March 2022 Book a Meeting
 
 
An Approach to Financial Decision Making

How you approach financial decision making on a day-to-day basis is likely to be the most important ingredient in your life and financial success. The key is to be focused and methodical about how you allocate money to each of your life’s goals on a daily, weekly, or monthly basis.

This does not take great discipline or effort. It only takes a little focus and a little chart or reminder that you keep close by for reference.

If we look at all your life goals, they typically involve many objectives, including short term, medium and long term, lifestyle, career, family...

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Inflation & Your Financial Strategy

In a December 2021 poll, 87% of Canadians surveyed reported that the rising price of everyday goods was their top source of anxiety1. The last period that caused this level of financial concern for Canadians was the 1990s2, when inflation reached a high of 5.5%. Today, it sits at about 4.8%, primarily due to transportation and supply chain issues and a sharp rise in energy prices. The associated increase in cost is passed along to Canadian consumers, who are concerned about how to pay for it.

This is a serious issue that needs to be navigated wisely. On the other hand, it’s good to understand that inflation is historically linked to economic recovery from serious events like a pandemic. Leading economists view the current situation as a sign of a recovering economy...



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Where’s the Money?

When Dora died on August 1, 2018, most of her assets passed by Will to her adult children and were therefore subject to probate. $250,000 was in GICs and a fairly rapid transfer of this money to her heirs was expected. But that was not the case. They had to wait until March 2020 for it. That’s right, almost two years.

Not only did the GICs attract legal and probate fees in excess of $10,000, but while they were waiting for their share, her kids had to pay income tax on interest earned on the money held in trust. This proved to be a hardship for some of them who were of limited means or single parents.

Fortunately, Dora also had a life insurance policy. The claim forms for the life insurance were ...



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Learning how to be still, to really be still and let life happen - that stillness becomes a radiance.
Morgan Freeman
 
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Limestone Wealth Management
820 Development Drive - Kingston, ON K7M 5V7
Ph: (613) 384-7692