Build Don’t Blow Your Annual Bonus
(NC)—More and more companies are incorporating a bonus structure into compensation programs. Bonuses are generally based on performance and are tax advantageous for companies.
If you’re one of the fortunate ones who will receive a bonus this year, what will you do with it?
“The key to using your bonus wisely is to find the right balance for you,” says Linda Put, a CIBC Imperial Service financial adviser based in Surrey, B.C. “Because everyone’s situation is different, water cooler advice won’t help you to maximize your financial potential.”
In making important financial decisions, the most powerful information you can have is to understand where you are and where you want to be financially. “Having a financial plan, whether formal or informal, can help you prioritize your overall goals and allow you to see more clearly how your bonus fits into that picture,” says Put. “Seek the advice of a professional who understands the whole picture, not just investments.” To help you understand how to make the most of your bonus, Put offers the following considerations:
- Get professional advice: Every person is unique, with different financial situations, comfort levels and timelines. A financial adviser can help you understand your financial situation and work with you to help you achieve your goals. For example, you may choose to use your bonus to pay down debt, to contribute to your RRSP, or a combination of the two.
- Look at the whole picture: It’s important to look at your current financial picture – the money you owe today and the money you want to put away for your future. If paying off a debt, like your mortgage, will prevent you from capitalizing on an investment opportunity, you need to determine which will pay you the most in the end. Again, it’s important to work with a qualified financial adviser who will look at your specific situation and plan accordingly.
- Pay yourself first: If you get RRSP loans every year, why not use this bonus to invest in your future and break the loan cycle? Then set up a pre-authorized payment plan so you can invest in your RRSP monthly and avoid the cash scramble in February. When the bonus comes in, you’ll have the financial freedom to make the financial choice that’s right for you.
- Go on, treat yourself: The best part about advance planning and factoring your bonus into your overall financial plan, says Put, is the opportunity you will have to treat yourself with some of the funds. With the help of your financial adviser and your financial plan, you will stay in control of your financial affairs and can look forward to reaping the rewards of the plan, and your bonus. So go ahead and treat yourself to something special. After all, you’ve earned it!
This article is intended to provide general information and should not be construed as specific advice. This article is not applicable in Quebec.
- News Canada
News Canada provides a wide selection of current, ready-to-use copyright free news stories and ideas for Television, Print, Radio, and the Web.
News Canada is a niche service in public relations, offering access to print, radio, television, and now the Internet media, with ready-to-use, editorial “fill” items. Monitoring and analysis are two more of our primary services. The service supplies access to the national media for marketers in the private, the public, and the not-for-profit sectors. Your corporate and product news, consumer tips and information are packaged in a variety of ready-to-use formats and are made available to every Canadian media organization including weekly and daily newspapers, cable and commercial television stations, radio stations, as well as the Web sites Canadians visit most often. Visit News Canada and learn more about the NC services.
Previous Articles Highlighter:
Small Business Ideas Your Image Can Lose You Business (1)
Whether that's true or not, doesn't matter because that's the perception I got about the company.What Image Do You and Your People Portray?Image is very important. We judge people on the way they look and behave.
The Car Insurance Rate Calculation Explained By Andrew Bowen (2)
Each company will have it's own view of what they believe should be assigned to each answer you give. The Car Insurance quote you get through the http://www.acceptdirect.co.uk website will look at lots of different Car Insurance prices from lots of companies.
Universal Success Secrets Shared (3)
14. Few great accomplishments have ever been achieved by anyone alone; seek support from those whose talents exceed your own. 15. You are the reflection of the five people you associate with most, and your income is the average of those five people.
Tips To Energize Your Presentations (4)
All rights reservedArticle URL: http://www.schrift.com/article_37.htmArticle Autoresponder: article-037@schrift.comSandra Schrift 13 year speaker bureau owner and now career coach to emerging and veteran public speakers who want to "grow" a profitable speaking business.
Start Up Your Passion Startup Ideas From My HomeBased Business Advisor (5)
But your competition doesn't, and pretty soon you'll realize that they're more successful than you because of it. You can market products or services directly over the Internet or simply use your website to generate extra publicity for your local customers.
What Are Ringtones (6)
Software is also available that allow consumers to create their own melodic ringtones. The software runs on a computer, and once the tune is perfected it can be transferred to the phone via a data cable.
Successful Small Businesses Use PR (7)
The message you send to your target audience is crucial, and writing it can be hard work because it must alter the negativity you found when you interviewed audience members.
On ‘Long Side The Head Of Human Resources’ - The Leadership Imperative (8)
Albert Einstein perceived the simple E=MC2 in the complexities of physical reality and changed the history of the 20th century. Big Daddy Lipscomb, the Baltimore Colts 300 pound all-pro tackle in the 1960s perceived the simple center of what was perceived to be the complex game of football.
Time Management How To Have Productive Meetings (9)
One of the greatest time wasters of all are unnecessary or poorly run meetings. If you want to dramatically improve your time management skills, then learn how to have productive meetings."Brian" is the Operations Manager in a large corporation.
Newer Articles Highlighter:
Getting Software Developed For Your Business (1)
You shouldn't have to pick a developer based on what technology he's familar with; he should be able to take care of almost any technological problem, either by doing the work himself or outsourcing to someone in his network of contacts.
Are You Too Busy For Your Kids (2)
Make family activities a priority and plan around them rather than fitting them in at the end of the day or week when you are tired. It also helps if you get support from home and also have some support and recognition at work that you have a family at home that needs your energy and attention.
Brand Your Consulting Brilliance (3)
You build quality intangibles around trust, reliability, excellent people, and innovative client services. Show clients that you can interpret and process their information to convert it to results oriented solutions.
How To Write A Business Plan In Five Steps (4)
While other things are important (even critical), ultimately your plan will live or die on the quality and completeness of your information. For that matter, you're about to risk your time and financial future on a project - how much information do you want to have?
3 Tips For A Great Summer Developing Life Business While Having A Blast (5)
I also wonder if we tend to use the summer as an excuse to procrastinate. So here are a few tips to integrate personal and business growth with a whole lot of fun.1- What do you want to achieve by Labor Day- While staying in line with your annual goals determine how you want to develop personally and professionally.
Avoiding Credit Card Traps (6)
The next time you open your credit card statement, take a closer look at the small insert titled “changes to your credit card agreement”. You know the one I’m speaking about.
Why Choose A Secured Loan (7)
The interest rate for a secured loan depends upon various factors such as the amount of money you borrow, the length of time and personal details. You can also insure your payments for peace of mind, so you do not have to worry if you lose your job or are unable to work because of accident or sickness.The main benefits of secured loans include, lower monthly repayments than unsecured loans, being able to borrow more money and spreading repayments over a longer period of time.You may freely reprint this information on your website provided the following caption remains intact.“This information courtesy of http://www.directonlineloans.co.uk Click here to see full range of loans.” John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available online secured loan via the http://www.directonlineloans.co.uk website.
Business Partners Marital Partners Will The Marriage Survive Part 2 (8)
In the last article, we concluded by saying that keeping your business and personal relationships separate is very important to the survival of both your business and your marriage. In this article we will talk about how to achieve this goal.One of the most important ways to accomplish this is to set up distinct business hours, and when they are over, don't discuss business, concentrate on your relationship.
Internet Provides Wealth Of Information On Car Maintenance By ARA Content (9)
Sears also offers a wide variety of merchandise and services through its Web site, www.sears.com. Courtesy ARA Content, www.ARAcontent.com; e-mail: info@ARAcontent.com EDITOR'S NOTE: Sears, Roebuck and Co. is a leading U.S.
Show Your Prospects How Much Enthusiasm You Have For Your Product And Business (10)
You could publish an article, write an ebook, etc.Over 40,000 Free eBooks & Web Books when you visit: http://www.ldpublishing.com As a bonus, Bob Osgoodby publishes the free weekly "Your Business" Newsletter - visit his web site to subscribe and place a FREE Ad!
Are You Set Up For Success (11)
Yes, we have all done it. Some more than others though. This is where you divide the men from the boys. While many of the “boys” are preparing to find the perfect time to get ready to get started, the “men” are already in action.We know that there is no “perfect” time to get started.
High Interest Rate Auto Loans (12)
So, for $5,000, 3% cash back, AMEX™ pays me $150. How do you like them apples? The bank pays YOU to borrow money. RECOMMENDED PLAN OF ACTION: So, Geraldine, here's what I recommend you do: 1.
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan (13)
$10,000 term 5 years, payable quarterly).3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It”4.
Tips For FirstTime Homebuyers (14)
(NC)—Near record low interest rates are opening the doors of homeownership for many Canadians. "This may be the perfect time to consider purchasing a home," says Gail Kassie, Director, Mortgages and Home Financing Products, BMO Bank of Montreal.
Why And How To Work With A Consultant (15)
You can often get some good, free assistance in clarifying these objectives.Don't waste the consultant's time if you aren't serious about evaluating their proposal, and don't seek so many proposals that none of the consultants who respond have a good chance to be hired (You should generally keep the number of applicants in the running to four or fewer).
5 Things You Must Do To Fail In Business (16)
The right price is more important than the lowest price.5 Never forgive yourself for failing. Even the greatest business will have its ups-and-downs. You are going to have difficulties, and you are going to be making mistakes.
The Art Of Being Specific Encourages Focus (17)
Before I wrote everything down and began to be more specific, I felt stressed and nervous about starting the Rothline e-commerce site. Once I was able to get the specifics written down I began to feel more relaxed.I know it has been said many times before but it does not hurt to say it again; “the art of being specific encourages focus.” This means that once you can specifically write down you goals in manageable steps you can then be focused on following through on those goals.I start out each day writing down specifically what I need to do that day.
Virtual Assistance Higher Productivity (18)
They work with you to help you keep up and to grow. To most, it isn't simply a 9 to 5 job, but a career choice that they take great pride in.
BOOK REVIEW Performance Of Financial Institutions Efficiency Innovation Regulation By Patrick T Harker And Stavros A Zenios (19)
Zenios) is a Professor at the University of Cyprus.The aim of the book is to examine whether financial intermediaries operate efficiently on a worldwide basis. Due to the fact that the book is written by two academics, it is a well-researched book with many real life examples involving financial institutions in various countries.The book is dividend into various sections such as: What drives the performance of financial institutions; Drivers of performance: Identification, Specification & Measurement; Environmental drivers of performance and finally, performance and risk management.Though the book is well written it is more geared towards persons involved in research in the financial management sector rather than your ordinary layman.
Never Get Lost Again - Map Reading Is A Thing Of The Past By Niall Kennedy (20)
I switch the unit on when I get into the car and within seconds it has a fix on my position (even in the car port).I have my contact give me the address or even a landmark close by, and type it into the RoadMate.
Where Is Our Largest Technological Plan (21)
e-Training (for companies)05. e-Business (B2B, B2C, C2B, and by voice) 06. Iterative TV 07. e-Movies 08. e-Security (Federal, State, Country, homes) 09. e-Elections 10. TV telephony 11.
What Is A Secured Loan (22)
A secured loan can help you to free up equity that would otherwise remain dormant in your property, letting you make use of capital that would otherwise remain unobtainable. The interest rates on secured loans are often considerably lower than those offered on unsecured loans.
What 8 (23)
3: Collect Past Due AccountsDo you have a significant number of invoices out more than 60 days? If so, is your staff doing anything to shorten this timeframe? Call the clients whose invoices have been out 30 days and inquire about the invoice.
How To Change Your Car39s Motor Oil By Stephen Bucaro (24)
You are not going to save money by using an off-brand oil because your engine will wear out sooner. Use oil that meets the American Pertroleum Institute (API) classification SL.
Multiple Channels Multiple Times (25)
About The AuthorRobert F. Abbott writes and publishes Abbott's Communication Letter. Each week subscribers receive, at no charge, a new communication tip that helps them lead or manage more effectively.
The Best Things In Life Are Rarely Things (26)
and already exists before us. We simply need to accept its challenge.The challenge is this: For one month, make a conscious effort to do what pleases you. Be proud of your success (but don’t brag), wear the clothes that make you comfortable and happy, eliminate the fear to dance, take that risk you’ve been holding back, and whatever you do.
Drivers Of SUVs Saving Big Money With Diesel Engines By ARA Content (27)
You're going to burn way too much fuel and you still won't get the power you really need," said Patrick Charbonneau, chief technical officer, Engine Group, International Truck and Engine Corporation.
Bankruptcy Basics (28)
Exempt property may include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement.
Retreads The Highest And Best Use For A Worn Tire By ARA Content (29)
Retreaded tires have one of the highest post-consumer contents of all recycled products, and are responsible for saving North Americans more than 400 million gallons of oil every year. Most people don't know that tires contain a very large percentage of synthetic rubber, which is petroleum based.
South Beach Diet Effects On Sales (30)
It plans a change in menu – offering sugar-free, low-fat products.Bakeries are at a pinch. George Weston Ltd. has halted the production of an Entenmann's baked goods factory in Northlake, Illinois in the process of cutting costs.
After The Sale By Kevin Schappell (31)
If you bought a car with an automotive transmission there will be a dipstick for the transmission fluid also. Find the spare tire and jack. Make sure you know where to jack the car when changing a tire and how to remove the spare when you need it.