Thomas B. Hurley - Personal Money Management: Methods for Self-Improvement

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Personal Money Management: Methods of Self-Improvement

www.PersonalMoneyManagement.club

Copyright 2020 Thomas Hurley

ISBN: 978-1-77277-360-6
eISBN: 978-1-7727736-5-1

All rights reserved. No portion of this book may be reproduced mechanically, electronically, or by any other means, including photocopying, without permission of the publisher or author except in the case of brief quotations embodied in critical articles and reviews. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission from the publisher or author.

Limits of Liability and Disclaimer of Warranty

The author and publisher shall not be liable for your misuse of the enclosed material. This book is strictly for informational and educational purposes only.

Warning Disclaimer

The purpose of this book is to educate and entertain. The author and/or publisher do not guarantee that anyone following these techniques, suggestions, tips, ideas, or strategies will become successful. The author and/or publisher shall have neither liability nor responsibility to anyone with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this book.

Publisher
10-10-10 Publishing
Markham, ON
Canada

Printed in Canada and the United States of America

Table of Contents

Acknowledgments

Life is never a one-person event. We are dependent on one another to inspire and encourage each of us to do better than we think we can. The use of mentors, teachers and advice from others is essential as you cannot go it alone. I would like to thank all the people in my life, including teachers, managers of companies, co-workers as well as authors of the many books I have read. Some of my mentors are:

My parents Richard and Norah Hurley, who led me down the right path and instilled good work ethics. They had the foresight and courage to emigrate to the great country of Canada. Working on a small family farm was awesome even though it was hard work. We certainly learned where our food came from and how it is made. The 4H farm club taught many skills that I have used in my life.

Raymond Aaron and The Raymond Aaron Group, who have provided not only the inspiration but also the mechanics behind completing this book. What an awesome group of people they are and they opened up my eyes to the opportunities around the world and the people that are changing it.

Clayton Bye, who helped write, edit and format this book. His experience was very beneficial to the finished product. The people and the country of Canada for instilling so much pride in me and our nation. We are some of the best peacekeepers in the world. We are respected worldwide and do not have to carry guns in fear of our safety. During the pandemic that came in the first quarter of the year 2020, we had good hospitals and medical services to look after our people. All of our other services in transportation, police, fire and food were kept up in an orderly fashion.

Foreword

Thomas Hurley is the kind of guy you want to have in your corner. He understands finances because he has been in the trenches. He has also studied what hes talking about in this book, Personal Money Management. From budgeting and your own net worth statement to the intricacies of the financial marketplace, Thomas identifies the basics you need to manage your money. Why is this so important? No one, and I mean no one, will look after your money better than you willif you are armed with solid basics and an understanding of how the financial world works.

Thomas learned a lot about the financial world working with multi-millionaire Raymond Aaron in the real estate market. He has also studied that world close up and in detail. Hes still doing so.

But theres no substituting actual experience. Thomas knows that what he has written about works. It has been proven by him and a litany of others. You can take that to the bank. I make millionaires; Thomas gives you the opportunity to begin such a journey yourself, with a solid base and a plan of action.

Managing your assets and your liabilities is definitely a great place to begin wealth accumulation. Yet Thomas will take you further; hell walk you through many different ways to leverage yourself financially. This is the sign of a true teacher. Hell set your feet firmly on the ground, and then he will stretch you. Hell take you out of your comfort zone.

I cant say how much I think Thomas has given you a blueprint of the financial world, and how much he has offered the layperson that has often remained just out of his or her grasp. He wont steer you wrong.

Loral Langemeier
The Millionaire Maker

Must Read First!

This book is about the average, everyday person who was not born rich and may not even know the value of their net worth. Net worth is your assets minus your liabilities. A lot of the people in the middle class may never have figured out their net worth. Its up to the individual to look after their financial management. This book is mainly for the Canadian market but a lot of it also applies in the USA.

One of the things I know is that some form of accounting is necessary and you have to do the accounting or else someone, maybe the government, will do it for you. Most of you will have to pay taxes and the government will NOT do the best job of looking after your tax credits. I recommend that you get your income and expenses together and engage an accountant or as a minimum a bookkeeper that files income tax for you. The reason is income tax changes from year to year and the layman doesnt keep up with the changes.

One money-saving idea is to operate a small business out of your home. You need income but your expenses can exceed your income for several years and can be carried backward as well as forward. With any of these ideas you have to keep accurate records as you may be audited by the government, and you must have the documentation and preferably help to fight the government and recover all the tax that should be returned to you.

Another tax credit a lot of people miss is a disability tax credit which is available for many illnesses as well as disabilities. You have to check with a knowledgeable individual but anything that affects daily living (ADL) may have a tax credit. I have a tax credit for an ankle fused because of arthritis. The tax credit was for $6000 which gave me a return of $2000 in the year I filed. One big advantage was this credit goes on for the rest of my life and I dont have to reapply every year. Some examples of disabilities are arthritis, diabetes and mental problems as well as obvious physical impairment. Some people also qualify for disability grants which is tax-free money from the government. All of these ideas have to be applied for with the government and may be different from province to province or state to state.

Some of the things you may have to look after are your bank account, credit, investments, housing management, clothing and groceries. In todays society most people dont write the cheques that we used to write. With the use of debit cards, its more important now that one looks after their bank account balance. And this naturally leads to a discussion regarding the number one thing that affects your bank account: credit.

Chapter 1

Credit

Its essential to look after your credit, which is defined as the ability to borrow money or access goods or services with the understanding that youll pay later. So, its startling that few people know their credit score. Equifax and Trans Union are two of the companies that banks use to get your credit score. Your credit report generates a number between 300 and 900 with the higher number being better. This report also gives your payment history, length of credit and several other things that banks use. It shows the amount you can borrow as well as the amount you have borrowed and from who you have borrowed it.

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