Quotes of the Day

The Canadian Estate Planning Institute Inc. (www.estateplanning.ca) offers articles on financial and estate planning. It also provides several checklists and charts that give you a head start on drafting a succession plan for the real estate empire you've built. The National Real Estate Institute Inc. (www.homebuyer.ca) is another excellent source of information. [2020] - Douglas Gray

The key to most successful businesses is that they do their chosen activity better than their competition. A "competitive advantage" is a unique connection, resource, idea, timing, or other factor that means you can produce or deliver your product or service faster or cheaper or better or more profitably than the other guys. If you have an area of expertise, connections, or even just enthusiasm, it may yield a competitive advantage for you. [2006] - Scott Fox

When you invest in real estate, it's not a matter of "if" you get sued but "when." A good lawyer will help make sure your lease and other forms are legally binding, as well as guide you on (and prepare) the best legal entity for holding your properties. Having an attorney who either invests in real estate themselves or specializes in this kind of work is best. Attorney rates typically start at $200 per hour and can climb as high as $600 an hour, depending on experience and what they are doing for you. You will not likely be using your attorney for dozens of hours of work--usually just 15 minutes here, 30 minutes there, and so on. [2015] - Brandon Turner

Many retirees don't have work-related pensions and it makes sense that they should "pensionize" some of their savings by creating a guaranteed monthly income, i.e. annuities. Deal only with the top-rated companies--annuities are no good if the insurance company dies before you do! Also, even though I think annuities are underutilized, don't go overboard here. Annuities are appropriate for a percentage, not all, of retirement portfolios. [2011] - David Chilton

The employer prejudice that is getting increasing scrutiny now is age. Millions of baby boomers (the 76 million people born 1946-1964) are beginning to enter the so-called "retirement years." A lot of them are not going to find generous pensions waiting, but are going to have to keep working long. They will think you're too old for them to hire. Prejudices are often not about age but about money. Given all your years of experience, many of them think you will expect a high salary. Or you may cost them too much if age does bring with it more medical problems, and they are mandated to have a medical plan. [2013] - Richard N. Bolles