Financial power plays: Money lessons from NHL stars + MORE May 7th

Stewart Gavin
Age: 55
NHL career: 1980 to 1993
Position: Left wing
Teams: Toronto Maple Leafs, HartfordWhalers and Minnesota North Stars
Where he is now: Wealth manager, Gavin Management Group, Toronto
“Never underestimate the importance of a financial plan. I make one for every client”

I learned some life lessons from managing money that I hope will help others too. First, it’s key to understand your objectives. It doesn’t really matter if an index fund is up or down. What matters is how it relates to your own short-term or long-term goals. It’s also important to diversify your investments. That means not trying to hit a home run with one hot stock. A well-diversified portfolio for the long haul is best for most investors.
It also pays to keep an eye on your advisor. If he says he’s going to do something for you, make sure he does it. Follow up and monitor his decisions. It will get you better investment results.
Never underestimate the importance of a financial plan…

Looks to boost stock price as first-quarter earnings rise to $104.4-million; hires advisers to help sell stake in toll road Highway 407

Bombardier Inc. says it will set up its rail division as a separate publicly traded company, while retaining majority ownership.

MoneySense asked four former NHL stars to share personal stories about their millions: how they saved it, how they squandered it, and how they finally won the wealth game.
Darryl Sittler
“Value investing helped turn my paycheque into true financial independence”
Read more…

Stewart Gavin
“Never underestimate the importance of a financial plan. I make one for every client”
Read more…

Rob Zamuner
“I teach 25-year-old hockey stars how to handle their sudden fortunes—before it’s too late”
Read more…

Derek Sanderson
“I learned tough lessons from wasting millions on booze and drugs. Now I manage money for other hockey players”
Read more…
.cb-in-article-promo-slot {font-family:Arial,Helvetica,sans-serif;padding:1em;background:#eee;margin:1.8em 0;} a .cb-in-article-promo-slot {color:#444;}

Download NextIssue today to get MoneySense on your tablet—along with Bloomberg, Fast Company, Maclean’s and 100+ more of the world’s best magazines—all for one low price! Start your 30-day free trial right now!

The post Financial power plays: Money lessons from NHL stars appeared first on MoneySense.

CALGARY – The minister in charge of resource development in the Northwest Territories says he’s hoping the federal permit to build the long-dormant Mackenzie Gas Project will be extended.
David Ramsay, the territory’s minister of industry, tourism and investment, says it would be a shame for all the work that went into the years-long regulatory process to go to waste.
When the proposed natural gas pipeline got its Certificate of Public Convenience and Necessity in 2011, proponents were given until the end of 2015 to start construction.
The project would connect natural gas fields near the coast of the Beaufort Sea to southern markets via a 1,200-kilometre pipeline.
But the initial economic rationale for that project has changed dramatically with the advent of natural gas fracking in shale formations in Canada and the United States.
Ramsay says he’s hopeful gas from the Northwest Territories could be fed to a liquefied natural gas terminal Imperial Oil (TSX:IMO) and its U…