A Money Coach in Canada

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It’s Wednesday, time to find out how to max out on life without busting the bank. Here are 3 cool deals:

  1. Clothing Sample Sale: DKNY, MEXX, Donna Karan among others. Thur Jul 12 thru weekend, 812 W. 6th @ Willow. Visit I Love Sample Sales for full details. And another clothing evening – Miss Molly’s Showroom Grand Opening, Thur. July 12th 5pm, 316 W. 5th Ave. Vintage clothing at wholesale prices – $25! RSVP at 604-733-3783.
  2. Traveling this summer? Why not brush up your french, spanish, urdu, russian language skills for free, by podcast? Visit the Itunes store, click on podcasts, education, et voila, all kinds of languages to be learned for free, via podcast!
  3. Could you use a boost of inspiration? I have 5 tickets to give away to an evening by Allan Knight. Topic: A mind fit for success. I went last night, and it was a fun evening with tons of good ideas. Think Canadian-style motivational evening. Next evening: Tue. July 31, 6:30 pm, Terminal City Club, Vancouver. Give me a comment that you’re interested, and it’s yours! (I’ll likely go again, as well)

Now here’s some really fun economic gossip!

celphone.jpg1. Turns out Rogers Canada (owned in large part by AT&T) charges Canadians about 6 (six!) times the price for wireless data than AT&T charges their US customers. Canada: $299/month. US: $63/month. There’s an online petition to Rogers if you care to protest.

2. And on the tech theme, Google just bought Postini Inc. What’s postini? It provides security for e-mail. This means gmail will become even more popular. Google’s stock price rose by $3.16US, while Microsoft fell by 10¢.

3. But that’s all boring compared to what’s happening in China, with their answer go google. It’s a search engine called Baitu, its stock is up 78% this year, and profits will likely increase by 45% each year over the next few years. Its current stock price (P) is also trading at over 100 times what each share earned (E) last year – P/E ratio of 107. (note: this is just a blog! Do your own research – I’m not a financial advisor, simply a humble money coach at Your Money by Design.

I’m pleased to report that the daschunds have cut back on their pricey eating habits. It’s now a mix of kibbles and cooked ground beef (supplemented with carrots, garlic, onion, breadcrumbs), which reduces from about $5 a day to maybe $2 a day.

As for me, I’m doing better, but not there yet. This last week contained 2 unplanned eatings-out (both of which could have been avoided) = $22. Annualized, that would result in $1,144.00 Yikes! I’m giving up a trip to the UK in favour of mad-dash grab-some-chow from McDonald’s or wherever? This week, I’m determined: not one single, unplanned eating out for me! Next step … menu plan.lunchbox.jpg

This week isn’t so much a specific case study, as a topic I encounter regularly. We receive a lot of messages in our culture to ‘find and follow your passion’. There’s even a book titled, “Do what you love, and the money will follow”. I, like many, find the title tremendously appealing.

Here’s the other side of the coin. I’ve met with numerous individuals who are pursuing their passion, but have nothing, or extremely little, in any kind of nest egg (and we’re talking 40-50 age demographic here, not 20-something kids), and who are not particularly moving forward financially.wallet

At what point do you think it’s worth pulling back from your passion, in order to bulk up your bank account and fatten your wallet?

A little quote from the late Bob Hope:

 a bank is the place that lends you money if you can prove you don’t need it.