Vancouver is a very high cost place to live in Canada. With such high expenses, how can you expect to get ahead? It's not like you can go just get a house and rent it out and expect to see a positive cash flow after all expenses. Not to mention 50% average tax bracket that the average person pays in taxes that has a job.
Hey everyone, welcome to another blog from
My Journey To The millions! We will be talking about a few ways how one can get ahead in Vancouver. We have made a blog about this subject in the past, but this is the new updated version and better than ever! This can apply to anyone in a expensive city or even cheaper city.
First off in a country with so many taxes, and high ones as well, the best way to get ahead is to learn how to make money and keep more of it in our pockets! Our real estate market is very expensive with some houses costing more than a million dollars and that's with a tiny lot house! In my first blog, I mention a good way to capitalize on this is to be a salesman because a commission on such a highly valued property would be a large check in your pocket, and the amount of transactions happening means there is a lot of checks to cash! If your one of the top real estate agents in the 10% that are making all the money, you'll be noticing giant leaps in income compared to the past. The problem with this is keeping money in your pocket. Making that much money puts you in a huge tax bracket! How can we make this type of money and keep more in our company? Invest in your education on real estate education. Some strategy's I have learned are wholesaling and rent to own. Wholesaling gives you the option to charge a finders fee and you can set up the right business system to pay less in taxes! A consulting company can pay as little as 12% in tax not to mention some other great benefits it has. Rent to own can give you monthly cash flow and a nice pay check in two to three years depending how you structure the deal. These two incomes can help you get ahead for sure.
Another way you can get ahead is by using your TFSA. Income untaxed? Awesome. The limit is up to 25,000 last time I checked, but may have changed. There is a yearly contribution amount of 5000, but I heard it was boosted to 5,500 this year. Problems can come with this though. Risk. We do not know what stocks will go up or down but I personally am strongly confident that gold and silver will go up in coming years, and oil may be presenting opportunity as well so gold, silver and possibly soon, oil stocks may be a great choice to hold in this account. If you do not know which ones to buy, perhaps diversify. Make sure they are producing the commodity. Silver and oil company's are available on the market to buy for 90 percent discount then their 2011 highs and they are still producing and profiting. These could be a great buy if the silver and gold bull is still existing. Find one with a nice dividend and its a bonus income! Increasing your income is the greatest way to getting ahead. If your educated, you should be able to find a rental apartment that is cash flowing in Canada somewhere. This requires a 35% percent down payment, which can be funded by seller financing or a joint venture. Cashflow will buy back your time so you can spend your time learning how to get ahead even more!
I also stated in my first blog on this subject, that network marketing or multi level marketing is a great way to get ahead! Anything that creates cashflow is a great way to get ahead! Success in any business, or investment takes the same time and effort to become successful so don't put MLM down. Get educated. This still gives you better taxs benefits than your job, write off's, and teach's you great sales skills. This strategy on cash flow creating takes the same effort but less money than starting some sort of other business. Unless your starting a big business that has great tax benefits and your using other peoples money to get ahead, than you wont get to far by starting a small business. You can get your small business to become big, but it takes the same effort as MLM so think twice before you say anything bad about it.
There are lots more strategy's on how you can get ahead! Cashflow is one of the greatest ways to get ahead, keep that in mind. You can win the lottery and have 50 million, but if you spend that all than youll probably lose all you bought with it in the end. Now imagine 10,000 dollars monthly cash flow! You dont need to work, and you have all your time to yourself. You can use this time to grow your knowledge and double your monthly cashflow! Thanks for reading everyone, and hope you learned something new. Be open minded. The mind is like the umbrella, works best when its opened. Remember to talk to an accountant to learn your tax benefits! choose them carefully, not every accountant knows the benefits of corporation tax laws.
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