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...

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.