Prime Time Financial Inc. E-Newsletter May 2023

Wayne's Comments

HAPPY SPRING (he says tentatively).

There are sightings of robins in the area and buds on the trees…all positive signs. Add a bit of sunshine and rising temperatures and voila!...Spring!

VACATION NOTICE!

We will be away for a break from Monday (afternoon) May 29 and returning to the office the following Monday. The office will be open – and Jonny (Somers-Harris) will be on-site, (unless if he’s out at an appointment). If you have a need before the 29th, please give me a call or send an email.

THIS NEWSLETTER – SOME IMPORTANT INFO

There have been several calls of concern to our office about the failure of Silicon Valley Bank in the U.S. on March 10, 2023. Please take a moment to read the article: "A Conversation about Banks" We are in Canada, NOT the United States. This article is worth the read and will provide peace-of-mind for Canadian Investors.

Before that article is the one from Warren Buffett – always good information.

Prime Time Financial Inc. provides advice & education to help you make solid, long-term decisions on your financial plan (Investments, Insurance & Estate Planning).

Please call for a meeting if you have any questions!

ENJOY SPRING and ANTICIPATE SUMMER!

Investment icon Warren Buffett says there's wisdom in being "fearful when others are greedy and greedy when others are fearful." ¹ He first gave this advice in 1986 and has re-iterated it over the past few decades during times of financial uncertainty: 9/11 in 2001, the 2008 mortgage crisis, the 2011 Black Monday crash and the 2020 global pandemic.

Relying on wisdom and courage - instead of fear - during unpredictable global events is what Buffett means by his 'fear and greed.' comment. When others flee during a financial crisis, Buffett's advice is to be clear-eyed and look for opportunities that...

A Short Conversation About Banks

The recent tremors in the US banking system (collapse of Silicon Valley Bank - SVB) have caused some Canadians to question how developments in the US might affects their own savings. The key thing to understand is that there are BIG differences between Canadian and US banking systems.

A Google search for "How many banks are there in the US?” ¹ reveals that there are over 4,000 FDIC insured commercial banks versus some 50 or less in Canada – the six large banks, plus Credit unions and some others. The reality is that the US banking system has been consolidating for several decades.

To maintain public "confidence”, the US Federal Government stated that all bank deposits may be protected above the FDIC insured level of $250,000.² So, at this point...

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Financial Independence Tips for Seniors

As people age, maintaining financial independence can become increasingly challenging. However, there are steps that senior can take to help ensure that they can continue to live independently and enjoy their golden years without financial worries.

Below, we will discuss some of the ways that seniors can maintain their financial independence for years into the future.

Create a Budget - One of the most important steps that seniors can take to maintain their financial independence is to create a budget. A budget can help seniors understand their income and expenses and make informed decisions about how to allocate their money. By creating a budget, seniors can ensure that they are living within their means and have enough money to cover their basic needs.

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