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Never too early to start retirement savings n today‘s business world, ‘ your success depends in M large measure on how well you manage your payables and receivables on a weekly, monthly, and annual basis. After all, money is the life blood of your company. You can‘t afford to be too tightâ€"fisted about payments or too casual about collecting without risking everything your business is built upon. The experts have advice for any person who wants to ensure that money never becomes a problem. Whether you are selling products or services, here are five things to keep in mind. 1 Define and respect the terms. Before you close a sale or authorize a purchase, define what the payment terms will be. 30 days? 45 days? 60 days? Is there a discount for fast payment? What about interest charges or other penalties for late payment? Make sure that both you, and the other party to the transaction, understand the payment terms and agree to everything in writing in advance. This will prevent conflicts later on. 2 Keep accurate records. With a simple recordingâ€" keeping system for your payables and receivables, you will know at all times who you owe money to and who owes you money. This will make your financial affairs easier. You can saving for retirement? The sooner the better. retirement, â€" they often become more focused on investments and financial planning issues. A common feeling is they wish they had started to save regularly at a much earlier age. To illustrate the wisdom of starting to save sooner rather than later, we will consider a fictitious Oakville resident at four different stages of life. The challenge will be the same; to build a retirement nest egg of $1â€" million. We will assume that the money will grow at the rate of 10% per year. The first stage to consider will be the young age of 21. It would be safe to assume that retirement planning will be the farthest thing from that person‘s mind. However, the arithmetic of starting to save at a young age is quite As individuals hen is the best time to â€"start for keep â€"records compelling. If $106 was saved on a monthly basis, the investment would grow to $1â€"million at age 65. That is a small saving rate of approximately $3.50 per day. The chance of someone starting to save at such a young age is fairly low so we will now take another look at a potential saving plan at the ripe old age of 30. Now that nine years have slipped DONALD PLOUFFE LTD. REALTOR REDUCED to $174,900. Burlington‘s Aldershot area. 3 Bedroom brick bungalow w/fireplace, eatâ€"in kitchen, CENTRAL AIR, CENTRAL VAC, 2 baths, appliances. Inâ€"law setâ€"up in finished basement. Call ROLLY VEILLEUX (Assoc. Broker) 632â€"5940. manually or by computer, provided that every invoice number, amount, and date is fully recorded. It is also a good idea to keep a copy of all invoices for your files. 3 Follow up. Never be shy about calling your customer‘s controller or accounts payable person to inquire about an invoice that is past due. Anything could have happened © 1994 ArtPress International Gordon Pape is a financial author and broadcaster. On the Money provides general informaâ€" tion on money management. For specific advice, consult an appropriate financial professional If you‘re considering buying a stock, be sure to ask what market it‘s traded on before placing an order â€" some are more strictly regulated than others. Exchanges will look at such factors as comâ€" pany size, manageâ€" ment style and trading history, if it‘s been listed elsewhere. Know your stock exchanges All exchanges will send you information on how they operate. Contact them directly PAPE‘S TIP: "The exchange where a stock is traded may be a tipâ€"off on how speculative the investment is." Be wary of shares in a company not traded anywhere publicly . They‘re likely to be difficult to sell. by, the savings rate will have to be increased to $263 per month. Ten years later at age 40, our individual is starting to run out of time. If a regular saving‘s program has not started by now, then the dream of a fi n a ncially c o m forta ble retirement could become an illusion. The saving rate that a 40 year old must â€" have _ to achieve the $1â€" Toronto: Dean of Canadian stock markets. All major publicly traded companies listed. TSE 300 is Canada‘s most watched index. § Montreal: Shadow of its former self. Specializes in Quebecâ€"based companies and derivatives, e.g. options. Vancouver: Most controversial Canadian exchange, subject of many reviews. Specialâ€" izes in junior companies looking for financing. Home of the traditional penny stock. j Alberta: Smallest of the group. Specializes in junior/intermediate oil and gas companies, but you‘ll also find other startâ€"up companies. [_] Canadian Dealing Network: Small, computerâ€" based; trades companies with no formal listing. § NASDAQ: The major U.S. overâ€"theâ€"counter market; computerâ€"based. New York: Home of widely watched Dowâ€"Jones Industrial Average of 30 blueâ€"chip stocks. Pacesetter for other North American markets. Individual stocks may be more or less speculative than the general exchange rating. Check with broker. Less speculative W § [_] More speculative to cause the delay and you have both the right and the responsibility to be concerned. If you are told that the invoice was lost or that there was some other procedural problem with the billing, offer to send a copy of the invoice by fax or prepare a revised invoice. Conversely, be understanding if a supplier calls to ask when payment will be forthcoming. million target will have to be $754 per month. That is a little more than $9,000 per year. It should be a warning that if you don‘t start to save soon, the savings rate will, at some point, be out of reach. Finally, we will consider the age of 50 and time has started to become a problem. Now the amount of money that must be saved monthly is $2,400 or close to $29,000 per year. These figures have . probably Campbellville Realty Inc. 90 Main St. N. (905) 854â€"2294 _ 4 Countrywide CHARACTER HOME $239,900 4004 15th Sideroad Sylvia Bursey. â€" Florence Walter Broker/Owner _ _ Sales Rep. Directions: 401 West to Guelph Line North SAT., JULY 9 AND SUN., JULY 10 2:00 PM â€" 4:00 PM resulted in two thoughts. First, the earlier you start to save for retirement, the better off you will be. The second thought might be that you don‘t need $1â€"million at retirement _ and, therefore, the numbers that have been used in the example do not apply to you. We will try to answer the important question of how much money you need to retire in next week‘s column. See you CoUunTRY BUNGALOW $279,900 1285 15th S.R. (Left off Guelph Line Tell the truth and if you need more time to process payment, ask for it. Most often, your suppliers will be patient and give you the time you need. 4 Get out from behind the desk. The biggest mistake you can make is to assume that all your payments and collections can be managed via faxes, letters. or phone calls. Often, visiting the customer or supplier is the only way to address a problem and to ensure that things get straightened out, and a new understanding can be reached so that similar problems do not arise in the future. Even if the difficulty is such that future business with this individual is no longer possible, you will still make a better impression and appear more professional if you take the trouble to talk it out in person. 5 Observe the Golden Rule. Except when dealing with the most extreme example of an irresponsible supplier or a delinquent payer, keep your anger and frustration in check. Raising your voice or pointing an accusing finger contributes nothing to the situation other than to put the other person on the defensive. Experience teaches that the best bet is always to "Do unto others as you would have them do unto you." This attitude is the cornerstone of good financial management. This article first appeared in Profits â€" a publication of the Federal Business Development Bank. Peter Watson, MBA, CFP, RFP is the president of Peter Watson Investments Limited â€" an Oakville firm specializing in retirement planning, RRSPs, and investment planning. He can be reached at 842â€"7602. then. Eomm Excellert Sevice g78â€"8101 ROYAL LePAGE Competitive Rates 355 yain st. mitton Pm royor Lerpage Real Estate Services Ltd. _ *sass Representae Exquisite Homeâ€" Exclusive Enclave, 71 ft. lot, treed greenbelt. You won‘t be disappointed! Countrywide Town Centre Realty Inc. 280 North Service Road West 1035 MASTERS GREEN GAIL MOREAU, Sales Rep., 338â€"6550 Reduced to $199,000. Soughtâ€"after Glen Abbey Arboretum. Lovely, upgraded 1449 s f. corner suite. Neutral tones with lake views. Now‘s your chance. Don‘t miss out. SS 11 ROYAL LEPAGE Royal LePage Real Estate Services Ltd., Broker Royal LePage Real Estate Services Ltd., Broker Stationmaster Lane 161 Mississauga St. 4 bedooms, move in condition 4+1 bedrooms, Bronte. Sales Representative Bus: (905) 338â€"3737