There are several factors that contribute to making the road to riches more difficult for women, one of them being the gender pay gap. Overall, women working full-time earn 83 cents for every $1 that men working full-time earn, and the gap is wider for women of color, a TIAA study found.
Yet, there are several moves women can take to help them become millionaires — and several self-made millionaires shared which ones contributed to their success with GOBankingRates.
Real Estate as a Cornerstone To an Investment Strategy
Brenda Christensen — CEO at Stellar Public Relations and a female self-made millionaire — said she found that real estate has been a cornerstone of her investment strategy.
She shared a few actionable tips which have worked for her. For starters, she said to invest in value add properties.
“Focus on properties that you can improve or renovate. This approach allows you to increase the property’s value and sell it for a profit. The process of buying, upgrading, and selling can be very rewarding and profitable,” she said.
Then, she also strongly recommended that you understand the market and conduct thorough research to understand the real estate market trends, especially in areas where you plan to invest.
For instance, she said to look for properties in neighborhoods poised for future growth.
Christensen also suggested looking at tax benefits — one of the key advantages of real estate investing. She said you can take advantage of capital gains tax exemptions when you sell a property at a profit, especially if it’s your primary residence for a certain period.
“By focusing on improving properties and staying informed about the market, you can make smart investment decisions that not only build wealth but also maximize the tax benefits available in real estate,” she said.
As for her own journey, Christensen invested in luxury real estate in the SoCal area, primarily beach properties.
“For example, I purchased a large home near the ocean just north of Malibu at a bargain rate — $440,000 — and did some light renovation,” she said. “I sold it two years later for nearly double the price — $775,000 — and just under the capital gains tax.” She said she then took the proceeds and purchased another home in the Malibu foothills for another below-market rate ($400,000) and flipped it a year later for $750,000.
Control Your Retirement
Taylor Bradford — a seven-figure entrepreneur, owner of Sugar Creek Event Rentals and Boss Girl Creative — said that for her, it all started as a way to have some control over her retirement. More particularly, a path that was not stock market-dependent.
“We chose to start investing in income-producing property as soon as we could. Not only do you have someone else paying the mortgage, but you stand to have a little mailbox money each month as well,” she said. “Once the mortgage is paid — I highly recommend 10-15 year mortgages on your income-producing properties — that monthly income becomes yours, minus taxes and insurance. You can create a solid little nest egg for yourself as an entrepreneur.”
The way she went about it is by buying a duplex when was 23 years old, then moved into one side — with a tenant residing in the other side.
“We lived rent-free and only had to pay our utilities,” she said, adding that she highly recommends starting in the town you live in.
“It’s helpful to know your town — that gives you an advantage of knowing the market, knowing the schools, and knowing where people shop. I also highly recommend purchasing an investment property you would actually live in yourself. If it’s not good enough for you, don’t buy it,” she said.
Use Your Gains To Launch a Business
Jaime Raskulinecz — founder and CEO of Next Generation Services, Next Generation Trust Company, Rainbow Property Management and a self-made millionaire — also said that her wealth building journey began with real estate investments.
“Then, becoming a business owner was key to building my wealth,” she explained. “As that progressed, I began making non-publicly traded investments with my retirement plan, such as private equity along with having a wealth manager to manage all my traditional investments at a brokerage firm.”
Her journey started when she bought her first property — a two-family house — and the rent helped pay for the mortgage.
“I later bought another two-family house as well as two rental condos on Cape Cod,” she said, adding that these — combined with her savings — allowed her to buy her current primary residence while renting out the other properties.
Then, she started a property management company in 1994. In 2004, she started a third-party administration company specializing in self-directed IRAs. Finally, in 2017, she started a trust company to act as custodian for all the retirement account assets.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
