Friday, November 25, 2022 / by Mario Daniel Sconza
It’s a fact; retirement planning is overwhelming and easy to kick down the road! There are so many “ifs” in the planning process it’s hard to know where to start, and just getting by for the near term may be taking up all of your time… and most of your money!
However, it’s also a fact that lack of planning and getting started too late is the number one regret for retirees. To that end, we have assembled a list of quick tips and busted a few myths to help get you going on the essentials and highlight some additional factors you should be considering.
There is a magic amount for a savings target or a simple rule of thumb to base your retirement plan. The truth is there is only YOUR number, which results from making a plan based on the kind of retirement life you envision, carefully calculating how much it might cost, and creating a saving and investing roadmap to fund it. Our retirement cashflow calculator is a great tool to help you; ...
Tuesday, November 22, 2022 / by Mario Daniel Sconza
Friday, November 18, 2022 / by Mario Daniel Sconza
Misunderstanding your Mortgage a Costly but Common Mistake
A January 2022 survey found that one third of Canadians spent more time planning their next vacation than investigating the options, details, and possible outcomes of their mortgage agreement! Quite shocking considering it is a long-term, legally binding financial commitment that is critical to your financial and overall well-being.
This "lack of interest" may have been due to a "lack of interest" as record low rates kept payments manageable and debt servicing costs off our radar. Unfortunately, many people found out the hard way as rates spiked in 2022 that failing to understand the terms and conditions of your mortgage can lead to some nasty surprises.
Mortgages are in the news a lot these days as interest rates are expected to rise further before the end of the year and home prices are dropping in many markets, but there is a lot more to consider than just the interest rate. Here are a few things w ...
Friday, November 11, 2022 / by Mario Daniel Sconza
What is a robo-advisor?
A robo-advisor is an automated, online financial advisor. Users get started by simply answering an online questionnaire or survey about their investing preferences and risk tolerance. That data is then used to select from portfolios of exchange-traded funds (ETFs) which the robo-advisor continuously manages to keep in line with the pre-determined risk profile — buying and selling funds as required and re-investing dividends. If you don’t want to jump into DIY investing but still want the low fees and freedom of foregoing a living, breathing financial advisor, a robo-advisor may be the perfect investing option for you.
Are they any good?
If you know very little about investing and are strapped for time or just don’t want to learn more, a robo-advisor is a good choice. You give up flexibility in what you invest in (no stock or fund picking), but you can be assured that your portfolio is being managed to mirror your preferences while yo; ...
Friday, November 4, 2022 / by Mario Daniel Sconza
7 Ways You Can Still Make 2022 a Financial Success
2022 is winding down and if you are a little shy of your financial goals and looking for some quick fixes, we have a few suggestions for you.
1. If you don’t have a TFSA or RRSP, take it off your wish list and get one (or both) before the end of the year. The process is free, can easily be done online, and there is no minimum deposit amount required with many institutions. RRSPs allow you to defer paying tax until you withdraw the funds — ideally when you are retired, and your tax rate is low. The deadline to contribute to your RRSP and take the deduction on your 2022 income taxes is March 1, 2023. A TFSA contribution is not tax deductible, but you don't pay any tax when you withdraw that money. Furthermore, any income you generate by investing your contributions can be withdrawn without any tax. You can open a TFSA and add money to it at any time.
2. Gain control of your monthly spend and stop wo; ...