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Teaching kids about money
“Teaching your kids about money is one of the important jobs that a parent has. But that is easier said than done. For one thing, there is the money taboo. A lot of people just are not comfortable talking about money with their kids. But the money conversation is like the birds-and-bees conversation. Sure, it…
Also posted in Money Management
Why your kid needs an RESP
“Recently I saw the results of a study done by Canada Life, and the results surprised me. The study found that 92% of Canadian parents know that Registered Education Savings Plans exist, but only 49% are taking advantage of them. The surprise was not that so few people get in on the action. I already knew that…
Also posted in Education Funding
Taking things for granted can cause chaos for your finances
“People take things for granted all the time. They may assume that things will stay the way that they are now. Or they may assume that the future will meet their expectations. And sometimes these kinds of assumptions will work out fine. That is, as long as things actually stay as they are, or the…
Also posted in Money Management
Disability insurance is the most important part of a complete financial plan
“Think about it. Virtually all the things you are working toward – retirement, a real estate purchase, paying off debt, a family vacation, a new vehicle, whatever – rely on your ability to earn income. Take away that ability to earn income and you will see how quickly your priorities change.” Smart Money_ Disability insurance…
Also posted in Insurance Columns
If I was Prime Minister
“It’s election time, and the political promises are thick. This has me thinking what I would do if I was the Prime Minister. Bearing in mind that I am not running for office, and I am not letting pragmatism get in the way of this column, including costing any of this out. I am not…
Also posted in Planning Encyclopedia
What does a financial planner do?
“I get it that financial planning might seem dull and unexciting to some. And I am not saying that you need to care about my own financial planning practice. But you should care about your own financial planning. Part of the issue is that a lot of people don’t really know what a financial planner…
Also posted in Planning Encyclopedia
Are you using your group benefits properly?
“Your group benefits booklet is your instruction manual for what your employer is offering to do for you. Now, I get it that some people don’t like reading instruction manuals, but the consequence of not reading this instruction manual is that you could be leaving free money on the table. And who doesn’t like free…
Also posted in Insurance Columns
It’s not what you make, it’s what you keep
“The question is not, ‘Can I grow money outside of an insurance policy?’; Or, ‘Will there be short-term volatility in the equity markets?’’; Or even, ‘Do I need more earned income in the current tax year?’ The real question is: ‘Am I doing what I need to in order to meet my objectives?’ It’s not what…
Also posted in Income Tax Planning
Do you have enough to retire?
“A recent study by Aon found that the average Canadian needs to accumulate 10.9 times their final pay to maintain their income in retirement. In other words, if you are making $100,000 when you retire, you are going to need $1,090,000 in savings going into retirement or you risk running out of money in your lifetime….
Also posted in Retirement Planning
Using leverage to help reach your financial objectives
“Used wisely, leverage can help you reach your financial objectives. But you do want to make sure the idea fits your situation, and that you understand the entirety of the strategy, including what could be daunting levels of risk. Certainly, you can cut a lot of wood in a short period of time with a…
Also posted in Investment Management, Risk Management
