Money Management

How to live your best financial life

“The very first, most important thing: live within your means. As Charles Dickens wrote, “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” Protect your finances from catastrophic health events. Buy term insurance when you are young and have mortgages…

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Also posted in All Columns, Insurance Columns |

The battle of the heavyweights

“The bottom line is that RRSPs and TFSAs are both great planning tools, but neither is intrinsically superior to the other. Which one is right for you will be determined by your objectives and your personal circumstances, including; what do you want to use the money for, when do you want to use the money,…

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Also posted in All Columns, Income Tax Planning |

How to spot an investment fraud

“Every year millions of dollars are lost to fraud in the province of British Columbia. It is probable, sooner or later, that somebody is going to try to rip you off. It might come as an email from someone you have never heard from, but it might also come over coffee from someone you know.”…

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Also posted in All Columns, Investment Management |

No such thing as free lunch

“Even before 2020, our federal and provincial governments have been spending a lot of money. And I mean a lot. Then the pandemic economic response spending started, and the taps have been wide open.” Brad Brain_ No such thing as free lunch _ Alaska Highway News

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Reckless debt is like playing with fire

“The use of debt is also simultaneously a wonderful and a terrible thing. And, like fire, it needs to be extinguished once it has served its purpose. The proper use of debt allows you to do what you want if life. Reckless use of debt, however, can bankrupt you.” Brad Brain_ Reckless debt is like…

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New COVID-19 resources for recovery

“The newest addition is the BC Recovery Benefit. One of the NDP election promises was to provide cash to British Columbians, and now we know what that looks like. The BC Recovery Benefit is a special one-time payment to eligible adults who live in BC. It will provide up to $1,000 to families and up…

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How much should I be saving?

“To prepare for the future, let’s start the conversation with saving 10% of your income for future consumption. In other words, if you are making $100,000 a year, you should be thinking about saving $10,000 a year. (…) I know that level of savings may sound unrealistic, but trust me on this. For most people,…

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The Number One Secret to Financial Success

I have been a professional financial planner for a quarter century. When it comes to retirement income, there has always been the fear of finding out you aren’t going to have enough, and now it’s too late to do anything about it. But the challenges we are dealing with now seem only to exacerbate that…

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The pain of loss

The pain of loss is real, and it is acute, and it lingers. And, importantly, it affects how you make money decisions. It’s just one of the ways that emotional decision making can result in irrational decisions. Brad Brain_ The pain of loss _ Alaska Highway News

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Homeowners, and those who want to be, take note

“While many homeowners were content with their interest rates around 3%, there is now a huge opportunity to refinance your current mortgage and save thousands of dollars in the remaining years of your term. In most cases, the penalty can be capitalized into the new mortgage, and your savings starts to accumulate. Many clients are…

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