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Tips to finding a financial advisor
Most people would agree that finding a good financial advisor is pretty important. Sound financial advice can make big differences in your financial future. It can be the difference between financial freedom and just making ends meet; or the difference between early retirement and working in the golden years; or maybe the difference between peace of mind and financial disaster. Unfortunately, finding a good financial advisor can also be extremely difficult. Here are five simple tips to help you find good professional advice.
7/12/2008
Newlyweds need to talk about money
You’ve fallen in love and you’ve decided to tie the knot. Falling in love is a time of joy, hope, discovery and optimism. Part of love and new marriage is dreaming about the future – a future of travel, buying a house, having children and living happily ever after for the rest of life. Some say money can’t buy happiness but these dreams requires some amount of money.
6/14/2008
What should retirees do to protect their income?
Most retirement planning is focused on the period before retirement and how to accumulate wealth so that you have enough to retire. When you do get to retirement, your financial focus will likely change from accumulation to income. Financially, this is a big shift in thinking. It is important to look at ways to invest to protect the portfolio from too much risk.
6/7/2008
Retirees should be more conservative with their portfolios
Over the past 20 years, investing has changed a lot. Back in the 1980’s, the biggest decisions investors had to make was whether to buy a 1 year GIC or a 5 year GIC. Double-digit interest rates were the norm and if you were retired, you could easily supplement your pensions and government benefits with interest on your GICs.
5/31/2008
Financial success come is putting your money into financial assets
The net worth statement not only tells you how much you are worth but the details of the net worth statement can also give you a lot of insight on how to get ahead financially.
5/10/2008
Don’t get lured by Financial Pornography
Financial pornography is really whatever it takes to sell investment, financial and retirement products. It’s about using numbers, words and images in a sensational manner to arouse an emotional reaction. Here are three forms of financial pornography.
5/3/2008
Common Mistakes People make on their tax return
I asked a Chartered Accountant, Michael Oseen, Manager in Tax Services at Grant Thornton LLP to provide some insights into some common mistakes that people make on their returns.
4/5/2008
What is Tax Loss Selling?
Tax loss selling is simply a tax strategy to minimize capital gains from other sources. Tax loss selling only applies to investments outside the RRSP. It can include things like mutual funds, stocks and property (other than personal residence) like rental property or family cottages.
3/29/2008
Who will use Tax Free Savings Accounts?
The government introduced Tax Free Savings Accounts (TFSAs) in the 2008 Federal Budget but will Canadians use these accounts? Will people be encouraged to save more money with the introduction of TFSAs? All I know for sure is I plan to maximize my $5000 contribution in 2009.
3/22/2008
Get serious about your finances
The starting point of any financial plan is to understand your net worth. Your net worth is simply what you own less what you owe. Understanding your net worth is no different than me stepping on the scale at the doctor’s office.
1/19/2008
5 ways to pay off your credit cards
In today's world almost everyone uses credit but most people get little to no training on budgeting, saving money or using credit wisely. Hear are some strategies to get out of credit card debt:
1/12/2008
2007 This time it’s different
In looking back at my column of articles for 2007 and all the feedback provided by readers, I think there are three stories that solicited the most response and questions. I’d like to finish 2007 with a look back at some of the highlights of change for 2007.
12/29/2007