The primary source of retirement income for the majority of Canadians who are nearing retirement will be personal savings. This is especially important because evidence is showing that government pensions will not be enough. But things haven't been easy for investors because of the market turbulence of the last several years. It's for this reason why it's particularly important today to keep your emotions in check. Often creating a basic plan and staying the course is the best strategy.
The year was 1980, Post-it notes were just introduced, the USA defeated the Soviet Union in the “Miracle on Ice”, the entire world was wondering “who shot J.R.?”, and perhaps most importantly, yours truly was born. Being born in 1980 I am at the end of period of generation Xer because the early 1980’s is the beginning of the millennial generation.
Whether you are self-employed or someone in or nearing retirement you have likely reached a level of independence in life. You may have always felt that one way or another you are working towards a level of financial freedom; freedom to choose how you will spend your retirement and spend your money.
In recent months, investment firms dedicated to attracting do-it-yourself investors have been running television commercials about how financial advisors are sleazy, smug business people who are only looking out for themselves at the expense of their clients. The advertisers do a wonderful job at suggesting that people shouldn’t be dealing with a financial advisor because they’re the only ones making money even if clients lose money. Heck, they do such a convincing job that they even have me thinking that I should be using their services – and I am a financial advisor!
Most of us know relatives or friends who were diagnosed with a life-altering illness and the enormous impact that it had on their lives and the toll it takes upon the family.
However, as a financial advisor, I must be able to see the silver lining and how my profession supports the dreams and goals of people. Every financial advisor has a flurry of thoughts and emotions going through their mind AFTER a dreadful phone call of an accident or illness. Will their long-term financial security plan derail?
As a dashing young man, if there is one thing I know - it’s women! Furthermore, speaking as a financial advisor, if there is one thing I know about women, it’s that they need to be better prepared financially for a critical illness. Before I explain why this is especially important to women, let’s take a quick look at some expenses not covered by our public healthcare system.
Good estate planning goes far beyond deciding who gets what; it speaks to the passion of giving and sharing. Whether your passion is to provide for those in need, or to create a scholarship or even to preserve Canada’s natural habitat, it can define your life and your legacy. Success can be measured more than material possessions; it can be about making a difference.
One of the more recent trends to appear in the age of social media is people opening their hearts and wallets to donate to strangers after they hear a heart-wrenching story on the news.
“It’s Patrick. He took out life insurance…Good for you, son.” If you were a child of the 1990s like me, you will no doubt remember the iconic lines of one of the most run commercials on the air in the late 80s and early 90s that was mixed in between episodes of The Simpsons and The X Files. As a 12 year old I knew little about life insurance but was curious. Why were Patrick’s parents so happy that he took it out? And most importantly, how could Patrick say “hello” to his father and then tell him that he took out life insurance in literally less than a second and a half?
Many people most often ask me an apparently simple question: “Why do I need life insurance?” Let’s see if I can answer this question without boring you to death. Sorry, bad life insurance joke.