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The podcast has been going since 2017, and sports the slogan “Ordinary people doing extraordinary things.”
It was a wide-ranging and surprisingly personal interview. Most of Francey’s guests are real estate millionaires: given the bull market in Canadian residential real estate it’s not surprising that most of Francey’s guests are technically millionaires: even starter homes in Toronto are going for a million dollars.
REIN’s Patrick Francey
Patrick Francey is the CEO of REIN, the Real Estate Investment Network, with which I have long been familiar: my daughter Helen once worked there. Sadly, as you will discover on the podcast, I confess that our family never made the plunge into investment real estate beyond owning a principal residence in Toronto. We discuss the fact that while real estate is an excellent way to achieve Financial Independence, some of us are more comfortable with investing in financial assets like stocks and bonds: in so-called “clicks” rather than “bricks.”
The foundation of Financial Independence
As I say in the interview as well as the recently updated US edition of my financial novel, Findependence Day, job one is to purchase a principal residence and pay down the mortgage as soon as possible; hence the saying “The Foundation of Financial Independence is a paid-for home.” Continue Reading…
We all want to do our best to provide our customers with the utmost convenience. Isn’t this the whole point of eCommerce, POS financing, and other recent developments in sales?
Unfortunately, with these conveniences also come increased risk. In fact, this article is going to discuss one of the dangers brought about by technology and its added convenience. That is credit card fraud.
Recent statistics point out that 47% of Americans experienced some form of financial identity theft in 2020. More importantly, credit card fraud, especially those related to new accounts, was reported as the second-worst reported following scams related to government benefits.
It is, indeed, very troubling. Fortunately, there are ways to prevent and minimize such malicious attacks. Here are six tips that both business owners and lenders (such as POS finance providers) can put into action:
Tip #1: Invest in Technology
There are numerous technologies that can help minimize credit card fraud. We simply need to take advantage of them.
For instance, declining cards without an EMV chip is a good first step. Not only does EMV provide another level of encryption, but chipped cards also generate unique codes after every transaction. These features make it impossibly difficult for thieves to create counterfeits.
You can also invest in incorporating a fraud prevention system into your eCommerce website. These platforms are easy to integrate and provide real-time protection for every transaction. Most of these programs can help you screen and authenticate customers, prevent fraud, and even identify vulnerable accounts.
You might also want to look into any advanced payment security feature that your eCommerce platform offers as an add-on.
Tip #2: Beware of Red Flags
Speaking of identifying vulnerable accounts, the next best step to prevent credit card fraud is to simply be aware of the red flags. For example, a person reaching for a credit card from his pocket rather than from his wallet is certainly suspicious. The same can be said for an online customer with multiple failed attempts to purchase due to incorrect information.
Of course, we’re not saying that these red flags automatically point out that one is committing fraud for sure. For all we know, that online customer simply had his caps lock on the whole time. Or maybe the previous customer just shoved his credit card into his pocket for no particular reason.
In the end, the skill to discern fraud can simply be achieved over time through the practice of vigilance and experience.
Tip #3: Increase the Quality of Employee Training
So you now have an idea on how to catch credit card fraud. The question is, are your employees equally equipped as well? Unless you manage every aspect of your business on your own, it is imperative for any business owner to make credit card fraud a part of their training.
We also recommend developing a clear procedure that your employees can follow. Here’s an example for in-person transactions.
Check the customer’s ID for every credit card transaction.
Make sure that the credit card doesn’t look tampered with in any way.
Use an Address Verification Service to confirm the cardholder’s billing address.
Finally, compare the receipt with the actual card. Check for any errors and inaccuracies. Continue Reading…
Because of the coronavirus pandemic, there was almost a universal shift to remote work.
It wasn’t supposed to be permanent, just a temporary move to help mitigate the spread of the virus.
But then employers and employees got used to remote work and some interesting statistics started popping up. A Stanford study of 16,000 workers found working from home increased productivity by 13%, while also leading to improved work satisfaction and a 50% slash in attrition rates.
A survey by ConnectSolutions found 77% of employees displayed increased productivity if they worked from home just a few times a month. The same study found 30% did more work in less time while working remotely.
In summation, remote work was a success.
So successful that now, as the coronavirus pandemic subsides just a bit, there is a fight between employers and employees regarding the return to the office.
Employees are getting their work done like they always did, sometimes even doing more. They have a case to fight the return to the office.
In that same vein, employers understand the value of teamwork, camaraderie, and face-to-face interactions. They too have a case to bring back the office.
It will surely be a messy fight mainly because employees now see remote work as part of the new reality, not just a temporary fad. They value their remote work flexibility like they would value salary, benefits, or paid time off, and they will just move to the next employer if their current one makes a return to the office mandatory.
To capture this value placed on remote work, Breeze conducted a survey of 1,000 Americans to see what they would give up if they were able to retain remote work. It’s important to note this survey is meant to capture the value of remote work, not offer suggestions to employers on how they can cut benefits or pay in exchange for remote work.
To have the option of working remotely full-time at their current or next employer, 65% of employees would take a 5% pay cut, 38% would take a 10% pay cut, 24% would take a 15% pay cut, 18% would take a 20% pay cut, and 15% would take a 25% pay cut.
Moreover, 39% would give up health insurance benefits to retain full-time remote work. Breeze found the average monthly health insurance premium is $187, and most workers have a large percentage of this monthly cost picked up by their employers.
With so many willing to give up this crucial employee benefit, it gives you a good sense of the incredible value that is being placed on remote work. Continue Reading…
Remember piggy banks? I sure do. Piggy banks stuffed with loonies, quarters, dimes, nickels and pennies (remember pennies?) My piggy bank helped me save for so many precious purchases when I was growing up.
During those childhood years, my piggy bank was the equivalent of a low-risk savings vehicle (I’d say ‘no-risk’ but it did shatter if dropped). I knew exactly where my money was and how much I had. The only thing the savings in my piggy bank could not do was grow on their own.
I wasn’t yet an investor; I was a saver. Today I lead a team which helps Canadians to be both, through a solution we’ve just reinvented: the humble GIC (Guaranteed Investment Certificate).
For decades, GICs have been the preferred choice for Canadians looking to invest savings, with the guarantee that their initial investment (principal) would be fully protected.
The market stepped things up by giving some GICs an equity twist – tying GIC returns to the equities markets – for Canadians seeking the security of GICs but looking for opportunities to increase their return potential. As with traditional GICs, an investor’s initial investment is 100% guaranteed. Unlike traditional GICs, equity-linked GICs are connected to stock market performance, linked either to various indexes or a basket of stocks, offering investors potential gains from market returns.
New GIC linked to ESG
Specifically at RBC, this summer we introduced our first GIC based on ESG (Environmental, Social and Governance) factors – the RBC ESG Market-Linked GIC – and our first GIC to track the performance of a customized basket of 20 North American companies – the RBC North American MarketSmart GIC.
Our ESG GIC is a direct response to the growing interest we’ve been seeing among Canadians in looking beyond a company’s balance sheet when making investment choices. If you’re an investor who wants to help make a difference in the world by including ESG considerations in your investment decisions, our ESG GIC is purpose-built for you. It’s linked to a global index of environmentally and socially responsible organizations, all of which must first pass a set of rigorous ESG standards. To be included in the index, each company must demonstrate positive ESG metrics, low carbon impact and strong financial health. Continue Reading…
Financial struggles can significantly contribute to the well-being of business owners. Juggling the books to make sure you keep your head above water can be challenging. None more so than in the wake of the pandemic. Businesses big and small have experienced financial struggles in some way; it has not been easy.
Read on to discover some of our top tips for managing your finances as a small business:
1.) Create Detailed Budgets
It goes without saying that knowing your business profits and outgoings is critical to your ongoing and future success. Without this information, your business will suffer. Create a budget for your company as early as possible. Include any outgoings that you will have to pay.
Comparing the outgoings against the money coming into your business will give you a better idea of your financial health as a company. Assess this information frequently, for your income and outgoings will naturally fluctuate over time.
Keeping up to date with any market changes and internal business factors will significantly impact your ability to manage your finances but are not the only means for doing so.
2.) Educate Yourself
Being at the helm of a business means learning something new every day. Whether you learn something through your own efforts or the means of someone else within your company, educating yourself on business practices on a regular basis will go a long way. Continue Reading…
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The Everyday Millionaire podcast starring REIN’s Patrick Francey has just released its one-hour-plus interview with me. You can find it (audio) on the regular podcast channels by clicking this title: Flying the Findependence Flag.
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