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stouffville suntribune thursday feb 8 2007 15 sskwfe pay yourself firs what does that mean h i hinglikeus tlie first heard the phrase pay yourself first followed by even before you pay your creditors you wouldnt have been able to wrap your head around it however i began to understand what many authors such as david bacn the automatic millionaire and david chilton the wealthy barber are saying they arent encouraging eeople to not pay their bills ut rather to pay themselves first and pay their bills with what is left over seems sim ple enough right the underlying concept of pay yourself first is to take 10 of your pretax income and invest that for the long term you can accomplish this through your rrsps or numerous other investment vehicles when you invest 1000 in your rrsp you can use this amount as a deduction against your annual income not only are you not paying tax on that 1000 invest ment but the interest you earn on that money is also not mcurring any tax gains albert einstein once said that the power of time and compound interest should be the eighth wonder of the world you may be asking what that has to do with you and with good reason well if we were to use the median age of a stouffville resident 39 according to the 2001 census ana assume that 10 of the median income 4404 is invested per year into an rrsp what would be the total value of your rrsp in this case you will invest 114504 out of pocket by the age of 65 but your rrsp balance would be equal to 352119 we are confident that the key to wealth is not trying to do big things once in a while but rather to focus on doing little things consis tently we have personally seen that the people who simply start doing some thing are the people who reap the most rewards a good mend of mine once told me the smallest deed is bigger than the largest intention and he couldnt have been more right chris karram is a finan cial consultant with safebridge financial group greg holohan is an investment executive with scotiamcleod chris and greg specialize in unique investment insurance and retirement strategies and have provided financial solutions for many families in the markhamstoufjville area chris can be reached at 4164665858 or chrissafebridgefinancial co m and greg can be reached at 9054798238 or gregholohanscotiam- cleod com scotiamcleod is a division of scotia capital inc member cipf tax time a special tax investment page published weekly in the stouffville sun- tribune contact your sales repre sentative for more details ready to find money where you least expect it the tradespersons tools expenses credit is just one of the changes to the canadian tax laws that you should know about weve been helping canadians maximize their tax refunds for over 40 years please call or come by today reuniting canadians with their money- hr block 6188 main st stouffville ont 9056422927 6402612 r stouffville suntnbune efile tax returns from zero to refund in 10 days v in -v- y 7 lynn broughton ldb business services ringwood drive unit 25 stouffville can 0056401 146i fax 9056401 156 or a iomfidehtial professional depend income tax service committed to reducing the income taxes that you pay 7o10 monthly income f rate iikiiieirife capital secured call today for more information greg holohan investment executive 9054798238 675 cochrane dr suite 1 15 markham on l3r 0b8 safebridge financial group u0ftt6ac insvhanci wvcstuckts returns will differ depending on age sex tax bracket health smoking status and prevailing interest rates when discussing life insurance products scotiamcleod advisors are acting as life underwriters representing scotiamcleod financial services ontario inc scotiamcleod financial services ontario inc is an insurance subsidiary of scotia capital inc a member of the scotiabank group for the purposes of the ad insurance products will be sold through scotiamcleod financial services ontario inc andor safebridge financial group trademark used under authorization and control of 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