ARE YOU LIVING BEYOND YOUR MEANS? PART 1
Do you spend time wondering where your money goes?
Do you feel that you don't have enough money?
Sometimes spending can get out of control. Bad habits can creep up without you realizing it. Those little expenses add up and turn into big ones, and
Do you spend time wondering where your money goes?
Do you feel that you don't have enough money?
Sometimes spending can get out of control. Bad habits can creep up without you realizing it. Those little expenses add up and turn into big ones, and before you know it, you're living beyond your means. Lifestyle inflation is a habit that we see develop sometimes.
If you're beginning to wonder if you're living beyond your means, we've got some examples to help you figure it out.
• You play the comparison game
• Your rent/mortgage costs are too high
• You drive a car you can't afford
• You could add money monthly to your investments for retirement, but you chose not to
• You don't use a budget, but wonder where your $ goes
• You use credit cards for emergencies and don't
save
• You put fun before important expenses or savings
• You don't prioritize insurance when you can afford it
• You make good money, but spend it all
WHAT TO DO IN YOUR 20’S THAT WILL BENEFIT YOU IN YOUR 30’S AND 40’S
WHAT TO DO IN YOUR 20’S THAT WILL BENEFIT YOU IN YOUR 30’S AND 40’S
1. Build a habit of eating healthy and exercising.
Your body will thank you….
1. Build a habit of eating healthy and exercising.
Your body will thank you years later
2. No one person has it so figured out!
So don’t stress in thinking that you must
3. Focused on communication, this skill is beneficial for everything
4. Travel. Do this as much as you can.
You will never regret it. If you can travel, do it
5. Choose who you spend your time with.
The five people you spend the most time with have the most impact on your life.
TIME TO GET ORGANIZED-Finish
FINISH UP ORGANIZING BY STORING ALL THIS NEWLY ORGANIZED INFORMATION IN A SAFE PLACE
Consider the following:
• Safety deposit box (accessible by a joint owner or executor)
• Filing cabinet
• Home safe
Now make sure to treat yourself to something for a job well done!
FINISH UP ORGANIZING BY STORING ALL THIS NEWLY ORGANIZED INFORMATION IN A SAFE PLACE
Consider the following:
• Safety deposit box (accessible by a joint owner or executor)
• Filing cabinet
• Home safe
Now make sure to treat yourself to something for a job well done!
TIME TO GET ORGANIZED-4
NEXT -
GATHER ANY ADDITIONAL INFORMATION AND CONTACT DETAILS.
• Notices of assessment for recent tax years
• Business of documents if you own or co-own a business
• Real estate deeds
NEXT -
GATHER ANY ADDITIONAL INFORMATION AND CONTACT DETAILS.
• Notices of assessment for recent tax years
• Business of documents if you own or co-own a business
• Real estate deeds
• List of jewelry, art, collectibles, and other valuables
• List of digital assets (social media accounts, data or digital files, website, subscriptions, etc.) * consider providing passwords to a trusted individual and/or executive
• Advisor
• Accountant
• Lawyer
TIME TO GET ORGANIZED-3
GETTING ORGANIZED - GATHERING YOUR INFORMATION
Start with the personal information for your immediate family members.
Also gather any legal documents
• Full legal name and birth date
• Health card number
• Driver’s license and passport number
• Blood type……….
GETTING ORGANIZED - GATHERING YOUR INFORMATION
Start with the personal information for your immediate family members.
Also gather any legal documents
• Full legal name and birth date
• Health card number
• Driver’s license and passport number
• Blood type
• Medications
• Allergies
• Health care provider contact information
• Other important contacts
• (daycare, school, specialist, in case of emergency, etc)
Also gather legal documents (continued):
• Will
• Powers of attorney (including directions on how to manage your financial, health care, and end of life decisions)
• Trusts
• Birth certificate
• Marriage certificate
• Divorce certificate
TIME TO GET ORGANIZED-2
KEEP ORGANIZING NY GATHERING YOUR FINANCIAL DOCUMENTS, BANKING, INVESTMENT AND INSURANCE INFORMATION
• Mortgage(s)
• Line of credit
• Loans
• Credit cards………..
KEEP ORGANIZING NY GATHERING YOUR FINANCIAL DOCUMENTS
KEEP ORGANIZING NY GATHERING YOUR FINANCIAL DOCUMENTS, BANKING, INVESTMENT AND INSURANCE INFORMATION
• Mortgage(s)
• Line of credit
• Loans
• Credit cards
• Safety deposit box number and key
• Non-registered accounts
• Registered Retirement Savings Plans (RRSPs)
•Registered Retirement Income Funds (RRIPs)
• Tax-Free Savings Accounts (TFSAs)
• Registered Education Savings Plans (RESPs)
• Pension accounts
• Life insurance
• Disability insurance
• Critical illness insurance
• Long-term care insurance
• Health and dental insurance
• Home and auto insurance
TIME TO GET ORGANIZED
WHY NOT START WITH YOUR IMPORTANT PERSONAL INFORMATION.
it’s a great way to make sure your loved ones know what to do in case of an emergency.
No one likes to think about it, but if something happened to you, would someone else be able to find your important documents? If you’re inquire - or worse - you’ll want a family member or an executor to be able to locate your financial and personal information, such as estate paperwork or health information, quickly and with the least amount of hassle possible.
Being prepared can help avoid potential delays or confusion during stressful times. Having important paperwork in order simplifies things for your loved ones or your executor, can help ensure that nothing gets overlooked.
The best part is that it doesn’t take much work to organize your documents. Simply creating special binders or folders and keeping it in a safe place will do the trick.
You just have to make sure you tell your loved ones or your executor where they can find it.
Stay tuned for more of this series
WHY NOT START WITH YOUR IMPORTANT PERSONAL INFORMATION.
it’s a great way to make sure your loved ones know what to do in case of emergency.
No one likes to think about it, but if something happened to you, would someone else be able to find your important documents? If you’re inquire - or worse - you’ll want a family member or an executor to be able to locate your financial and personal information, such as estate paperwork or health information, quickly and with the least amount of hassle possible.
Being prepared can help avoid potential delays or confusion during stressful times. Having important paperwork in order simplifies things for your loved ones or your executor, can help ensure that nothing gets overlooked.
The best part is that it doesn’t take much work to organize your documents. Simply creating special binders or folders and keeping it in a safe place will do the trick.
You just have to make sure you tell your loved ones or your executor where they can find it.
Stay tuned for more of this series
Estate Planning Checklist
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff that must be sorted through…..
Jodi
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered
Executor Responsibilities
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff that must be sorted through…..
Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff must be sorted through. When your Uncle Albert asked you all those years ago to be his executor, you had no idea your innocent “Sure,” would end up with you sorting through all the papers and dealing with the arguing family members.
As an executor you’ll be called upon to manage everything from funeral arrangements to paying bills, filing tax returns (yes, there could be more than one), settling the assets, and dividing up the remains to the heirs, along with advising them what’s taxable and what’s not. So, the job of executor carries important responsibilities that come with attention to detail.
Always remember if there are things you aren’t sure how to deal with, you don’t have to go it alone. Hire a professional to help you if needed, but be careful whom you choose as you want them to act according to the Will and the costs can be paid by the estate, but you don’t want the costs to eat up all remaining $ the estate has.
Jodi
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered
Bank of Mom and Dad
How you can help adult children without jeopardizing your own financial future.
With the cost of housing and education continuing to rise in Canada, it’s more difficult for younger generations to get established.
How you can help adult children without jeopardizing your own financial future.
With the cost of housing and education continuing to rise in Canada, it’s more difficult for younger generations to get established.
While average hourly earnings (adjusted for inflation) rose approximately $3 between 1977 and 2016, average housing prices have more than doubled, and significantly more than doubled in many of Canada’s cities.
The cost of a university education has almost doubled just since the early 1990s, with tuition continuing to rise significantly annually over the past decade.
It’s entirely understandable that parents want to help their children – but does helping leave parents at a disadvantage?
Some worry they will have to postpone retirement.
Sometimes you need to access your home equity instead of liquidating your savings.
If you are a homeowner and a parent who intends to help your adult children financially, there may be a better solution available to you.
Rather than dipping into your retirement savings, why not use the equity in your biggest asset – your home – to provide some financial flexibility and enable you to help fund large purchases for your children?
If you have adult children who need financial help from you, make sure that your needs are met first – or you may be the one asking for help from your children later. Unique financial solutions are available that can provide access to your home equity, and prevent you from having to liquidate other investments.
Speak to your advisor today to figure out if an all-in-one account is a suitable solution for you.
This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered
Source: https://globalnews.ca/news/3854264/boomers-gen-x-millennials-cost-of-living-canada
Time to look at what the real risk is
Interest rates are so low, maybe it’s time to look at what the real risk is.
Think Globally when it comes to investing
Think Globally when it comes to investing
It’s hard to figure out what the next hottest market will be so it’s a good idea to have a geographic mix.
It’s hard to figure out what the next hottest market will be so it’s a good idea to have a geographic mix.
- Jodi
Should I put money in a TFSA or in a RRSP?
One of the common questions we receive is “Should I put money in a TFSA or in a RRSP?” Good question and it totally depends on your unique situation.
One of the common questions we receive is “Should I put money in a TFSA or in a RRSP?” Good question and it totally depends on your unique situation. (Yes, in our office every client’s situation is unique because no two people’s finances and goals will ever be the same! Kind of like a fingerprint.)
https://mysolutionsonline.ca/solutions-videos/tfsa-or-rrsp
When in doubt call us, we will be able to help!
Jodi
𝐂𝐄 𝐂𝐫𝐞𝐝𝐢𝐭𝐬 - Have you heard of these?
CE or continuing education credits are points you earn for keeping updated in various areas of all things financial. When you are a Certified Financial Planner like me
CE or continuing education credits are points you earn for keeping updated in various areas of all things financial. When you are a Certified Financial Planner like me, then you must earn 25 of these credits each and every year. Even though sometimes I give it an eye roll, I do realize how important it is to stay up to date on the everchanging financial environment, tax laws, privacy acts etc. Each year I am required to earn credits in these areas; Financial Planning, Professional Responsibility, Practice Management, Product Knowledge and Giving Back.
-Jodi
Audits Suck
"𝘼𝙪𝙙𝙞𝙩𝙨 𝙎𝙪𝙘𝙠"
𝐘𝐞𝐬, they do! Who wants to hear that they’re having an audit? In our industry…
"𝘼𝙪𝙙𝙞𝙩𝙨 𝙎𝙪𝙘𝙠"
𝐘𝐞𝐬, they do! Who wants to hear that they’re having an audit? In our industry, it’s something that happens EVERY. SINGLE. YEAR. That’s why we work so hard to make sure that everything we do is compliant and meets the high standards of not only our governing body but also the CFP (Certified Financial Planner) standards. A typical audit consists of an intensive question period of practices and policies as well as a random check of transactions, notes and updated/current information, documentation and compliance procedures. Throw in money laundering regulation tests and privacy and security checks and it’s typically a full day of deep diving into our practice. We have always ended up unscathed with only minor suggestions on new regulations to start implementing. (I mean they have to find something wrong – am I right?) We try to turn an audit into a positive and use it as a good time to review what is working and what we can improve. Because if you’re not improving then you’re not growing.
A large glass of wine at the end of the day also helps!
-Jodi