In recent memory the major get rich scheme that helped sculpt the Canadian frontier was the Klondike Gold Rush, and the National Film Board again comes through with an excellent movie outlining this event, called the City of Gold. Yes, there were bubbles and rushes before Housing and Bitcoin!
For my American readers this is similar to the California gold rush, however it is in the North of Canada in Dawson City, and this film outlines the problems endured to try to “Get Rich Quick!”.
In today’s Get Rich Quick schemes, at least you don’t have to trek through snow and fight Grizzly bears, but are they as likely to make us money? Although with Bitcoin, who knows you might end up fighting dragons (in China)?
With Lent beginning, tax season roaring into view and the RRSP season coming soon to an end some very interesting posts were done this week, for the end of February.
The Canadian Capitalist advises us to Keep Faith in Buy and Hold, which I think is important to remember, even with recent fluctuations.
Michael James points out that It’s Different This Time, or is it? I’ll tell you in a few years, since we never know until it happens.
Preet asks the interesting question How are the Pros Investing Their Money (ok he quotes the Wall Street Journal). Preet was also mentioned in Larry’s G&M article as well, and is always and interesting read.
Gail Vaz Oxlade talks about an important topic for me Starting an Allowance for kids, something kids need to learn about.
I am hoping to have a first hack at my taxes done very soon, however, as usual my former employer will only send me T4(and now T4A and others) at the END of February (if not later, given its current fiscal state, I would not be surprised if it arrived very “en retard”). This means I am unable to try to purchase RRSP‘s to compensate or lower my taxes (if I had any room). I guess if I don’t get the forms in time, I can just guess and submit the numbers, but I assume they will arrive some time soon.
I know that QuickTax offers an RRSP scenario tool, but I have never used it, has anyone else? It supposed to show the advantages of buying RRSPs in February and their impact on your income tax owing. I may use that tool one day, but not this time around.
The word shrove is the past tense of the English verb shrive, which means to obtain absolution for one’s sins by way of Confession and doing penance. (according to Wikipedia)
In my house it means going to Church for a traditional pancake dinner with bacon and ham to celebrate the beginning of Lent (and the Easter Season).
Mrs. Caj points out that it is time to cut out the FAT in your life, that is what Fat Tuesday is about, getting the FAT out of your life for Lent. Get the FAT out of your Personal Finances as well.
Financial Mardi Gras
No, I am not saying let’s all go out blow all our money before we start our Lenten Financial journey. If anything I am saying, maybe have a quiet night relax and plan out what you are going to do over Lent to make your financial situation better.
Sometimes you can strike it rich , but usually it can be hinky like Bre-X and other scams. This weekends video clip is again from the National Film Board, a get rich quick scheme from the man that gave us paper money, entitled:
Didn’t know this is where bank notes came from, interesting. Very interesting bit of history.
We discussed Get Rich Quick schemes at the N.C.F.B.A. meeting and we came to the conclusion that anything drive by Greed, is bound to fail. Our waiter found out who we were and asked what might have caused the latest Economic Apocalypse, the answer was simple, “Greed“.