Friday, October 20, 2017


April 14, 2012 by  
Filed under Events

Would you like to learn how to….

- Set financial goals, create a plan, and achieve them EVERY TIME

- Avoid sabatoging your financial plan

- Top debt elimination tips

-Understand your credit rating and how to improve it

- Create a millioniare mindset


This is a small, intimate event so the value will be spectacular! Get your ticket fast!

Eventbrite - Cash Class

You will be learning Canadian content from the
best financial teachers in Canada:
Preet Banerjee, B.Sc, FMA, DMS, FCSI, is a daily columnist on personal finance for the Globe & Mail. Preet was originally trained as a neuroscientist at U of T before joining the financial services sector. Previously an adviser in both the MFDA and IIROC channels, he has also held a senior role with an index fund manufacturer. He is the writer behind the sometimes controversial blog, which was ranked Canada’s Best Investing Blog by readers of The Globe and Mail in 2010. He also currently serves as the W Network’s Money Expert. You can follow him on twitter at @PreetBanerjee

Laurie Campbell is the Executive Director of Credit Canada Debt Solutions. Laurie speaks to over 10,000 people annually about money management tips and credit rating education. Laurie is widely recognized as an expert in her field responding daily to media requests and has contributed to several prominent books on finance. Ms. Campbell was instrumental in spearheading Credit Education Week Canada, which now in its sixth year promotes financial literacy through a variety of mediums throughout Canada.


Eventbrite - Cash Class

Interview with Best Selling Author, Leslie Scorgie

April 14, 2012 by  
Filed under Events

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You Will Learn Leslie’s top tips on:

  • Paying down debt
  • Tips on creating an budget that works
  • Effective Saving strategies

Lesley Scorgie, bestselling author of Rich by Thirty: A Young Adult’s Guide To Financial Success, a personal finance book geared towards young people. Lesley released her second book in spring 2010, Rich by Forty: A Young Couple’s Guide To Building Net Worth, which focuses on giving young couples the tools they need to grow their net worth.

When Lesley was only 17 she was a guest on the Oprah Winfrey Show where she discussed financial strategies for young people and revealed her goal of becoming rich by 30. was started shortly afterwards and it’s designed to help you achieve financial success.

What We’re All About…

March 20, 2012 by  
Filed under Events

Have you gone to financial seminars and walked away confused? Have you read a financial planning book and felt no further ahead? Would you like to take charge of your finances using simple practical tips?

Well, you have found the blog for you! At Profit Central we focus on simple, practical tips for the everyday person to get ahead in a changing world. There is a focus on making extra money to your bottom line, investing for the future, real estate, and entrepreneurship. We think that if you can diversify your income streams as well as your investments then you are more risk adverse for the constantly changing world that we live in today. With living longer, divorces, multiple jobs and careers, we are definitely living different lives than our grandparents and even parents. We need to forge our own way with new information.

We welcome your feedback! Make comments or submit your questions and we will get back to you!

All the best in your financial journey!

April Rutka
Profit Central Founder

Need Some Financial Wiggle Room?

March 20, 2012 by  
Filed under Long Term Planning

In today’s day and age most people need to diversify their income much like they would diversify their investments. If you have all your eggs in one basket with few options, your risk factors go up. We may be able to suggest some options for you that would suit your lifestyle, interests, and budget.

First & Last Name (required)

Your Phone Number (required)

Your Email (required)

How much additional income are you looking for?(required)

How much time do you have to devote to a project outside of what you are currently doing?(required)

Which categories are you open to: (required)
 Real Estate Investing Home Based Business Second Job Investing

Additional Comments:

How I turned my Finances Around…

March 12, 2012 by  
Filed under Buying Real Estate, Featured Posts

My story starts off typical – single female, living in a city where the cost of living is high, my debt load was at an uncomfortable $15K and I wasn’t a homeowner yet. At this point I was 31, I had a university degree and a good job but I still found it hard to save enough money to pay off my debt and save for a house. Blah, blah, blah…this is probably many people’s story if they moved out on their own right away and into an expensive city. But what makes my story extraordinary is the ending, mainly because I chose a plan to get out of debt, create time and financial freedom, and I stuck to it and no, I didn’t marry rich! The mere fact that I stuck to the plan is what made it work, not the plan itself. Why? Today most people quit on their plans very early, some even before 60 days whereas my plan took 60 months. The average person will try something for a bit, if it doesn’t work immediately, they jump to another strategy only to get the same results. My plan took me exactly 5 years where I went from living from pay cheque to pay cheque to being a homeowner, debt free and boss free.
My plan was super simple – I did two things: 1) I chose a profit making vehicle that I could do outside of my full time job to generate extra income. It was a home based business in the network marketing industry and I describe it as a mini-franchise; 2) I partnered with a family member to buy a rental property instead of my original plan, a downtown condo. We pulled together our pennies and purchased a triplex. I moved into one of the units and managed the other two apartments.
With the rental property, we put most of the profit that we made each year back into the house so we could gradually bump up the rental income on the units as they turned over. Most people ask me if I have nightmare land-lord stories but I honestly don’t. I think if you have above average quality rental units, with reasonable rental fees you will attract respectful people. Fast forward 5 years, when the mortgage came up for renewal we shopped around and secured an amazing interest rate. This reduced our monthly costs and bumped up our profits. We were also able to pull out equity on the home which we used for any remaining debt like car payments and down payments for future properties. So instead of buying a condo I created an income generating vehicle from my first home purchase.
During this 5 year period, I simply worked my network marketing business for about 4 to 5 hours a week. It wasn’t a lot of time but I was very consistent about my efforts. Of course, I didn’t know if this strategy would work before I started but I was determined to keep trying which was my true key to success. The product I represented was a consumable in the preventative health industry. It was high quality and sold itself. After about 3 years, the profits from my business covered my living expenses so I decided to take the plunge to do the business full time. I had been tracking my efforts and results so I knew if I had more time I would be able to increase my income. I have been doing my business full time for 2 years now and my take home income far exceeds what I would have made in my full time job. The best part is that I own my time so I can do other projects like real estate or businesses ventures whereas when I was working full time for 1 company I was putting all of my eggs in one basket.
This past 5 years is what Seth Godin, North America’s #1 business marketer, calls “The Dip”. The dip is the long haul that it takes to get from beginner’s luck to mastery. It’s the daily consistent action to build a system that works. It’s getting through the dark times when you are alone and all you want to do is give up but something deep inside tells you to keep slugging away. It’s ignoring the naysayers and your “procrastinating side”. Then eventually, you come out of this long valley to see sunlight and you can touch and feel your ultimate goal. You are there! You are at the place where everyone else wants to be! But only the people who go through the valley will make it. Are you willing to go through the valley or would you prefer to be average?

Toronto’s Impending Real Estate Bubble ?…. Sorry Hate to Burst your Bubble….

Pundits and so called experts have been predicting a crash in the Toronto Real estate market for well over a decade now. These claims appear to be more based on selling newspapers and advertising then based on fact. If one were to look at the facts , the facts paint a much different picture than all the recent doom and gloom portrayed in the media.

The Toronto Real Estate Board reported 4,337 transaction’s for the month of January 2011. The result was 13 percent lower than January 2010. When one reads this immediately it appears to be the sign that we are finally at the end of the road. The report however goes on to state that despite the drop in transactions the average sale price for a home in the GTA was $427, 037, which represents an increase of over four percent compared to the prior January. In essence prices are going up because there is not enough supply. It’s basic economics 101 , supply and demand.

There has also been talk over the impending crash of the condo market due to over supply. Lets take a look. Completions of new condos in Q4 have lead to an increase in new units entering into the market place. The Toronto Real Estate Board reports that there was a 25% percent increase in the number of condominium apartments listed for rent on a year over year basis . However the report goes on to state that the number of rental transactions for condominium apartments increased at an even great rate of 29 percent. Demand is outstripping supply. Furthermore rental prices for popular one bedrooms have increased by 2.1 percent and 2.6 percent respectively compared to the last four months in 2009. Much like the resale housing market the condo rental market is also tightening, not contracting .

According to Realnet data a shrinking supply coupled with an increasing demand points to a shortage of new homes in the GTA’s future. Realnet projects the strain is expected to emerge in 2011 and full be manifested by 2014. It is projected that based on the current levels of immigration into Toronto between 130,000 -140,000 annually, the GTA will need to create 40,000 new homes per year just to keep up with current immigration levels ….. something to think about for sure.

The next time you read or hear the next person claiming the market is about to crash ……. think again !

Or for that matter simply just start thinking !!

October Wealth Tip

October 19, 2010 by  
Filed under Events

Do you know what your Net Worth is?! If not, you should! This month’s tip is focusing on getting organized so that you know what your net worth is on a daily basis! So if somebody stopped you and asked you on the street, “hey buddy! What’s your net worth?”, you would be able to answer right away.

Self Control…does it Exist Anymore?

October 9, 2010 by  
Filed under Budgeting, Featured Posts

I consider myself a pretty disciplined person. I’m focused, fairly organized, I chose how I want to live each day and what I want to achieve. I have a profitable business, I give back to my community, I’m reasonably healthy compared to the ‘average Joe’ but yet I still get myself into debt! How does this happen?!
Personally I’m obsessed with paying off my credit card every month. Granted, some months are easier to pay off than others, but it got me thinking…where is the self control? Does it exist anymore? What has happened to the day of old when people saved in advance for things that they wanted? Clearly, I’m the type that wants something and figures out a way to pay it back afterwards. Are we all like this now? Credit card statistics would say “YES”. A study conducted by the Vanier Institute of Canada found that household debt has doubled from $46K in 1990 to $86K in 2009, 85% of that increase attributed to credit card debt.
Where has the debt come from? It seems to be a combination of rising living costs, lack of budgeting, and excessive spending. Then when a blip happens in our life like unemployment, car repairs, or health issues, we’re not prepared and we use our credit cards to solve the problem…momentarily. Alright, so it’s obvious that better budgeting, living within our means, and planning for a rainy day is mandatory for staying out of debt but what about “will power”?! How do we get more of that characteristic that our grandparents seemed to have?
I did a little digging and according to Joseph Ferrari, acclaimed psychology professor at DePaul University in Chicago, you can have the skills to reach our goals but if you’re ignoring them you have to examine why. Apparently, just being aware of the temptations that you are going to face is the first step. Then simply making a choice in advance not to ‘give in’ to temptation and knowing what you are going to say to yourself is a second step. This technique creates a calming effect and will lesson our urgency to make a choice, which is usually a bad choice.
For me, vision boards work. Yes, many of you out there will think this is silly but they work! When I can see my goals in colour, feel how excited I am going to be to reach my goals, and what life is going to be like when I get there, it’s easier for me to turn down a new cozy sweater or expensive dinner with friends. I also try to keep my vision board semi-realistic and have some images of things that I can attain in 6 months or a year, instead of 5 years from now. My brain doesn’t work well when I am thinking years down the road.

Don’t have time to use Social Media tools to grow your business?

September 17, 2010 by  
Filed under Events

Webinar Date: Wed, Oct 20th
Time: 8pm to 9pm
Register your spot at: Click here!

Think twice!
Social Media is all the buzz these days and there isn’t a day that passes where we’re not exposed to a headline about the power of Google, Facebook, Twitter and Linkedin! There’s certainly no lack of excitement.

But after ‘playing’ with some of these ‘rock star’ status social friendly sites, some of us have realized quickly that it can also become our number one time waster! In fact, the question isn’t anymore if Word of Mouth marketing or Social Media works, but rather ‘How can we leveraging these tools effectively in the least amount of time’ to grow our business or our personal brand.

Join expert WOM (word of mouth) guru and Social Media evangelist Christian Dion, as he takes you through a non-hyped approach to leveraging WOM and online Social Media tools to grow your brand (hint: we all have one!) and boost your income in just 30min per day!

HST and its Impact on the Ontario Real Estate Market

One of the most common questions I get asked is about the New HST tax and its impact on the real estate market in Ontario. This law is very new and many people are still unsure of its ramifications on the industry. A lot of industry experts are unclear, on what the legislation actually entails. If lawyers and accountants have only a vague understanding of the new Tax, imagine how confused the average Ontario resident must be.

According to a recent survey by Royal Lepage, most home buyers believe that HST applies to the sale price of resale properties. The survey goes on to show that this misconception is impacting buyer behavior, which has been a driving force in the recent slowdown on the market place.

So Exactly how does the new HST impact the Ontario Real estate Market?
There is no HST on resale properties. HST is only levied on preconstruction homes. HST will not be applicable to new homes costing under 400,000. For New homes costing between 400,000 to 500,000 home buyers in Ontario will receive rebates up to $24,000 to lessen the impact of the HST. For homebuyers purchasing homes over $500,000, they will have to bare the full brunt of the HST Tax . It is estimated that this will increase the purchase price of homes over 500,000 by as much as $30,000- $50,000.

The ramifications for purchasers of preconstruction homes who are investors and not end users is a little more complicated. If you claim that you are an investor who will not reside on the premises, HST will be applicable, but credits may be offered for up to 75%. If you are considering buying a pre construction property as an investment it is best to consult with an expert as to how the tax can effect your purchase.
While resale purchases are HST exempt it is estimated that the new tax will will add an additional $2,000 in closing costs to consumers on resale properties .

While maintenance fees, energy cost and closing costs will inevitably rise, the increased costs are significant but not dramatic. It is estimated by the Minister of Finance for Ontario that only 7% of preconstruction homes bought in Ontario are over 500,000.

The jury is still out on HST and the damage that it may or may not have done to the Toronto Real Estate Market. I think the damage has been more psychological, as the tax has left many consumers confused and scared. In my opinion the impact will be short term, and things should flatten out this fall and begin to rise again by next spring. Canada and Toronto have still way too much going for it for the politicians to mess it up.

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