Make Money, When You Don't Have Any!

Over the last few months quite a number of families in Kelowna are cutting spending, trimming costs on everyday expenses and eliminating some things all together.

But as some are cutting others are making money! The questions is how can you make money ... especially when you don't have any?

I was talking to members of the Okanagan Business Referral Group the other day about that very subject. Here are few ideas you can use:

Dollar Cost Average ... everything!
Making a lump sum to your investments, to your mortgage or to your credit card is great. Even better is doing this every month, bi-weekly or weekly if possible.

You can average the price (potentially paying less), your payment or contribution goes toward growth or paining interest sooner, and could be easier to pay monthly then come up with a large lump sum.

Most institutions allow for this ... so check your monthly budget and then set it up and let Dollar Cost Averaging work for you.

Rebalance ... effectively!
Again whether it's your cash flow, investment portfolio or your debt, rebalance to make sure your dollars are going into the right areas.

How are you spending your income? Managing cash flow isn't sexy ... but it is vital to having more with out making more money.

Are you paying extra to correct debts first, are your investment dollars going to under performing sectors, and is your spending in line with creating security in your life.

Update your plan ... Now!
Don't wait ... update your financial game plan today. A good plan should cover three areas:

  1. Protect Your Family - What are your current cash flow needs, how much life insurance for loss of income/payment of debt do you need and have enough in emergency funds?

  2. Eliminate Debt - Can you optimize and eliminate your debt faster?

  3. Build Savings - How much you will need for mid-term goals and a comfortable retirement?

The most important thing is be proactive and do something today to improve your life.

Financial Blog of Mike Hassard | Life Insurance Debt Investing Mutual Funds |

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