Money Coaches Canada Blog & Financial Articles

Success Story: Robin and James – from knowledge to action

Posted on: April 22, 2015

Note: The couple’s names have been changed for privacy.

Robin and James were young professionals in their 30’s when they contacted Money Coach Kathryn Mandelcorn. They were frustrated because they made a combined income over $150,000 but they had $45,000 in consumer debt and felt they weren’t adequately saving for their future. They didn’t see how they could pay off the debt and invest for retirement, without sacrificing their dream to buy a home and invest in further education. They felt like travel and other leisure activities were completely off the table if they were to have any hope of turning things around.

“When I met Robin and James, I could see they were a very savvy couple,” says Kathryn. “They knew a lot about investing, they had a good idea of what they should be doing, but they were going in circles financially. They were paying down debt then going right back in. There was a big disconnect between knowledge and implementation.” Continue reading →

Posted in Budgeting and Cash Flow, Debt, Money Coaching, Success Stories

Have you had the talk?

Posted on: April 8, 2015

By Karen Richardson, FPSC Level 1™

Kids are surrounded by sexy advertising everyday. And although you think you are being discreet, they see all the plastic cards in your wallet; credit cards, debit cards, even loyalty cards. You know it’s just a matter of time before they get curious and ask: “Where does money come from?”

You’ll want to mumble something vague about the bank, but you can’t avoid the subject forever. Do you want your kids learning about interest from a department store credit card? Do you want their future compromised because they created debt too young?

You need to have the talk.

Ok, so I may have made the “money talk” sound like the sometimes awkward, “birds and the bees” talk, but that’s because talking to our kids about money can be awkward, and parents sometimes feel ill-equipped to give good advice. Continue reading →

Posted in Kids and Money, Money Coaching

Meet our Money Coach: Tom Feigs

Posted on: March 18, 2015

Tom Feigs, CFP®, CET

Financial planner and money coach Tom Feigs was born and raised in Calgary, Alberta, but his favourite piece of advice for Canadians concerned that they aren’t prepared for retirement, comes from the East, not the West. It’s a Chinese Proverb: “The best time to plant a tree was 20 years ago. The second best time is now.”

And now is when Tom can help. Tom’s ideal clients are in their 40’s or 50’s and are really motivated to create a retirement plan that they can be excited about.

“One of my favourite moments as a coach, is helping people realize their dreams faster than they anticipated,” he says. “It’s great to be able to tell someone who hopes to retire within five years that in fact they can retire now.”

“There is no single road to personal or financial fulfillment,” says Tom, “and the journey is as important as the destination.” Continue reading →

Posted in Meet Our Money Coaches, Retirement savings

Meet our Money Coach: Christine White

Posted on: February 18, 2015

Christine knows that many families look similar on the surface, but it’s what makes them unique that matters when creating a financial plan.

Six years ago Money Coach Christine White was working as a chemical engineer for Dupont, in Mailtand, Ontario, about an hour south of Ottawa. She had a young son, a second son on the way, two teenaged step-daughters and a husband who also had a busy career.

“I was then, who my ideal client is today” says Christine. “I know what it’s like to have so many competing demands on your income that you’re uncertain whether or not you are making the best decisions. It doesn’t matter if you are single, married, have kids or no kids, there is that time in life when the financial demands of establishing yourself seem at odds with the demands of planning for your future.” Continue reading →

Posted in Meet Our Money Coaches, Money Coaching

The money goal that’s often neglected

Posted on: February 4, 2015

By Alison Stafford, FPSC Level 1^TM Certificant in Financial Planning

At this time of year lots of people set goals, and it’s certainly not unusual for one of those goals to be about money. This year I’m going to pay down my credit debt, or this year I am going to spend less on dining out and save for a trip, or, I’m going to put more into my retirement savings. All worthy goals. But there is another money goal that is often neglected, one that would reduce the need for goals that “fix” our past behavior with promises to make better choices this year. That better money goal is: This year I’m going to focus on my financial knowledge.

The more we understand the mechanics of money, the more engaged we are with our finances, the more likely we are to make good choices every day, not just for the first few weeks of the New Year. So what holds people back? Continue reading →

Posted in Money Coaching, Relationship to money

Meet our Money Coach: Annie Kvick

Posted on: January 21, 2015

“My family and I get out and enjoy life. I want that freedom for all my clients.”

For many Canadians, taking charge of their finances feels like being asked to scale a mountain. They may feel overwhelmed, intimidated, or afraid of making a misstep that sends them tumbling financially backwards.

Money Coach Annie Kvick, knows what it feels like to face a big challenge. At 25 years-old, and newly married, Annie and her husband left family, friends and careers in Sweden to begin a life in North Vancouver, British Columbia. The young couple realized that money management would be vital to establishing themselves in their new country, and Annie committed herself to the task. Continue reading →

Posted in Meet Our Money Coaches, Money Coaching, Retirement savings

Money, Happiness and Our Vision for 2015

Posted on: December 17, 2014

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. 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.

When we founded Money Coaches Canada (MCC), our vision was, and still is, to help Canadians do much more than pay down debt and plan for retirement. We want our clients to achieve a level of financial well-being and contentment they never thought possible. Continue reading →

Posted in Money Coaching, Relationship to money

5 Ways to Save Money at the Holidays

Posted on: November 19, 2014

By Sheila Walkington, BBA, CFP^®

According to a recent article in The Toronto Star, on average, Canadians will each spend $885 on Christmas this year and that’s down $68 from last year. That’s a lot of money. But at this time of year, it’s easy to shop a little here and a little there, without realizing how much you’re actually spending.

If you want to avoid the January overspending hangover, write down the names of the people you’ll be buying gifts for and how much you intend to spend on each person. Also write down all your other Christmas expenses: new clothes, special food items, decorations, hostess gifts. Taking an honest look at the numbers can be the wake-up call to consider the following money-saving tips. Continue reading →

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

Glossary: Mortgage and Equity terms

Posted on: November 5, 2014

Every profession, sport and hobby has its own expressions, jargon, and acronyms that can leave those less familiar with them a little lost or confused. Helping our clients understand the language of money is one of the things our coaches take pride in, because we want to ensure that we are always talking with you, not at you.

To that end, we’ve decided to start a glossary of terms we are often asked to clarify, and what better time to begin than November, which is Financial Literacy Month in Canada.

Here are four terms related to home ownership:

Term of a Mortgage vs. Amortization period

The mortgage term is the number of years the loan is valid. Mortgage terms range from six months to 10 years. Mortgage rates vary depending on the term, usually the lower the rate the shorter the term. At the end of the term, if the mortgage is not paid off, it will be renegotiated at a new rate for a new term.

The amortization period is the number of years it will take to pay off the entire mortgage. Usually the more years over which you spread the mortgage, the smaller the monthly payment will be, but, and it’s a big but, the longer you take to pay the mortgage the more you will pay in interest over the long term. Continue reading →

Posted in Ask Your Money Coach, For your information, Glossary of Financial Terms

Cracking your personal money code – the psychology of money

Posted on: October 8, 2014

By Karin Mizgala, BA Psyc, MBA, CFP^®

Prescriptive advice is the staple of magazines and blogs. It’s often presented in easy to read lists with catchy headlines like: How to…. 3 ways to… 7 habits of…. We’ve all seen the format, we even use it here on this blog. It’s a popular style because it gets right to the point with actionable steps to make changes in everything from your health, your parenting, and of course your finances.

So why aren’t we all healthy, wealthy, fantastic parents? Well, some people are. But many others find that somewhere between information and action, something disconnects. It’s that space between that motivates Vancouver psychologist turned financial advisor, Tracy Theemes, to explore the psychology of money, especially as it pertains to women. Continue reading →

Posted in For your information, Relationship to money

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Success Story: Robin and James – from knowledge to action