The one word that everyone dreads hearing from their doctor is “cancer”. The affects it has on our health, on our emotions, our family and our finances can be devastating. Unfortunately, people are hearing the diagnoses on an increasing level. Cancer rates are rising and have been for quite some time. There are many commonly accepted, as well as many not-so-commonly accepted, reasons for this alarming increase including, genetics and family history, diet, environment and smoking.
Everybody dreams of having a retirement where they can travel the world, spend time with their grandchildren or are free to enjoy their favorite hobbies or take up new ones. But of course all this means that they have the financial flexibility to afford to live out those dreams. Although most people plan what they will do in their retirement, do we really stop to put in place a financial plan to make sure we can have our ideal retirement?
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.
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!
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.
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.
3 Government Disability Plans That May Not Protect You Like You Think
Over the years, many people have told me that they felt income protection - “disability insurance” - wasn't a priority. They believed that they were already covered by Employment Insurance, by “worker’s compensation” though the Workplace Safety Insurance Board or the Canada Pension Plan’s disability plan.