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Investing vs. Mortgage Debt Reduction – Pros and Cons

There is a debate that rages on in the world of Canadian finance regarding what the best path is for the public to achieve their highest individual net worth possible. With assets the way they are, this seems to come down to whether to pay off mortgages, or to invest in their RRSP funds and other mortgage investment corporation outlets. The traditional mode of thinking that many people follow states the following: it's better to get out of debt and pay off what is already owed, including the mortgage, before investing in other endeavors.

Pay-For-Performance
Still facing the realities of this recession? Contemplating laying-off employees while knowing that doing so will further hurt the business? Using pay-for-performance plans may just save your employees and better position your business for the recovery when it finally arrives.

Are you fishing or hoping for a free boat ride?

This morning Joanne and I were talking to some locals on a tiny island where we’re hanging out for a few days. We saw a fishing boat come in right after a pretty violent storm. There were probably 20 guys hanging around the edges of this very small boat. No one is paid for their services – they all fish and keep track of their catch. Typically, they pay the captain and owner of the boat 2 pounds of fish per day for the privilege of fishing from his boat.

Paying Oneself As An Entrepreneur
Many business owners are under the impression that they can take money out of their businesses as soon as their doors open. This is not good financial management. There is a point that rewards can be realized, you just have to know where that point is.

Why Rewards Cause Problems #1: Pay is Not a Motivator
Many managers try to motivate people by giving the reward of more money. This is not the best way to increase motivation. This article explains some of the logic behind the conundrum.

Why Rewards Cause Problems #2: Rewards Can Punish
It seems wrong to say it, but rewards actually sometimes feel like punishment. Managers need to be very careful how rewards are administered in order to avoid an entitlement mentality. Here is an article that explains the paradox.

Why Rewards Cause Problems #3: Rewards Rupture Relationships
It is not unusual to find a reward structure that undermines relationships between people. Often the symptoms are not recognized for a long time. Bad feelings are held under the surface until there is an eventual eruption. This article examines the relationship between rewards and relationships.

Why Rewards Cause Problems #4: Rewards Ignore Reasons
Rewards administered with a heavy hand can feel punitive because they do not take into account the reasons why performance is at a particular level. This often occurs in Performance Management circles where the remuneration is locked in to a particular level. The attached article looks into this aspect of giving rewards.

Why Rewards Cause Problems #5: Rewards Discourage Risk
Nothing can be accomplished in an organization without some level of risk. Yet often the reward structure of an organization discourages people from taking a reasonable risk, so the incentives actually impede performance. The attached article shines a light on this interesting aspect.

Why Rewards Cause Problems #6: Rewards Undermine Interest
We do things because we are interested in them, generally not to get some kind of tangible reward. Organizational reward systems often overlook the very powerful intrinsic motivators of their workers, and get only a tiny fraction of the discretionary effort that is available. The attached article gives some insight on this phenomenon.

Why Rewards Cause Problems #7: Rewards Allow the Tail to Wag the Dog
Sometimes well-intentioned reward systems take on a life of their own and become problems for the organization. They can suck up a huge amount of resources and create mountains of busy work if we do not keep them in check. This article recalls some stories from my personal experience of what happens when the tail begins to wag the dog.

I need more money but…………..

Here's a reader question - and a very common one I might add: Dan, like many of your readers/ listeners, I stuck am in a rut. My employer is rearranging schedules and cutting back on pay. I’m earning less than almost anyone I know here and now that's about to be cut back. I know I can do more, but I've been doing the same thing for so long I don't know what my skills are or where to start. I don't even know what my passions are. How can I figure out what is my true calling is?

The Incompetent Interviewer
If you've been job hunting lately, chances are strong you've run into an incompetent interviewer. My experience is that many people responsible for interviewing see it as a necessary evil. It's not what they want to do so it's something to get over quickly so they can go back to what it is they do well. Don't assume you will be meeting with a polished interviewer.


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