Kicking Financial Ass
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7Bronnie Ware, The Top Five Regrets of the Dying: A Life Transformed by the Dearly Departed (Hay House Inc., 2012).
8Tim Ferriss, “Managing Procrastination, Predicting the Future, and Finding Happiness,” The Tim Ferriss Show, November 30, 2017.
9Faisal Hoque, “Why extremely successful people swear by this 5-minute daily habit,” accessed August 6, 2018, http://www.businessinsider.com/why-extremely-successful-people-swear-by-this-5-minute-daily-habit-2015-11.
10Robert Emmons, Thanks!: How the Science of Gratitude Can Make You Happier (Mariner Books, 2008).
11“Wealth, Asset Ownership, & Debt of Households Detailed Tables: 2013,” United States Census Bureau, accessed August 6, 2018, https://www.census.gov/data/tables/2013/demo/wealth/wealth-asset-ownership.html.
12Assuming 9.7% annual returns with an S&P 500 index fund
13Walecia Konrad, “How to Manage Dental Costs, With or Without Insurance,” New York Times, accessed August 6, 2018, https://www.nytimes.com/2009/09/05/health/05patient.html.
14Agota Bialobzeksky, “The Science of Self-Control: Can You Increase Your Willpower?” Pick the Brain, accessed August 6, 2018, http://www.pickthebrain.com/blog/the-science-of-self-control-can-you-increase-your-willpower/.
15* William Bengen first articulated the 4% rule, but the Trinity study popularized the idea
16Assuming an 5% rate of return on your savings and 4% withdrawal rate
17“The Shockingly Simple Math Behind Early Retirement,” Mr. Money Mustache, accessed August 6, 2018, http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
18“California Dentist Salaries,” Salary.com, accessed August 6, 2018, https://www1.salary.com/CA/Dentist-salary.html.
19“California Receptionist Salaries,” Salary.com, accessed August 6, 2018, https://www1.salary.com/CA/Receptionist-salary.html.
20Tanza Loudenback, “Middle-class America made more money last year than ever before,” accessed August 6, 2018, http://www.businessinsider.com/us-census-median-income-2017-9.
21Editors of Kiplinger’s Personal Finance Magazine, “9 Reasons You Need an Emergency Fund,” accessed August 6, 2018, https://www.neamb.com/finance/9-reasons-you-need-an-emergency-fund.htm.
22Robert Digiacomo, “Is Dental Insurance Worth the Cost?” Bankrate, accessed August 6, 2018, https://www.bankrate.com/finance/insurance/dental-insurance-1.aspx.
23“Interest and penalties,” Government of Canada, accessed August 6, 2018, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/interest-penalties.html.
24“Personal Accounts Interest Rates,” Banking Accounts & Services, RBC, accessed August 6, 2018, http://www.rbcroyalbank.com/rates/persacct.html#daysavings.
25Martha C. White, “Here’s How Long It Really Takes to Get a Job,” Money, accessed August 6, 2018, http://time.com/money/4053899/how-long-it-takes-to-get-hired/.
26Claire Tsosie, “What Happens If I Make Only the Minimum Payment on my Credit Card?” NerdWallet, accessed August 6, 2018, https://www.nerdwallet.com/blog/credit-cards/minimum-payment-credit-card/.
27“Credit Card Terms,” Minimum payment, RBC, accessed August 6, 2018, http://www.rbcroyalbank.com/credit-cards/managing_credit/credit_terms.html.
28“Credit card payment calculators,” the Calculator Site, accessed August 6, 2018, https://www.thecalculatorsite.com/finance/calculators/credit-card-payment-calculators.php.
29Promoted by Tim Ferriss.
30Created by Ramit Sethi, author of I Will Teach You to Be Rich.
31Annie Nova, “Student loan forgiveness gets one-shot, $350M boost,” CNBC, accessed August 6, 2018, https://www.cnbc.com/2018/03/26/student-loan-forgiveness-gets-one-shot-350m-boost.html.
32This specifically applied to federal student loans.
33Annie Nova, “Student loan nightmare: Some borrowers have to start over,” CNBC, accessed August 6, 2018, https://www.cnbc.com/2018/01/12/student-loan-forgiveness-isnt-often-a-forgiving-process.html.
34“Repayment Assistance Estimator,” Government of Canada, accessed August 6, 2018, http://tools.canlearn.ca/cslgs-scpse/cln-cln/rae-ear/rae-ear-1-eng.do.
35Christine DiGangi, “The Truth About Payday Loans,” Credit.com, accessed August 6, 2018, https://www.credit.com/loans/loan-articles/the-truth-about-payday-loans/.
36Amanda C. Haury, “5 Reasons to Avoid Payday Loans,” Investopedia, accessed August 6, 2018, https://www.investopedia.com/financial-edge/0213/5-reasons-to-avoid-payday-loans.aspx.
37The Pew Charitable Trusts, “Payday lending in America: Who Borrows, Where They Borrow and Why,” Safe Small-Dollar Loans Research Project, (2012): 11.
38Car Fox, “Car Depreciation: 5 Things to Consider,” Carfax, accessed August 6, 2018, https://www.carfax.com/blog/car-depreciation.
39“Your Driving Costs: How Much Are You Really Paying to Drive?” AAA Association Communication, accessed August 6, 2018, http://publicaffairsresources.aaa.biz/wp-content/uploads/2014/05/Your-Driving-Costs-2014.pdf.
40Assuming investing at 9.7% return per year.
41Robert Digiacomo, “Is Dental Insurance Worth the Cost?” Bankrate, accessed August 6, 2018, https://www.bankrate.com/finance/insurance/dental-insurance-1.aspx.
42Marilyn Lewis, “Is dental insurance worth the cost?” MoneyWatch, accessed August 6, 2018, https://www.cbsnews.com/news/is-dental-insurance-worth-the-cost/.
43“WestJet RBC World Elite Mastercard Certificate of Insurance,” RBC, accessed August 6, 2018, http://www.rbcroyalbank.com/credit-cards/documentation/pdf/WestJet-World-EliteMasterCard-booklet.pdf.
44J.D. Roth, “How to Negotiate Your Salary,” Lifehacker, accessed August 6, 2018, https://lifehacker.com/how-to-negotiate-your-salary-1566202988.
45Headhunters, now called recruiters, typically earn a percentage of the salary of the person they place. So, the higher the pay, the more the headhunter receives.
46Uber surge pricing, at the time of writing, ranges from 1.8x to 2.5x.
47You may need special insurance to run an Uber or Lyft side business.
48“How Much Does an Uber Driver Make in 2018?” Ridester, accessed August 6, 2018, https://www.ridester.com/how-much-do-uber-drivers-make/.
49“Daycare Rates and Passes,” Paws Dog Daycare, accessed August 6, 2018, https://www.pawsdogdaycare.ca/dogdaycare/.
50Jay Baer, “The 13 Critical Podcast Statistics of 2018,” ConvinceandConvert, accessed August 6, 2018, http://www.convinceandconvert.com/podcast-research/the-11-critical-podcast-statistics-of-2017/.
51Diana Kilgour, “Image Consulting Services,” Book a Session, accessed August 6, 2018, http://www.dianakilgour.com/session.html.
521 I caution you, however, to clearly specify upfront what the job entails. For example, some clients will ask for endless designs or revisions. Be clear in the scope of the job for fixed-priced gigs.
53Tim Ferriss, “How to Create a Million-Dollar Business This Weekend,” Tim Ferriss Blog, accessed August 6, 2018, https://tim.blog/2011/09/24/how-to-create-a-million-dollar-business-this-weekend-examples-appsumo-mint-chihuahuas/#more-5754.
54Google “Mint.com original landing page” to see what it looked like initially.
55“SPDR S&P 500 ETF,” State Street Global Advisors, accessed August 7, 2018, https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY.
56“iShares Core S&P 500 ETF,” iShares by Blackrock, accessed August 7, 2018, https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf.
57“Vanguard S&P 500 ETF,” Vanguard, accessed August 7, 2018, https://investor.vanguard.com/etf/profile/voo.
58“FTSE Canada All Cap Index ETF (VCN),” Vanguard, accessed August 7, 2018, https://www.vanguardcanada.ca/advisors/adv/en/product.html#/fundDetail/etf/portId=9561/assetCode=equity/?overview.
59“iShares S&P/TSX 60 Index ETF,” Blackrock, accessed August 7, 2018, https://www.blackrock.com/ca/individual/en/products/239832/ishares-sptsx-60-index-etf.
60“iShares Core S&P/TSX Capped Composite Inde
x ETF,” Blackrock, accessed August 7, 2018, https://www.blackrock.com/ca/individual/en/products/239837/ishares-sptsx-capped-composite-index-etf.
61Back in the day, people would receive a piece of paper called a coupon when they received an interest payment.
62“Canada Pension Plan-How much you could receive,” Canada Pension Plan-Overview, Government of Canada, accessed August 6, 2018, https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html.
63“Retirement Plan Access and Participation Across Generations: How Young Workers in the Private Sector Differ From Their Older Colleagues,” The Pew Charitable Trusts, accessed August 6, 2018, http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2017/02/retirement-plan-access-and-participation-across-generations.
64“The Five-Year Rule for Roth IRA Withdrawals,” RothIRA.com, accessed August 6, 2018, https://www.rothira.com/blog/the-five-year-rule-with-roth-ira-withdrawals.
65“The Pros and Cons of an Early Withdrawal from Your Roth IRA,” RothIRA.com, accessed August 6, 2018, https://www.rothira.com/blog/the-pros-and-cons-of-an-early-withdrawal-from-your-roth-ira.
66Darla Mercado, “New Year, New Tax Brackets. Here’s Where You Stand,” CNBC, accessed August 6, 2018, https://www.cnbc.com/2017/12/29/heres-where-you-stand-in-the-new-2018-tax-brackets.html.
67http://www.moneychimp.com/calculator/compound_interest_calculator.htm using a 9.7% interest rate over 20 years
68“The Five-Year Rule for Roth IRA Withdrawals,” RothIRA.com, accessed August 6, 2018, https://www.rothira.com/blog/the-five-year-rule-with-roth-ira-withdrawals.
69Some examples include tuition, books, supplies, and equipment. Room and board may also be allowed.
70“RRSP Rules and Regulations,” RRSP Basics, RBC, accessed August 6, 2018, http://www.rbcroyalbank.com/products/rrsp/rrsp-rules.html.
71Suzanne Steel, “Did you over-contribute?” Financial Post, accessed August 6, 2018, http://business.financialpost.com/news/did-you-over-contribute.
72Jason Heath, “How to know when to start drawing on your RRSP,” Financial Post, accessed August 6, 2018, http://business.financialpost.com/personal-finance/retirement/rrsp/how-to-know-when-to-start-drawing-on-your-rrsp.
73Making RRSP withdrawals before you retire,” RRSPs, Get Smarter About Money, accessed August 6, 2018, https://www.getsmarteraboutmoney.ca/plan-manage/retirement-planning/rrsps/making-rrsp-withdrawals-before-you-retire/.
74“RRSP Rules and Regulations,” RRSP Basics, RBC, accessed August 6, 2018, http://www.rbcroyalbank.com/products/rrsp/rrsp-rules.html.
75“TFSA Withdrawals,” RateHub, accessed August 6, 2018, https://www.ratehub.ca/investing/tfsa-withdrawal.
76“Homeownership rate in selected European countries in 2016,” Statista, accessed August 6, 2018, https://www.statista.com/statistics/246355/home-ownership-rate-in-europe/.
77“Homeownership Rate for the United States,” FRED Economic Data, accessed August 6, 2018, https://fred.stlouisfed.org/series/RHORUSQ156N.
78“Housing in Canada: Key results from the 2016 Census,” STATCAN, accessed August 6, 2018, https://www150.statcan.gc.ca/n1/daily-quotidien/171025/dq171025c-eng.htm.
79Other closing costs, like legal fees, maintenance expenses, or capital gains taxes, ere not included.
80“What is the return on my real estate investment?” CalcXML, accessed August 6, 2018, https://www.calcxml.com/do/inv04.
81Brad Case, “Comparing Average REIT Returns and Stocks Over Long Periods, Nareit Market Commentary, Nareit, accessed August 6, 2018, https://www.reit.com/news/blog/market-commentary/comparing-average-reit-returns-and-stocks-over-long-periods.
82Using the FTSE NAREIT All Equity REITs Index before fees.
83“S&P 500 Return Calculator, with Dividend Reinvestment,” DQYDJ, accessed August 6, 2018, https://dqydj.com/sp-500-return-calculator/.
84Gavin, “REIT Performance,” accessed August 6, 2018, http://www.optionstradingiq.com/reit-performance/.
85“Vanguard Real Estate ETF,” Vanguard, accessed August 6, 2018, https://personal.vanguard.com/us/funds/snapshot?FundIntExt=INT&FundId=0986&funds_disable_redirect=true#tab=1.
86“Schwab U.S. REIT ETF,” Charles Schwab, accessed August 6, 2018, https://www.schwabfunds.com/public/csim/home/products/exchange_traded_funds/performance.html?symbol=SCHH.
87“iShares U.S. Real Estate ETF,” iShares, accessed August 6, 2018, https://www.ishares.com/us/products/239520/ishares-us-real-estate-etf.
88“iShares S&P/TSX Capped REIT Index ETF,” Blackrock, accessed August 6, 2018, https://www.blackrock.com/ca/individual/en/products/239843/ishares-sptsx-capped-reit-index-etf.
89“BMO Equal Weight REITs Index ETF (ZRE),” Annual Management Report of Fund Performance, BMO, accessed August 6, 2018, https://www.bmo.com/assets/pdfs/gam/etf/a-mrfp/en/A_MRFP_ZRE_E.pdf.
90FTSE Canadian Capped REIT Index ETF (VRE),” Vanguard, accessed August 6, 2018, https://www.vanguardcanada.ca/individual/indv/en/product.html#/fundDetail/etf/portId=9559/assetCode=equity/?overview.
91Jussi Askola, “REITs vs. Stocks: Risk Comparison,” Seeking Alpha, accessed August 6, 2018, https://seekingalpha.com/article/4061110-reits-vs-stocks-risk-comparison.
92“What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important?” Consumer Financial Protection Bureau, accessed August 6, 2018, https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/.
93“U.S. Mortgage Calculator with Taxes, Insurance and PMI,” FHA Mortgage Calculator, accessed August 6, 2018, https://usmortgagecalculator.org.
94Andrew Merle, “The Ideal Work Commute Will Make You Happier and Healthier,” HuffPost, accessed August 6, 2018, https://www.huffingtonpost.com/entry/the-ideal-work-commute-will-make-you-happier-and-healthier_us_59b6ca67e4b0bb893fffffd9.
95Yuqing Pan, “Appreciation Sensation: The Real Factors That Boost Your Home’s Bottom Line,” Realtor.com, accessed August 6, 2018, https://www.realtor.com/news/trends/which-kinds-of-home-appreciate-fastest/.
96“Open vs. closed mortgages,” LowestRates.ca, accessed August 6, 2018, https://www.lowestrates.ca/mortgage/open-vs-closed.
97Alyssa Furtado, “What’s the Penalty If I Break My Mortgage with Scotiabank?” Ratehub.ca, accessed August 6, 2018, https://www.ratehub.ca/blog/whats-the-penalty-if-i-break-my-mortgage-with-scotiabank/.
98“How Do Mortgage Prepayment Penalties Work?” ValuePenguin, accessed August 6, 2018, https://www.valuepenguin.com/mortgages/how-mortgage-prepayment-penalties-work.
99Hal M. Bundrick, “2 Reasons to Get a Home Equity Line of Credit- and a Bunch of Reasons Not to,” Nerdwallet.com, accessed August 6, 2018, https://www.nerdwallet.com/blog/mortgages/home-equity-line-credit-heloc-reasons/.
100JR Hevron, “5 Reasons to Avoid a Home Equity Line of Credit,” Mortgageloan. com, accessed August 6, 2018, https://www.mortgageloan.com/5-reasons-avoid-home-equity-line-credit-8685.
101Gabriel H. Sahlgren, “Work Longer, Live Healthier,” Institute of Economic Affairs, May page 34.
102https://www.healthline.com/nutrition/7-health-benefits-of-water#section2
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