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The Value of Financial Advice

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

We’ve all seen the commercials and maybe even read an article that attempts to measure the value of financial advice. Simply put, most people who work with an advisor build more wealth over time. Research shows that this is due to a combination of appropriate investment strategies, better savings habits, and coaching to avoid costly mistakes.

As Money Coaches, we have seen there are also significant intangible benefits to seeking out personalized financial advice and putting it into action. Continue reading

Posted in Financial Planning

Decluttering Your Money and Taking Control

By Karin Mizgala, co-founder and CEO Money Coaches Canada

From January to April most Canadians are knee deep in financial paperwork. With tax and RSP season almost behind you, you may be left wondering what to do with all the financial paperwork that has accumulated over the months or in some cases years.

The question of what to keep, what to toss and how to stay on top of financial paperwork comes up a lot with my clients. With the movement toward digital financial records, it can be easier to be organized and less cluttered with paperwork.

Now is a great time to check-in on your financial management systems and to implement these easy ways to simplify and stay in control!

Here are a few financial tasks and organizing tips that you might want to check off your list before you kick back and relax into summer mode. 

Continue reading

Posted in Budgeting and Cash Flow, Money Coaching

Workcation: 5 Things you need to Know when Living and Working on the Road

By Karin Mizgala, CFP®
Co-founder and CEO Money Coaches Canada

living on the road

Wayne and Karin with their rig

To say that my husband Wayne and I are quite different is an understatement. He’s an artist and I’m a financial planner. Say no more! However, the one thing we are in perfect agreement on is that we love road trips. Any chance we get, we hit the road and often use this opportunity to dream and set goals and intentions for our life together.

Over the years one of our big dreams was to buy an RV and bring our home with us on our adventures.

We hit a few roadblocks when the time came to make this a reality. I had envisioned a little cozy 20-foot van and he had his sights on a Willy Nelson celebrity bus to the tune of $300K+. With my financial planner hat on, I quickly kiboshed that idea.

We (ok I) set a budget and started shopping. Wayne had always wanted a big red truck, so we settled on a modest truck and travel trailer to see if this life was for us.

While Wayne is a retired history prof, I’m still several years away from retirement so a big consideration was whether it was possible (or even desirable) to work on the road. I knew that, at least in theory, I could work from anywhere but was it doable in practice?

If you’re considering working on the road, here are a few of the lessons that we learned so far with some input from my intrepid traveler colleague Steve Bridge: Continue reading

Posted in Financial Planning, Working on the road

The Secret to Financial Happiness in Challenging Times

By Karin Mizgala, CFP®
Co-founder and CEO Money Coaches Canada

improving relationship to money

The end of a year is often a time for reflection. What are we thankful for? What challenges did we face last year? What do we want from the coming year for ourselves, our family and our community? Often the short answer is that we want to be happy. We want those we love to be happy especially given the challenges of the past few years.

A simple, common word that can be hard to explain, because while Webster’s dictionary may define it as ‘having, displaying, or marked by pleasure or joy,” ultimately, we must each define how we achieve happiness for ourselves. Continue reading

Posted in Financial Planning, Money Coaching, Relationship to money

The Hidden Benefits of Improving your Financial Literacy (and four steps to help you get there)

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

November is Financial Literacy Month and there’s reason to celebrate. Canada has one of the highest financial literacy rates in the world (1), with a recent survey finding that 68% of Canadians are financially literate (2). That also means there’s lots of room for improvement! At Money Coaches Canada, we are passionate about increasing every Canadian’s financial literacy. We know that making the right financial decisions can have a positive impact on so many other areas of our life: our relationships, our self-confidence and our health, just to name a few.

Continue reading

Posted in Financial Literacy

A Surprising Challenge in Retirement: Spending What you Worked so Hard to Save

By Jenny Reimer, CFP®
Director, Financial Planning

pensions canadaMaking the psychological shift from saver to spender can be surprisingly difficult for many new retirees. We often meet with clients who are hesitant to draw down their investments and who feel overwhelmed by all the choices they need to make to live off their savings in retirement. We came across this insightful article from CNN that discusses why it can feel uncomfortable to spend your retirement savings and how you can make it easier on yourself.

Here are a few of their top tips:
Continue reading

Posted in Financial Planning, Retirement savings

The 5 Estate Planning Mistakes You Don’t Want to Make

By Karin Mizgala, CFP®
Co-founder and CEO Money Coaches Canada

will estate planningA few months ago, my brother-in-law passed away. He had a heart condition but was only in his early 70’s so we were all unprepared to lose him so soon. While thankfully some estate planning was in place, the legal documentation wasn’t as accessible, up to date or legally binding as it could have been.

When my father was diagnosed with terminal pancreatic cancer, we had a few months to make sure that we said our good-byes and that all the legal paperwork was taken care of. More commonly though, death is sudden and unless robust estate planning has been done in advance, bereaved families are often left with legal and financial headaches. Continue reading

Posted in Financial Planning, Will & Estate Planning

Do 6-Figure Professionals Need a Budget?

By Sheila Walkington, CFP®
Co-founder and CFO Money Coaches Canada

I know it’s only the middle of August, but “back-to-school” season is upon us. I always remember my mixed feelings of dreading the end of the summer but the excitement of new notebooks, pencil cases and fall clothes. Even if you don’t have school aged children or school is a distant memory for you, the fall is a natural time to start afresh and review and revisit your financial goals.

It’s a perfect time to not only look forward and set goals, but to also reflect on how far you’ve come. Looking back at the progress you’ve made over the past 12 months may not seem dramatic, but if you consider the past 10 or even 15 years, so much has likely changed, especially in terms of your career and income.

When you were starting out, you probably had a pretty simple financial plan – pay the bills so the lights stay on. Going out to the movies may have meant you’d have a smaller bag of groceries that week, and you may have dreamed of the day when you’d reach a level of success that you’d never need to budget again.

But like the child who dreams of eating chocolate all day when they become an adult, it isn’t such a good idea when the moment arrives. Now that you have achieved a level of financial success, you probably have a lot more reasons to stay on top of your finances.

You may also be feeling the impact of recent increases in interest rates and higher prices for gas, groceries and travel and don’t want to start slipping behind financially.

So, do 6-figure professionals need a budget? Continue reading

Posted in Budgeting and Cash Flow, Money Coaching, Relationship to money