Insurance companies are paying out more in claims than they are collecting in premiums. Underwriters are forced to increase premiums due to this or implement stricter qualifying requirements to get coverage. The general public is asking for the government to step in and regulate the industry as astronomical premiums are being quoted that are putting an average homeowner on to the street. Is it time for a disruption to the industry?
DIY legal
Legal services these days are horrendously expensive. What we discovered is do it yourself legal. There are certain legal things you can do as an average citizen which can save you a big wad of dough. Need a legal service? Visit your local library or google to see if they have a do it yourself book on the legal service you would like done. Make sure the information is up to date as laws are always changing.
Taking your business global
If you are looking at expanding your business worldwide make sure you look into permits, regulations, currency acceptance etc.. as each country is different. Let alone each country, even districts/neighbourhoods could be different. I heard from a friend about a family that innocently hired some people to help with painting but they had no permit to work and they ended up bring on the hook for it. Take some time to research before you execute.
Managing your wealth is being able to measure it
In the past being a millionaire was the biggest thing ever, but these days in some parts of the world you are a millionaire just for having ownership in a house, but you must not forget the liabilities associated with it and any other debts you may have incurred.
Mint a free money management personal finance and online budgeting application can help you keep a pulse on your wealth on an ongoing basis.
https://www.mint.com
Where is your residency these days?
Residency these days means different things to different people. We have the traditional individuals that settle to live and work in one place. Then we have those nomads/gypsies moving from place to place every couple of weeks or months and travelling the world so they don’t really have a permanent place. Regardless, residency is no longer just the country/city you reside in anymore but it is the type of home you live in.
Today people are living out of vans, campers, cars, trucks, buses, tiny homes, camping, mud homes etc… Nothing surprises me these days it is just about survival and adventure. If you are setup to travel around and live in different styles of homes don’t think twice just do it. You will have memories of a lifetime! If you don’t know what we are talking about here start researching as the world is changing rapidly.
How Travel is Changing
Travelling used to be jumping on a plane, car, train and staying at a hotel, motel or possibly a bed and breakfast. It might have even involved camping.
With the Internet, new ways of travelling and accommodations have evolved. We now have house/pet sits, RVing, house swapping, relocating cars or RVs, sailing, house renting, live aboards, etc… The sky is the limit.
We really now can reside globally!
Medical Tourism on the rise
With the population aging rapidly in various countries and medical costs rising gives rise to Medical Tourism. This relatively new coined term is when individuals of various ages escape to warmer countries typically to get treated medically and enjoy a vacation. Not only that, the costs to get treated are significantly lower and the care better.
I hear of many instances where people are not even purchasing medical back home but instead when they need it jumping on a plane to get repaired. He/she can pick the top physician anywhere in the world to get treated or go to get care in a place where substantial research and tests are being performed on his/her medical condition such that different options can be tried. Love how when you think globally, you have so many more options!
Anyone ever used an Educational Consultant?
Educational Consultants seem to have become a big thing since immigration. It is quite common to have one in foreign countries, whereas here in Canada starting in high school we have Guidance Counsellors. What is the difference?
Educational Consultants help you develop a career plan once you have determined what you would like to be. However, if you are uncertain, they can guide you towards trying different things you may be interested in pursuing. They develop a plan to help you meet your goals and check in with you regularly to make sure you are meeting them and provide additional insight or contacts to get you where you want to go. They are your coach and big cheerleader.
Educational Consultants have a more global view on admission requirements for entry into academic institutions and have the contacts as well. They also have more time to spend with you in terms of getting to know you and mapping out your goals.
Take advantage of the tax-splitting interest rate before it doubles!
This is the first time we have really ever heard of this concept. In order to have revenue taxed in a lower tax bracket, a husband and wife can loan one another funds. The idea is to basically have the higher income making individual loan money to the lower making individual to invest and the higher making individual would earn interest on it and the lower one would invest to make money but be taxed in a lower tax bracket and can write off the interest paid as the money was used to earn income.
A key tax-splitting interest rate is about to double:
http://business.financialpost.com/personal-finance/taxes/a-key-tax-splitting-interest-rate-is-about-to-double
Are marijuana stocks the next big thing?
If you have been keeping up with the news lately, you will have noticed that every day there are at least 2 or 3 articles regarding the legalization of marijuana soon in Canada. Marijuana company stocks are hitting all-time highs with no revenue/profit to be seen yet. How long will this last? Is this a good time to invest? Have you missed out already?
There are different opinions floating out there right now as to what is going to happen. Our opinion is that investing in marijuana stocks is like investing in a startup where you need to invest in several startups and hope one makes it big to recoup your other losses.