Posted on: May 13, 2014
According to the Minister of National Revenue, the average tax refund is over $1,500 for the 2011 tax year. Surprisingly, many Canadians are thrilled about getting a big refund. While certain situations can lead to an unusual tax refund, far too many Canadians lend large sums of money to the government at 0% interest year after year. Two things you can do to make your refunds smaller are:
Posted on: March 11, 2014
To truly appreciate the role that inflation plays in your ability to build assets and achieve financial freedom one has to consider the role of its dance partner: purchasing power. You can't have one without the other!
Posted on: August 11, 2013
Financial planning methodologies have evolved over the past 30 years with the advent of increasing computational power. Originally, planning was a simple spread-sheet based projection of your current situation, plus some assumptions, such as savings rates, tax rates, investment returns and inflation rates. This would give you an idea of what your final destination would look like with much of the calculations being driven by Future Value and Present Value tables.
Posted on: July 9, 2013
The purpose of this series is to educate consumers on some simple principles that will take the mystery out of the often complex world of managing one's financial affairs.
The first distinction is to realize there are only seven variables that can be manipulated or managed in creating your financial future and wealth. They are:
Posted on: May 14, 2013
Much of what we do today is to improve our future financial position. As with anything, we can get better results by following a plan. This is why both Estate Planning and Financial Planning are important for those who want to ensure better tomorrows for ourselves and our families.
Posted on: January 15, 2013
Give your finances a boost this new year. Here is a list of financial resolutions to help you become better off at the end of the coming twelve months:
Eliminate personal debt. - Brad and Angie had fallen into the very common habit of buying lots of 'stuff' with their credit cards and soon were carrying a balance from month to month. At 19.9%, it is very expensive to live this kind of lifestyle. And any new purchases attract the same financing charge from date of purchase.
Posted on: January 15, 2013
A fire breaks out in a movie theatre. You're there with your spouse and children, as are several local merchants. Who do you save first? The butcher? The banker? The hardware store owner? Their families? Or your family and yourself?
A ridiculous question. Of course you would save your family and yourself first. Then why don't we use the same principles with our money? All too often the butcher, the banker and the hardware store owner get paid first and little or nothing is left for us.
Posted on: November 13, 2012
History tells us about half of marriages in Canada end in divorce. Andrew and Sara are about to end theirs and are concerned about the changes that will have to be made to their financial and estate plans. Some financial and estate issues they need to consider are:
Posted on: October 9, 2012
Number One - Buying too much on credit.
No matter what income level, more people get into financial trouble because of too much debt than any other reason. 'Too much' means different things to different people. Very few people go through life without making a purchase on credit. However, trying to 'keep up with the Joneses' rushes too many of us into lifestyles we simply can't afford. Buy some things you need on credit, like a home or a car, but save up the cash to buy the things you want.
Number Two - Not paying yourself first.
Posted on: September 11, 2012
Now may be the perfect time to teach your children about financial independence. There are plenty of real-life examples in the media of how not' to manage your finances. To really teach children money management skills, they must learn to handle money personally and to make consequential decisions on how to manage it.