Welcome back to your new resource for holistic financial planning.
Summer is here and cottage season has started. Summer travel may be all booked and ready. Summer is a time when families build memories and a great opportunity to talk about what everyone avoids: money. We are going to touch on this in our forthcoming content and newsletters.
We also realize that young, perfectly educated, degree-complete adults struggle to find a job (immediately) or a path (long term). Why is that? We have a very good idea and would love to help you out. It starts with a conversation. It's not that scary.
Enjoy!
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A few gems for nextgens.
Professionals spend a lot of time building wealth and not so much preparing the next generation for it. If nextgen is not ready for it, there is a good chance wealth will disappear. When do you start talking with your children? What's the right age?
The answers are now and at any age. But how? Every child is different, and a one-size-fits-all approach will likely not work. We will address these topics here and in the coming issues. In the meantime, here are some pointers:
- It's important to take stock, sit down and figure out what you want to do and why.
- It's crucial to have a financial plan, and yes, there is a cost. But if you don't pay to make a plan, you should expect to pay otherwise (likely you are positioning a sale of something (investment, insurance, etc.).
- Understanding cash flow and being disciplined and committed to your goals is the shortest route to building wealth. Think holistically: have a will, have a tax plan, have proper insurance, and understand what you're investing in.
- Think long-term, not just a quick solution.
We also suggest making talking about money a normalized family activity. For example, involve your children when you reconcile your accounts monthly and list how much your mortgage, car, gas, grocery, electricity, etc. cost, and what revenue comes into the household. Encourage your children to find ways to help save on household costs and prioritize what THEY would like to do with those savings, such as travel, or going to an amusement park.
If your kids are involved and empowered, they are much more likely to be good money managers in the future.
For more tips and guidance, read this article from The Globe and Mail.
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Most Canadians are painfully unaware that as business owners, they can use pension legislation to their advantage by setting up a PPP. In this article, we'll give you a simple illustration of how to use a PPP for tax benefits.
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Almost half of Gen Z and millennials living paycheque-to-paycheque, global survey finds
I spoke with Andrea Bain at CTV News about the fact that many young people are deeply concerned with their financial futures. While you can't control outside forces like inflation, there are certainly ways you can save money. It starts with awareness. Watch the video for more financial advice during these turbulent times.
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Have you ever pondered what to do when things start to slow down and you feel it's time to retire?
Who will you be after you retire? Have you thought about it? Feels overwhelming?
It's crucial to have a plan in place for your personal finances that addresses both your goals and needs. In this video, we discuss some insights to consider.
It starts with a conversation and we are happy to help. Book a time that works for you here: https://bit.ly/3hxtK5G.
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