. The first is all too often overlooked, but what operating system do you use on your trading computer? Some CFD trading software works great on every single program while there are different reviews that will point out one platform really shines on Mac while others are specifically Linux based, and others work or have problems on Windows, and so on and so forth.

Make sure the trading platforms you’re looking at actually work on the system you use. A good idea is to look for a program that runs on Java and thus goes directly with an Internet connection. Because of that, those types of programs tend to work better on any system as long as it has a high quality Internet connection (a must for any CFD trader).

Ask yourself these questions:

– Is the software free?

– Can you record trades on the charts to test out new trading strategies?

– Can you trade directly from the moving price charts, or do you have to go to another screen to do this?

– What brokers can you work with using this software?

If you can find a platform that gives you good answers to these questions then you are on your way.

What Names Keep Coming Up on Top?

Finding a completely unbiased review on brokers and the preferred CFD trading platforms of note can be difficult since so many companies with good websites have “skin in the game,” so to speak, but there are some names that come up quite often such as:

– XTrade


– MBT Web & MBT MAC (depends on your operating system)

– IG Spread Betting (best for UK users)

– OANDA trade platforms

These names come up a lot in discussions of great platforms, although the list of the top current trading platforms can change a lot from year to year, and deciding on a broker first is a solid decision to make before going on to get a great connecting platform.

In Conclusion

It’s easy to understand why a trader would want to find best available CFD trading platforms. The better the platform, the better the results, right? However there are many different trading platforms out there, and finding one that counts as “the best” can be challenging since each person is going to have a different home monitor setup, a different preference when it comes to trading charts, and because of that what’s perfect for one trader might not be the best available option for another.

Facing ups and downs with online Trading? Handle the risk with some simple steps

Everyone who invests in the stock markets will tell you that there are risks; the price of stocks can go down as well as up. The old adage of never investing what you can’t afford to lose is still true today. The markets have been volatile over the last few years as the global economy has recovered from the recession of 2008. Many new investors will become nervous when prices go down and may consider vacating the market for a time. However the price of shares goes up and down all the time, this is natural market movement and an essential part of any economy.  

The best plan is to think long term and plan for the long term. This way you will ensure you do not make any rash decisions which can adversely affect your portfolio. However, it remains important to understand the volatility of the markets and how to weather any changes:


There are a huge range of influencers on the market every day, day trading, long term strategies, over supply or under supply and weather can all influence the price of commodities, materials and ultimately share prices. It is not easy to predict how the market will react day by day; hence the long term approach is the best solution.

Long Term

If possible this is the safest long term strategy, it works on the premise that all markets can and do recover over time. However, if you watch the daily market movements and see half your wealth disappear almost overnight this can be a difficult strategy to follow. This principle only works if you buy shares for a good price in a company that has a strong market presence and is unlikely to fold in the long term. This cannot always be foretold with certainty and you will have to watch your investment and the market.


It is essential to remember that trading online is very quick and easy, but investing is a slower process.  You must do your homework before committing your money.  Knowing your market and your portfolio will allow you to react quickly, when needed.


Sometimes the price of a share can be very attractive, especially if it is rising fast. However, it is very important to understand the difference between a limit order and a market order.

  • A market order is an instruction to purchase a set number of shares, whatever the price.  This means any delay in systems or rapid price rise could leave you paying twice the price for your shares than you expected.
  • A limit order is when you place an instruction for a set number of shares up to a set price. This will ensure you do not go massively out of pocket; or worse, commit to a price you cannot afford!

Trading Options

Despite the speed of the internet an online order is not necessarily instant! There may be system delays, bottle necks or even a breakdown in a server somewhere. In order not to miss out on a good deal it is essential to know what options are available to you before this happens. This can include email, fax, telephone or a broker; but beware!  These routes may also have delays on them!


If you are unsure whether an order has been processed or not then do not place another one until you have cancelled and received confirmation of your cancellation. If you do not you may become liable for two lots of shares!  This arises fairly often as there are no regulations controlling the time it takes to make a transfer. A broker must trade within the time they estimate they will to you in writing. If there is no estimation they can complete the trade at any time.  

Now is the time to check your trading terms with your broker. Furthermore, you also have the option of purchasing risk management analysis software. This way you’ll be insured that your investment pays off, and that you’re not taking unnecessary risks. Regardless of your choice, it’s always a good idea to consult with a specialist, just to make sure you’re on the safe side.

By Peter Smith and Synaptic

What’s Keeping You Away From Being A Millionaire?

Many people out there desperately want to be millionaires, and why wouldn’t they? While money may not buy happiness it can buy a better, less stressful and more fulfilled life. However, before you can be a millionaire you need to have the right strategy and know the reasons why you haven’t met this goal already. Who doesn’t wish to win the bucket of thick money? Unfortunately, this future ambition doesn’t get achieved by most people. And when you ask these people why, what you’ll hear are excuses — reasons why they haven’t made their first million.

Here are some reasons why most people never get to make their first million-

  1. You are scared of falling- Those who fear failure, never get to overcome it. And to accumulate great wealth, failure needs to be a part of the process. It is through failure that most of the successful people emerged today. So, instead of resisting failure, embrace it. And don’t see it as a blatant setback, but as you learning the ropes of what it takes to be a success.
  2. You work for someone else- When you work for someone else, you are essentially trading work for money. You either have so much time to trade. Or someone else is in charge of setting the worth of your time. So, while it’s not impossible to reach millionaire status while working for someone else, it doesn’t happen often. You need to find a way to start moving toward a more profitable way of spending your days, a way that pays you for your talent and ability rather than the number of hours you’ve worked or the amount your pay-grade says you’ve earned.
  3. You never act your own good ideas- You are scared that your ideas would fail. And this fear only takes you farther away from that millionaire status. Believe that you can succeed. The more you visualize yourself as a success, the closer you get to your goal. Sure, dreaming alone won’t make you a million, but it’s the first step. And if you lack motivation to dream, read books. You can start with “Think and Grow Rich” by Napoleon Hill.
  4. You don’t believe in the power of money- As long as you keep seeing money as the enemy, all the points in this post will be of no use to you. How badly do you really want to be a millionaire? As you strive toward your goal, have these reasons at the top of your mind. Stay focused with the right mindset and you’ll be shocked at the feats you’ll achieve and the success you’ll attain. Don’t stop wanting it and with time, you’ll get it!
  5. Your goals are not defined- When your goals aren’t clear, you will be unable to take clear actions. And when your actions are fuzzy, being a millionaire becomes impossible. Find out what you want, plan how you will get there, and get to work.
  6. You associate with the wrong people- The popular saying, “show me your friends and I’ll tell you who you are” holds very true here. Are the people you’re working with striving to achieve the kind of goals you want to achieve or are they drawing you back? If the answers to these questions are negative, then your millionaire dream might not become a reality. Associate with people on the same mission as you because they are your support system. The right people will help make your journey easier and faster.
  7. You are afraid to step out of your circle- Once you create a boundary; you only limit yourself from what you can achieve. Your background or your qualifications can never prevent you from being successful. Individuals from some of the poorest families have become multi-millionaires today. If you think this untrue, read Oprah Winfrey’s grass to grace story. That should inspire you.

Now, think about how you see your money. Is it a means to an end? Or a strategic tool in your life plan arsenal?

See, think, analyze. What’s keeping you away from your first million?

Tina Roth writes about developing positive habits to help you live a rich and financial independent life. Her Personal finance ProFinanceBlog.Com is created to inspire people to explore more on frugal living and especially, to help you craft a financial secure life.

Canadian personal finance website in simple terms from a Canadian perspective. Focusing on savings, investing, budgeting, taxes, and more. Includes Investing, Loans, RRSP, RESP, Credit Cards, Money Savings, Tax Savings, Retirement, Real Estate.