Questions from MoneyMinding Mentor Call
Friday, April 18th, 2008Every Monday, MoneyMinding Members get together on the phone to learn from our advisors, brainstorm with each other and fuel their money mastery fires. This past Monday, the conversation steered to a couple of different opportunities that people could look into as they make money and lifestyle goals. That led to these questions and comments from the participants - I’ve included the answers from two of the MoneyMinding advisors who also participated in the conversation.
Do you have a question for a MoneyMinding Advisor? You can look them up at www.moneyminding.com/mm/find_an_advisor.php
Comment: “Wayne you are totally on- we are doing a great disservice to our youth in not educating them.”
MM Advisor Wayne Nash: “Thank you. Unfortunately, the needed curriculum is unlikely to be offered in the school system any time soon. This is where the MoneyMinding Foundation has a role to play. It is also the need that is being filled by the MoneyMinding Advisors. The more MoneyMinding Advisors out there the more educated the general population will become.”
Question: “Is it feasible to rent your Canadian property in a high end district to live in a place like Costa Rica?”
MoneyMinding Advisor Grant Simpson: ”To live in Costa Rica you have to be aware of the rules of maintaining your residency in your home country. The laws in Canada is that you can not live outside of Canada for more than 180 days without giving up your residency. If this is a decision one is looking at, you have to talk to someone that specializes in residency and non residency laws.”
MoneyMinding Advisor Wayne Nash: “If you mean rent out a home in a high end district in Canada and then live in Costa Rica on the income, why not? For many people living in paradise would cost them HALF of what they already have passively flowing in right now while they need TWICE what they have flowing in to ‘get by’ in North America. Many people work to amass some fortune to ‘retire’ in a place like Costa Rica. What they don’t realize is that they CAN do it now! For more information on offshore living you can contact me at admin@offshoreprofessional.com for a list of resources. I am putting up a website with many links to useful offshore living information and resources soon as well.”
Question: “With regards to Mutual Funds. Is there a good mix at present or are Mutual Funds a lost cause?”
MoneyMinding Advisor Grant Simpson: “Mutual funds are a good investment vehicle, but you have to take the time to learn about which funds to own. Of the more than 5000 funds out there, you can probably say that there are about 100-150 good quality funds , with seasoned managers. The rest of the funds you can throw a dart at them because they are all pretty much the same.
A good portfolio of mutual funds should be 3-5 funds with 10 year track records. Always remember, there are good mutual funds and bad mutual funds.”
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