How to Buy a Life Insurance Policy in Canada

Articles from November 2008
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Blog Post Date: Nov 25, 2008

41 Personal Finance Questions About Bankruptcy

41 Personal Finance Questions about bankruptcy

Suppose a creditor forgets to file a proof of claim?
What is a reaffirmation agreement?
Can utility companies shut off service during bankruptcy?
Can a creditor obtain relief from the automatic stay?
What is redemption?
How does bankruptcy affect a joint account holder?
Can I shelter property by transferring it to family members?
What about family gifts?
Will the Uniform Transfers to Minors Act help me provide for my children?
What will happen to tuition prepayments for my children?
Who is eligible for a bankruptcy?
Who creates my bankruptcy plan?
Can I pay off my bankruptcy plan early?
Can I use bankruptcy to protect my assets?
How long does this automatic stay remain in effect?
What effect does bankruptcy have on child support?
What are the deadlines for filing a proof of claim with the Bankruptcy Court?
What prevents my creditors from coming after me when I file for bankruptcy?
What is surrender?
What is a discharge in bankruptcy?
Which debts are discharged in bankruptcy?
What are the different chapters under which an individual can file?
Are there alternatives to bankruptcy?
Should I file for bankruptcy? How do I know when I should do so?
Is there any relief for victims of disaster (i.e., Katrina) under the new bankruptcy provisions?
Is Social Security counted as income in the means test under the new bankruptcy law?
How much of my home equity is off-limits to creditors under the new bankruptcy law?
Are my retirement assets, college savings plans, and asset protection trusts protected under the new bankruptcy law?
Under the new bankruptcy law, what will happen on my car loan?
What happens to unpaid child support and alimony in the new bankruptcy law?
How often can I file successive bankruptcies under the new bankruptcy law?
Does the automatic stay still apply to a residential lease under the new bankruptcy law?
What are the options for someone whose filing would be abusive?
Are there new requirements concerning the addresses for creditors?
I moved recently. How might that affect a bankruptcy case?
Does Debt Relief-Assistance report it to the credit bureaus?
How does bankruptcy affect a joint account holder?
Can I shelter property by transferring it to family members?
What about family gifts?
Will the Uniform Transfers to Minors Act help me provide for my children?
What will happen to tuition prepayments for my children?

Even more questions about bankruptcy and personal finance. So far I've posted about 200 questions about bankruptcy in Canada.

Is it surprising that this topic is on people's minds?

Articles from November 2008
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Blog Post Date: Nov 20, 2008

Bicycling In -17c Weather - I Did It!

Bicycling in -17c weather - I did it!

I am so excited with myself.. a bit of patting myself on the back.

I finally took my bicycle out when it was frigidly cold, and went for a ride to the coffee shop for a business meeting.

I started bicycling March 1, 2008 and wanted to continue throughout the winter. I kind of chickened out as the weather got colder in the fall time. Today I said I was going to take the plunge and I did.

I must say that I had to dress up with alot of outer clothing to make it work, however, by the time I got to my destination, 1 mile and a few minutes later, I was sweating pretty well!

bicycling in -17c weather

The point is that I wanted to stay true to my goal which was to lose 85 pounds before I purchased another car. I haven't lost that amount of weight yet, so I don't think I should get a car. I was worried about getting around in Winter in Saskatchewan without a vehicle. A foreign concept to people my age.!

I've also saved money over the last year by not buying a car.

I was pretty worried about the winter time, as I would like to go places. I walk much of the time, and still have a big aversion to taking the bus.

It is entirely possible to ride a bicycle throughout winter if you're so inclined. With the onset of the global crisis, this could be an option for some. Again, I spent $7 on repairs this summer for my bicycle. I'm sure that winter wear will cost me a little bit more, however it seems entirely doable.

Anyway... on a personal note, I am glad to say that I bicycled to a business meeting in -17c weather on November 20, 2008 in Saskatchewan. If nothing else, that's a personal achievement that I honestly didn't think I would do.

What it does do is open up the winter for enjoyment for me. I used to dread winter after November 1st. I would patiently endure the next six months until spring time. With this new option, I feel free to go out and enjoy myself much more in the winter time.

It's time to be able to talk about riding your bike in the winter. The new financial climate makes it more politically correct to talk about it.

This article asks:
Can I bicycle in sub zero temperature?
What does it cost to ride a bicycle compared to a car?
Can I save money by riding my bicycle in winter?

Articles from November 2008
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Blog Post Date: Nov 18, 2008

Mortgage Life Insurance In Canada

Mortgage Life Insurance in Canada

One of the most significant purchases a family makes in the course of its life is the purchase of a home. Many of your monthly expenses are centered around the fact of owning that home: cable, telephone, electricity, water, and gas, not to mention maintenance, take a up a significant part of your monthly income. The bill that in many cases takes the biggest proportion of your income is the mortgage, your monthly house payment. And it is the bill that must get paid above all; the other expenses can be put off or lived without if necessary, but if the mortgage is not paid in a timely manner, there will be no home for the family to live in.

But a family might find itself in the tragic situation where one of the people responsible for making that monthly house payment is incapacitated or even dies, and your family becomes unable to pay the mortgage. In that case, your family might face not only the death of a loved one, but the loss of their home and credit, as well.

Fortunately, there are plans that can help you avoid this unfortunate eventuality. Mortgage life insurance is designed for just such protection. Mortgage life insurance is a low-cost, flexible method to protect one of your family’s most important investments. If you develop a terminal illness, sustain a serious injury, become disabled, your mortgage insurance can offer you several benefits:

It can pay your outstanding mortgage amount. This is the chief reason that most people buy this type of insurance. If you die or become incapacitated, the balance of your mortgage will be paid off. You may, however, still be responsible for any over due payments that have not been made.
It can pay up to five years’ worth of accrued interest.
It can pay any property taxes that you owe when you die so that your heirs are not left struggling with taxes.
If you are diagnosed with a terminal illness, it can give you an option to pay out early, so that you can be assured before your death that the house is paid off for your family.

Most people sign up for mortgage insurance at the same time they apply for their mortgage. This ensures that your family is protected even before you close on your mortgage, so that if something happens to you, they will still be able to move in to the new home you have planned.

Applying for mortgage insurance

The cost of mortgage insurance is based on how old you are when you apply for the policy and the amount of your mortgage. Your premiums will not increase as you get older, as long as the terms of your mortgage remain the same. They are also conveniently rolled into your mortgage payment, so you are not paying two separate bills each month. You are eligible to apply if you are a resident of Canada, between 18 and 69 years old, and have been approved for a Canadian residential mortgage.

This article asks the questions:
What is mortgage life insurance in Canada?
Is mortgage life insurance available in Canada?
What are the benefits of mortgage life insurance?

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Blog Post Date: Nov 11, 2008

35 More Bankruptcy Questions For Canadians

35 more bankruptcy questions for Canadians

How long after you file bankruptcy can you get a checking account?
Can you get credit cards after filing bankruptcy?
When must you leave your house after bankruptcy?
How will your ex-spouse's bankruptcy affect you if you had a joint mortgage which you are still responsible for?
What do you do if your ex wants to declare bankruptcy?
When did the bankruptcy laws change from 7 years to 10 years?
How do you get phone service after declaring bankruptcy?
How do you find a mortgage company to re-finance you if you are in a bankruptcy so that you can come out of the bankruptcy?
How do you get a credit card debt that was included in a bankruptcy removed from your credit report?
How will filing for divorce affect a bankruptcy?
Why declare bankruptcy if you do not have any assets?
How long will a dismissed bankruptcy stay on your credit
How do you find out if your bankruptcy status is correct?
How soon can you purchase a new home after filing bankruptcy?
What happens if I file a bankruptcy?
Who can file a bankruptcy petition?
What are the most common reasons for a bankruptcy?
Who can file a bankruptcy petition?
Will the bankruptcy stop bill collectors from calling?
How long after filing will the creditors stop calling?
Who notifies the creditors and bill collectors?
Who deals with my creditors and bill collectors during the bankruptcy?
Will my employer and landlord find out about my bankruptcy?
Can my employer fire me for filing bankruptcy?
My employer filed bankruptcy. How do I get paid?
What should I do to prepare for filing bankruptcy?
Are there alternatives to bankruptcy?
What is the "automatic stay?"
My creditors ignored the automatic stay. What do I do?
Will the fact that I filed bankruptcy appear on credit reports?
After bankruptcy, can I obtain new credit?
How can I re-establish my credit rating after bankruptcy?
How do I report a bankruptcy crime?
How long does a bankruptcy stay on your credit report?
What percentages of Canadian people go bankrupt?

I'm starting to ask the questions as it leads to our personal finance teleseminars, which will be held coming up in a few short months.

The point is: there are alot of questions that we've found on the internet that relate to bankruptcy, collection agencies, and personal finance.

These are just a few more questions that Canadians have been asking.

Even more questions about bankruptcy. With the current economic crisis, bankruptcy is going to be more popular than ever.

I'm hoping that we learn the true lessons about managing our money in this deep economic crisis of 2008

Articles from November 2008
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Blog Post Date: Nov 10, 2008

DollarMakers Business Mentors - Increase Profits

Help is at Hand for Entrepreneurs
From
DollarMakers Certified Business Mentors!!!

Are you frustrated that you are working hard and hard and are still earning less and less in your business? Do you feel you are a slave working in your own business without time or freedom for your family?

What if we can help you to explode your business profits?

DollarMakers has a successful, 21 year, international track record, working with thousands of business owners. As the first three DollarMakers Certified Business Mentors in the world, we are willing to consider accepting you as our clients and to personally mentor you, increasing your business profits. As your business mentors, we can communicate with you by phone, email, or fax anywhere in the world. No traveling needed.

Dr Eric Li
Darren and Monica Chambers
Shauna L'Hirondelle

As hand-selected proteges of Robin J Elliott, we are using his secret business systems and Joint Venture strategies which were never disclosed before to help YOU bring YOUR business to the next level.

To see if you qualify, call for a complimentary phone consultation with one of us:

Toll Free: 1-866-897-6465
Email: thebusinessmentors@live.com
Please mention the promotion code: Regina Bootcamp

Brought to you by: DollarMakers Business Mentors

This article asks:
Who are dollarmaker certified members?
How can dollar maker certified members help your business make more money?
What are the ways to contact dollar makers certified business mentors?

Articles from November 2008
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Blog Post Date: Nov 10, 2008

Joint Ventures: Making Money In Canada

Joint Ventures: Making Money in Canada

Starting a business is always a risky venture. You risk your time, you risk your credit, and you risk your partners’ money and hard work as well; if your business fails, it will create a complex situation that others, as well as you, have to clean up.

FREE EBOOK: Learn more about making money with Joint Ventures

It is imperative, then, that you have a carefully thought out plan in place for making money with your business. It is especially imperative when you approach investors or potential business partners; you have a responsibility to give them a real chance to make money in your joint business venture.

Some things to remember as you attempt to make your business turn a profit for you and your business partners include:

Start small. Keep your growth slow and manageable. This will allow you to meet your current obligations, keep your credit rating high, and keep more of your profits rather than having to roll them back over to pay large loans. If your business is going to grow big, it will do it in a healthy way, over time, so that it is strong from the inside out. Businesses that start too big have not had the time build that internal health and often collapse in on themselves.
Hire a few good people. You and your partners can decide who is responsible for hiring, but whoever does it, you want to get a few good people who will add to, rather than detract from, your businesses productivity and profits. Labor costs are a huge part of your businesses overall outlay of funds, and you want to be sure that your business is getting its money’s worth. Employees are an investment, too; it’s better to hire a few hard workers and to spend the money to make them happy than to hire several malcontents who will simply suck away your company’s resources, the time and energy you have to put into dealing with them.
Start strong. Be sure to do everything by the book; every document, every tax form, and every safety code must be met before you open your doors. There is a mountain of paperwork involved in starting a business, but there is more if you neglect something now. The same is true for taxes; it may seem that the taxes required to start a business are overwhelming, but it will be worse if you neglect any of them; fees, fines and interest will then kick in, and you will find yourself pouring your partners’ money into a black hole that you could have avoided.
Keep a high profile. If you want to make a profit in any community, you have to prove yourself not just a viable business, but a valuable member of that community. Dedicate part of your budget to giving back, and it is a sure bet that customers will notice. People will do business with you when they see how much you care, and that will make you the profits you hoped for in the first place.

This article asks the questions:
What are joint ventures in Canada
How can I profit from joint ventures
What are the best ways to work with Joint ventures

Articles from October 2008
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Blog Post Date: Oct 31, 2008

30 Personal Finance Questions For Canadians

30 Personal Finance Questions

In order to start a discussion about our upcoming Personal Finance teleseminar I went out and gather over 500 questions about personal finance that people have asked on the internet.

I am posting 30 of them here:

Will the bankruptcy stop bill collectors from calling?
How long after filing will the creditors stop calling?
Who notifies the creditors and bill collectors?
Who deals with my creditors and bill collectors during the bankruptcy?
Will my employer and landlord find out about my bankruptcy?
Can my employer fire me for filing bankruptcy?
My employer filed bankruptcy. How do I get paid?
What should I do to prepare for filing bankruptcy?
Are there alternatives to bankruptcy?
What is the "automatic stay?"
My creditors ignored the automatic stay. What do I do?
Will the fact that I filed bankruptcy appear on credit reports?
After bankruptcy, can I obtain new credit?
How can I re-establish my credit rating after bankruptcy?
How do I report a bankruptcy crime?
How long does a bankruptcy stay on your credit report?
What percentages of Australian people go bankrupt?
After bankruptcy what are the steps and timeframes to building good credit?
What is the difference between a bankruptcy and a bankruptcy with repossession on your future credit ratings and loan possibilities?
What banks allow you to get a checking account if you have filed bankruptcy?
How long after you go to bankruptcy court can you get a car loan?
How long do you have to wait to file bankruptcy again?
Does bankruptcy protect a primary home AND A RENTAL?
When do I get relief from creditor harassment?
Who knows about my bankruptcy case?
How do I know if I should file personal bankruptcy?
Is filing personal bankruptcy immoral or does it make me a bad person?
How do I choose a bankruptcy attorney?
Can I get rid of student loans or tax debts?
Can I get credit after filing personal bankruptcy?

I'll post more of these 500 questions as the days go by.

In the meantime, we are starting to develop a 12-15 session personal finance teleseminar which will be held in February 2009.

If anybody has personal finance questions that they would like answered by Canadian experts please let me know.

There are alot of questions here regarding bankruptcy. I went onto the internet and started looking at all of the questions I could find. I was amazed by how many questions people are asking.

They're obviously very concerned about their financial well being and what the implications are of bankruptcy.

Articles from October 2008
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Blog Post Date: Oct 28, 2008

The Credit Crisis: I Can't Watch Anymore Of This!

The Credit Crisis: I can't watch anymore of this!

I've been watching the credit crisis, and how it's talked about on cnbc.com

The U.S. government is solving the credit crisis by adding more credit to the market place. They want the creditors to be able to lend more money to consumers!

Is it just me, or does that seem to be continuing and growing the problem.

It seems that this economy is based on credit, credit, credit. We can't get away from it. The governments won't allow us to use cash. They want people to buy things using credit. That's why they're giving the banks more money to lend to consumers. What kind of example is that.?!!

Note: Credit of and by itself isn't evil. It's a tool for individuals to use as a convenience if they have enough cash to pay off their credit cards in full each month. The problem in the U.S. is far beyond that point.

Where does the credit problem stop, and the economic credit repair begin? When are individuals supposed to learn that using credit imprudently is bad.?! When are individuals supposed to learn that saving up money to buy things is good?!

How are we supposed to learn those things if the government is still sending out a strong message to us that credit is the way to keep the economy going?

I understand that if people started to pay down their credit cards properly and save money properly that the economy would go into a depression for a long long time. Should you do the right thing and take care of your own personal economy, or should you look out for the economies of the big corporation?

All I can see happening is that the big companies are getting bailed out. The individual is not getting bailed out. According to cnn.com personal bankruptcies are on the rise:
Personal bankruptcies filed in the federal courts totaled 934,009 (U.S.) from June 2007 to June 2008, up more than 28 percent from the 727,167 petitions filed in the same period a year earlier, according to the latest figures from the Administrative Office of the U.S. Courts.

The reasons for the sharp uptick? Rising consumer debt coupled with the mortgage meltdown left many consumers saddled with too much debt, Williams explained, and an increasing number turned to bankruptcy protection.

So the governments are still going to give consumers more credit even though they have too much already. When do we get to learn the lessons about prudent credit use.?!!

This is my fear... if we continue to "repair" the debt laden economy with more credit, the economy is going to crash and take much longer to repair, then if we just let things crash now and get into repair mode now.

If we start paying down credit cards, and saving money like we should, this will take money out of the economy. It reduces debt and "parks" the money in bank accounts. This would repair our individual balance sheets. This is bad for the economy because we're not spending at the retailers.

This prudent activity on behalf of the individual would throw many retailers into bankruptcy.

Is this the right thing to do? YES!!! It's always a good idea to pay down your credit cards, and save up a healthy cash reserve. This is fundamentally the way it should be. Even though this type of activity would throw the economy into a tail spin.

If the current economy is built on credit, then in my opinion, we need to correct this. The economy would serve us better if it was built on fundamentally sound principals such as pay with cash. You can never go wrong if you pay for items with cash. The economy will never crash if you pay cash for your purchases.

I hope we don't have to learn the very hard way.!

Oh Yeah..
U.S. may aid GM-Chrysler deal - Isn't the U.S. about free enterprise. If your car companies aren't making enough money, shouldn't they fail like every other company.? I don't even want to talk about it!!

This article is about:
What is the credit crisis about?
Are we having a credit crisis right now?
How can I learn about the credit crisis?

Comments (2)

Miles Plus Platinum MasterCard® Credit Card

Blog Post Date: Oct 28, 2008

Two New Capital One Credit Cards In Canada

Two New Capital One Credit Cards in Canada

I just posted two new Capital One Credit Cards.

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Balance Transfer: Variable, currently 19.8%
Annual Fees: $99.00

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1.5% cash back annually on total purchases between $10,000.01 and $20,000
2% cash back annually on total purchases above $20,000

Purchase Rate: Variable, currently 19.8%
Cash Advance: Variable, currently 19.8%
Balance Transfer: Variable, currently 19.8%
Annual Fees: $59.00

Cash Back Plus Platinum MasterCard®

This article asks:
What are the new Capital One credit cards in Canada?
What are the new capital one credit card rates that they're charging
Can I get cash back with Capital One credit cards?

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Blog Post Date: Oct 28, 2008

Reporting Identity Theft In Canada

Reporting Identity Theft in Canada

While so many of us cannot imagine having our identities stolen, it is an unfortunate reality for millions of people around the world every year. If you have the bad fortune to be a victim of identity theft, there are several things you have to do right away. There are agencies to whom you have to report the crime in order to protect yourself and make it possible to catch the criminal. These include:

Your credit card company. Call the toll-free number immediately, at any time, to report your card stolen. This will allow the credit card company to monitor your account for unauthorized activity, and it will limit the liability you may carry for t hose charges. They may need to cancel your account and issue you new cards.
Contact your credit bureau. You only need to contact one of the three major credit bureaus. Tell them what has happened, and ask for a fraud alert to be placed on your credit file. This will let them know to be alert for suspicious reports.
Contact your bank. If your ATM or debit card has been stolen, or the account number has been used, or if your cheques or chequing account number have been stolen, your bank will need to stop payment on those accounts immediately. Your account may have to be closed to prevent further illegal activity on it.
Call the police. Identity theft is a crime, and law-enforcement authorities need to know about it. This is especially true if you have had mail stolen from your mailbox or from your trash, since it means that the culprit must be somebody fairly local. Be aware that investigations are usually prioritized by the amount of money the victim has lost, so try to have as complete a picture of your loss as possible when you call.
File a report with your federal agency. In Canada, this agency is PhoneBusters, the central clearing site of all scam and fraud information. They can be reached at www.phonebusters.com. You can also report to RECOL, or Reporting Economic Crime Online if you have been defrauded through the computer, at www.recol.ca.com.
Contact any agency or business that is trying to collect an unauthorized debt from you. Make sure they understand that you are not responsible for this debt and that they will not get any money from you.

Obviously, recovering from identity theft is a long and complex process, which is one of the things that makes this crime so damaging. Months, sometimes years, are spent on trying to reestablish a person’s credit, while creditors sometimes do not take no for an answer and businesses absorb the costs and pass them on to others. Two final tips should help you navigate this process.

Remember to get everything in writing. Every promise, every arrangement, every conversation should be recorded in writing, and all phone calls and emails should be backed up by letters. And finally, remember that you didn’t do anything wrong, and you should not have to pay a cent for a crime that you didn’t commit.

This article asks:
What to do if I suffer from Identity theft in Canada?
Who are the companies to call if I am a victim of identity theft Canada?
Can can I file a report with regarding Identity theft?

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Blog Post Date: Oct 23, 2008

Life Insurance Companies In Canada

Life Insurance Companies in Canada

There are hundreds of different companies in Canada that can sell you a life insurance policy. Of course, not all of these companies are in competition with each other; some of them are parts of larger groups, and some of them only sell to certain populations. So it is important for you to do your research in order to learn which companies are available to you, which companies have the best reputation, and which companies sell a life insurance product that you really need.

Get a quote on life insurance in Canada

There are several things that you should keep in mind when you are choosing a life insurance company.

Names and Identity. Life insurance companies all seem to have similar names. They often include names such as Mutual, Guaranty, Security, or Reserve. Such names often suggest financial strength. There are also names that suggest financial sophistication, such as Investors or Bankers; fairness, such as Equitable or Peoples; the strength of the government, such as Canadian or Capitol; or maturity, such as First, Founders, or Pioneer. As appealing as those names are, make sure you know the full name of the company, and the brick-and-mortar address of the company. This is especially true of an Internet company; they may offer good premiums, but you need to make sure they are as trustworthy as they claim to be.
Services offered. Most life insurance companies offer a broad range of policies, but may confuse you by promoting some over others. Choose a company that offers things you need, and do not settle for policies you don’t need. If you like a company, but do not see a policy you want, ask an agent if it is available.
Premiums. Premiums are the cost you pay for a life insurance policy. Premiums rates vary widely between companies, so make sure that you can afford the one that works for you. If one company doesn’t offer it at an affordable price, another probably will.
Helpfulness. Life insurance can be a complicated decision, with many different choices to make. You will want to make sure that there is someone who can answer your questions, even if you sign up with an online provider. You don’t want to be left on your own for a decision this important.
Claim payment. There are national claims databases that will show how many complaints have been filed against a company. For an insurance company, you want to look at whether they pay their claims and whether they do it in a timely manner. After your years of paying premiums, you don’t want to be stuck with your claim unpaid.
Financial health. Life insurance is a commitment on the part of the company to be available to you for decades of your life, and yet the government does not insure these companies. You yourself will be responsible for looking up the ratings of companies and seeing how peer institutions review the health of their fellow agencies.

For a quote on life insurance in Canada

This articles asks:
What should I know about life insurance companies in Canada?
What should I ask my Canadian life insurance company?
What whould I look for in a life insurance company?

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Blog Post Date: Oct 17, 2008

Mark Silverthorn - Lawyer - Helps Canadians Fight Collection Agencies

Mark Silverthorn Podcast- Lawyer
- Helps Canadians Fight Collection Agencies

Listen Now! 12 mins - Part 1
Listen Now! 7 mins - Part 2

This is a great visit that I had with Mark Silverthorn.

Mark used to be a hard core collection lawyer for 12 years, dealing with the largest of collection agencies in Canada. He had his office on the collection floor and mentioned that he had access to all details of these collection agencies over the years.

This means that he well understands the workings of a collection agency.

About 18 months or so ago, Mark decided to change course and help Canadians fight the collection agencies.

Mark has published an ebook titled: A How-to Guide for Dealing with Collection Agencies in Canada. This ebook is 218 pages which means that it's probably the most comprehensive ebook on collection agencies that I am aware of.

It definitely has alot of detailed information for readers to learn about their rights in dealing with aggressive collection agencies in Canada.

The following are the questions I asked Mark Silverthorn:
1) You're previously known on Canadian Money Advisor as a collection lawyer.
Tell me about that experience.

2) It sounds like you parted company with your old clients that you collected for.. that must have been scary.

3) Which provinces are you licensed to practice in?

4) You've decided to help the public fight against collection agencies.

* What made you change your mind?
* What makes you an expert on the topic of collection agencies?

5) What prompted you to write your ebook A How-to Guide for Dealing with Collection Agencies in Canada ?

I think you'll be pleasantly surprised with our discussion, and the answers the Mark Silverthorn gives me. I can tell by our discussion that he's had a great deal of experience with the topic of collection agencies.

Special Offer:
Mark has indicated that he will give a FREE 10 minute consultation to anybody having issues with a collection agency. He mentions that he can answer some of the basic questions in 10 minutes.

I would recommend that you purchase his 218 page ebook which again is entitled: A How-to Guide for Dealing with Collection Agencies in Canada. The ebook is only $24.99 and I guarantee that it is definitely worth much more than that price!

This podcast is a must listen for anybody who is having, or who has had issues with collection agencies in Canada.

This article answers:
Who is Mark Silverthorn?
Is Mark Silverthorn still a collection lawyer in Canada?
How can Mark Silverthorn help me with collection agencies?

Comments (6)

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Blog Post Date: Oct 15, 2008

Canadian Bloggers, Writers, Podcasters Wanted

I am looking for Canadian Financial Authors, writers and podcasters who would like to collaborate and do some podcasts.

What You Need to Have

Financial Planning
Credit & Debt - Including Mortgages, car loans,
Credit Cards
Debt
Saving Money
Credit Bureaus
Collection Agencies
Bankruptcy
Making Money through investing
Making Money by owning your own business
More..

The Benefit To You
The benefit of doing a financial podcast on this site is that we will publicize the podcast, and give a link back to your site. We will also give a bio of you which people can read and get to know you better.

The other benefit is that you can have your visitors or clients visit this site and listen to you talk about your topic. This will help them to get to know you better. And, it's always better for your credibility when they hear you on another website.

Our Visitors Need to Learn from the Experts
CMA's goal is to be a leader in financial podcasting in Canada.
We want to help educate our members about their finances. One of the best ways is to hear from the experts!

The Process:
Successful candidates will meet by phone with myself before hand and write out a list of questions that we feel are current, on topic and relevant to this sites goals and objectives.

We will then proceed to set a date and then record the podcast by phone.

Live Teleconference Call:
Have a group of people that you would like to invite to the call? If you have a group of people that you would like to invite to the call, and make it a teleconference event, we would be pleased to help out with that. A live event is good in that we can talk about our topic, and then have a live q&a session with invited guests.

If you are interested to book a time to record a podcast let me know.

You can email me at:

Keywords:
Canadian Financial Podcasters Needed
Money Authors & Writers Needed for podcasts

This article wonders:
Who are other Canadian personal finance podcasters that I can work with.
What do you look for in personal finance podcasters?
How do we go about doing a personal finance podcast?

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Blog Post Date: Oct 14, 2008

U.S. Government Digging Themselves Deeper In Debt

U.S. Government Digging themselves deeper in debt

Being a Canadian blog, I like to keep things Canadian. I am dumbfounded with the U.S. government and what they're doing.

U.S. Forces Nine Major Banks To Accept Partial Nationalization - Washington Post

It sickens me to think that 9 large banks need the government to step in and save them. I naively was under the impression that banks were the strongest companies in the economy. I guess I was very wrong.

Usually in the creditor - debtor relationship, the creditor has got the debtor all tied up with contracts and the legal system. If the debtor doesn't pay, he has his things reposessed. The sheriff comes in and takes what he wants. I guess that is what gave me this impression. If the debtor doesn't pay, the creditor goes after him.

Not in my wildest dreams did I think that banks would let themselves get into a situation where they were the ones in trouble.

So... the question is... why don't they go bankrupt? Why don't we let the sheriff come to their place and take everything? By the government bailing out the large creditors, this sends a message that the government is for the banks and not the people.

I understand that the frozen credit situation stalls the economy. Maybe that's not a bad thing. Banks need to learn how to manage their money, just like people need to learn how to manage their money.

Case in point... when an individual goes bankrupt, they have to go through a nasty process of baring their financial soul to the world. It's painful and lengthy. They have to liquidate their assets and then start from scratch. Many times this process takes several years to unfold.

Now.. when a bank goes bankrupt, or has a liquidity problem, they go to the government, who then promptly bails them out. Where's the pain and suffering in that. Does the bank have to bare their financial souls to the people, or the government? I hope so..

Getting back to the government.. The U.S. government is supposed to be unbreakable. The way they're spending, they're going to have liquidity problems soon. It could be that the other countries say to them.. "sorry, we're not giving you any more money." At that point you've got a credit crisis on a national level!

At this point, with the U.S. government borrowing hundreds of billions of dollars, they could go bankrupt as well. Except we would call it something more polite. The Polite term is credit crisis and liquidity issues.

Despite all of these bailouts, individuals have too much debt, companies and banks have too much debt, and now the U.S. government has too much debt. It takes years to pay down debt, and get into a situation where you have more assets than liabilities.

Yesterday the stock market rose 936 points. My opinion at this point is, "so what"?!! The U.S. still has an overwhelming amount of debt.

The U.S. government, companies, and individuals are going to have to do credit repair for many years to come. I guess I'll have to expand my DIY Credit Repair Ebook for Canadians to help them too! :)

Here's what Canadians can do.. Let's learn from the U.S. and not repeat their hideous problems. While we have the luxury of learning from the U.S.'s problems, I hope they don't drag us into their mess. I am sure we will be affected some how...

This article talks about?
Is the U.S. government digging themselves deeper into the hole?
Should the government use credit repair to help themselves?
Can I learn about credit from the government?

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Blog Post Date: Oct 11, 2008

Is The U.S. Economy Bankrupt?

Is the U.S. Economy Bankrupt?

How to save a Bankrupt U.S. Economy?!! Emerites
Consider this: "The United States is now, in some very general sense, bankrupt." That is not some gimmicky headline-grabbing statement from a politician or some throwaway line in a bar. It is the hard conclusion of one of the economists I follow closely, John Kemp.

According to money.cnn.com the U.S. needs to borrow $2 billion a day from its creditors overseas just to keep the lights on

These are some pretty scary thoughts. The U.S. has to borrow money to keep it's infrastructure going. And... it's credit system is in a big state of distrust.

No wonder the North American citizen is in debt over their heads, because they're watching closely the government's example. If the government can borrow like that, it must be okay for me to borrow like that.

The simple truth is: "No, it's not okay for anybody to borrow like that."

Would you advise tell an insolvent individual to borrow more money to pay off their debts? For that matter, would any creditors lend them money? NO!! to both questions. It's ridiculous to even think.

However, this is what they're proposing for the over leveraged bank system. Get the government to throw more debt sourced cash at them them, to unclog the pipes. I love that terminology... unclog the pipes. Can a bankrupt individual unclog their pipes with more credit input.?

U.S. Economy and Financial System Bankrupt --What's next?

It's pretty bad when other countries are openly publishing the fact that they feel the U.S. is bankrupt. I can hardly blame them for that matter.

Here's my advice to the U.S. government. Start paying down your debt, and put money in the bank. Balance your budget and stop spending more than you make!! Kinda basic advice from Canadian-Money-Advisor.ca !

You're welcome!!

This articles talks about:
Is the u.s. economy bankrupt?
How can we tell if the u.s. economy is bankrupt?
Can the u.s. government declare bankruptcy?

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Blog Post Date: Oct 05, 2008

You're Invited DollarMakers Joint Venture Bootcamp

Regina, SK October 25, 2008

WHAT: DollarMakers Joint Venture Bootcamp Seminar
WHERE: Western Christian College - 4th Ave & Lewvan Dr
WHEN: October 25, 2008 8:30 am to 6 pm Registration is at 8:30
PRESENTER: Robin J Elliott - Joint Venture Expert
ADMISSION: $497 per person (includes a spouse)

ABOUT THE DOLLARMAKERS JOINT VENTURE BOOTCAMP
We are pleased to announce we are hosting the first ever DollarMakers Joint Venture bootcamp in Regina on Saturday, October 25, 2008.
This all day event is guaranteed to help the serious entrepreneur be able to generate more profit for his business.
You'll learn the fundamentals of doing joint ventures & joint venture marketing, and you'll be mentored in person by the expert himself Robin J Elliott of DollarMakers.com

The purpose of the Bootcamp is to teach people how to make more profits from utilizing the power of leverage and joint ventures. They will learn how to leverage and benefit from other peoples skills, resources, money, time, relationships, contacts, distribution systems, products, services, reputations and more.

WHAT YOU WILL LEARN AT THE OCTOBER 25, 2008 BOOTCAMP
If you are one of the lucky "outside the box" thinking people who attend this exclusive Fast Track JV 101 Bootcamp, Robin J Elliott will personally teach YOU:
How to leverage and benefit from other peoples skills, resources, money, time, relationships, contacts, distribution systems, products, services, reputations and more...
How to Borrow Credibility and use leverage and duplication to build solid wealth in your spare time, by understanding and implementing JV's.
What is a JV, how does it work, how to make money from it.
How to select the right JV partners.
How to select matching businesses and see the synergies
How to approach potential JV Partners, and how to explain the concept to others in seven minutes or less.
Learn what language and words to use in order to impress the person you're talking with and get their undying respect in the first four minutes
How to make them an offer so powerfully compelling that they just cannot refuse it ever single time.
How to remove all of the risk and cost from every single JV deal.
29 Different Joint Venture Strategies to get you started!!

NEED TO KNOW IF THIS IS RIGHT FOR YOU? FREE EBOOKS!
I've attached 2 joint venture ebooks titled "Life Is a Joint Venture" (341 Pages) and "Joint Adventures" (149 Pages), Valued at $98.00, at no charge to you.
I want you to get an instant idea about what joint ventures are, so that you'll get the idea of they are right for you.

Not able to access these attachments? Download the Joint Venture ebooks here:
http://www.jvworks.com/freeoffer/

FREE 1 HOUR INTERVIEW WITH ROBIN J ELLIOTT
I'm also giving you a one hour interview with Robin J Elliott and Monty Loree, a $39.00 value, at no charge to you.
During this interview, Robin Elliott answers the fundamental questions about who he is, why he's qualified to teach joint ventures, and What are Joint Ventures.
Listen to the Podcast interview here: http://www.jvsask.com

ALOT OF VALUE FOR YOU
We're pleased to bring in the quality and very experienced speaker, Robin Elliott. Believe me, Robin Elliott will give you access to his 22 years of practical Joint Venture experience.

Our motivation is to give you alot of valuable information that will help your business make more profits.
We're not going to high pressure sell you products and services. Our ultimate goal is to find people who are interested in helping their businesses make more profit and becoming prospective joint venture partners.
That's why we're giving you away FREE ebooks and podcasts to start, to make sure that this is right for you.

MONEY BACK GUARANTEE
You never have to worry about getting your money's worth because you have our "Money Back Guarantee". Just try the first 4 hours of the event (until 12 pm and if you are not absolutely convinced you have gotten at least double the value of your registration by that time, then just let us know and we will refund you all of your money on the spot!

In the meantime, please enjoy the free ebooks located at:
http://www.jvworks.com/freeoffer/

and the podcasts located at:
http://www.jvsask.com

You can also see video interviews from the Winnipeg Joint Venture Bootcamp on Facebook:
http://www.facebook.com/reqs.php#/group.php?gid=10515218145&ref=ts

Hope to see all of you at the first ever Regina DollarMakers BootCamp Seminar!!

Sincerely,

Monty Loree

This article talks about:
What is a dollarmakers joint venture bootcamp?
What will I learn at a dollarmakers joint venture bootcamp?
Is there a money back guarantee with the joint venture bootcamp?
How many things will I learn from the joint venture bootcamp?

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Blog Post Date: Sep 30, 2008

President George Bush Doesn't Understand Personal Finances

President George Bush Doesn't Understand
Personal Finances

I watched President Bush do his BailOut Bust speech this morning.

This president is going to go down in history as the credit loving president I'm sure. He's still encouraging his government to vote for a credit bail out package that will allow people to borrow for cars, houses, consumer goods etc.

WAKE UP!! This is what got you into trouble in the first place. Americans are a lavish lifestyle loving country. They like their consumer goods. They like their toys. Their love their American lifestyle, which is way more extravagant than the rest of the world.

AMERICANS DEMAND INSTANT GRATIFICATION

The Americans are known as gluttons. They're using 25% of the worlds oil supplies to keep up with their lifestyles. They're addicted to oil, and addicted to credit. Americans are used to their lavish lifestyle.

This is why President Bush is encouraging the government to save the credit markets. He wants to help maintain his country's lavish lifestyle.

What ever happened with buying things with cash. IE.. you work hard, save up, put money away, and then buy your items with cash.

How many families have 3 TV's, 2 cars, cellphones, computers, more gadgets etc. These products that the consumers buy really drive the market in many ways. Many of these products are purchased on credit. With the credit crunch, many people won't be able to purchase these consumer items. So what?!! People aren't going to have their instant gratification goodies! Booo Hooo!

The only thing I would worry about is that people's necessities are met. Food, shelter, clothing etc. If these are met, people will be fine. They won't be lavish, but they'll be fine.

I can't believe that George W Bush is still promoting businesses and individuals taking on more debt. Why not step back, & start working with cash.

Mine is not a popular point of view, however, it would make our economy, and the American economy stronger in the long run.

Final thought... maybe good that this credit crisis is blowing up 6 weeks before the new president is elected. Whereas George Bush will be remembered for being a credit loving president, hopefully the new administration will get a fresh start as far as managing their money and credit better.

This article talks about:
Does george w bush understand personal finances?
Did george w bush make the country go bankrupt?
Should we blame george w bush for u.s. bankruptcy?

Comments (2)

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Blog Post Date: Sep 28, 2008

Canada's Federal Debt Is Shrinking 1997 - 2007

Canada's Federal Debt is shrinking 1997 - 2007

I did a quick search on the federal government's financial website to see how our federal government's debt is doing. This is in comparison to what the U.S. government is doing.

CANADIAN FEDERAL GOVERNMENT DEBT
2008 - $455.1 billion (projected)
2007 - $467.3 billion
2006 - $481.5 billion
2005 - $499.9 billion
2004 - $501.5 billion
1997 - $562.9 billion

I am overwhelming pleased to see that Canada has paid down its debt $95 Billion over the last 10 years!!

This says that our economy has been strong, and that we've taken the responsibility of paying down the debt seriously.

I'd be curious to see if Canadian's individual personal debt has decreased over the same period.

In this case, Canada's setting a fine example of financial prudence for the U.S. government, who in spite of their strong economy, have increased their federal debt trillions over the last 10 years.

To Canada, I say, Congratulations on paying down your debt!

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Blog Post Date: Sep 28, 2008

This Is Bad For Free Enterprise - Senate Passes $634B Spending Bill

This is bad for free enterprise
- Senate passes $634B spending bill

This Just In - money.cnn.com

Grants $25 billion in loans to auto industry and lets ban on offshore oil drilling expire. Bush expected to sign measure.
WASHINGTON (AP) -- Automakers gained $25 billion in taxpayer-subsidized loans and oil companies won elimination of a long-standing ban on drilling off the Atlantic and Pacific coasts as the Senate passed a sprawling spending bill Saturday.

The 78-12 vote sent the $634 billion measure to President Bush, who was expected to sign it even though it spends more money and contains more pet projects than he would have liked.

The measure is needed to keep the government operating beyond the current budget year, which ends Tuesday. As a result, the legislation is one of the few bills this election year that simply must pass. Bush's signature would mean Congress could avoid a lame-duck session after the Nov. 4 election.

This is another case where the government is saying, "we NEED to do this" and the people are saying, "NO!! DON'T DO THIS?" The last time was when George Bush ordered troops into Iraq.

I get the same feeling that the people are going to find this $634 billion measure just as distasteful and horrible as going into Iraq, for years to come!

The automakers get $25 billion to make more cars.. Like they need the money. And the bail out is going to help people buy more cars with credit thus perpetuating the credit problem.

This bailout is so wrong for so many reasons. The American people have clearly stated that they're not interested in the bailout. They don't want their tax money going to help out the rich, which this directly will. The government has gone against their wishes not worked in their interest.

I only hope the Canadian government learns a huge lesson from the American governments stupidity. I hope that Stephen Harper, or who ever the new Prime Minister is, will learn from this monumental error.

One of the things our Canadian Federal government can do is pay down OUR debts...set the example for the Canadian people to pay down our debts and to never get in the situation that the Americans are.

Canadians do love their debt, and they love their spending.

If we can't afford cars, let's take the bus. If we can't afford all of the millions of manufactured goods we buy.. let's not buy them, on credit.

Credit is everywhere, and people need to save up money.

I wish I could say, everybody's bank account is loaded with cash. And thus they don't really need credit. People are saving up so much money that their credit card payments are NO PROBLEM. Wouldn't that be nice to say!

The American government giving banks $634 billion is only going to come back and bite them in the butt alot in the future.

Let's all learn the lesson and start paying down our debts, and not taking on any more debts.

P.S. Mr Bush - "Take Down That Wall of Debt!!"

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Blog Post Date: Sep 26, 2008

Cash Back / Rewards Credit Cards In Canada

Cash Back / Rewards Credit Cards in Canada

I was asked by Ellen Roseman of the Toronto Star to put together a list of Cash Back / Rewards credit cards in Canada, and I came up with the following list.

RBC Rewards Points Visa Cards
Merchandise including home furnishings, electronics, jewellery, sports equipment and more
Gift certificates from top retailers in Canada
https://www.rbcroyalbank.com/RBC:SN0tZI71A8cAHwCYqB0/cards/apply/pickcard.html

BMO Moneyback Reward
Interest Rate – 18.5%
Rewards up to 1% Moneyback reward every year on the purchases2 you've made with your card.®
Earn 1.5% CashBack at Shell and save with a low interest rate.

NOTE: BMO has a bunch of “Give to Charity” rewards cards as follows:
http://www3.bmo.com/mosaik/student/perform_othercards?CTX=NU&PUID=064

Cards that support your cause from BMO
Arts & Culture
Cause & Community Service
Canadian Hockey League - CHL
Conservation & Agriculture
Education
Pets & Animal Welfare
Professional
Sports & Recreation
Universities and Colleges

MBNA PremierRewards®
http://www.mbna.ca/shopping_cardList.html
1% back on all net retail purchases

MBNA - Ecologique

Earn carbon offset pointst that MBNA will use to acquire carbon offsets on your behalf

MBNA – Worldpoints
http://www.mbna.ca/shopping_cardList.html
• Earn 1 WorldPoint for every $1 in purchases‡
• Get 1,000 Bonus WorldPoints after your first qualifying transaction††
Redeem WorldPoints for travel and merchandise rewards‡—redemption levels start as low as 1,000 WorldPoints

MBNA Automotive Rewards
http://www.mbna.ca/auto_rewards_cardList.html
CAA – Quebec
Earn a 0.5% rebate in CAA-Quebec dollars on net retail purchases and additional rebates on select gasoline
Chrysler Rewards®
Earn 1 reward point for every $1 on net retail purchases‡
Jeep Rewards
Earn 1 reward point for every $1 on net retail purchases‡
Dodge Rewards®
Earn 1 reward point for every $1 on net retail purchases‡
Harley–Davidson
Earn 1 Genuine Reward point for every $2 in net retail purchases‡

NOTE:
MBNA Also has cards for its charitable causes.
http://www.mbna.ca/special_cardList.html
CARP
Canadian Wildlife Federation
Ducks Unlimited
Eco–LogiqueTM
Humane Society of Canada
The Royal Canadian Geographical Society

TD Rebate Visa –
Earn up to 1% cash back with NO annual fee.
Interest rate 19.5%
http://www.tdcanadatrust.com/tdvisa/rebate.jsp

GM TD Visa
Earn 3% towards a new GM Vehicle
Interest Rate 19.75%
http://www.tdcanadatrust.com/tdvisa/gm.jsp#1

Capital One - Platinum Cash Back MasterCard
http://www.capitalone.ca
• Up to 2% cash back:
- 1% cash back annually on total net purchases up to $10,000
- 1.5% cash back annually on total net purchases between $10,000.01 and $20,000
- 2% cash back annually on total net purchases above $20,000
• $59 annual fee
• Variable annual interest rate, currently 19.8%1

ScotiaBank – Scotia Money Back Visa
http://www.scotiabank.com/cda/content/0,,CID10411_LIDen,00.html
Interest Rate – 18.59%
Moneyback Reward
Rewards up to 1% Moneyback reward every year on the purchases2 you've made with your card.

CIBC – Dividend Card
http://www.cibc.com/ca/visa/dividend-card.html
Earn up to 1% cash back (NOTE: It says earn UP TO 1%)
Interest rate – 19.5%

CIBC – Dividend Platinum Card
http://www.cibc.com/ca/visa/dividend-platinum-card.html
You can earn up to 2% in cash dividends -up to $735 annually!!
How the dividends are calculated
http://www.cibc.com/ca/visa/dividend-platinum/dividend-plat-ftrs.html
Current Interest rate: 19.5%

American Express – Costco
Take advantage of the benefits
Interest Rate 18.25%
https://www212.americanexpress.com/
No Annual Fee
Earn an Annual Cash Rebate1 of 0.25% on the first $2,000, 0.50% on the following $3,000 and 1.50% on any amount over $5,000 to an annual maximum rebate amount of $500. Bonus Rebate of 0.5% on all net eligible new purchases when you carry a balance. The annual maximum Bonus Rebate amount is $125.

American Express – Holt Renfrew Card
Interest Rate - 30% per annum
www.americanexpress.com

• $399 annual fee‡
• There is no-preset spending limit1 on your account which allows you flexibility when spending, however, the balance must be paid in full each month. Using a charge card is a great way to manage your finances‡
• Finance Charges: 30% per annum (0.0822% per day)‡
• Automatic Enrollment in the Membership Rewards® program – Holt Renfrew Tier and the Points Accelerator® Service1 for the Holt Renfrew Tier

Citizen’s Bank – Shared Interest Gold
www.citizensbank.ca
Our Shared Interest Gold Visa provides you with more purchasing power. You earn one My Visa Rewards Plus point for every dollar you spend on the card. Your points can be redeemed for free travel, merchandise, Citizens Bank financial products and charitable donations. If you'd prefer a lower interest rate, we offer that too. Plus, every time you use your card, Citizens Bank will donate $0.10 to support not-for-profit initiatives worldwide through the Shared Interest Fund.

Citizen’s Bank – Charitable Donations Visa Cards
www.citizensbank.ca

Shared Interest Gold Credit Card
Oxfam Canada Credit Card
Amnesty International Credit Card

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Blog Post Date: Sep 25, 2008

The U.S. Economy Just Isn't Learning - It's Sickening!

The U.S. Economy just isn't learning - It's sickening!

I watched President Bush last night do his Address to the Nation regarding the credit crisis.

In that speech he's trying to sell the American public on why they should spend $700 billion on fixing the credit market.

The thing that I found appalling was that President Bush mentioned that among other things, this will help people buy new cars, send their kids to college, small businesses will get more loans, and more.. This bailout will help the taxpayer take on even more debt!!

I'm stunned when I hear them say that.

The thought is.. the American population can't even service their own debts as far as mortgages go.. now they're supposed to be able to take on more debt.

Isn't the idea to deleverage and pay off your debts? Not go into more debt?

The government's taking on the populations bad mortgages to the tune of $700 billion. Many of these mortgages are for houses that are empty and not being paid for. Many of these houses were probably purchased by speculators. The speculator drops his houses, declares bankruptcy, and the American people have to pay the bill.

Fundamentally I disagree with the $700 bailout on so many levels, I don't know where to begin.

President Bush indicated that if the Federal government didn't do something the American economy would crash. So... let it crash. This all about letting the free enterprise system do its work. If companies have made big mistakes, let them fail big time.

America is so addicted to credit that they don't want to let the economy crash. They would rather keep their credit addiction at this high cost then to let things progress in a natural way. This is the equivalent of a drug addict needing that next heroin fix lest he have to go through the pain of withdrawal.

I don't think anybody is going to die if they can't get more credit. They may have to stay at home for the next few years, and pay down their debts. Wouldn't that be a good idea?

Instead of Ronald Regan's "Mr Gorbachev, bring down this wall" speech, we should say, "Mr Bush, Bring down this debt!!"

This $700 Billion "rescue" is going to be the worst thing for the American Public in my opinion. Bottom line, I think that the credit addicted nation should go to credit rehab, go through their withdrawals, and start to feel better as a nation. Take the proper amount of time, and pay down some of your debts. After a few years, your economy will be strong again.

But for now American people, your credit addiction is killing your nations economy!

Just my opinion.

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Blog Post Date: Sep 22, 2008

U.S. Economy Turns Socialistic?

U.S. Economy Turns Socialistic?

I am pretty furious about the U.S. economy's bailout of AIG, and the $700 billion bailout of the bad debt in the U.S.

In my opinion, that makes the U.S. government owner of business, which makes them pretty socialistic.

CNN's Mad as hell - taxpayers lash out

The U.S. free economy is supposed to be based on free enterprise without intervention from the government. Of all the businesses that have failed over the years, and the pain people have suffered because of businesses failures, the government never stepped in to help. Which is the nature of business.

Of the 1,000,000+ individuals that declared bankruptcy in the U.S. in the last year or so, the government didn't bail out those families. That's alot of pain and suffering that these bankrupt people suffered.

So.. why now? Why is the government stepping in and bailing out AIG, and then the whole bad debt economy?

Simply put, IMO, if the government doesn't step in, their whole economy will implode. Falling share prices will mean less value on balance sheets for companies to borrow against. This will mean that their loans will be called for lack of collateral and so on...

And, the point is... ???

It's a free enterprise system. It's supposed to collapse if errors are made. While I admit that the whole U.S. economy collapsing would be extremely bad, that's the way it was built, and that's the way it should be run.

I fear that the ramifications of having the government step in will be even worse. If AIG declared bankruptcy, it would have to do what every other business does when it fails. It would have to liquidate assets at a discount and then start over again. While 1 trillion dollars in assets is alot to liquidate, that's the way it should be.

I feel pretty sore as well with the U.S. government bailing out businesses.

I also believe that this move will help other countries lose ALOT of respect for the U.S. economy over the next few years. This may be even more expensive to the U.S. businesses and citizens over the years to come.

GOVERNMENTS... Stay out of businesses' business!!

Memo:
From the desk of Monty Loree

P.S.. I've held my tongue on this... This topic makes me furious.

Comments (3)

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Blog Post Date: Sep 19, 2008

No Fee Credit Cards In Canada

No Fee Credit Cards in Canada

With a bit of research, you can find reputable credit cards that do not charge the extra fees that drive your balance up so inexorably. Anyone can get a credit card if they are willing to pay certain fees; the problem is that people do not research carefully into their credit card policies and fine print. The fees add up and people end up paying far more than they intended to pay for money that doesn’t even benefit them.

+++4:5:100395:Prime +0.9% Platinum MasterCard:1:13:#000092+++

One important responsibility of a card owner is to make sure that you are not falling for the bold-type, large-print advertisements. A no-fee credit card sounds like the best possible deal, because nobody thinks they should have to pay $29, $59, or $129 just for the privilege of using a credit card. That’s true for sub-prime customers as well as for those who have excellent credit; more true, in fact, because sub-prime customers are the ones who can least afford it. And in many cases, those credit card companies that say that their cards are “no fee” are only redistributing their fees to other parts of the bill where they will not be as easily recognized.

Cash Advances and Convenience Checks

One way to avoid hidden fees is to carefully read your card’s policy on cash advances and convenience checks. These are not simply charged to your credit card as another charge; they are treated as cash loans from the credit card company and interest becomes applicable to them immediately. On top of the high interest charged for these transactions, there is almost always a 3% fee on whatever amount you withdraw. Again, even “no fee” credit cards charge these fees, so be sure to read the fine print carefully.

Online or Telephone Payments

There may also be fees charged for the so-called “conveniences” of phone payment or online payment, rather than payment by sending in a check. Some companies charge between $5 and $15 simply to make an immediate payment online or on the phone—even though they benefit by getting the funds immediately and not having to wait for a check to clear.

Late Fees

It is no surprise that credit card companies charge fees for late payments. But some companies do add hidden charges even to late fees. For example, some companies require a payment not only on the day it is due, but before a certain hour on that day; if you are late, even if it’s the right day, you may accrue a charge. This is often true even if the bank does not publish a time of day for payments to be made.

No Fees?

Obviously you can’t expect a credit card to charge no fees at all. In fact, the term “no fee” generally refers to the one time or yearly fee that cards charge for you to hold them. However, the fees they do charge should be above board and made clear, or “no fee” is less a policy than a deceptive sales ploy.

+++4:5:100395:Prime +0.9% Platinum MasterCard:1:13:#000092+++

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Blog Post Date: Sep 12, 2008

Joint Ventures: How To Leverage Other People’s Money

Joint Ventures:
How to Leverage Other People’s Money

In general terms, leverage is when you use your assets to increase your assets. Without increasing your expenses or outflow, you want to increase your earnings and make your business more profitable. Sometimes you don’t have the money on hand to do this. In these cases, you may need to borrow funds, or to use funds provided by a business partner or investor.

Learn more about Joint Ventures

Some ways you can leverage other people’s money include:

Have a business plan. Your business plan needs to be thorough and up-to-date, so that investors see you as a good risk. Investors are usually willing to take a risk if they know what they can reasonably expect. They also need to know what your vision is, and what you plan to do to make that vision a profitable reality.
Form an LLC. One of the best ways to leverage other people’s money to make your business into a limited liability corporation, or LLC. In an LLC, one person retains control of the business as the sole general partner, and the others are simply investors. You share both profits and financial burdens, but not control. This helps you retain your vision for your company, and it lets the investors out of the responsibility of the daily running of a company.
Grants. There are many grants for businesses. Some of these are from the government, some are from private corporations, and some from universities or research groups. You may be eligible for even more grant funding if you are a women or a minority, so be sure to check those categories. Do some research on the internet first, and don’t forget, this information is free, despite the large numbers of companies who will try to charge you for it.
Venture Capitalists. Venture capitalists often work on a larger scale than angels or LLC investors. They are accustomed to finding enough money not only to start a business but to fund the marketing and other costs that will ensure that the business will succeed. Venture capitalists are committed to the success of your venture, since their investors’ success depends on it. For that reason, they may become very involved in your company—sometimes more so than you would like. You should decide beforehand whether you want their expertise in running a profitable business, or if you just want their money. They are very good at what they do, but they will not allow you the total control that other models will allow you.
Personal connections. This is not the same as personal funds—remember, we are leveraging other people’s money. But if you have faith in your venture, your relatives and friends may want to get in on it, and they may have money to invest. You still want to protect yourself with a legal contract spelling out the terms, but if you are honest and work hard to make your business successful, it can be lucrative not only for you but for your whole circle.

Listen Up!
We are hosting a DollarMakers Joint Venture bootcamp in Regina on October 25, 2008. This bootcamp will help entrepreneurs and small business people make more profits, and learn how to joint venture with others. Visit the link above for more information.
It's well worth the price of attendance. -- Monty Loree