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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

But first, do you ever look back over your life with resentment? A missed opportunity, a career failure, job loss, divorce, or even financial ruin. We all do, some more than others, and the longer you live, the more you will have. It is hard to let go, especially when financial resentment can leave us open to even more self-sabotaging financial behaviour that grows over time if we don’t work to let it go. However, financial resentment is more of a mood than an emotional state and this behaviour often [...]

Well, isn’t that a loaded question? Today, there are so many Canadians that have emailed me asking the exact same thing. They don’t want to go back to the pre-COVID work situation of 9 to 5 in the office with the added drudgery of commuting every day. Many people are now wanting to retire earlier or at least change their work situation after COVID. So, can you retire now? Having the financial means to retire earlier will be different for everyone. Basically, you will need to ensure you can be [...]

Let’s start by giving you a general overview of what a mutual fund is and why you should use it when investing. A mutual fund (MF), is just that – a fund of different types of products such as stocks, bonds, and money markets. When you invest in a MF you invest money into the fund with everyone else, and by doing so, your contribution is measured in units. You will be given a number of units based on the daily market price called a NAV price per share (net [...]

What a great question! There are some basic ways to save regardless of your age. Of course, if you are young and just starting out, adopting the right habits will benefit you immensely, perhaps even for your entire lifetime. Saving must be a conscious decision you make to yourself that requires long-term discipline. Actually James, these principles can be applied to anything that is important to you, such as, losing weight, kicking a bad habit, getting your dream job, or of course saving money. Most people want everything instantly, which [...]

My son who is in his mid-twenties with two degrees in physics and mathematics, seems to think he can take on the stock market through options trading, so today we are going to talk about this type of investment strategy. Options and forwards are quite a complicated model even though there are many investors who think they can master them. Essentially you will use a security or derivative in an existing or anticipated position and speculate on the value of the asset. Options and forwards are both contracts between a [...]