I want to save for my future.

How do I save for a house?


Saving for a house can seem intimidating, but it's an achievable goal. Two popular ways to save are: A Registered Retirement Savings Plan -- RRSP -- is a great option to help save for a down payment. You invest money after it's taxed. The Home Buyers' Plan allows qualifying first-time home buyers to withdraw money tax-free (up to $35,000). The money you withdraw must be paid back over 15 years or pay 1/15th in tax each year. A Tax Free Savings Account -- TFSA -- allows you to contribute up to a government mandated amount each year. In 2020, that amount is $6,000. Any interest you earn on it is tax-free. Together we can determine if there are other solutions for your savings goals. Contact me today for your free consultation.




When should I start saving for my child's education?


It's never too early to start saving for your child's post-secondary education. A Registered Education Savings Plan -- RESP -- is the most popular way to save for future education needs for your child(ren). The money you contribute grows tax sheltered and the government also contributes through grants. The drawback is that if your child chooses not to pursue post-secondary education or doesn't go to an approved school on the list, they cannot access any of the government-contributed grant money. It's also important to consider permanent life insurance in this equation. In the unfortunate instance that you die unexpectedly, your child(ren) can use these funds to pay for their post-secondary education. Ready to talk about your financial investment options? Contact me today for your free consultation.




When should I start saving for retirement?


The short answer is now. The earlier that you start saving for retirement the less you need to save to maintain the lifestyle that you want when you retire. The money you invest when you're younger has longer to grow versus money that you invest closer to the age of retirement. Retirement may be the single largest dollar figure you ever save for, so don't put it off! As your financial strategist, I'll help you determine how to wisely invest your money so you can be prepared for your future.




What if I put money aside for retirement and then have a family emergency where I need the funds?


As your financial strategist, I not only help you determine the best places to invest your money, but also how to protect your investment. To prepare for a possible emergency, I recommend my clients have critical illness and/or disability insurance since these sort of life circumstances are unpredictable. Critical illness insurance pays a lump sum should you have an illness. Disability insurance pays a set amount monthly depending on the type of coverage you have. It's important to note that you need to have these insurances already in place in order to draw on them and not everyone qualifies for each type of insurance. Additionally, I recommend saving 3-6 months of income that you do not access unless an emergency. With a properly set up plan it is unlikely that you will ever need to access your retirement funds before you retire. Let's get your investment plan setup today. Contact me for your free consultation.




How do I find money in my budget to save?


Finding money to save and invest is possible for everyone. Here are some great starting steps:

  • Record your spending. Track every last cent; every coffee, doughnut, movie you see -- everything. If you're married, do it together.
  • Choose what your priorities are. Once you see how much you're spending and what you're spending on, determine if there are things you can eliminate or reduce.
  • Pay yourself first. Make savings a priority and have it deducted from your regular paycheck just like any other bill.
  • Plan for unexpected events. Have an emergency fund. Have savings for gifts and trips. Guess what? Christmas is in December this year.
There are many tools that you can use to help you stay on track. Apps and money calendars are great resources. I can help you with cash management strategies which we can discuss at your free consultation.




Is saving money in my bank savings account enough for my goals?


Simple answer, no. You will likely not get a large enough interest rate at the bank to meet your goals. Your bank account is also too easy to access making it too tempting to spend money that you should be saving. Contact me to discuss ways you can invest and save for your goals.




I have college loans or large debt (car, home, etc.) to pay off. Should I pay those off before I start saving for the future?


No, saving for the future should be a broad approach. As you build out your monthly budget, it should include line items for paying down your debt as well as line items for savings -- both short term and long-term investments. As you pay off your loans and debt you can restructure and put more towards savings. Let's talk about your specific situation and savings goals during a free consultation.





 
 

I want to secure my financial future.

I’ve been saving for a while now, but what if I need that money before I retire to pay for an illness or emergency?


When I meet with new clients, one of the things I discuss with them is this very topic. It's important to me that your money is both invested well and protected well. To prepare for a possible emergency, I recommend my clients have critical illness and/or disability insurance since these sort of life circumstances are unpredictable.

  • Critical illness insurance pays a lump sum should you have an illness.
  • Disability insurance pays a set amount monthly depending on the type of coverage you have.
It's important to note that you need to have these insurances already in place in order to draw on them and not everyone qualifies for each type of insurance. Additionally, I recommend saving 3-6 months of income that you do not access unless an emergency. With a properly set up plan it is unlikely that you will ever need to access your retirement funds before you retire. Ready to setup a plan for your needs? Contact me today for your free consultation.




Do I need to consider life insurance while I’m young?


Yes! There are three main reasons to get life insurance while you're young:

  1. It’s cheap. When you're young and healthy life insurance is a minimal cost that can easily be worked into your budget.
  2. At any time, you may become uninsurable. You never know when you may get an illness or condition that makes life insurance impossible or very expensive. Get it now so you don't have to worry!
  3. You may actually need it. Unfortunately, the worst case scenarios happen sometimes and young people die. Life insurance can ease the burden on loved ones left behind. If you have family who are financially dependent on you, it's especially important to have life insurance to provide for them. If you have a co-signer on any loans or debt they will inherit your debt after you die. If you own a house with a partner, he/she may not be able to take care of the payments on their own. Life insurance is helpful in easing those expenses.
We can discuss life insurance options along with how it can fit into your overall financial goals at your free consultation.




How do I budget for both saving/investing and insurance?


Finding money to save and invest is possible for everyone. Here are some great starting steps:

  • Record your spending. Track every last cent; every coffee, doughnut, movie you see -- everything. If you're married, do it together.
  • Choose what your priorities are. Once you see how much you're spending and what you're spending on, determine if there are things you can eliminate or reduce.
  • Pay yourself first. Make savings a priority and have it deducted from your regular paycheck just like any other bill.
  • Plan for unexpected events. Have an emergency fund. Have savings for gifts and trips. Guess what? Christmas is in December this year.
Additionally, while insurance may seem like a burdensome cost, it is actually there to protect your financial assets and help those who are financially dependent on you. There are many tools that you can use to help you stay on track. Apps and money calendars are great resources. I can help you with cash management strategies which we can discuss at your free consultation.




I’ve invested in the market, but I’m worried about market downturn. How do I protect my funds?


A properly diversified portfolio helps a lot in this area. Don’t have all of your funds in risky places as those will be the most affected. Have some low risk investments as well as higher risk. A portion of your portfolio in private market investments can also increase overall diversification which may help in times of economic uncertainty. Segregated Funds -- a product offered through insurance that gives you access to public market investment with the protection of insurance -- can add some more security to your investment portfolio. To determine what the right mix is for you, a full suitability analysis is required. We can discuss this as well as your financial goals during your free consultation.





 

I want to protect my family & our future.

What do I need to do to make sure my family is okay if I get sick or injured?


Protecting your finances and preparing in the case of emergency, is just as important as investing your finances. To ensure that your family will be ok in the event something happens to you, I recommend getting good critical illness coverage and a disability insurance policy.

  • Critical illness insurance pays a lump sum should you have an illness.
  • Disability insurance pays a set amount monthly depending on the type of coverage you have.
It's important to note that you need to have these insurances already in place in order to draw on them and not everyone qualifies for each type of insurance. Additionally, I recommend saving 3-6 months of income that you do not access unless an emergency. Ready to setup a plan for your needs? Contact me today for your free consultation.




How do I save now to help my kids pay for their college?


A Registered Education Savings Plan -- RESP -- is the most popular way to save for future education needs for your child(ren). The money you contribute grows tax sheltered and the government also contributes through grants. The drawback is that if your child chooses not to pursue post-secondary education or doesn't go to an approved school on the list, they cannot access any of the government-contributed grant money. A Tax Free Savings Account -- TFSA -- and non-registered investments can also be good options. A TFSA allows you to contribute up to a government mandated amount each year. In 2020, that amount is $6,000. Any interest you earn on it is tax-free. Both options have a lot of flexibility and you can deposit or withdraw at almost any time. At your free consultation we can discuss which option may be better for your needs.




If I invest in the market and then it has a downturn, how will I care for my family?


Properly diversifying your investment portfolio may help should a market downturn occur. The trick is to make sure you actually have a diversified portfolio. Often people think that their investments are diversified if they have some investments at the bank, and some with an investment advisor, and others somewhere else. The likelihood is that each advisor has you in very similar investments and, should a market downturn happen, most of your investments will act similar. Holding most or all of your investments with one investment representative actually makes it more likely that you will have low correlation between your investments. Investing in the private market offers less liquidity but can display the benefits of “patient capital” and leaving your money alone. Cash value insurance policies through a whole life policy can offer stable returns and the cash value is guaranteed to never go down. Do you have more questions? Let me answer them at your free consultation.




I want to make sure my family is protected if something should happen to me, what can I do?


See the above question for details about critical illness and short term disability insurance. To protect your family in the unfortunate instance of your death, it's important to secure life insurance. I typically recommend a mix of permanent and term life insurance. Permanent life insurance is life-long and will take care of those in your life at any stage. Term life insurance is for your younger years when you have less savings and bigger expenses. You also have more people depending on you and your income if you have a young family. I can help you select the correct plan for your needs. Let's schedule a meeting today!





 

I'm ready to retire.

I want to retire, but how do I make sure that my investments will last the length of my retirement?


Retirement can be a rewarding time, but it's important to make sure that you have enough money saved to maintain your lifestyle and last the rest of your years. Schedule a meeting with me and we'll review your financial standing. Together we'll determine how much money you need to maintain your lifestyle during retirement. This will help determine the goal amount you need to save before retirement. If you've already reached the goal amount, we can help you set up your funds to make sure they last. If you still have a bit of saving to go, we'll help set you up to get you there as quickly as possible.




How do I know if I have enough money saved in order to retire?


That number is different for every person. Let's set up a meeting to determine what you'll need during your golden years. Some financial experts say that if you have saved and invested 10 times your final year's salary, the amount should last for your retirement. Other financial experts suggest you save 20 times the amount you need to live on (not what you make). So, for example, if you make $100k, but you only need $80k to live, you'll need to save $1.6 million. A third way to set your retirement amount is by determining how much you need to live on yearly and dividing that amount by 0.04. The theory is that if you live on 4% of your retirement amount each year, the money should last indefinitely.




How do I protect my investments from market downturns?


When I work with you to determine how you'd like to invest your money, one priority will be diversifying your investments. This may help to limit losses during economic uncertainity. If you have many investments in different asset classes and industries you are not exposed to the same risk as if you were only invested in one company. It is also good to invest between fixed income, equities and private investments. Read " 3 Simple Ways to Diversify your Investments" on my blog and contact me with your additional questions.




Should I continue to invest after I retire?


Simply put, yes. Whatever you don't need to live off of should stay invested.​ However, where your money is invested should be different than when you were in your 20s. Your investments should be low-risk and focused more on income producing investments and those that are stable. No matter your age, as your financial coach there are 3 main issues that I address:​ 1. What if I die early? 2. What if I get hurt or sick? 3. What if I live longer than I expect? The first two questions I address with insurance. The last question we hope to solve by properly investing before and during retirement years. Ideally, your investments make the same or more than you are spending and then your savings should last indefinitely. The fear of living longer than your money should be much less, if not non-existent




I want to make sure I leave an inheritance for my family and have enough to retire with. What do I do?


To guarantee an inheritance for your family the best option is permanent life insurance. As long as you continue to make the necessary payments, when you die your remaining family will receive your death benefit and possibly any cash values. If you want to leave something for your family and be able to retire comfortably you’ll need to have enough or more than what you need to retire. Following the 4% rule, if you live on 4% of your retirement each year, your money should last indefinitely. You'll be able to retire for as long as you'd like and then when you pass away, the nest egg that has supported your retirement will be passed on to your family. During a free consultation, we can discuss your specific financial goals and determine how to achieve those.





 
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