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Advice-Only Financial Planning: The Best Investment You’ll Ever Make

Posted on: September 17, 2024

By Noel D’Souza, CFP®
Director, Communications

When someone asks me what I do and I tell them I’m a financial planner, it’s not uncommon to see their guard immediately go up just a little bit. They often assume there’s a sales pitch coming.

This perception of financial “advisors” as salespeople isn’t without some basis in reality. In Canada, the vast majority of financial advice is tied to product sales of one kind or another. This can introduce a conflict of interest and make one wonder: is this advice best for me, or is it best for the advisor?
Continue reading →

Posted in Financial Planning, Money Coaching


Top 5 Money Challenges Faced by Small Business Owners

Posted on: August 13, 2024

By Val Kumagai, BES, CFP®, Money Coach and Financial Planner

Portrait Of Couple Running Coffee Shop Behind Counter

Most people who start a business don’t do it for the sole purpose of making money. There are usually much easier ways to earn a living than to build a business.

At the risk of sounding mystical, it’s more often a “soul purpose” that creates the energy behind entrepreneurial success. People who start businesses are passionate about what they do. But here’s the thing: the people who stay in business, the people who thrive and grow, are also practical about what they can and can’t do.

They know that even if they don’t feel comfortable in the world of profits and losses, debts, taxes, budgets and succession planning, learning how to take control of their money and having a financial plan in place will make them more successful – and allow them to continue doing what they love.

Here are the top five money challenges you’ll face as a small business owner: Continue reading →

Posted in Money Coaching


Living with Intention: How can we move from Survive to Thrive?

Posted on: July 16, 2024

By Jenny Reimer, CIM, CFP®
COO and Director, Financial Planning

One of my favourite parts of my work is helping our clients define their goals. Some goals are common, like buying a home or saving for a child’s education, and others can be more surprising, like taking a year-long sabbatical, starting a new business, or retiring to a different country. Digging into these goals, finding out where they came from and why they’re important, is a daily source of inspiration for me. Continue reading →

Posted in 7 Stages of Financial Well-Being®, Financial Planning, Money Coaching


Are You On-Track To Retire in 10 Years? Do These 5 Things Right Now To Be Sure

Posted on: June 18, 2024

By Sandra Mann, CPA, CGA, QAFP®

Are You On-Track To Retire in 10 Years? Do These 5 Things Right Now To Be Sure

 

With 10 years to retirement, your daydreams may be turning to a morning latte on your deck, instead of a tepid coffee on your commute. But before you buy that Life Begins at Retirement bumper sticker and toss out your alarm clock, you have some work to do. It’s imperative that the financial decisions you make in this last decade before retirement are forward focussed and carefully planned.

Here are 5 things you must do now to ensure a smooth transition into the next chapter of your life. Continue reading →

Posted in For your information, Money Coaching, Retirement savings


The Money Coaches Canada 2024 Conference – Building Stronger Connections

Posted on: June 13, 2024

In May, the Money Coaches Canada team came together from across the country for our annual National Conference. This year we had the pleasure of gathering in Vancouver, BC, and our theme for this conference was Building Stronger Connections.

We chose this theme because we recognize how important connection is in our own lives and in the lives of the clients we serve. Whether with respect to our most important goals and deeply-held values, our friends, family, or colleagues, or in our professional network, strong connections are what allow us to cultivate richer relationships. Continue reading →

Posted in Financial Planning, Money Coaching


What to Do with Your Money After Paying Off the Mortgage

Posted on: May 14, 2024

By Noel D’Souza, CFP®
Director, Communications

It has been a long road, but you have finally… FINALLY paid off your mortgage. Congratulations!! Your home is now truly yours.

Given the marked rise in interest rates over the last two years with a related rise in mortgage payments – in the last quarter of 2023, CMHC reported average monthly payments for new mortgages of $2,143 Canada-wide, with high priced regions seeing averages of over $2,900 – there’s a good chance that you’re freeing up a very sizeable chunk of cash every month which can now be put to other uses. Continue reading →

Posted in Financial Planning


Exchange Traded Funds: Everything You Wanted to Know But Were Afraid to Ask

Posted on: April 16, 2024

By Daniel Evans, CFP® & Investment Coach

Most Canadians are very familiar with mutual funds. In simple terms, a mutual fund is made up of a collection of individual stocks, bonds or other securities chosen by a fund manager with the goal of generating returns for the investors while balancing risk. Investors pay a percentage fee, referred to as the Management Expense Ratio (MER), to cover the cost of the management, marketing and administration of these funds. In Canada the average MER is around 2%.

With greater focus on the cost of investing and fee transparency in Canada, it’s not surprising that there is growing interest in Exchange Traded Funds (ETFs), which in most cases have lower fees than mutual funds. But what else should you know about this up-trending investment option before deciding if ETFs are right for you? Continue reading →

Posted in Financial Literacy, For your information, Investing


What You Need To Know About Filing Your 2023 Taxes

Posted on: March 12, 2024

By Jenny Reimer, CFP®, CIM
COO and Director, Financial Planning

What You Need To Know About Filing Your 2020 Taxes

Spring is around the corner, and along with the warmer weather comes tax season. This month, we would like to highlight a few changes to be aware of and share some helpful tips for preparing your 2023 taxes.

Continue reading →

Posted in Financial Planning, taxes


Congratulations to Jenny Reimer,
our new COO!

Posted on: March 8, 2024

Jenny ReimerWe are very pleased to announce that Jenny Reimer, Director of Financial Planning at Money Coaches Canada, has taken on the additional role of Chief Operating Officer (COO).

Jenny has more than twenty years of experience in the financial services industry and holds the Chartered Investment Manager (CIM) and Certified Financial Planner (CFP) designations.

As our Director of Financial Planning for the past three years, Jenny has been responsible for managing ongoing training for our coaches. She keeps our team up to date on current trends, legislation, and best practices, ensuring our clients receive an exceptional financial planning experience.

In her expanded role as COO, Jenny will oversee all aspects of our daily operations, be a key member of our strategic planning team, and help guide the evolution of Money Coaches Canada as we look towards the future.

Jenny is an enthusiastic advocate for the advice-only financial planning model. We look forward to benefiting from her experience and leadership, and we’re thrilled that she has accepted this new challenge.

Congratulations Jenny!!

Posted in Financial Planning


How Much Do You Need to Retire?

Posted on: February 13, 2024

By Steve Bridge, BA (Hons.), CFP® 

desired retirement lifestyleRetirement, or financial independence, ranks as one of people’s top financial goals. We’re currently in the midst of “RRSP Season”, and many Canadians are giving at least a passing thought to their eventual retirement.

A January 2024 survey by the National Institute on Ageing revealed that 26% of working Canadians aged 50+ say they are unsure of whether they can afford to retire at their desired time, with another 39% indicating they are not in the financial position to do so. The same survey found that the rising cost of living was by far the most frequently reported financial concern among Canadians 50+ in 2023, with the worry of running out of money in retirement coming in second.

In the face of so many immediate financial pressures, it’s easy to avoid thinking about the future and doing proper retirement planning. You may think you’re too young to be thinking about retirement or you’ve waited too long to plan for retirement, but it’s never too soon or too late to give yourself choices.

As a Money Coach based in West Vancouver, BC, everyday I help clients begin the journey of determining just how much they need to retire.

So where to start? Continue reading →

Posted in Budgeting and Cash Flow, Retirement savings


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