One thing is common amongst almost all new retirees; they all underestimate the amount of funds needed in retirement and all have a profound adjustment during the first year. This is called the “honey-moon” stage. When most Canadians retire (average age is 61 in 2021) and are still young enough and vibrant. New retirees have a lot of pent-up desire to travel and of course spend money. Typically, all will have a “high burn” through their savings during the first 18 months of retirement until they settle into a budgeted schedule. Most people want to do home improvements, travel to expensive destinations, buy recreational vehicles, and basically spend money on all the things they want, now that the kids and work commitments are out of their lives. Can you blame them? Everyone has learned to expect a retirement – plan for it, long for it and consider it our [...]

I am so glad to share your question with our Canadian readers because this is a common event with older couples, especially those divorced and now wanting to start a new life with someone else. I have seen this before where one partner may be asset rich – meaning they have the savings, but they do not earn much, and the other partner may not have the savings but earn a larger income. When you go into the banks, they are only interested in facilitating the transaction of setting up a new mortgage, however without a clear division of the asset, if you were to split in the future, there are a lot of grey areas. Also, the partner who makes more money most likely would end up paying more towards the monthly expenses which could be a problem over time. The other reason I would want you to [...]

That’s a great question – and my answer is a resounding YES !! I want to share with you a story about a long-time client of mine who was gracious enough to allow me to share it with you. Once you read it, you will see why any type of personal insurance is never quite enough, especially when you are self-employed. Today, income protection (disability insurance) is often overlooked and considered too costly by most Canadians, who often feel they have sufficient insurance with their employer. Instead, most people concentrate on life insurance only; however, it is important to remember that 95% of accidents do not result in a death and you are more apt to be badly hurt, disabled or in some way unable to continuing working as you did before. The story begins with a past client of mine, (we will call him Dr. X) that had [...]

You can’t help the poor and starving, if you are the poor and starving! There are so many fabulous entrepreneurs who like yourself are eager to help people and change the world with their wonderful work; but unfortunately, if they don’t master how to get paid, they will end up broke. Sometimes it could be a simple change of your mindset or even your daily routine to prosper and improve. Or it could be a total business overhaul needed to get you back on track again. When you start a business, you usually start off small and try to do things “on the cheap.” You are watching every dollar and certainly don’t want to pay for something that you could do yourself. You start with passion, drive, determination, and you are living the mantra: “self-employed people work 16 hours a day for themselves, so they don’t have to work [...]

I have to say there are a lot of people that have emailed me recently asking how they can make more money in the current economy. First of all – I want you to consider this statement: “the money you lose in life is the money you failed to earn.” So, what does that mean? Well, what if you were able to raise your prices 15%, but didn’t? How much money is that in a year that you have failed to earn? How much is it in 5 years or 10? And for all the small business owners out there, what other product or service could you have provided or created for additional income? Let’s now ask my readers that work for an employer: What if you had negotiated your starting salary for an additional $5,000, let’ say 10 or even 20 years ago? Considering most raises, bonuses and [...]

I think you are the perfect age for a career change!   “It’s never too late to be what you might have been.” – George Eliot   There are many examples of successful entrepreneurs in their 50’s, myself included. Many 50+ small business owners have traded in retirement for entrepreneurship built on great ideas and life experiences. I have talked to so many Canadians, especially those over 50, and I have noticed a few similarities in those that are truly successful. It wasn’t their idea or their brand, it was their passion and tenacity that made them successful. I had one lady tell me that she taught the principle of never being a quitter to her children, and when her husband lost his job, she started a home-based business. She told me, “I can’t give up, because that’s not what I taught my kids to do, and now they [...]

It is very common now for Canadians to retire as a single – either by divorce or death or maybe never marrying in the first place. In the past, retirement was seen as a “couple event,” but this is no longer the case. The fact is, even if you are a couple now, there is a strong likelihood that you will find yourself single at some point during your retirement. Couples are more likely to have dual incomes and have more access to health and pension benefits. They also tend to discuss retirement plans together more often. Singles on the other hand, are less likely to be informed about their financial well-being in retirement and will need to make this a priority to get more involved and start a plan for retirement as soon as possible. Loss of wealth throughout retirement is becoming more common as people live well [...]

Great question – there are a lot of people who feel the same way. Trading in bonds seems to be less enticing to the average investor and it surprises me how this market is often overlooked, so thank you for asking about it. Bonds seem to get a lot of bad press, and they lack the media sensation of stock spikes in the market. Let’s start with the basics and then some tips on what to look for. Fixed income securities represent the debt offered by an issuing entity, (for example: a bank or corporation). Governments, corporations, and lending institutions, finance their expansions by issuing fixed income products. Investors can purchase these products which allows them to essentially lend to the issuers, making you the “creditor” of the transaction, not part owner as you would be when you purchase stock in a company. Fixed income products are certainly not [...]