Sharing My Best Ideas on Making Money!
To create your Financial Empire, you need to run your personal cash machine on the side — with no employees. Let me explain.
It doesn’t matter if you’re a janitor at a low-end mall or if you’re the Director of a million dollar business — there is one key thing that will hold true in order for you to build & maintain your financial empire: “You will need to have a cash generating side business.”
Now, am I saying you should be running an actual physical business? Maybe! You could spend your time building a business that will generate a lot of cash flow for your financial empire, but that takes a lot of time.
The easiest way for any individual person to achieve this is to set up some sort of investment account — for starters, you should go take a look at this list of online discount brokers that will provide you with more than enough services for you to reach your goals.
Once you’ve set up your investment account — implement a 20% tax on yourself. Put yourself in a scenario where your current government has decided they will tag on an extra 20% tax on your income and set that money aside into your investment account. Though this is an unlikely scenario, I believe this could happen one day (if you understood the current state of our government’s pension plans, you may agree) so treat it as an actual event that has happened. Don’t rely on outside sources to fund your retirement because the last thing you want is to be at the mercy of someone else for your own livelihood.
After setting up your investment account — invest your money into the following ETFs (Exchange Traded Funds) and take 15 minutes to review it semi-annually.
- 50% into (XSP) iShares Core S&P 500 Index ETF (Currency Hedged)
- 30% into (XIC) iShares Core S&P/TSX Capped Composite Index ETF
- 20% into (CBO) iShares 1–5 Year Laddered Corporate Bond Index ETF
If you are retiring in the next 10 years, then tactically allocate your portfolio as follows:
- 40% into (XSP) iShares Core S&P 500 Index ETF (Currency Hedged)
- 20% into (XIC) iShares Core S&P/TSX Capped Composite Index ETF
- 40% into (CBO) iShares 1–5 Year Laddered Corporate Bond Index ETF
Lastly, set on your calendar a recurring schedule to review your portfolio once every 6 months for 15 minutes to ensure you continue to keep the above noted allocation. Sit back, relax and watch your 20% tax grow into hundreds of thousands of dollars that you’ll need to create your Financial Empire.
Oh, by the way… you can message me on one of my social platforms in 25–30 years and say “Thank You”.
This is about as tactical as you will get in terms of receiving investment portfolio planning advice — now go do it.
Discipline is what it takes to block out the noise, commitment is what it takes to walk the path to financial success and patience is what it takes to reach the goal.
I sit here writing & documenting this as an amateur writer wondering if anyone will ever read this but I realize that as long as I am able to help just one person get out of poverty, then I will consider this side project a success. Until then, I’ll keep posting.