Share some Pro-tips on how to build wealth
- Get a Power of Attorney over your parents' accounts and make use of their saving (TFSA) and borrowing capacities if they aren't fully utilizing them, for one reason or another. Of course you don't want to screw up their contribution limits by losing so much on spec plays or credit files by not paying debt on time.
- Use of margin accounts during rising markets, which sadly isn't the case right now.
- Taking mortgages from A Lenders who can't see your other mortgages to start land banking. Not really sure if some mortgages are still not being reported to FI's. Also works better during rising r/e markets, which isn't a case today (r/e currently more neutral).
- Instead of leasing one's dream cars every three or four years, think of the Rule of 72 which gives the number of years to double your money given a certain return -- 72/(rate of return).