Record Keeping in the Cloud – is it Safe? As our lives become more intertwined with the Internet it may be only a matter of time before all of our important data is stored in this vast “cloud” of bits and bytes. Most people are well on their way with online banking and bill paying, e-tax filing, email, document storage vaults, Social Security information, and soon we will be making payments using our smart phones...
Retirement Income Planning Requires Realistic Spending Assumptions If you have read any literature on retirement planning or have received advice from a financial professional, chances are you were presented with the 70% rule; the rule that suggests that retirees will need between 70% - 80% of their pre-retirement income in order to maintain their standard of living. There are several flaws with this formula, the least of which is that it doesn’t consider your actual...
Should You be the Bank of Mom and Dad to Your Adult Child? What to do when Your Adult Child Comes Looking for a Loan It’s an unfortunate sign of the times that an increasing number of adult children, caught in the convergence of a sluggish economy, a slow job market, and tight lending, are turning to the Bank of Mom and Dad for financial help. And, as much as parents would do anything in...
Planning for the Long, Long-Term Most people looking to implement a financial plan are making decisions with the long-term in mind. While what “long-term” means tend to vary depending on factors like age, individual and family goals, it’s safe to say most planners and their clients would agree that long-term is usually measured in years, not months. Whether it’s the young professional first considering a still-distant retirement age, or a retiree trying to leave a...
Finance Lessons for Your Teen The current economic environment has caused many to reconsider their personal finances; resulting in lots of people having to drastically change their spending and savings habits. Out of this economic malaise may arise an opportunity to instill the right financial habits in your teens, and they can carry these habits with them into adulthood. Just as our parents or grandparents of the Great Depression era developed deeply ingrained attitudes about...
Will It to be So: Things to Consider for a Strong Will Answer this riddle: what’s the one thing that will eventually happen to everyone, but generally, no one wants to discuss? Death is a subject that immediately conjures up all sorts of emotions because, let’s be honest, the absence of being IS emotional. But, death is also cause for practicality. It’s a cause for stating clearly what to do about money and property so...
Your Protection Strategy Needs a Legal Foundation Any protection strategy that focuses only on insurance can leave you and your family vulnerable to the threat of a legal system which doesn’t necessarily share your objectives. Absent specific, court sanctioned directives on your part, your life and the lives of your family members will be subject to the default provisions of the law that guide critical financial, family, and health decisions when you are unable due...
How to use your investments to make the world a better place Integrating philanthropy and financial solutions Every year, do you make a donation to various charities, hospitals or even to your children’s schools? With this article, I would like to demonstrate how you can benefit from tax shelters while integrating your core values in the global management of your investments. A donation is a charitable gift that is recognized The Canadian and provincial tax...
9 tips to avoid fraud when it comes to your investments The recent Ponzi schemes put in place by hedge fund manager Bernard Madoff or the alleged fraud commited by "financial advisor" Earl Jones sensibilizes us more to possible scams commited when it comes to our investments. In this context, I offer you a list of criteria that aim at helping investors reduce the risk that they will be victims at some point to these...
What Should You Really Expect with Regards to Your Child’s Post-Secondary Education Costs? It’s no secret to any parent with aspirations of paying for their child’s post-secondary education that the cost of doing so is quickly inching beyond the reach of even the most affluent families. Post-secondary education costs continue to increase at a much faster rate than the rate of inflation. For the parents of a new born today, the average total cost of...
The Five Disability Insurance Mistakes People Make 1. Underestimating the Odds of Becoming Disabled The risk of a disabling illness or injury that prevents a worker from doing his or her job is more significant than most people realize. According to information compiled by the National Association of Insurance Commissioners (NAIC), a male worker at age 35 faces a one-in-four chance of a disability taking him off the job for 90 days or longer during...
Personal Loans and Credit Card Payoffs - What You Need To Know With credit card interest rates ranging between 11% and 22%, it’s no wonder people are looking for alternative ways to manage and pay off their credit card debt. This is where a personal loan might come into play; using a personal loan to pay off your credit card debt can help you manage your overall debt once and for all, if you know...