Tue, 22 September 2020
Whenever we talk about investments, savings for retirement, and early retirement, the subject of diversification always comes up, and for good reason. We obviously don’t want all our eggs in one basket.
But what if we applied that concept to our income sources?
Just how diversified are your income sources? Is 100% of your annual income coming from just one source: your job? Obviously, that’s not very diversified.
One of the big things that the COVID-19 pandemic has taught us, is that our jobs are not actually all that secure.
Join us as we go over the best (and my favorite) way to diversify your income sources: By starting your own business.
About Our Guest:
Our guest today is Lori Darlington, a Vice-President in the Small Business Division at RBC. Because she works for RBC (one of Canada’s largest banks), she has access to an incredible amount of data on small businesses in Canada, and when you have that much data, studies and reports on Canadian small businesses, you start to notice certain patterns between the small Canadian businesses that succeed, vs the ones that don’t.
I wanted to ask what her findings were in regards to this so that you and I can structure and optimize our business in the right way, and not make some of the top mistakes that Canadian business owners tend to make.
We also cover questions like how to get set up properly as a new or existing small business in Canada and much more.
Links and Resources Covered:
Lori and her team have put together some great free resources, over on their site here.
One of my favourite sections, is the “Explore tools and services beyond banking” page, where they share other businesses and services that they found particularly helpful for helping small businesses thrive. I’m actually in the process now of going through it, and am particularly interested in the free business accounting software that they have on there.
In Other News: Free Tickets to the Canadian Financial Summit Are Finally Here!
The free tickets to the Canadian Financial Summit are finally available here.
In case you’re new to the podcast, this is a free event, it’s 100% online so no travel required, and it’s specifically for Canadians. It’s taking place this October 15th, and I’m bringing on some of Canada’s top personal finance experts to share their best practices to help you retire early, invest better, lower your fees, pay less in taxes, and help you learn the best practices when it comes to personal finance and investing so that you can hit your financial independence number years earlier.
Collectively, past guests of the Summit have been in hundreds of media articles from major news and financial publications in Canada such as the Globe and Mail, Financial Post, Global News, CTV, Yahoo Finance, and many, many more.
I’ve brought on some big hitters this year like the creator of the TFSA, Kevin McCarthy, and the Warren Buffett of Canada, Peter Hodson, just to name a few. I hope to see you there, it’s free to attend, it’s all online, and you can register for free here..
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Direct download: The_Best_Way_to_Diversify_Your_Income_-_Build_a_Business.mp3
Category:general -- posted at: 4:21pm EDT