How to Achieve Personal Financial Success
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As the recent pandemic crisis made its way around the world, creating havoc in its wake, we can be thankful most Canadians were able to weather the storm in fairly good financial shape. In 2023, the recent rise in interest rates has become the biggest concern with many people wondering how higher rates might impact their financial and retirement plans during the next few years.
While nobody can ever solve national or international crises personally, we can still focus on our own financial situation. Here are 5 keys for achieving sanity in your personal finances:
Reduce Your Debt
If we have learned anything from the recent rise in inflation and interest rates, it’s that too much debt can...
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TFSAs: Leveraging the Benefits
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The Tax-Free Savings Account (TFSA) was introduced in 2009 to offer Canadians an incentive to save over their lifetimes. TFSAs provide tax-free growth, flexible investment options, and easy set-up and withdrawals, making this registered account a powerful tool for financial well-being. Below are some key features.
Below are some key features:
Save for anything
TFSAs can be used to save for anything, like purchasing a car or home, paying for education, travel, emergency funds and long-term financial goals.
Control, flexibility and diversification
TFSAs offer an excellent diversification tool for...
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If you are a prudent investor, then you have a financial retirement plan that will ensure you have sufficient funds for the lifestyle you envision after you stop working. What constitutes sufficient depends on your ambitions and your hobbies, and also on how long you live. People are living longer, and it’s not unreasonable to think that you could live into your 90s.
It can be quite sobering to think that you will live for 25 years after you leave employment. We are conditioned to believe that in retirement, our portfolio should be solely in safe investments, as without work there is no guaranteed pay cheque anymore.
The rule of thumb used to be that by making a calculation of 100 minus your age you could roughly determine how much of a portfolio should be invested in growth-orientated investments; so at 65 you would aim for 35% in equity investments and...
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Setting goals is the first step in turning the invisible into the visible.
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Commissions, trailing commissions, management fees and expenses all may be associated with segregated fund investments. Market performance of segregated funds is not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of the segregated funds in which you invest. The information in this email newsletter is general information only and is not intended to constitute specific legal, accounting, financial or tax advice for any individual.
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Mary Jane Banks
1079 Caledonia Way, West Kelowna, BC V1Z 3N7
Ph:(250) 769-4458
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