We’re all stressing about inflation and interest rates these days and the demand for “good” financial advice is on the rise. Homeownership, mortgage renewals, investment assistance, and basic budgeting can’t be found on social media sites. That being said, most people automatically gravitate to one of Canada’s largest banks, (BMO, RBC, TD, BNS, and CIBC) especially millennials, and why not? The “Big-5” now dominate this country’s financial sector with approximately $1.05 trillion in [...]

...approximately 12 years ago contributing monthly.  We have no idea how to plan for future expenses beyond the basic tuition. I’ve read online that a car purchase could be deemed eligible for a student, but I’m not certain. Do I need to get a financial advisor to help? Carol. Dear Carol, I’ve always recommend having a Family RESP plan versus individual plans because it has so much more flexibility – so you were [...]

With the low lending rates that we all enjoyed for over ten years many of us borrowed to improve our lives. We did renovations, upgraded cars, or bought cottages and rental properties. It was easy to qualify, and it seemed like the banks were giving money away. Now that the rates are on the rise, and we are being told we may never see them down to the 2% range again – [...]

... and I was not sure what term to choose. What should I do? Thanks, Jenn. Dear Jenn, Great question – now is the time to lock up a mortgage renewal into a shorter term to ride things out! I was driving back from Toronto last week and I was flipping through all the radio channels, and I came across this guy spouting off mortgage advice to listeners which was so [...]

Often times the new story to a new life is right in front of you, but for whatever reason we can’t see it, can’t feel it, and certainly can’t imagine making a change. Changing the course of your future always brings new opportunities that in the beginning could never be imagined. A new career, new friends, more money, more love, it is all there for those who want a different story. Of [...]

... A lady on a fixed income had written you seeking your advice on this subject.  A couple of years ago I was considering a reverse mortgage because I was in a similar situation - asset rich, cash poor. Then I read an article from you on the subject of a collateral charge, and I watched your video on youtube and decided this was a better option for me. The reverse mortgage companies [...]

Due to higher interest rates, increased inflation and the rising costs of the basics, families all across Canada are feeling the squeeze. This is especially painful for our seniors on a fixed income. There are two ways that inflation hits a retirement portfolio. First you withdraw more to meet the higher priced living expenses and second the central banks increase interest rates, which pushes down share prices and reduces the value of equity [...]

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. [...]