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Introducing the 7 Stages of Financial Well-Being® Video

We are just over the half-way point for 2018 – 50% of the year is in the rear-view mirror. How are your financial New Year’s resolutions holding up? Distant memory? If that’s the case, please read on because we can help.

One of the biggest reasons why individuals do not follow through on their financial resolutions is that they don’t have a clear sense of what success means. For many clients, we’ve seen that success comes from a deeper understanding of where they stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward. Continue reading

Posted in 7 Stages of Financial Well-Being®, Relationship to money


How to Enjoy Summer Without a Debt Hangover

By Sheila Walkington, Co-Founder and CFO Money Coaches Canada

There is something about summer that makes us loosen the reins on our routines. We tend to eat more treats, and we let the kids stay up later. We enjoy more time with friends. We travel. We garden. We relax.  We do the things there wasn’t time for when the days were shorter and colder.

Summer makes us feel like we owe it to ourselves to have a good time; before winter rolls around again. That can mean we loosen the grip on our spending too. It’s very easy to adopt the; “I’ll get back on track in September” attitude, which can significantly impact your financial goals.

Does that mean fun and spontaneity are off the table this summer? Not at all! Here are my suggestions to make this summer, and summers to come, memorable without breaking the bank. Continue reading

Posted in Money Coaching


Financial Advice, Fees and Your Future

Canada frequently ranks high on lists of the best countries to live, but when it comes to fees for financial products, we rank among the worst in the developed world.

While the securities regulators are taking a hard look at how investment products are priced and delivered in Canada, I’ve noticed recently that clients are also asking more questions about investment fees and challenging the value of the financial advice they receive.

How confident are you that you’re getting the best financial advice? Continue reading

Posted in Investing, Money Coaching


How to Manage Your Inheritance

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

Canada is on the verge of a colossal transfer of wealth from one generation to the next. Baby Boomers are expected to inherit roughly $750 billion by 2026; the largest shift of wealth in Canadian history according to a CIBC Capital Markets report. Maybe you are one of them.

There are currently more than 2.5 million Canadians over the age of 75—the largest cohort of that age group this country has ever seen. And the CIBC report estimates their total net worth at $900 billion plus. The reality is that many of these individuals will pass away over the next 10 years, either leaving that wealth to a spouse or to their children (most in their 50’s and 60’s).

If you will be one of the beneficiaries of this huge wealth transfer, it’s important that you keep the following thoughts in mind. Continue reading

Posted in Ask Your Money Coach, Will & Estate Planning


Aging Parents – Reversing the Roles

by Karin Mizgala MBA, CFP®

I’m not sure when it happened, but several years ago I realized that the tables were turning in my relationship with my parents. Although still extremely healthy and vibrant at the age of 70, my parents were starting to ask me for advice and I could feel a subtle shift in the balance of power.

Most children of aging parents that I know are busy, stressed and ill-equipped to deal with the added time and financial demands of caring for elderly parents. And often the need to step in comes during a crisis. This isn’t a great time to make the emotional, financial and legal decisions that are often necessary. Continue reading

Posted in Relationship to money


Seven Ways to De-stress about Money

By Sheila Walkington, BBA, CFP®

Everyone experiences stress as a natural reaction to certain events or circumstances. The severity of the reaction will, of course vary from individual to individual. For example, some love the sound of thunder while others find it a source of great anxiety.

Though you and I may differ in terms of what personally causes us stress, there are several types of life stressors that have a dramatic influence on all humans according to extensive research studies. Large scale research projects completed by the Center for Disease Control, the American Institute of Stress, and many others that examined the causes of stress in humans confirm that there are certain life events that most humans find very stressful. Stress due to issues related to personal finances sits at #4 of the top 10 causes of stress.

For some, it’s about making ends meet or family conflicts, for others it’s about long term financial security, being taken advantage of or the ups and downs in the stock market. Whatever your stress, you can improve your relationship to money by becoming more aware of what’s blocking you from financial peace and taking the steps to set yourself free.

1. Live the Life that You Want

If you are waiting to reach some magic number in your bank account or to be debt-free before you start living the life you want, you are probably giving money way too much hold over your life. While it’s important to pay the bills and to be financially responsible, a healthy relationship to money comes from using money to support your dreams and goals, not as an end in itself. So, be clear about what you want your life to look like, get your financial house in order and align your money with your life. Continue reading

Posted in Money Coaching, Relationship to money


Women and Work: Canada’s Economic Crossroads

By Sheila Walkington, Co-Founder and CFO Money Coaches Canada

The world happiness report was recently released by the United Nations and Canada ranked #7 out of 156 countries. The report rates countries based on income, healthy life expectancy, social support, freedom, trust and generosity, and Canada has consistently placed well since the report began in 2012.

But it would be foolish to think that this report means we have little to worry about as a nation. The truth is, supporting the Canadian way of life, with our strong social safety net, is getting more costly, especially as a huge segment of the population moves into retirement. As a result, Canada has arrived at an economic crossroads. In order to maintain our economic prosperity, we need our economy to grow. But that isn’t going to happen unless we come up with some bold and creative ideas. Continue reading

Posted in Money Coaching


7 Stages of Financial Well-Being® – Where do you stand?

By Karin Mizgala, BA Psyc, MBA, CFP®

We are just over three months into 2018 – 25% of the year is in the rear-view mirror. How are your financial New Year’s resolutions holding up? Are you doing better financially? If yes, great. If not, please read on.

We’ve found that one of the biggest reasons why individuals do not follow through on their financial resolutions is that they don’t have a clear sense of what financial success means. The other reason is that it’s just not easy to do what it takes to be good with money in the complex and fast-paced culture in which we live.

For many clients, we’ve seen that success comes from a deeper understanding of where they stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward.

Of course, it takes less effort to hope that a windfall will suddenly appear. But wouldn’t it be nice to finally feel in control of your money once and for all – on your own terms? Continue reading

Posted in 7 Stages of Financial Well-Being®, Money Coaching, Relationship to money


Women, Money and Power: How Times are Changing for the Better

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

On March 8th, we celebrated International Women’s Day (IWD), a global day recognizing the social, economic, cultural and political achievements of women. But IWD is about more than one day; the theme for the whole of 2018 is #PressforProgress.

In 2017 we saw unprecedented numbers of women stand up and give voice to abuse and inequities that have long been silenced. #PressforProgress is the logical next step, as women, and men, want more than the recognition of disparity; they want change.

One of the very real and important ways a woman can be empowered is through financial confidence and action. Regardless of age or income, a woman who controls her money, has the power to control her future. Continue reading

Posted in Financial Literacy, Investing, Relationship to money


5 Ways A Money Coach Can Help You Win Your Own Financial Olympics

By Christine Williston, B.A., FPSC Level 1®

In preparation for the 2010 Winter Olympics in Vancouver, our nation set out to “Own the Podium.” That program is still delivering the results as the recently concluded PyeongChang 2018 Olympic Winter Games aptly demonstrated.

What an amazing two weeks of athletic competition. It’s impossible not to be proud of our Olympians. A record medal haul of 29 – 11 gold, 8 silver and 10 bronze. And so many stories of triumph and sportsmanship.

“Our athletes have made history at these Games,” Canadian Olympic Committee president Tricia Smith said. “From a country chasing the powerhouse nations, we are now proudly in the top group growing in strength and contending for No. 1. And we’ll keep going.”

The side of Olympic glory that we don’t see

5 Ways A Money Coach Can Help You Win Your Own Financial Olympics

The moments of glory are electric and inspiring, but what we don’t see on the Olympic stage are the years and years of training, the tired muscles, the setbacks, disappointments, sacrifices and deep commitment to a goal. In the moment of triumph the athlete stands alone on the podium, but the path to the podium is paved by supporters and coaches. Becoming an Olympic calibre athlete starts with a personal dream, but also requires a great deal of financial resources for equipment, practice space, travel, physical therapy, and many other sport specific costs.

What’s your dream?

You may not be an aspiring Olympian, but you probably have your own Olympic sized dream: Continue reading

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