#THREAD - #Business and #Pleasure in the money and investment sphere.
As humans, we need to learn to distinguish between what is business and what is pleasure.
#2 For example, we need to understand if we're saving for a holiday (pleasure) or for retirement (business). This distinction will help us balance our world.
#3 We need to know if we're buying a property for business (rental/investment) or for pleasure (primary residence). If we mix these, the tax and deduction calculations could become a nightmare and muddy your returns - because you paid loads of instalments from your own pocket.
#4 When you're buying a coffee at a coffee shop - are you doing it for business or pleasure? Are you doing this as a business meeting where you will learn about investing or as a casual chat? Business coffees are tax-deductible!
#5 When you invest in a TFSA, this is business (for retirement), but when you have a 32 day notice account, this is for pleasure (a holiday, emergency fund, new shoes, nyaope).
#6 Though RA's are for business, it's worth noting that you're paying for the pleasure of other people due to high fees and often lowish returns.
#7 When doing business, you need to check the calculations and make sure you're not getting ripped off.
When doing pleasure, who cares as long as you enjoy it?!
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