|HOUSEHOLD GETTING RICH PVAF SERIES....if you do not have a life financial plan...then you plan to fail financially in life.....|
Posted by Vishva News Reporter on November 4, 2010
|......CONTINUING THE NEW PVAF
NEWS/LIFE KNOWLEDGE SHARING SERIES CALLED
....TODAY LEARN ABOUT
WEALTH PLANNING ...
no household could prosper and thus be happy...
journey of 1000 miles must start with 1 step”
|.....A JOURNEY TO
HAVE $1 MILLION
THE DECISION TO MAKE
A FINANCIAL LIFE PLAN TO BUILD $1 MILLION
NOT WITH STARTING TO SAVE ALL YOU CAN...
|Arkad, the richest man in Babylon, was very generous with his
family, and gave much to charity. Though he was very giving, his wealth
continued to grow.
Arkad, was asked why fate should make one man so wealthy when any of
them were equally deserving.
Arkad replied that
were not wealthy, it was because they had failed to
the laws of wealth building,
or else had failed to adhere to them.
He said if "fickle fate" brings wealth, wanton spending will take it
The above parable is quoted from the book "The
Richest Man in Babylon"
This is a book by George Samuel Clason which dispenses financial advice
through a collection of parables set in ancient
Through their experiences in business and managing
the characters in the parables learn simple lessons in financial wisdom.
By basing these parables in ancient times, but involving situations that
modern people can understand and identify with, the author presents
these lessons as timeless wisdom that is as relevant today as it was
The book began in 1926 as a series of informational pamphlets. Banks and
insurance companies began to distribute these pamphlets, and the most
famous ones were eventually compiled into this book. It was most
recently reissued by Signet Books in 2004, and an updated version (using
modern English instead of "King James" language) was issued by BN
Publishing in March 2007. According to the 2002 edition book cover, more
than two million copies have been sold.....(To continue educating
yourself on the hilites of this book please click here...)
In USA and Canada....middle class is believed to be richer than the rich
class in many nations on this planet Earth...and families in middle
class have total asset value approaching a million dollars...It is also
believed that this middle class wealth is most of the time not producing
additional wealth as is the case with the rich class families...And this
is simply because the middle class families do not normally have the
wealth making knowledge that the rich class families have - some
families even for generations....
And with the above societal knowledge PVAF today publishes
news/financial-life-knowledge that has recently evolved from the
Canadian Bank of Nova Scotia with its
TOTAL WEALTH CREDIT
SOLUTION under its
Scotia Private Client Group
Please click on the next line to read about this news sharing....and
with prayers that this knowledge will let you make the next million
dollars and bring added happiness to your family....
.....CONTINUE READING ABOUT THE
FIRST EVER OFFER IN CANADA ABOUT TOTAL WEALTH FINANCIAL SOLUTION
FROM SCOTIA BANK...
Photograph by: Postmedia
News, Postmedia News
Brett Wilson, chairman of Canoe Financial and lead deal-maker on
Dragon's Den, says entrepreneurs need uncomplicated, convenient access
to integrated but flexible credit platforms.pan>
....Money Where the rich can go when they need a loan...
.......Scotiabank program gives clients fast access....
Alberta Canada : November 3, 2010By Jonathan Chevreau,
Financial Post: email@example.com
© Copyright (c) National Post)
Scotiabank has stolen the march on its rivals in the
race to provide simplified lending to the 1.1 million Canadian families
with net worths of $1-million.
Scotia Private Client Group has formally
announced a program that's been in the pilot stage since April: 200
affluent clients already use its Total Wealth Credit Solution.
In an apparent first, clients get consolidated views of all financial
assets held at different parts of the bank, then borrow on the combined
collateral value. This might include non-registered investments held at
full service broker unit ScotiaMc-Leod or discount brokerage Scotia
iTRADE, GICs held at retail branches, a principal residence or
recreational property and the cash surrender value of insurance
Head of private banking Andrew Wright says clients want the flexibility
to borrow quickly when opportunities arise: whether in temporary dips in
the stock market or when bargains arise in real estate or business.
Wright says it was inspired by Brett Wilson, chairman of Canoe Financial
and lead deal-maker on Dragon's Den, the venture capital reality TV
show. Wilson says entrepreneurs need uncomplicated, convenient access to
integrated but flexible credit platforms.
With a single integrated investment line of credit, clients write
cheques on business or personal accounts, using their overdrafts to
strike while the iron is hot.
They can also get advances at fixed or floating rates. Some collateral
can be unsecured and "under some circumstances," may include assets not
held within Scotiabank.
For the most part, though, this is a Scotiabank solution, which one
hopes will be copied by rivals. Clients set up pre-approved paperwork
and agree to normal borrowing terms. The latter range from prime
(currently 3%) to prime plus two or three points, depending on net worth
and risk profile.
"This is customized lending, not retail lending," Wright says. So
someone with highly liquid blue-chip stocks may pay interest at prime
while someone with less liquid real estate assets and a riskier profile
might pay more.
|Michael Nairne, whose Tacita Capital Inc. caters to ultra-wealthy
clients, says Total Wealth does introduce an element of convenience.
"Historically, it's been siloed systems, where the online broker is not
talking to your investment counsellor who's not talking to your banker.
They seem to have burst through that on the stock/bond side to give
everyone a full view and the ability to collaterize it all."
Nairne says it should appeal to younger entrepreneurs or professionals
still building, say, dental or medical practices. However, most of his
own clients "have no debt or if they do it's for interim purposes. It
makes no sense for them to borrow: they're better off cashing in high
interest savings accounts or short-term bonds. We normally suggest
clients keep their debts in one place and their assets at another."
Tom McCullough, president of Toronto-based Northwood Family Office, says
Total Wealth is a "positive thing" but not relevant for his clients, who
have net worths ranging from $10-million to $250-million.
"Everyone has a credit line and cash flow but the issue isn't
collateral. If they need it, our clients can get collateral from other
assets. This has not been brought up to me by anyone ever."
Even so, for the right client at Scotiabank, Total Wealth does seem to
cut through red tape. There's less need to move money around to get
access to capital, which minimizes commissions and tax consequences.
Investments are priced daily, providing more collateral as markets rise.
Normal margin applies: 70% on blue chip North American stocks trading
over $5, 50% otherwise. Collateral can be held as individuals, in a
spouse's name or through holding companies.
Average net worth of Total Wealth clients is $3 million to $5 million,
Wright says, with loans typically half those amounts.
Total Wealth enables clients to borrow against multiple asset classes
held in different locations, under a single, integrated investment line
of credit. This is an industry first in Canada among comparable Canadian
financial institutions because Total Wealth systematically collects and
manages information on different types of available collateral to
maximize a client's borrowing power. />
How it works: Private bankers at Scotia Private Client Group can now
access fully automated daily market valuation and margin calculations
for a broad range of securities maintained in client investment
portfolios - whether with an investment advisor or an on-line brokerage
account. This information is then automatically combined with valuations
of other collateral types maintained in Total Wealth, such as
residential real estate or insurance policies. All of the collateral is
consolidated in support of a single, integrated investment line of
credit. This enables clients to leverage their broad-based wealth in a
more efficient and convenient manner.
For example, investors and entrepreneurs can now combine their equity
and fixed income securities portfolios with assets such as the cash
surrender value locked in their insurance policy, or their residential
or recreational property, to support convenient access to an investment
line of credit.
Other features of Total Wealth Credit Solution:
- Clients can reduce risks associated with
borrowing to invest by diversifying collateral, using assets with
relatively stable market values in combination with investment
portfolios that are valued daily
- Collateral can be held as an individual, in a
spouse's name, or through a holding company.
- There is no need to transfer or sell
assets to access liquidity or consolidated credit against those assets,
enabling clients to reduce their transaction costs and preserve their
tax and investment strategies.
- Credit can be accessed through simple
overdraft or a combination of advances at fixed or floating rates in CAD
"Total Wealth is ideal for the high net worth investor who values
convenience, flexibility, simplicity and the ability to respond more
quickly to opportunities dependent on ready access to credit," concludes
Mr. Wright. "We've anticipated that need and are now fulfilling it."
Scotia Private Client Group:
ScoScotia Private Client Group provides customized solutions to help high
net worth clients build, preserve and transfer their wealth. Scotia
Private Client Group consists of private client services from The Bank
of Nova Scotia, The Bank of Nova Scotia Trust Company, Scotia Asset
Management L.P., Scotia Asset Management U.S. Inc., ScotiaMcLeod
Financial Services Inc., and ScotiaMcLeod(R), a division of Scotia
Capital Inc. Scotia Capital Inc. is a member of the Investment Industry
Regulatory Organization of Canada and the Canadian Investor Protection
Fund. Scotia Private Client Group is a registered business name of The
Bank of Nova Scotia, The Bank of Nova Scotia Trust Company, ScotiaMcLeod
Financial Services Inc., Scotia Asset Management L.P., and Scotia
Capital Inc. in the jurisdictions in which they carry on business.
Private banking services are provided by The Bank of Nova Scotia. For
more information, please visit
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With close to 70,000 employees,
Scotiabank Group and its affiliates serve approximately 14.6 million
customers in some 50 countries around the world. Scotiabank offers a
diverse range of products and services including personal, commercial,
corporate and investment banking. With more than $523 billion in assets
(as at July 31, 2010), Scotiabank trades on the Toronto (BNS) and New
York Exchanges (BNS). For more information please visit
www.scotiabank.com. (R) Registered trademark of The Bank of Nova Scotia,
used by its affiliates under license. (TM) Trademark of The Bank of Nova
Scotia, used by its affiliates under license.
Brett Wilson trong>
W. Brett Wilson is Chairman of Canoe Financial, a privately owned
investment management firm with over $1.5 billion in assets under
management with an investment philosophy based on the strength of
Canadian based companies that are uniquely positioned to prosper as a
result of global growth in the coming years. He is also Chairman of
Prairie Merchant Corporation, a private merchant bank focused on
business opportunities in the energy, agriculture, real estate, sports,
and entertainment industries. In 1993, he co-founded FirstEnergy Capital
Corp., a Canadian brokerage firm that provides investment-banking
services to Canada's oil and natural gas sector. FirstEnergy is an
industry leader, having participated in thousands of financing and M&A
projects worth over $225 billion. In 2007, he stepped back from active
duty, but remains an investor in the firm. Brett is also a panelist on
CBC's Gemini award winning hit reality TV show, Dragons' Den.
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