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Do you have a separate recreational property or a rental property? If so this may apply to you:

Some years ago, Roy and Mary bought a cottage at the lake in their home province for about $50,000 and today it is worth about $750,000. Over the years, they have spent about $100,000 on improvements to the property and they kept all receipts to prove it. Roy and Mary, like many, think that it will be easy to pass the cottage on to their children and grandchildren. It may be far more costly than they think.

Marc and Lorna just bought a house and, like most home buyers, they needed a mortgage. During the financing process, they were offered mortgage insurance by the lender. They wanted to know more before taking the coverage.

Do we control the policy? Because the coverage is usually a group plan, the agreement is actually between the lender and the insurance company. Marc and Lorna would be insured under the policy and pay the premiums, but the lender would be the beneficiary and receive all proceeds on death.

Taking the time and effort to manage your money better is certain to pay dividends in the future. By following the rules of careful money management, it is possible to cut out wasteful outgoings and increase savings, which can mean being $1,000s better off each year. Any of these extra savings can be put aside or spent on your next vacation, car, or even used towards your pension.

Read on to learn about the nine things (in reverse order) that are highly likely to have a negative impact on your personal wealth:

"Everyone has a plan until they get punched in the face."
George Foreman.

With RRSP season upon us, it might be useful to see how the wealthy invest their funds for some indication as to how they differ from average Canadians. As Baron Rothschild famously stated, “The time to buy is when there's blood in the streets…”, and so do the wealthy, even in difficult times. In other words, they are contrarian investors who do the opposite of what everyone else does, which is a lesson that all investors can profit from.