June 2024

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Asset Building Strategies

In the last article Sue had a capital shortfall of $400,000 in order to support her desired retirement lifestyle. This amount will vary for each individual and will be larger or smaller depending upon your income, age and ability to save money as a percentage of your earned income.

Broadly speaking there are only two ways to build wealth or assets: by being a lender or an owner (having equity) of productive economic assets. In broad terms, this means that you will be allocating your savings to either fixed income type products ( ie. GICs ) where...

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Needs vs Wants

There are things you need to live a healthy life, like a place to live and food to eat. There are also things that you’d like, such as a warm vacation or new ski boots. It’s possible to have it all, but not all at once. If you can’t afford to pay your bills for necessities like rent/mortgage, groceries, and utilities, you’re not ready to soak up the sun on a sandy beach. When you learn to live by a ’first things first’ rule and manage your spending carefully, you can create a budget that balances financial needs and wants while setting money aside for emergencies and long-term financial stability. It starts by clearly defining needs versus wants.

Financial Needs

Financial needs are expenses that are essential for you to be able to live and...

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You’ve retired. Now What?

Canadians are living longer, healthier lives. According to Statistics Canada (2018), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you find enjoyable in life and thinking of ways to sustain that happiness level. She also says to honestly answer the following questions:

’Is there some aspect of my job that I would love to keep doing?’

’What dreams do I have that can only be fulfilled outside the workplace?’

’What pursuit gives me the...

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A successful man is one who can lay a foundation with the bricks others have thrown at him.

David Brinkley

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation (CDIC). For funds other than money market funds, unit values change frequently. For money market funds ,there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. The information in this email newsletter is general information only and is the opinion of the owners and writers. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. The information contained here may include estimates, projections and other "forward-looking statements." Actual events may differ substantially from those presented herein. We make no representation that future investment performance will conform to past performance and it should never be assumed that past performance foretells future performance. All information provided is believed to be accurate and reliable, however, we cannot guarantee its accuracy. Please consult an appropriate professional regarding your particular circumstances. Worldsource Financial Management Inc. will not be held liable for any inaccuracies in the information presented. Mutual Funds provided by the fund companies are offered through Worldsource Financial Management Inc. Insurance & segregated fund products are sold by Sherman Friesen personally and not through Worldsource Financial Management Inc.

The Complete Wealth Management System
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