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How much do you know about financial independence?

April 21, 2015, 7:38 a.m.
Posts: 18069
Joined: Oct. 28, 2003

At some point soon I'll lock in on some more safe stocks, but this has been a lot more fun than getting my quarterly statements.

buy and hold. boring, but successful.

http://www.joshuakennon.com/janitor-ronald-read-leaves-behind-8000000-secret-fortune/

Get ready to add yet another secret millionaire to your case study files. Ronald Read passed away last June at 92 years old. The Brattleboro, Vermont man, who had no college education and drove a Toyota Yaris, always made a point of living below his means. He spent many years working as a gas station attendant and the rest of his career a janitor for his local J.C. Penney department store.

Read was a near perfect archetype of the academic research done by men like the late Dr. Thomas J. Stanley at the University of Georgia and Wharton professor, Dr. Jeremy J. Siegel. Like the super-majority of Americans who are in the top 1% of wealth, Ronald was stealthy about it, keeping his money a secret from even his own children and friends. They knew he enjoyed investing but were reportedly shocked to discover upon his death that he had a safe deposit box with a stack of stock certificates five inches thick.

April 21, 2015, 3:55 p.m.
Posts: 18069
Joined: Oct. 28, 2003

TFSAs go to $10k per year, effective immediately. Fill er up while you can! (election pending…)

http://www.cbc.ca/m/news/topstories/budget-2015-tfsa-limit-hiked-to-10-000-as-election-budget-delivers-few-goodies-1.3040853

April 21, 2015, 5 p.m.
Posts: 122
Joined: Nov. 30, 2010

TFSAs go to $10k per year, effective immediately. Fill er up while you can! (election pending…)

http://www.cbc.ca/m/news/topstories/budget-2015-tfsa-limit-hiked-to-10-000-as-election-budget-delivers-few-goodies-1.3040853

I am all over this. Mr Harper can still take a LOOONNGG walk off a short peer though!

April 21, 2015, 6:39 p.m.
Posts: 18069
Joined: Oct. 28, 2003

Trudeau says he will eliminate it if you have Harper walk the plank.

I think its time fir ol Justin to know the little man wants to invest tax free too.

April 21, 2015, 6:57 p.m.
Posts: 7707
Joined: Sept. 11, 2003

You get to deduct it from your income!

Tuition, plus monthly enrollment stipend plus textbook amount - but you only get get only a 15% tax credit for your deduction. Not quite the gold mine but still better than nothing.

If you have a kid and worked part-time while you went to school, and made $30,000 and your wife made $60,000, you would get about the same deduction for the family tax cut as your education amount.

April 21, 2015, 8:06 p.m.
Posts: 18069
Joined: Oct. 28, 2003

What in the hell am I doing reading the Federal Budget??!?

http://www.budget.gc.ca/2015/docs/plan/budget2015-eng.pdf

April 21, 2015, 9:40 p.m.
Posts: 122
Joined: Nov. 30, 2010

Trudeau says he will eliminate it if you have Harper walk the plank.

I think its time fir ol Justin to know the little man wants to invest tax free too.

According to his ad that is playing constant rotation on the PEAK FM, he is for the "middle class" [HTML_REMOVED] "those trying to join them". Now he is already trying to hold me down? Damn you Justin! :flame: Green Party Lady it is!

April 23, 2015, 9:04 p.m.
Posts: 7707
Joined: Sept. 11, 2003

Get paid to borrow money

http://www.nytimes.com/2015/04/24/business/get-paid-to-borrow-money-risks-and-limits-apply.html

April 24, 2015, 10:53 a.m.
Posts: 549
Joined: Sept. 2, 2010

^ I think the "who contributes to TFSAs" stats may be a bit misleading. Lot's of grey hairs were probably taking their RRIF funds and throwing them in TFSAs.

April 24, 2015, 12:28 p.m.
Posts: 18069
Joined: Oct. 28, 2003

http://www.cra-arc.gc.ca/tx/rgstrd/papspapar-fefespfer/lmts-eng.html

The fastest implementation of anything government related I've ever seen!

April 24, 2015, 1:34 p.m.
Posts: 16679
Joined: Nov. 20, 2002

Well, there is that income splitting thing, which was "sort of" implemented even before the budget that included it was tabled.

When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.

April 24, 2015, 1:36 p.m.
Posts: 549
Joined: Sept. 2, 2010

^ I thought that having the income splitting provisions on the tax returns then presumably accepting said returns and issuing refunds based on those returns - all prior to the budget passing - was fairly quick.

April 24, 2015, 7:37 p.m.
Posts: 809
Joined: Dec. 22, 2002

NSMBA member.

April 24, 2015, 7:38 p.m.
Posts: 809
Joined: Dec. 22, 2002

NSMBA member.

April 24, 2015, 7:59 p.m.
Posts: 14377
Joined: Feb. 19, 2003

Not really the right thread for that.

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