Foreign demand for Alberta’s natural resources contributed to our current situation. Even THUT Accounting became too specialized in providing accounting to oil-field related businesses, leaving out the other sectors of the economy because of apathy.
Canada’s abundance of natural resources has interesting side effects. The trickle down of wealth erodes productivity and created a nation dependent on Alberta.
Adaptability and productivity stay low while increasing costs, inflation, and unemployment.
Even if you don’t work directly for the oil-sector, you may be adversely affected if:
- an increase in your mortgage rate would hurt your finances
- your mortgage is more than 2.5-4 times your gross annual household income depending on how much you put down
- you don’t have any real skills and think you can succeed in business
7 Swiss Tricks to 7 Figures!
The future will belong to:
- People who are the best at what they do through 90% doing & 10% learning. Hone useful skills that allow you to deliver a service/product that people want and you can create opportunity regardless of the economic environment. Switzerland’s strong apprenticeship system has made it the most competitive country 7 years in a row.
- People with money. Strive to save 90% of your income. Keep 90% of the above in investments and 10% cash. Don’t take this the wrong way, I don’t mean downsize your life. Instead, maximize your income so you are happy living on the other 10%. Follow metrics when buying a home. Buy your car using metrics for yourself and not prestige for others. 12.7% of Switzerland’s population has a net worth over $1M vs. 1.4% in Canada.
- People who leverage technology. Online is the only path to scalability. Switzerland has no resources but is ranked as the world’s most innovative country.
Paretoprinzip: Maximize the results by minimizing the stuff that don’t count:
- Don’t check your e-mail more than 3 times a day.
- Stop watching TV, surfing the net, playing video games, and taking unnecessary vacations. Make your own life great instead of engaging in escapism. The Swiss love outdoor adventure sport. Make your life so good you don’t need a vacation. The only legitimate reason someone who is not financial independent should take a vacation is to visit family overseas.
- Trim your contact list – cut the complainers because chances are they already lost.
Switzerland has no natural resources, covered by inhabitable alps and can fit in between Edmonton and Calgary! Canada has 20% of the world’s fresh water but a Swiss company is the largest water brand in the world.