Market Highs vs. Your Goals
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As Canadian and US stock market indexes hit new highs this year, many investors began expressing anxiety about a possible ’correction’. Financial media personalities have also been speculating about the timing of correction from these recent market highs – following a strong run over the past year.
Let’s put this into perspective. Would these same investors be equally concerned if their homes were hitting record highs? No, it is likely they would be celebrating and cheering the market higher. So what makes the stock markets and equity investing different from other asset classes? And how does the fact of new equity market highs affect investor’s ability to build...
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Basics For a Wise Financial Strategy
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Before a skyscraper can reach for the clouds, it needs a very strong foundation. Once the building is complete, the foundation is virtually unseen. The same goes for our financial strategies. Following are the basics of a strong financial foundation:
Budget – Governments and businesses use budgets to properly allocate resources. It’s known as good business. A budget can help you figure out where your hard-earned income is going and to identify ways to cut spending or increase savings.
Rainy day and opportunity fund – Unforeseen emergencies and opportunities catch far too many of us by surprise. Such things as job loss, major repairs or investment opportunities are much easier to deal with if we have the funds available at the time. Debt is not a good way to handle these events. A minimum of three months’ income...
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Your Legacy Plan and Charitable Giving
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Recently, a client wanted to leave all of their money to two charities through their Will. They wanted to leave a legacy to a couple of charities that were close to them and they didn’t have any close family members.
Here is her situation: Age 80, $550,000 in savings (75% non-registered and TFSA), with income of $70,000 annually from pensions and RRIFs while living in an upscale retirement residence. She was also spending an additional $20,000 a year from savings to support her lifestyle.
While using a Will to donate money to charity is a common tactic, there are other options to consider that could grow the amount donated by this individual by over $100,000.
Here are 3 problems with leaving money to...
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| Online Resources
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For every reason it’s not possible, there are hundreds of people who have faced the same circumstances and succeeded.
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Jack Canfield
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The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. The opinions expressed are those of the owners and writers only. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of the mutual funds in which you invest. Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Mayrak Financial Solutions Inc.
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Mayrak Financial Solutions
4832 Huron Heights Dr, Mississauga, ON L4Z 4H8
Ph: (905) 501-0438
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