Saving, spending and spouses
When one spouse is primarily a saver and the other a spender, you may think it spells trouble—but that’s not necessarily so. If the couple takes the proper steps and collaborates, they can arrive at a healthy middle ground. Finding a balance Turning conflict into resolution is a process that addresses two fronts: personal and […]
Be wary of lifestyle creep
The more money you make, the more money you spend. That may seem perfectly sensible, but what if you spend all of the extra money you make? Now you’ve enhanced your lifestyle, but you’re no further ahead in achieving your financial goals. Lifestyle creep, also called lifestyle inflation, begins slowly. Perhaps you get a raise […]
Charitable giving through a donor-advised fund
A donor-advised fund (DAF) is a flexible charitable vehicle you can use to flow donations through to your favourite charities today and as part of your estate planning. Like a private foundation, a DAF enables the donor to make multiple donations over time and support a variety of causes. However, the administrative burden and costs […]
Can you trust “finfluencers”?
It’s a rapidly growing social media phenomenon in Canada and worldwide. Financial influencers, or finfluencers, use TikTok, YouTube, Instagram and other platforms to reach millions of followers. Finfluencers’ posts and videos cover a variety of financial topics, from budgeting to investment strategies. According to the Canadian Investment Regulatory Organization (CIRO), about 28% of Canadians use […]
Why living longer matters now
Thanks to healthier living and medical advances, Canadians are living longer than ever before. The new longevity means planning for a retirement that may last 20, 25 or 30 years—perhaps even longer. According to the FP Canada Standards Council, a 50-year-old female has a 50% chance of living to age 92, and a 50-year-old male […]
Helping adult children save
Many young adults want to put money aside, but their cost of living prevents them from saving and investing. You may consider helping out your child or grandchild to give them a head start on meeting their financial goals. Today, a young Canadian may have contribution room in three different plans: a Tax-Free Savings Account […]
Register to donate organs so you can give the gift of life
I recently attended a Christmas party hosted by the HeartLinks Heart Transplant Support Group in Toronto. Being there reminded me that the ultimate gift on death is the gift of life. I have a personal connection to this issue. My mom, who remains alive and well, is a heart transplant recipient. She received her new […]
Wealth planning for empty nesters
Life is different once your children leave home and start out on their own. Whether you have a sense of melancholy or feel free and easy as you look forward to a new chapter, it’s important to recognize that various aspects of your financial life may change. More discretionary income. When your children become financially […]
When a wealth plan is fluid
A wealth plan identifies your life goals and provides you with a personalized wealth management strategy to meet your financial milestones and achieve each objective. However, a wealth plan isn’t something you set and forget. Goals may change Over the years, your goals themselves will change—one will be reached, another may be modified and perhaps […]
Is downsizing the right decision?
When retirement is on the horizon or you’re already retired, you may start to think about downsizing. Often, it’s a difficult decision that involves considering a variety of financial, psychological and practical factors. Selling versus staying Homeowners are commonly motivated to sell when their home represents a sizable proportion of their net worth and they […]