Market Highs vs Your Goals
As stock market indexes in Canada and the U.S. make new highs on an almost daily basis, as of late June and early July, many investors have expressed increasing anxiety about a possible ‘correction’. Media headlines and commentary on BNN speculating about a possible correction from these recent highs, following a strong run over the […]
Added Costs of Caring for Elderly Parents
Statistics Canada reported in 2007 that most eldercare (75%) was provided by those between 45 and 64 years of age. These Canadians, often called the sandwich generation, are increasingly finding themselves spending their own savings to care for their elderly parents, while giving money to their kids for university and trying to save for themselves. […]
What if I Can’t Look After My Affairs?
Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his […]
It’s One Economy
The financial planner responded by saying that if the public stock markets were going down the drain, then real estate would follow as well. Why? Well it is one economy and we are all connected at the end of the day! Shocked, the veteran of 30-years in real estate responded that he had never thought […]
Wealth Transfer Tips
Wealth transfer can be a complex process for most families but especially wealthy ones. The range of issues involved can include family values, objectives and relationships; business continuity; investment strategy and insurance, taxes and ownership structures, amongst others. At the same time questions of control, responsibility and timing are raised. Not surprisingly, most people, including […]
When Should I Start Receiving CPP?
If you apply on your 60th birthday, you’ll get about 36% less of the age 65 monthly pension. But, if you wait until you’re 70, you’ll get about 42% more. Should you hold out for the higher income, or start early? Start early and you’re sure to get it. If you wait, and die before […]
The Magic Wealth Ingredient
There is a legend about a successful financial advisor in Warren Buffett’s stomping grounds of Omaha, Nebraska. It is reported that this advisor has learned the art of communicating the basics of wealth building with the local farmers. The advisor, who we will call Fred Smith, greets clients in his office with a window behind […]
Improving Investment Returns
One Saturday, famed investment manager Peter Lynch was working at the office when he decided to answer the phone. The caller was a holder of his mutual fund who was calling to cash in the investment. Peter explained how he was excited about the growth prospects for the economy and his fund and asked him […]
Building Wealth
There are many definitions and meanings for the term ‘wealth’. It is often said that it is easier to build wealth over time than it is to keep it! Some confuse high incomes with wealth while others point to assets owned as an indicator of wealth. And, many people use the terms ‘assets’ and ‘wealth’ […]
The Five Insurance Must Haves
Insurance is, and has always been, a tool to manage risk. If you cannot afford to ‘lose’ something, it is best to insure it. The five types of insurance everyone should have are: Life Insurance – The primary reason to have life insurance is to replace an income that will be lost on death and […]