Mar 252015
 

I was browsing CanadianMoneyForum.com recently and came across the following thread.

I saw some commercials saying if you contribute to your TFSA (Roth IRA) every year, in 30 years you will have over one million dollars assuming a ROR in the 4-5% range. One million dollars should churn out $40-50k in tax free income.

Now thinking about this further, does anyone know of someone who got rich this way? I mean start investing a few hundred a week at age 25 and come out with millions at age 60? I personally do not. People who made a fortune got it other ways, by owning a business, getting stock options, or by making a lucky stock or real estate purchase.” ~tygrus

There are many ways to retire wealthy. Owning a business or hitting a home run on a single stock can increase the probability of becoming a millionaire. But to address the question, yes, I do know of someone who became rich simply by investing small amounts of money over many humbling decades. Well, I don’t know him personally. But I know his story. 🙂

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Ronald Read, from Brattleboro in Vermont, had $8 million to his name when he died last year at the age of 92. Most of his fortune was donated to a local hospital. After graduating from high school he worked at a gas station for many years. He also served in the military during WWII. Most recently he worked as a janitor for the department store chain JC Penny for 17 years. The secret to his financial success can be attributed to his thrift and his financial acumen.

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Feb 272015
 

Sheryl Sandberg thought she was making a mistake. The year was 2001 and she had applied for a general manager of business units position. Sheryl began to doubt if there was even a job there at all. The small technology start-up didn’t even have “business” units so what was there to manage? Furthermore the position appeared to be several levels lower than jobs she was being offered at other companies. 😕

So when she finally met with the company’s CEO, Eric Schmidt, she kindly explained that the position meets none of her career criteria. 😐 Then the CEO of Google looked at her and replied, “Don’t be an idiot.” 😕 Which is some pretty solid advice. “Get on a rocket ship,” he continued. “When companies are growing quickly, careers take care of themselves. But when companies aren’t growing… that’s when stagnation and politics come in. If you’re offered a seat on a rocket ship, don’t ask what seat. Just get on.

And that’s exactly what Sheryl did. 😀

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Eric was right. When companies are small their workers can grow into new positions. Managers are created instead of replaced. People have more autonomy, feel more involved, and everyone can learn new skills and take on new responsibilities without stepping on each other’s toes. It’s more than a zero sum game. You don’t need to knock someone else off the ladder to get ahead because there’s plenty of room for everyone to climb. 🙂

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Dec 112014
 

Grumpy Cat is a Wealthy Cat

The internet is the best thing to have happened to cats since the ancient Egyptians. The most popular cat in the world right meow is none other than Tardar Sauce. Her first picture was uploaded to the social news site Reddit in 2012. Denizens of the web quickly fell in love with her distinctive expression. She was given the label Grumpy Cat and variations of her pictures, often with sarcastic captions, spread all across the web and turned her into a popular internet meme.

Two years since her internet debut, Tardar Sauce has now made over $114,000,000, according to the CBC. That is more money than most “A” list Hollywood actors including Brad Pitt, and top athletes including Christiano Ronaldo. There is even a Grumpy Cat Christmas themed movie, Grumpy Cat’s Worst Christmas Ever, in which she’s voiced by Aubrey Plaza, who is best known for playing April from NBC’s comedy, Parks and Recreation.

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Oct 222014
 

14-10-criticism

14-10-jack-ma-at-nyse I recently read an article about two individuals who started with nothing but eventually achieved success because they kept a positive attitude despite receiving a lot of criticism.

Overcoming Criticism

One day Jack Ma invited 24 of his friends to his house to discuss an online business idea that he had. After a 2 hour pitch 23 out of 24 people in the room told him to scrap the idea. They told Jack he didn’t know anything about the internet or how to raise any start-up money. However Jack managed to quickly grow his e-commerce business to become one of the largest in the world, and is even competing with Google, and Amazon. Earlier this year Alibaba became a publicly traded company on the New York Stock Exchange. Alibaba is currently valued at roughly $230 billion. Its founder and executive chairman, Jack, is now worth about $19 billion. This categorically makes him the wealthiest person in China. 😀

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Jul 082014
 

Bonjour mes amis! Creative people are making tons of money by using the internet these days. And the best part is you don’t even need any marketable skills to do so. If you can make an ordinary potato salad, you can make money online!

One internet trend that has gained a lot of popularity in the last few years is crowdfunding. The idea is to collect a bunch of money from backers – the “crowd” – to fund a common initiative. It could be to raise money for non-profit purposes, charity, or to fund start-up companies or new products that can eventually be commercialized to benefit the public. For example you can make an interesting pitch about a new idea you want to try, along with a target amount you want to raise. If your idea sounds appealing to others they will gladly throw money your way.

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Many ideas, games, indie films, smartphone apps, and companies that are worth millions of dollars today got their start by raising money through crowdfunding sites such as kickstarter.com. The virtual reality headset Oculus Rift had almost 10,000 backers on Kickstarter. Over $2 million was raised, which was enough to create a real prototype of the product.

But there’s a campaign underway right now to fund a bowl of potato salad 😐 Yup, that’s all she wrote. Zack Brown from Columbus Ohio recently started a crowdfunding project to simply make potato salad.

 “Early this week someone asked if I’d ever made potato salad and I couldn’t say that I had. So I turned to Kickstarter to change that.” ~ Zack Brown

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