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Make the Most of the Holiday Season

financial well being

Don’t let this holiday season hurt your financial well being. Stay on track and enjoy the season without the stress of putting your financial future in jeopardy.

To help, we’ve assembled our most popular holiday-themed articles in one place. Each is a quick read and will give you great tips and strategies to enjoy the best of the holiday season without adding financial stress.

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Posted in Budgeting and Cash Flow, Money Coaching


Money Makeover – High Income Couple Out of Debt and Ready for Retirement

By Christine Williston, B.A., CFP®, Money Coach

 

Meet Melanie and Brian

When I met Melanie and Brian (names have been changed for privacy), Brian was 50 years old and Melanie was 42. Both had high power, high paying corporate jobs that kept them very busy. What free time they had, they devoted to their two children ages 13 and 14. Their income was almost half-a-million dollars a year, but without the time or expertise to maximize their financial situation, they found themselves in debt and worried about retirement. Continue reading

Posted in Debt, Money Coaching, Money Makeover, Success Stories


5 Investment Strategy Tips for the Soon-To-Be Retired

By Karin Mizgala, Co-Founder and CEO Money Coaches Canada

Investments

It’s not uncommon for folks approaching retirement to think that retirement planning is finally behind them. They’ve put in the years of saving and investing; now it’s time to Google hotels in Santorini, Greece, right? Well it is, and it isn’t!  There are many decisions about your savings and investments that you need to make to ensure that you can kick back and enjoy retirement. Continue reading

Posted in Investing, Money Coaching, Retirement savings


6 Simple Keys to Financial Success

By Karin Mizgala, Co-Founder and CEO Money Coaches Canada

Money—such a loaded word. We spend an amazing amount of time, energy and emotion on money; loving it, hating it, worrying about it, or being frustrated by it. The one thing we don’t often do is talk about it. Sure, we’ll collectively moan over coffee or cocktails that we don’t have enough, that everything is so expensive; but the silence or moaning reinforces the illusion that money is complicated.

Are you thinking; what do you mean illusion? Money is complicated.

I get it. We can easily feel overwhelmed by debts, multiple investment choices, the general economy, job security, and pressing retirement decisions. But I would counter that while money may sometimes feel overwhelming, it really isn’t complicated or even all that interesting.

In fact, after more than 35 years in this business, I would say there are 6 fundamental money principles that anyone can master. If you take action on these 6 concepts you can change financial concerns into financial contentment.

Let’s take a look at them one-by-one Continue reading

Posted in Money Coaching, Relationship to money


Investments Plain and Simple

How Investments Are Taxed

When making investment decisions, it is wise to consider the various tax implications – both positive and negative. As always, first remember that your investments should reflect your goals and values, your time frame and your risk tolerance. It’s vitally important to remember that though tax advantages can change with the government, investment decisions should only change with life considerations.

Here are some important guidelines on how investments are taxed for you to keep in mind:

Pension

Registered Investments (RSPs & Pensions):
These are not taxed until you remove money from your registered investment. You will then be taxed at the rate applicable on your income at withdrawal, which is usually at a lower rate at retirement than when you were working.  You also get a tax deduction when you contribute to a registered investment.

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Posted in Financial Literacy, Investing, Retirement savings, taxes


Do You Have What It Takes To Be An Entrepreneur?

By Karin Mizgala, Co-Founder and CEO Money Coaches Canada

Starting your own business is easier than it has ever been before. The internet has made it possible to serve customers not only across the country, but across the world. Accessible technologies have made it conceivable to create an app, bring a product or service to market, be a consultant or teach courses.

Entrepenaur Canada

This exciting new path to entrepreneurship has no age barriers either; kids are pitching viable ideas to savvy investors on the television show Dragon’s Den; millennials have been nicknamed the side-hustle generation; and businesses started by baby boomers with no interest in retirement, are on the rise.

But what will make any of these new businesses successful is not an internet connection and a large Twitter following. Today’s entrepreneurs need the same mindset and success principles that Canadian J.L. Kraft had when he started selling cheese out of a horse-drawn wagon in 1903.

Let’s look at what draws people to entrepreneurship and what needs to be considered before taking the leap. Continue reading

Posted in Money Coaching, Small Business


Don’t Let Back to School Break the Bank

By Sheila Walkington, BBA, CFP® 

The back to school cliché is that kids dread it and parents are gleefully counting the hours. But in reality, lots of kids are excited to go back to school (albeit an excitement that usually fades with the first homework assignment) and many parents dread September because it feels like open season on their bank accounts. Back to school spending seems to escalate every year, but it doesn’t have to be that way. You may not be able to keep your kids excited about school, but saving on back to school expenses is possible with some planning.

Back to school basics

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Posted in Budgeting and Cash Flow, Money Coaching


Embrace Aging and Plan for a Happy Retirement

How We Age is Changing

As youngsters, we can’t wait to get older.  Sometime later, we become less enthusiastic about our next birthday.  We come to realize our mortality with the tick-tock of age.  It’s a matter of perspective.

Age has also changed in perspective over history.  For much of human history, the toil of daily work didn’t stop until health failed or death.  Retirement didn’t exist.  Caring for the elderly was short-lived if at all.  When Benjamin Franklin uttered his famous quote: “Nothing can be certain, except, death and taxes”, the average longevity was just 35 with almost nobody reaching age 60.  It would be the 20th century before average longevity creeped up to 50.  With modern breakthroughs in health care and eradication of diseases, average longevity has surged to 85 today with many reaching 100.  Aging isn’t gone but we have the opportunity to stay with it longer. Continue reading

Posted in Relationship to money, Retirement savings


Second Time Around? 5 Things You Need to Know about Marriage and Money

By Karin Mizgala, Co-Founder and CEO Money Coaches Canada

Almost thirty-five per cent of married Canadians are married for the second or even third time. And while it would be nice to believe that the experience of divorce improves chances for a subsequent marriage, statistics don’t bear that out. Financial issues—the cause of many a marital breakdown—may have something to do with that.

The good news; with joint planning and consistent communication, you can address the array of new money concerns that come with a second marriage; and avoid the financial resentments, anger and misunderstandings that can undermine any couple’s relationship.

Here are 5 areas to consider: Continue reading

Posted in Budgeting and Cash Flow, Money Coaching, Relationship to money, Retirement savings, Will & Estate Planning


Podcast: Get a Second Opinion with the Investment Report Card

Bruce Sellery of Moolala recently spoke with our own Karin Mizgala, co-founder of Money Coaches Canada, about the On Your Side Investment Report Card service and why Canadians should get a second opinion on their investment portfolio.

The On Your Side Investment Report Card provides answers to some of the most important questions investors have about their portfolio, including:

  • How do I get started with building an investment portfolio?
  • Is my investment portfolio performing as well as it should?
  • Do I have the right investment strategy for my goals and needs?
  • Am I paying too much in investment fees?
  • What should I do to get my investments on track?

The answer to these questions – and many more – is an unbiased and independent second opinion. That’s why we created the On Your Side Investment Report Card.

Please click on the recording below to listen to the Moolala Money Made Simple podcast about the Investment Report Card. (running time approximately 11 minutes).

Learn more about the On Your Side Investment Report Card.

Posted in Investing