financial strategy

Needs vs Wants

There are things you need to live a healthy life, like a place to live and food to eat. There are also things that you'd like, such as a warm vacation or new ski boots. It's possible to have it all, but not all at once. If you can't afford to pay your bills for necessities like rent/mortgage, groceries, and utilities, you're not ready to soak up the sun on a sandy beach.

Financial Success Simplified: Introduction

The purpose of this series is to educate consumers on some simple principles that will take the mystery out of the often-complex world of managing one’s financial affairs. The first distinction is to realize there are only seven key variables that can be managed in creating your financial future and wealth. These variables are:

I Want it All and I Want it Now

 I Want it All and I Want it Now

The neighbors have a shiny new sport utility vehicle to tow their travel trailer. They take a two-week tropical vacation every winter. Their family room is equipped with the latest large screen TV and surround sound stereo system. Many people believe this is a sign of wealth. In fact, this is usually a sign of consumption.

More often than not, the above lifestyle is funded with huge amounts of debt.

Now is the Time to be Especially Wary

Now is the Time to be Especially Wary

Uncertain economic times and rising rates of unemployment often create a new breed of desperate people. Some turn to frauds and scams as a way out of their troubles. Others become more susceptible to schemes promising to help but, instead, getting bilked out of their dwindling cash reserves. Challenging times tend to bring more frauds and scams out of the woodwork.

These Financial Mistakes Can Cost You

Some financial decisions are made without enough thought given to the long term consequences. TIME – a critical element for any successful long-term financial strategy – can affect different situations quite dramatically. Here are some financial mistakes you should try to avoid:

Mortgage amortized too long:

With lenders offering 30 year amortization periods, it may look attractive to go with a smaller monthly payment to get into a larger house, but the extra interest charges only benefit the lender.

A Fresh Look at RRSPs vs. TFSAs

A Fresh Look at RRSPs vs. TFSAs

The Tax-Free Savings Account (TFSA) contribution limit has increased to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. TFSAs are now a serious portfolio and investment planning alternative to making RRSP contributions. So, which is better you ask? Well, it depends…

Lessons Learned from the Wealthy

Most people want to be wealthy, or at least financially independent. The sad truth is that very few people are financially independent when they reach retirement. The rest are dependent to some extent on others or government benefits for their daily money needs.

Far too many people today live a lifestyle that is under a mountain of consumer debt. In many cases, that debt follows them into retirement. There are simple strategies to achieve financial independence; however, they may not necessarily be easy to follow.

Five Pillars of Financial Literacy

November is financial literacy month - a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their important financial goals. These key pillars of financial literacy typically include the following:

Revisiting Your Financial Plan

The hits keep coming! With the recently concluded Federal election essentially changing nothing in Ottawa, there is little doubt that annual spending deficits will probably continue to reach new levels. Along with this renewed deficit spending Canadians can expect to see higher consumer prices as various economic disruptions continue to impact Canada and other nations around the globe.

The Power of You

The key financial planning lesson that Covid-19 has taught us all, is that no matter how many planning scenarios a person considers, it is extremely difficult to get it perfectly right!

Covid has impacted Canadians' ability to hold, build and keep cash reserves. For many, it has affected their ability to work and earn a living, and for many small business owners, it has threatened their very survival. No matter how much planning small business owners did before the pandemic hit, very few set aside enough capital reserves for 12 months or more.

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