About AskMoneyLady

Christine Ibbotson is an Canadian Author, National and Syndicated News Columnist, and Professional Financial Speaker and Presenter. She also has three radio shows called the “Ask The Money Lady Minute,” “Your Money Today” and a live-call in show called “Ask The Money Lady.” She writes for over 630 Newspapers in Canada with over 21 million readers and is heard on 327 radio stations across Canada. Christine is the Author of her book entitled "How to Retire Debt Free & Wealthy" available on Amazon and Indigo. In How to Retire Debt-Free and Wealthy, Christine offers accessible and realistic guidelines in a series of achievable steps, from debt elimination to wealth management, teaching readers how to create their own customizable financial plans.

I received a large severance from my employer that recently eliminated my job after 38 years. I plan to find an Advisor, but because I have never had one before I am wondering what I should pay for their services.

You are not the only one looking around for a new investment advisor. With the volatile stock market environment, many people have sent me comments and questions about how to move their portfolios to a new advisor. I would caution those investors on making any quick changes and selling stock at this time. Remember, the key is to maintain a well-diversified portfolio which includes bonds, cash, and high-quality stocks. When you are looking for an investment “partner,” try to pick an advisor who really has your best interests at heart; someone you will definitely need when weathering future market uncertainties. Please make sure to do your homework and find out what the firm and the new advisor’s value proposition is. It goes without saying that you should interview more than one and make sure you find a good fit with not only the advisor but also the brokerage firm. [...]

By |2023-04-15T12:36:35-04:0015 April 2023|Daily Advice Tips, In the News|0 Comments

Are you planning to retire this year? If so, you need to make sure you don’t do what 80% of Canadians do once they do their “hard-stop” to working.

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 [...]

By |2023-04-15T12:32:40-04:0015 April 2023|Daily Advice Tips|0 Comments

I am planning to buy a home with my new partner, and I have the money for the down payment or more. My boyfriend has no savings but has the income to get the mortgage. I am currently working part-time, but I don’t make enough to pay the mortgage payment. We each have adult kids from previous marriages. Can you tell me what is the best thing to do?

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 [...]

By |2023-04-15T12:26:59-04:0015 April 2023|Daily Advice Tips|0 Comments

I have life insurance and I was considering getting disability and critical illness insurance too. It’s a lot more expensive, and I don’t know whether I should spend the money on it. I’m self-employed. What do you think?

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 [...]

By |2023-04-15T12:19:26-04:0015 April 2023|Daily Advice Tips|0 Comments

I quit my job and started a home-based business 18 months ago and can barely survive. How can I start making more money?

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 [...]

By |2023-04-15T12:13:03-04:0015 April 2023|Daily Advice Tips|0 Comments

How much money have you left on the table over the course of your career because you didn’t ask for more?

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 [...]

By |2023-04-15T12:06:14-04:0015 April 2023|Daily Advice Tips|0 Comments

I am 57 and I want to start a small business and give up my 9 to 5 day job. Do you think I am too old?

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 [...]

By |2023-04-15T12:00:32-04:0015 April 2023|Daily Advice Tips|0 Comments

I have a small business and I hate hiring millennials. They want to work as little as possible, they have useless credentials, and they are too idealistic. Do you agree?

No, I don’t agree! I have heard these comments more often than I would like to admit from readers and I got to say people – wake up! Millennials are the generation that those of us in our 50’s and 60’s should have been. When we got jobs in the 70’s and 80’s we were told by our parents to be grateful for the work, to put your head down, work hard and stick with it no matter what. If we were bullied or made to suffer in our careers, we had to “suck it up” and just stay quiet. Every self-help book out there at the time encouraged people to work harder, push through your fears and told us only the strong “take charge types” were worthy of success. After all, most of our parents and/or grandparents went through the war and would say that we were lucky [...]

By |2023-04-15T11:54:36-04:0015 April 2023|Daily Advice Tips, In the News|0 Comments

Could you please address retiring alone – I always hear comments about “couples” retiring, but I have always been single, and I would like you to comment about all us “singles” that have to retire soon.

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 [...]

By |2023-04-15T11:47:20-04:0015 April 2023|Daily Advice Tips|0 Comments

I really can’t handle the stock market so I wondered if you could write about investing in bonds?

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 [...]

By |2023-04-15T11:40:34-04:0015 April 2023|Daily Advice Tips|0 Comments
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