Charlie Munger’s Investment Wisdom: Top 10 Mental Flaws to Avoid for Success!

Charlie Munger's Investment Wisdom: Top 10 Mental Flaws to Avoid for Success!

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Charlie Munger’s Investment Wisdom: Top 10 Mental Flaws to Avoid for Success!

Dive into the world of investment genius with our video on ‘Charlie Munger’s Top 10 Investment Principles‘!

📈🧠 In 1995, Charlie Munger, the renowned investor and Vice Chairman of Berkshire Hathaway, delivered a legendary lecture at Harvard not about investment strategies, but about the mental flaws that affect business decisions.

Charlie Munger's Investment Wisdom: Top 10 Mental Flaws to Avoid for Success!
Charlie Munger’s Investment Wisdom: Top 10 Mental Flaws to Avoid for Success!

In this blog/podcast/video, we unravel Munger’s insightful guidance on avoiding cognitive biases and mental errors that can skew decision-making. Munger’s principles go beyond investing; they offer a blueprint for making smarter decisions in business and life.

🔍 What you’ll learn:

  1. Overreaction to Loss: Understand why focusing too much on avoiding loss can lead to missing significant opportunities.
  2. Inconsistency-Avoidance: How clinging to beliefs can blind you to vital information.
  3. Availability-Misweighing: The dangers of oversimplifying complex situations.
  4. Twaddle Tendency: Recognizing when information is fabricated or exaggerated.
  5. Social-Proof Bias: The risk of following the crowd blindly.
  6. Overoptimism Tendency: Managing unrealistic expectations and assessing risks accurately.
  7. Reward and Punishment Superresponse: The underestimated influence of incentives in decision-making.
  8. Pain-Avoiding Psychological Denial: The tendency to distort reality to protect the ego.
  9. Influence-from-Association: Avoiding negative bias based on association.
  10. Lollapalooza Tendency: Identifying when multiple mental flaws combine to create extreme outcomes.

Munger’s wisdom is a key to unlocking exceptional decision-making skills, as evidenced by his success with Berkshire Hathaway.

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Join us as we delve into each of these principles, providing real-world examples and actionable insights. Share your thoughts and experiences in the comments below! #CharlieMunger #InvestmentPrinciples #CognitiveBiases #BusinessWisdom #BerkshireHathaway”

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📖 Read along with the podcast:

So, back in 1995, Harvard University invited Charlie Munger to give a lecture to its students. Now, one might assume that Munger, being the Vice Chairman of Berkshire Hathaway and a highly respected figure in investing, would impart valuable insights on how to excel in the world of finance. But interestingly enough, Munger had a different approach. He focused on something far more important than investing advice – he delved into the realm of mental flaws that affect every single business decision we make.

See, our brains are fascinating organs that constantly take shortcuts when it comes to decision-making. It’s just the way we’re wired. But here’s the kicker – these shortcuts often lead us astray, tricking us into believing that our flawed thinking is actually accurate. So, what Munger recognized was that avoiding these mental flaws was the key to his success in building Berkshire Hathaway.

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In Munger’s most famous lecture, he emphasized the significance of being able to see and, importantly, avoid these mental flaws. He believed that it was more critical than any specific investing advice he could give. So, what were these mental flaws that Munger warned his Harvard students about? Let’s dive into the ten most critical ones.

The first flaw is the overreaction to loss. We have a tendency to overemphasize loss rather than focusing on potential gains. Munger advised his students not to miss out on a big opportunity just because they wanted to avoid a small loss.

The second flaw is inconsistency-avoidance. When we hold a belief, we tend to identify with it strongly. As a result, any information that clashes with our beliefs appears twisted or distorted. Munger urged his students to see information for what it truly is, without letting their preexisting beliefs cloud their judgment.

Next up is availability-misweighing. Munger pointed out that the simplest answers to complex situations often become viral and widely accepted. However, just because others provide a single explanation for why something happens, it doesn’t mean that the whole picture has been revealed. Munger encouraged his students to assume that they could be missing important information whenever they are presented with only one response.

The fourth mental flaw is what Munger called the “twaddle tendency.” People have a knack for making things up as they go along, especially when they want to appear more intelligent than they actually are. Munger advised his students to be skeptical and assume that some percentage of any given explanation is simply fabricated.

Then there’s the social-proof bias. As humans, we often tend to follow the crowd and assume that popular ideas must be true. But Munger cautioned against this tendency, reminding his students that popularity doesn’t equate to accuracy. It’s important to think critically and not blindly follow the masses.

Moving on to the sixth flaw, Munger highlighted the overoptimism tendency. We humans have a tendency to be overly optimistic, which can cloud our judgment and make it difficult for us to accurately assess risks. Munger advised his students to seek a third-party perspective to evaluate the downside risks of their decisions.

The seventh mental flaw is what Munger termed the “reward and punishment superresponse.” Essentially, we underestimate the impact that incentives have on driving behavior. Before working with others, it’s crucial to understand their incentives and motivations.

Next up is the pain-avoiding psychological denial. When faced with an uncomfortable truth, we often skew our perception of reality to avoid the pain that accompanies it. While this may protect our ego in the short term, it ultimately hampers our decision-making process. Munger encouraged his students to confront uncomfortable truths head-on and base decisions on accurate information.

Influence-from-association is another mental flaw Munger highlighted. Essentially, when we associate an idea with something negative, we automatically assume that the idea itself is bad. Munger advised his students to look for valuable lessons even in ideas that others tend to avoid due to negative associations.

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Lastly, there’s the lollapalooza tendency. When multiple mental flaws come into play together, they can amplify each other and lead to extreme outcomes. Munger urged his students to be vigilant for situations where multiple flaws might be at work, as they can significantly impact the logic behind decisions.

Now, here’s the thing – most people are not fully aware of just how much these mental flaws skew their decision-making processes. But Munger, with his exceptional ability to recognize and confront these flaws, was able to build Berkshire Hathaway into a powerhouse. So, the key takeaway here is to protect against these mental flaws in your own decision-making. By doing so, you can elevate yourself to the level of a top-notch decision-maker, just like Munger.

And with that, we’ve covered the ten critical mental flaws that Charlie Munger warned his Harvard students about. These flaws have the potential to significantly impact our decision-making, so it’s essential to be aware of them and actively work to counteract their influence.

Remember, decision-making is a multifaceted process, and understanding the common pitfalls can help us make better choices in both our personal and professional lives. So, take Munger’s wisdom to heart, and may your decision-making skills soar to new heights!

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What sets “AI Unraveled” apart from other books on the subject is its ability to demystify the frequently asked questions surrounding artificial intelligence. It’s not just about grasping the concepts; it’s about unraveling the mysteries and making AI approachable for everyone.

The author brilliantly breaks down complex ideas into easily digestible nuggets of information. So, whether you’re a seasoned investor or just starting out, you’ll find immense value in this book. With each turn of the page, you’ll uncover a wealth of insights that will empower you to make informed decisions in the world of AI-driven investments.

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In this episode, we explored the importance of avoiding mental pitfalls in business decisions and recommended “AI Unraveled” as a comprehensive guide to AI investing. Thank you for joining us on the “Djamgatech Education” podcast, where we strive to ignite curiosity, foster lifelong learning, and keep you at the forefront of educational trends – so stay curious, stay informed, and stay tuned with Djamgatech Education!

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 How to find common elements in two unsorted arrays with sizes n and m avoiding double for loop?

How to find common elements in two unsorted arrays with sizes n and m avoiding double for loop? Blog Introduction: In this blog post, we will be discussing how to find common elements in two unsorted arrays with sizes n and m avoiding double for loop. We will be discussing various methods that can be used to solve this problem and comparing the time complexity of each method. Blog Body: Method 1: Linear Search The first method we will discuss is linear search. This method involves iterating through both arrays and comparing each element. If the element is found in both arrays, it is added to the result array. The time complexity of this method is O(nm), where n is the size of the first array and m is the size of the second array. Method 2: HashMap Method The second method we will discuss is the HashMap method. This method involves creating a HashMap of all the elements in the first array. Then, we iterate through the second array and check if the elements are present in the HashMap. If they are, we add them to the result array. The time complexity of this method is O(n+m), where n is the size of the first array and m is the size of the second array. Method 3: Sort andCompare Method The third method we will discuss is the Sort and Compare Method. This method involves sorting both arrays using any sorting algorithm like merge sort or quick sort. Once both arrays are sorted, we compare each element of both arrays one by one until we find a match. If a match is found, we add it to our result array. The time complexity of this method is O(nlogn+mlogm), where n is the size of the first array and m is the size of the second array. Conclusion: In this blog post, we discussed how to find common elements in two unsorted arrays with sizes n and m avoiding double for loop. We discussed three different methods that can be used to solve this problem and compared their time complexities. We hope that this blog post was helpful in understanding how to solve this problem.

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How to find common elements in two unsorted arrays with sizes n and m avoiding double for loop?

Programmers, software engineers, coders, IT professionals, and software architects all face the common challenge of needing to find common elements in two unsorted arrays with sizes n and m. This can be a difficult task, especially if you don’t want to use a double for loop.

In this blog post, we will be discussing how to find common elements in two unsorted arrays with sizes n and m avoiding double for loop. We will be discussing various methods that can be used to solve this problem and comparing the time complexity of each method.

There are several ways that you can find common elements in two unsorted arrays with sizes n and m avoiding double for loop. One way is by using the hashing technique. With this technique, you can create a hash table for one of the arrays. Then, you can traverse through the second array and check if the element is present in the hash table or not. If the element is present in the hash table, then it is a common element. Another way that you can find common elements in two unsorted arrays with sizes n and m avoiding double for loop is by using the sorting technique. With this technique, you can sort both of the arrays first. Then, you can traverse through both of the arrays simultaneously and compare the elements. If the elements are equal, then it is a common element.

Method 1: Linear Search

The first method we will discuss is linear search. This method involves iterating through both arrays and comparing each element. If the element is found in both arrays, it is added to the result array. The time complexity of this method is O(nm), where n is the size of the first array and m is the size of the second array.

Method 2: HashMap Method

The second method we will discuss is the HashMap method. This method involves creating a HashMap of all the elements in the first array. Then, we iterate through the second array and check if the elements are present in the HashMap. If they are, we add them to the result array. The time complexity of this method is O(n+m), where n is the size of the first array and m is the size of the second array.

Method 3: Sort and Compare Method

The third method we will discuss is the Sort and Compare Method. This method involves sorting both arrays using any sorting algorithm like merge sort or quick sort. Once both arrays are sorted, we compare each element of both arrays one by one until we find a match. If a match is found, we add it to our result array. The time complexity of this method is O(nlogn+mlogm), where n is the size of the first array and m is the size of the second array.

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The naïve algorithm for finding common elements in two unsorted arrays with sizes nn and mm is O(nm)O(nm), i.e. quadratic.

The algorithm for sorting an array is O(nlogn)O(nlog⁡n), and you can find common elements in two sorted arrays in O(n+m)O(n+m). In other words, for large enough arrays, it is significantly faster to first sort them, then look for the common elements, because the sorting algorithm will dominate the complexity, so your final algorithm ends up at O(nlogn)O(nlog⁡n) as well.

How to find common elements in two unsorted arrays with sizes n and m avoiding double for loop?
One of the most straight forward ways to find common elements in two arrays is by using a double for loop. This approach is simple to understand and implement but it is not very efficient. The time complexity of this algorithm is O(n*m) where n and m are the size of the two arrays respectively. The reason for this is because we are looping through both arrays completely which takes a lot of time. Furthermore, this approach also uses a lot of extra space because we are storing the common elements in a new list.

Conclusion:

In this blog post, we discussed how to find common elements in two unsorted arrays with sizes n and m avoiding double for loop. We discussed three different methods that can be used to solve this problem and compared their time complexities. We hope that this blog post was helpful in understanding how to solve this problem.


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There are many different ways to find common elements in two unsorted arrays with sizes n and m avoiding double for loop. The most straight forward way is by using a double for loop but this approach is not very efficient. A more efficient way is by using a hash table which has a time complexity of O(n+m). This algorithm is faster because we only need to loop through one of the arrays. We can then use the values from that array to check if there are any duplicates in the second array. This approach also uses less memory because we are not creating a new list to store the common elements.

What are some financial software products that do not require you to store data in the cloud?

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What are some financial software products that do not require you to store data in the cloud?

There are several financial software products that do not require you to store data in the cloud, including:

  • Quicken: a personal finance management software that allows users to manage their finances on their own computer.
  • Microsoft Money: a personal finance management software that was discontinued in 2010, but is still available for download and can be used on a user’s own computer.
  • GnuCash: a free and open-source personal and small-business financial-accounting software.
  • Moneydance: a personal finance management software for Windows, Mac and Linux that stores data locally.
  • AceMoney: a personal finance software for Windows and Mac that stores data locally.

It’s worth noting that some of the software above may have a mobile or web version that sync with the desktop version but still, the data is stored on the local device.

For privacy sake, it is very important for a lot of people to not trust cloud providers with their financial data. Below are some free desktop financial software products that do not require you to store data in the cloud.

1- Intrinio

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Reliable, clean data, you only pay for what you use, your data stays on your computer.

2- LibreOffice Calc : Calc is the free spreadsheet program you’ve always needed. Newcomers find it intuitive and easy to learn, while professional data miners and number crunchers appreciate the comprehensive range of advanced functions. Built-in wizards guide you through choosing and using a comprehensive range of advanced features.

3- Open Office Calc :


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Calc is the spreadsheet application you’ve always wanted. Newcomers find it intuitive and easy to learn; professional data miners and number crunchers will appreciate the comprehensive range of advanced functions.

4- Google Sheets: With Google Sheets, you can create, edit, and collaborate wherever you are. For free. Price:
Free for non-business use
$5/month per user for basic G-Suite
$10/month per user for business license

5- Excel: Well it is Microsoft Excel….Enough said. Excel provides a simple way to download financial data into a preconfigured spreadsheet at the click of a button.

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6- Money Manager Ex

Money Manager Ex is a free, open-source, cross-platform, easy-to-use personal finance software. It primarily helps organize one’s finances and keeps track of where, when and how the money goes. It is also a great tool to get a bird’s eye view of your financial worth.

Money Manager includes all the basic features that 90% of users would want to see in a personal finance application. The design goals are to concentrate on simplicity and user-friendliness – something one can use everyday.

7- Xero: Xero backs up your data and protects it with multiple layers of security including industry-standard data encryption and secure data centres. We also offer two-step authentication as an additional layer of protection for your Xero account.

8- Smartsheet Smartsheet is a Software-as-a-Service (SaaS) company focused entirely on its core cloud-based work automation platform. Their competency is in simplifying tasks and including many diverse types of output. Since all their efforts revolve around a single product and its extensions, there is strong user support. 

Resources:

1- Quora

2- Top 20 budgeting financial solutions

Top 10 legal side business that can make you $1000-$2000 a week?

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Below are the Top 10 legal side business that can make you $1000-$2000 a week. This list is based on my own experience and research. I have tried most of them and it takes dedication and passion to get there. Do your due diligence and make sure you have enough passion and patience to make it work.

Here are 10 legal side businesses that have the potential to make you $1000-$2000 a week in 2023:

  1. Freelance writing or editing: If you have strong writing or editing skills, you could offer your services as a freelance writer or editor. You could write blog posts, articles, marketing materials, or other types of content for clients.
  2. Graphic design: If you have experience with graphic design, you could offer your services to create logos, brochures, business cards, or other types of marketing materials for clients.
  3. Virtual assistance: As a virtual assistant, you could provide administrative, technical, or creative support to clients remotely.
  4. Social media management: If you have experience with social media marketing, you could offer your services to manage the social media accounts of businesses or individuals.
  5. Website design or development: If you have experience with website design or development, you could offer your services to create or update websites for clients.
  6. Pet sitting or dog walking: If you love animals, you could offer pet sitting or dog walking services to busy pet owners.
  7. Personal training or coaching: If you have experience in fitness or coaching, you could offer personal training or coaching services to clients.
  8. Event planning: If you enjoy planning events, you could offer your services to plan weddings, parties, or other types of events for clients.
  9. Photography: If you have experience with photography, you could offer your services to take photos for events, businesses, or individuals.
  10. Tutoring or teaching: If you have expertise in a particular subject, you could offer tutoring or teaching services to students.

These are just a few examples of legal side businesses that could potentially make you $1000-$2000 per week. The key to success in any side business is to offer high-quality services and to market your business effectively to reach potential clients.

11- Referee (If you like sports)

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Become an amateur team sports referee and officiate about 20 to 30 games per week. I did it myself and it works. You make extra cash and stay in shape and meet a lot of people( hot girls playing soccer or basketball included).

To become a soccer referee, you just need to take a 2 days certification that will cost you about $100 depending on your state.

Amateur soccer Referees are paid up to $50 per game and games are played everyday after 05pm and on week ends.


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I have created a referee locator app and listed how to become a referee anywhere in US and Canada at Amateur Referees Locator – How to become a referee? – Djamga – ShowUpAndPlaySports

12- Buy and sell popular or efficient cars (Japanese makes like Corolla, Camry, Honda, etc…) on Craigslist , kijiji, facebook marketplace or any local popular online used item market site.

13- Learn web design, coding and apply for part time consulting gigs at Remote Jobs: Design, Programming, Rails, Executive, Marketing, Copywriting, and more. or any other site posting IT work remote jobs in US or Canada.

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14- Organize sports tournaments (soccer, basketball, hockey): Rent good and inexpensive fields, convince friends to create teams, run a great campaign and organize amateur sport tournaments monthly and you can easily make $5000 after expenses if you do it right. This is not easy though, you must know local players and team captains and convince them to join.

15- Become a freelancer writer If you’re creative about how you write (hint: use speech to text and edit down into prose) you can get your hourly > $40/hour even at rates like $1/100 words.

16- Learn to play poker either online or in-person. Online, go for low-stakes and grind out your cash. Live, go for higher stakes and hunt down atrocious players (see my answer to How much can a competitive online poker player make? for more)

17- Become a tutor that focuses on students that are under-performing in the subjects you’re best at.

18- Do contract sales for companies that pay you recurring revenue. Over time, if you take care of your accounts, you won’t even need to close new ones if the retention rate is high.

19- Arbitrage mispriced items on Craigslist or kijiji

20- Arbitrage textbooks on Amazon. Time it with quarters / semesters / school years ending and hold until next quarter / semester / school year.

Bonus1- Drive 20 hours a week for Uber or https://lyft.com

Bonus2- Buy vending machines so that your cashflow for your investment is $1,000-$2,000 a week

Bonus- More opportunities here

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Top 10 Financial Tips for Young Adults in USA and Canada

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This blog is geared towards young adults, particularly young first and second generation immigrants like me who don’t have any real estate and assets inherited from their parents here in Canada and USA. In this blog, I will help answer the following questions below based on my own experience and extensive research:

I- What are some financial tips for middle class people? What is the best financial advice for middle age people?

  • Work Hard first and foremost and do well at your job. If you are not working hard at your job, you will lose it and any advice below won’t matter.
  • Live a healthy lifestyle. Your health is your most important asset: Any advice below will be useless if you don’t eat healthy, exercise and have a stress free life. Get medical insurance and get a health check up done once every year
  • Live within your mean; within your budget; Don’t spend more than you earn.
  • Use your credit cards, but always pay them off at the end of the month.
  • Never miss a credit card payment: It will affect your credit negatively and cost you money.
  • Don’t buy a car unless you really really need one. If you do need a car, don’t buy old cars; You will end up spending more in the long run. Buy new cars at bargain price.
  • Take public transit or bike to work: You will save money and exercise and read a lot in the process.
  • Rent empty rooms in your apartment or house, and use that rental income to pay off your mortgage.
  • Get a side job in an area you are passionate about: If you like team sports, you can become a referee or coach and make extra money. You can help people fix their web site if you are tech savvy; You can buy and sell used items on facebook marketplace or kijiji or craigslist for a profit; you can be a tutor on week ends or evenings, etc…
  • After paying all your student loans and more importantly your credit cards debts, save money every single month automatically in your TFSA, RRSP , Roth IRA, 401K accounts.
  • Negotiate everything involving money coming in and out of your pocket. There are no rules set in stone about interest rates or pay grade; Negotiate, Research, Negotiate again until you get the best value for anything you are buying. Don’t be a jerk though and don’t come across as cheap: Learn when to stop and accept and appreciate a good value.

II- How do I improve my personal finances?

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  • Work hard. The harder you work, the more likely you are to become financially independent. 
  • Diversify your income. You should never rely on one source of income, you should try and diversify your income streams. On top of your monthly salary at your main job, try to get rental income by renting empty rooms in your house or apartment. Get a side job in an area you have some expertise. Example: Tutoring, Team sport referee, Dance instructor, Handyman, Cleaner, salesman, etc…
  • Cancel recurring paying for things you don’t need (Netflix, Spotify, cable, etc…) ; They add up.
  • Save as much as possible into your TFSA and RRSP, Roth IRA Account and let them compound.
  • Don’t stress too much about anything, particularly finances; Stress is harmful.
  • Have self control: Resist the temptation of buying things that you don’t need.
  • Start investing early and focus on compounding. Always think about long term. Have your money earn money.
  • Read, read and read: Education will help you make and save a lot of money.
  • Exercise and invest on your health which is your most important asset.

III- What should I invest in as a 18-45 year old?  How do I become financially stable in my 20’s?


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  • As soon as you get paid, transfer at least $100 automatically to your TFSA, or Roth IRA Account every month. Select an aggressive portfolio and forget it. You will likely get a big return after 10 years.
  • If you can afford a 5% down payment for a house, buy one and if you are still single, rent the empty rooms and make sure that your rental income can cover at least half of your mortgage payment.
  • If you have time to research about stocks market, do your due diligence and buy some good stocks. Don’t invest more than $10000 on stocks from your own pocket. Invest in stocks as if it is lost money and you might be lucky down the road.
  • Start saving money monthly in your RRSP, 401K and RESP accounts if you have kids.
  • Invest in your physical, mental and emotional health: Yes I am repeating myself. If you are not healthy, any other advice is useless and you might not even be around to enjoy the benefits of your investments.

IV- What is a financial rule you should never break? What personal finance mistakes should everyone avoid?

  • Easy to say, but hard to do: Never buy depreciating assets on credit. Cars, RVs, appliances, clothes, trips, leasing, etc. You won’t get rich that way.
  • If you’ve ever thought about buying a house, you’ve probably heard it: Don’t take out a mortgage until you’ve saved up at least 20 percent for a down payment. Otherwise, you’ll be forced to pay notorious private mortgage insurance.
  • Save 10 percent of your income.
  • Don’t rent or throw away money. Buy a house and be the landlord.
  • Investing before spending rather than investing after spending.
  • Pay all your bills and dues in time so as to never pay them with heavy interest or penalty!
  • Don’t invest in anything that you don’t understand. Yourself. Not because someone sold it to you or because others are doing it.
  • Don’t focus on the short-term, allow yourself to be unduly influenced by the financial news media, or let news about the market or the economy affect your long-term investing strategy.
  • Save and Invest early and aggressively in your 20’s. Time and a higher risk tolerance are extraordinarily valuable and everyone can make this call when they are younger—or do so for their children/family. This also sort of falls under the “rule” of paying yourself first. This is key to maximizing wealth.

V- How can you attain financial freedom by working 9 to 5 job?

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  • Read , read, read and be curious. This will help you find and execute ideas to make some money on the side.
  • Increase your income streams: On top of your day job, try freelancing on the side for a few extra bucks. Identify where you can provide your freelancing services (Referee in team sports, Handyman, Tutor, Buy and Sell used items for a profit, art, etc..). The more sources you have, the better.
  • Start saving as early as you can.  The earlier you start, the better.
  • Make your money work. Start a business, make investments, do something that makes you more money from what you have.
  • Make money from your existing assets (rent rooms in yours house, Uber or deliver stuffs with your car or truck, etc..)
  • Never spend money on depreciating commodities that doesn’t affect your safety. What you can do with a  used $200 phone, doesn’t have to be bought at $1000 just because it is hip.
  • Don’t jeopardize your safety. If you buy old cars that  break down regularly and put you at risk on highway, all the advice above won’t matter.

VI- What is the best way to invest in real estate?

  • Whatever you are buying, put at least 20% down to avoid paying extra insurance fees and be stuck with a high interest rate for years.
  • Buy in decent neighbourhood.  It usually means better tenants who will be more likely to  pay their rents and not damage the property.
  • Buy a mix of multi family and single family homes.  It usually results in better tenants and higher equity growth over time.
  • Invest on home inspection: Make sure to use an agent who is able to point out potential problems.  Get a home inspection and don’t buy a property that requires extensive repair.  Especially on your first one and when you don’t have a ton of disposable income.
  • Build: Contact builder who build properties and buy from them, allowing you to get great discount and customize the house for extra rooms and developed basement. 
  • Become Part of a Bigger Deal:  By partnering up with others interested in investing and pooling your resources to make a larger deal happen. Do some research online on how you can do this for either a commercial or residential property, which in some cases, requires an investment as small as $1000. The good thing about these deals is that you can hedge your bets by placing multiple investments into various properties.
  • Real Estate Investment Trust: Also known as a REIT, you can invest in a publicly traded trust that uses the capital of its investors to acquire and operate properties. You can find REITs in the major Wall Street exchanges and it requires companies to shell out 90% of their taxable profits through dividends to investors in order to retain their position as an REIT.
  • Rent A Portion Of Your Existing Home via Airbnb or VRBO: I prefer those options because you it is short term and you can always stop renting when you have family visiting. This gives you a lot of flexibility.

VII- Is it worth taking out a loan to pay for a house?

 Year 1Year 10
Time to Sell
John Doe 1
Buys 1 house cash putting 20K down and invest 80K
Gets $800 per month from the $80K savings
easy life and always has plenty of cash
$96,000 in rental income
sells his one house for $200,000 and nets $100,000, so his total gain was $196,000, not bad. His $100,000 investment has nearly tripled!
John Doe 2
Borrows and Buys 4 houses with 100K putting down 20K for each
Gets $200 per house per month but spends it all towards the principal of the loan, so gets $0 per month
Must keep his full time job and has a struggle keeping up with expenses
around $24,000 in rental income
sells his 4 rentals for $200,000 each netting $100,000 each for a gain of $400,000, so his total gain is $424,000, so his investment has more than quadrupled!

Who won?

VIII-  What are some rookie mistakes of first-time house buyers?

  • Rushing to accept any financing offer because of the excitement to own your first house: Not good. Get various and competitive financing offer from different institutions and negotiate to get the lowest possible interest rate.
  • Don’t just focus on the aesthetic part of the house; Most first houses are never your dream house:  Focus on features that will make the house  easily and quickly sellable (Number of rooms, size of rooms, garage, easy to maintain, location, etc..).
  • Don’t buy an above average size and price house for your first house, go to the lower end and get a size that is proportional to your family size.
  • Using a family or friend for a realtor: Don’t do it. This is your first most important investment and don’t mix it with feelings and emotions.
  • Location, location, location: Buy where you can easily access public transit so you don’t have to spend all your savings on driving to work. In the same token, buying closer to public transit will help you get renters easily if you have empty rooms available.
  • Inspection, inspection, inspection: Get the best home inspector available. Some of them are really bad. Look for home inspectors reviews before hiring them. If the home inspection misses important defective stuffs like dry rot on the siding, you will end up spending thousands of dollars to fix them.

IX- What’s a realistic down payment percentage for a first-time home buyer?

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  • As a buyer, if you have  enough money for a 20% down payment and closing costs and has something left over for cash reserves, 20% is fine. But if you carry any consumer debt with rates higher than that of a mortgage, it is far better to pay those more expensive items off with available cash than to put it into a home down payment.
  • When you get a conventional mortgage with a down payment of less than 20 percent, you have to get private mortgage insurance, or PMI. The monthly cost of PMI varies, depending on your credit score, the size of the down payment and the loan amount. 

X- Resources & Definitions:

1- Quora

2- CRA

3- What is RRSP: An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan. (Applies to USCanadaonly)

4- What is TFSA: The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.  Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible. (Applies to Canada only)

5- What is RESP: A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries. (Applies to Canada only)

There are two different types of RESP available: family plans and specified plans.

6- What is Roth IRA? A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. (Applies to USA only)

  • You cannot deduct contributions to a Roth IRA.
  • If you satisfy the requirements, qualified distributions are tax-free.
  • You can make contributions to your Roth IRA after you reach age 70 ½.
  • You can leave amounts in your Roth IRA as long as you live.
  • The account or annuity must be designated as a Roth IRA when it is set up.

The same combined contribution limit applies to all of your Roth and traditional IRAs. 

A traditional IRA is a way to save for retirement that gives you tax advantages (USA)

  • Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and
     
  • Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
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7- 401K: A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts.

  • Elective salary deferrals are excluded from the employee’s taxable income (except for designated Roth deferrals).
  • Employers can contribute to employees’ accounts.
  • Distributions, including earnings, are includible in taxable income at retirement (except for qualified distributions of designated Roth accounts).
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