The Clean Money Revolution; Rethinking Money’s Impact on the World

By Karin Mizgala, C0-Founder and CEO Money Coaches Canada

Much is written about money; usually its prescriptive advice for making more. However, in The Clean Money Revolution: reinventing power, purpose, and capitalism,—Joel Solomon wants us to think about the impact our money has on the world.

By some estimates, over the next 30 years, $50 trillion will transfer from the baby boomer generation to the millennials. The biggest transfer of wealth ever, and that’s just North America. Joel, a baby boomer himself, sees the potential for, in his words, “an economy that serves both people and planet.”

An economy built on clean money.

Joel defines clean money as “money aligned with a purpose beyond self-interest.” Meaning; “Clean money thinks through where materials came from, who assembled them, and whether that process was just or unjust, regenerative or destructive.” Continue reading

Posted in Book Reviews, Relationship to money

Are You in Control of Your Finances?

Listen to the podcast featuring Tom Feigs: “Are you in control of your finances?

Posted in Podcasts

How Your Approach to Investing Should Evolve as You Age – Part One

by Karin Mizgala, CEO and Co-founder, Money Coaches Canada

An annual financial check-in is important to your financial success.

Life is busy, but most of us make time for tasks, big and small, that we consider essential: an annual medical check-up, one or two dental cleanings, oil changes for the car, fresh batteries in our smoke detectors, furnace maintenance, and getting our taxes done by April 30 are just a few examples.

But surprisingly, an annual investment check-in, one that considers your approach to investing, isn’t always on that priority list.

Why? There are many reasons, but simplistically, people are either nervous that they aren’t doing enough and they don’t want to think about it, or they believe that the investments they setup years ago are just quietly doing what they need to do. But denial or complacency is not going to build a strong financial future for you or your family.

Our lives change, so our investment needs change too.  An annual financial check-in ensures that you stay aligned with your goals. Continue reading

Posted in Investing, Money Coaching, Relationship to money

Do 6-Figure Professionals Need a Budget?

By Sheila Walkington, co-founder and CFO Money Coaches Canada

The fall is a natural time to begin looking forward setting financial goals. I know it’s still the middle of August, but the days are already getting shorter, and the colder weather will be upon us. Yes, a little depressing, but think about how much better you will feel if you start thinking about your financial goals before you get consumed with back to school, Halloween and Thanksgiving.

This is the perfect time to not only look forward and set goals, but to also to reflect on how far you’ve come. Looking back at the progress made over the past 12 months may not see dramatic, but if you consider the past 10 or even 15 years, so much has probably 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.

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

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

Five Steps To Begin Your Journey to Financial Independence

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

I think most people would answer the question, “Would you like to be financially independent?” with a resounding; “Yes, please!” But in many minds, the idea of financial independence is tied to a lottery win or some other out-of-their-control lucky turn of events. Financial independence is often the fantasy of unlimited wealth, and not something most of us can realistically aspire to.

But is that how we should view financial independence? Is it only for the lucky few? Is it just about wealth? (Hint: it’s not!). What if I told you that a solid plan, and a real commitment, could make financial independence an actual possibility?

Here are the five steps that could change your life. Continue reading

Posted in Money Coaching

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

Are Fees Taking A Bite Out Of Your Retirement Fund?

Listen to Moolala talking with Steve Bridge on why retirement savings fees are such a big issue as well as tips and tricks on how to save on these fees.

Posted in Podcasts

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

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

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