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Financial Advice, Fees and Your Future

Posted on: June 14, 2018

Investment Fees Affect Portfolio ReturnsCanada 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


Seven Ways to De-stress about Money

Posted on: April 26, 2018

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


Do Investor Fees Cost Millennials?

Posted on: April 18, 2018

Listen to Moolala talk with Steve Bridge about how Millennials could be missing on compound growth because of investors fees.

Posted in Podcasts


Women and Work: Canada’s Economic Crossroads

Posted on: April 11, 2018

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


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

Posted on: March 14, 2018

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

Posted on: March 7, 2018

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


RRSP vs RESP: How to Make the Right Choice

Posted on: February 23, 2018

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

How to Choose Between an RRSP and RESP

From the moment our children are born we want the best for their future. Success is never guaranteed, but we hope to be able to offer them opportunities. And what better opportunity is there than education? It seems like a straight forward assumption that we would contribute to a Registered Education Savings Plan (RESP) on their behalf.

But what about our own future? What about contributing to a Registered Retirement Savings Plan (RRSP)? Canadians are living longer, and the cost of living is on the rise. If we don’t have a solid retirement plan, are we at risk of living in our well-educated child’s basement? OK, that may be a tongue-in-cheek option, but the question of where to place our investment dollars is valid. What’s a parent to do?

Interested in getting a second opinion on your investment portfolio?
Click here to learn more about a new service from Money Coaches Canada.

With RRSP season is full swing, now is the perfect time to weigh your options and make the right decision between RRSP and RESP. This year, the deadline is March 1 for RRSP contributions – you have until then to add funds into your RRSP and claim that contribution when you file your 2018 income tax return later this year.

The Fundamentals: What You Need to Know

Continue reading →

Posted in Ask Your Money Coach, Investing, Money Coaching, Retirement savings


Six Steps to Financial Bliss – Valentine’s Edition

Posted on: February 8, 2018

By: Sheila Walkington, CFP

With Valentines Day just around the corner, now is the perfect time for every couple to have a conversation about one of the most important factors affecting relationships – money.

For many couples, there is nothing that dampens love more than the subject of finances. In fact, study after study shows that money problems are the single biggest cause of relationship stress and divorce – with sex and raising kids rounding out the big three. But does money always have to represent tension and friction between your partner and yourself?

Follow the following six tips and you’ll be on the path to financial bliss. Continue reading →

Posted in Money Coaching, Relationship to money


A Financial Plan is a Roadmap

Posted on: January 10, 2018

In today’s hectic world, most people have neither the time nor the expertise necessary to navigate the financial complexities of modern life. They need help making sense of it all, and would benefit from a comprehensive, thoughtful approach to money matters.

For many Canadians, 2018 will be the year they get their financial house in order, and take their first few steps towards improved financial well-being. And a detailed financial plan will be their roadmap.

If you are like many Canadians, you’re anxious about your finances. Seven out of 10 Canadians say they worry a lot about their financial situation and nearly 80% don’t have confidence that they’ll achieve their financial life goals. These result aren’t terribly surprising – Canadians are facing the most challenging economic times in decades. Personal debt is at an all-time high, the cost of home ownership is out of reach for many, and day-to-day living expenses are outpacing income growth. Don’t forget about the ongoing concerns about funding retirement, and your child’s education. Add in the potential for having to cover some health care costs for aging parents and it’s no wonder Canadian’s are financially stressed out. Continue reading →

Posted in Investing, Money Coaching


Can money make you happy? Try giving some away.

Posted on: December 6, 2017

By Sabine Lay

Charles Dickens wrote A Christmas Carol in 1843. Most people know the story of Ebenezer Scrooge, a miserly man who transforms his life after three spirits teach him the joy of giving. It seems Dickens was way ahead of the research on money and happiness.

Dr. Elizabeth Dunn, an associate professor of psychology at University of British Columbia, and Michael Norton, an associate professor of business administration at Harvard Business School, wrote an article in which their research shows that “people with a comfortable living standard are happier than people living in poverty.” No surprise. But once people reach a “comfortable standard” of income, which falls somewhere around $75,000 a year in the United States, additional income doesn’t create additional happiness. Continue reading →

Posted in Money Coaching, Relationship to money


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