As you head into the balance of this year and make plans for 2023, we all challenge ourselves to do better in the new year. Lose weight, get more fit, balance your budget, pay off consumer debt, save to buy a home, the list can be endless with our self-improvement goals. Whether changes to your health or your wealth, the methodology is the same. In fact, I guarantee that if you follow these three steps, you will lower your debts, increase your bank account, and maybe even improve your diet or lose weight all at the same time. I need you to think about saving for your future like going into battle. We all know that spending too much will ruin your future, your security, and your ability to make choices. Since we are drawing similarities to your health, eating too much will make you fat, sick and possibly [...]

Another great question! There are many different viewpoints on how to invest so let’s cover the basics and some questions you can ask your financial advisor to get you making money. Not everyone acts the same with loss and although we like to think we are rational in our decisions, the research and evidence suggests that all investors (and some advisors) tend to sometimes act irrationally with errors in judgment caused by greed, emotion, and the fear of loss. Basically, there are two ways that most Canadians invest in the market today: (1) fixed income investing, or (2) guided stock portfolios (Exchange Traded Funds/ETFs + Mutual Funds/MFs). To take advantage of upswings you want to be invested in securities, but to add stability to your investments you also want to hold fixed products too. Let’s talk about both. Fixed income investing is primarily a rules-based investment philosophy that takes [...]

There are many people over 60 wanting to retire from their conventional jobs and finally work for themselves.  There are even those that may be older and now retired who want to return to work but require a flexible schedule.  So why shouldn’t you consider working in retirement?   Today we look at five options that you can do it on your own terms, as a self-employed entrepreneur, with your own rules and work arrangements that now fit into your schedule and not that of a demanding employer. Working virtually has taken on a new meaning after Covid and more and more people, especially those in the “lap-top class” are working from home, only having to go in a few days a month.  This may be great for some, but for others, the stressful demands are still there when you work for someone else.  Contracting could be the solution, so [...]

Being a good judge of character is a unique and valuable skill.  One that will advance your career, increase your net worth, give you more personal friends, as well as make you more money.  If you can be a good judge of character, you will be able to avoid hiring mistakes, size up first impressions with your new boss and correctly focus on what matters to potential decision makers.  Judging someone on their skill and accomplishments is relatively objective and straightforward, but gauging their attitude is much harder and it will take a one-on-one meeting, attentive listening, and careful observation – something that is not provided by social media and the number of followers you have. If we turn it back on ourselves, the judgements other people make about you has a significant impact on your social world too, whether accurate or inaccurate, your reputation is everything.  The judgements [...]

I often have people ask me whether they should include preferred shares in their portfolio and although I am not a great fan of this investment product, I have many peers who use them exclusively in their client’s portfolios.  So, today let’s talk about all the different types that are available and you can see for yourself if this is an investment style you would like to entertain. What are they?  Preferred shares are corporate shares that are not classified as common or restricted.  Preferred shares usually receive a fixed dividend payment and are considered to have part ownership like common shareholders; however, they have a higher ranking than common shares as a claim on the asset.  Preferred shares are bought largely by income-oriented investors to take advantage of dividend tax credits.  There are several different options when choosing this investment.  Here are the most popular. Straight Preferred: Pay [...]

You are not alone.  Many Canadians put off getting a Will because they either don’t want to spend the money or they don’t want to think about the possibility of dying.  This however is a big mistake.  Dying without a Will, means you will have absolutely no say about any of your assets or care for your children or pets once you die. Let’s just look at some of the immediate issues that will arise should you die without a Will.  First, the Canadian Government will immediately become the Executor of all your assets: homes, bank accounts, investments, personal belongings, everything you own.  The government will then freeze all access until they have completed a full audit, which may take 3-9 months.  Once your estate assets have been audited, all fees and taxation will be deducted before any disbursement to family.  A surviving spouse is entitled to the first $200K, [...]

Dear Money Lady readers:  I wanted to share this quote with you “The things you do can cost you... but the things you don’t do, can cost you everything !”  I was at a fantastic women’s event recently and was inspired to share with you the insights of this event.  One of the many speakers had a profound message: “You can’t quantify how much business you’re not getting through your non-efforts.”  Wow – isn’t that the truth! The real money you lose in life is the money you fail to earn.  If you are a small business owner, entrepreneur, or even an independent contractor, what are you doing to build your business today.  If you are not marketing and advertising, not selling, not networking or being active on social media sites or doing the basics of making phone calls – all this lack of effort will cost you.  And [...]