I can still remember that morning in March 1994 when I walked into my new office and began my career as an advisor. While the majority of the people who started with me in my rookie training class didn't make it- (the failure rate is quite high), this year in 2024, I’m proud to celebrate my 30th anniversary as a wealth advisor. I’d like to think that I have learned a few good lessons throughout my career so I thought that in honour of my 30 years as a wealth advisor I’d dedicate this episode to sharing my top 30 lessons for investor success. ResourcesBlog - 30 Lessons From 30 Years As A Wealth Advisor

In this episode I welcome back my wife Robin, a certified life coach and member of our Living Richer Wealth Team. Today we’ll highlight our six top tips to making a smooth transition into being an empty nester, which include:Understanding that for everything there is a seasonFocusing on physical healthCelebrating your child’s independenceFinding your purpose and feeding your passionsMaking plansImproving your financial healthResources:How a PR pro who can't add ended up in financial services.

In this episode of Living Richer, I share with you the top lessons I have learned from the world’s best investor – Warren Buffett. His advice is pretty simple and definitely worth a listen for any investor.

Finding the right wealth advisor is a consequential decision and one that shouldn’t be rushed into. It’s a relationship that will hopefully last for years and have a big impact on your long-term financial wellbeing.  But how do you go about finding the right person?In today’s episode, I’m going to break down for you the key steps to take and share what I believe are the 10 most important questions to ask a prospective advisor. We’ll also talk about the red flags you should watch out for, so that by the end of this episode, you’ll feel well-equipped to begin your search.Resources:Living Richer Wealth Management - Home PageSearch for advisor records

2023 was a year of rapidly rising interest rates and inflation that has forced us all to consider cost-saving opportunities. That’s where tax planning come in - after all, it’s not what you make, it’s what you keep! As we approach year-end, there are a few strategies that you might want to take advantage of to reduce your current and future tax bill. In this episode we’ll cover:·      Important tax dates (2:50)·      Where to get started (4:52) ·      Important moves to consider (6:42) ·      Reviewing your portfolio’s tax efficiency (9:45)·      Retirement planning (12:19) ·      Education funding options (14:42) ·      Estate planning & charitable giving (16:41) If you’re in a high tax bracket and looking for ways to minimize this cost, don’t miss this episode!Resources:Tax Planning Guide

With higher inflation, higher interest rates, a potential recession on the horizon and economic headlines flooded with negativity, many are feeling scared and concerned about their financial future.In this episode, my associate, Carol da Silva and I address some of the concerns we’ve heard from clients and listeners. Some of the topics we discuss:1.      Why having a solid financial plan is helpful and the importance of taking inventory of where you are when circumstances change (I go through this exercise in detail in Ep.3 Financial Discovery).2.      Re-evaluating your goals (I also take a deeper dive into goal setting in Ep. 2 Goals Discovery) and making any necessary tweaks to ensure you stay on-track to meet them. 3.      Important things to consider when reviewing your budget and deciding how to allocate your savings during leaner times. 4.      For those in retirement, who are drawing from investments to meet your lifestyle needs, I also share some strategies that could be beneficial in our current economic environment. If you’re feeling anxious about your financial future, be sure to give this episode a listen and take a look at the resources linked below.Living Richer Wealth Management Website - Link to our websiteConnect with us on FacebookConnect with us on InstagramPriorities Checklist / Values MapDetailed Budget Worksheet

While the idea of living out your retirement years at home may be appealing, there are some important considerations from both a financial and a lifestyle perspective. For starters, the cost of aging in place is significant. In fact, a recent survey revealed that only 12% of respondents have enough room in their budget to do so. For many homeowners this requires accessing the equity in their single largest asset - which means selling their house. In addition to the financial considerations, aging in place also has important physical and social challenges. In this episode, I connect with Michael Shuster a seniors real estate specialist. He shares his expertise in helping seniors down-size. We discuss the antiquated stigma that has traditionally been associated with retirement homes, important considerations to take into account when making the decision to down-size, the biggest challenges that seniors face when going through this process, and how their adult children (or grandchildren) can help them overcome these. Lastly, Michael shares his top tips for maximizing the value of your home so that you can be in the best financial position to afford your ideal retirement lifestyle. Seniors Real Estate Specialist | Seniors Selling a Home & Downsizing

When planning for retirement, most people don’t focus on health concerns, yet the reality is that seven out of 10 people over 65 will eventually need long-term care.  This can have a major impact not only for an individual but also for the entire family. In this podcast, I interview elder care consultant Jeanette Bock. Jeanette works with seniors and families to guide them through the many life choices they face as they age. During our discussion, Janette shared her top planning tips to ensure you or an aging loved one can make informed decisions to ease life transitions. We discuss how best to handle a later in life transition to assisted living, aging in place, or when an unexpected crisis occurs. We also talk about the important things you need to consider when planning for retirement years, including:Prioritizing health considerations since this will have the greatest impact on your lifestyle, housing and finances. Starting the conversation with your loved ones about your wishes. If complicated family dynamics are involved or you’re not comfortable bringing up the topic, the importance of involving a third party to facilitate the discussion.Making the right housing choice, whether it be aging in place, downsizing or, if your health is declining, an assisted living facility Making sure you have a Power of Attorney in place, not just for property but also for personal care. This will ensure your healthcare wishes are met.  LinksOntario Ministry of Long-Term CareTeepa Snow's Positive Approach To CareAlzheimer Society of TorontoMcMaster Optimal Aging PortalAdvance Care Planning Workbook

1. Why a Will is the cornerstone of a good estate plan.Get to dictate where assets go, guardian of children, who administers estateWithout a Will, the law decides who gets assets and it’s not necessarily all to a spouseStreamlines estate administration and can help to reduce taxes/fees on death2. What makes for a good Will?Revokes previous WillsNames executor and alternateDisposes of household itemsGiftsResidue – no missing piecesAdministrative provisions – a few pages at leastSigned and witnessed3.  Beyond the Will, what should someone pay attention to when creating or updating their estate plan?Assets, family situation, contractual or support obligations    Executor and an eye to the administration of the estate4.  What should someone consider when naming an executor?Should be ideally in province, definitely in CanadaFinancially savvy, time, ageRelationship with beneficiaries, potential for conflictConsider professional executor5. What are some of the main issues that can complicate estate planning and administrationPoor Wills, Will challenges (undue influence)Joint assets – who actually owns them?Conflict – siblings; blended familiesCottageAccusations against executor6. What is probate and how can it be avoided or minimized?Probate is a court process to get court’s stamp of approval on the WillProbate fees approx.. 1.5% of the estate valuesPlanning techniques: assets joint with spouse, beneficiary designations, gifting during lifeEach of the above has complications and pitfalls so important to be done holisticall7.  Why a trust can be an important part of an estate plan.Trusts – give someone benefit of money, but trustee controlsTerms can be very flexible – from discretionary to set; can end at a certain age or continue, can have one or more beneficiariesGenerally used to protect vulnerable beneficiaries – minors, disabled (ODSP), spendthrift, vulnerable spouseCan sometimes be used to provide some income splitting, but less so now with changes to trust taxationNeed a trustee who knows what they are doing, trustworthy, time, objective

Our Living Richer Wealth Management team works with clients to help them navigate many different life transitions, and there are few things more life changing than becoming a parent.This week, I’m happy to welcome Carolina Da Silva, a Living Richer team member and expectant mom, to discuss all the things you need to know, and do to prepare financially for this new beginning. In this episode we’ll cover:Details on government benefits, who can qualify and how to get them.What you need to know about your health benefits from work.Budgeting for a new baby and how to prepare in advance.How to save money by getting free stuff and store discounts.Understanding how daycare costs may impact your planning.Estate and life insurance planning.Education planning through an RESP.If you are expecting a baby or even thinking about starting a family, don’t miss this episode!Resources:Parental Leave BenefitsCanada Child BenefitCRA Guide to Child and Family BenefitsThe Ultimate First Year Baby BudgetWhat to Expect When You’re Expecting Blog PostFive Ways to Prepare Financially for a New Baby Blog Post

When most people think about insurance, they think about it in terms of risk management. And that’s what the majority of the insurance is designed for. Car insurance covers you in case you get in an accident. You might get critical illness insurance, disability or life insurance to protect you and your loved ones from those risks. What most people don’t know is that insurance can be used strategically, not only in risk management but for complex estate planning, income generation and tax minimization. In this episode, the final of a three part mini series, our estate planning specialist Greg Jizmejian and I do a deeper dive on some of these lesser-known insurance strategies. We discuss:How to use insurance to plan for taxes on assets like a cottageUsing insurance to help with income generation in retirementUtilizing a strategy to fully deplete the money in your RRSP with an annuity while preserving your capital for an estateHow business owners and professionals with a corporation can use insurance to get money out of their holding company in a tax-effective wayHow to turn taxable dividends from a holding company income into tax-free dividendsUtilizing insurance to meet your philanthropic goals by diverting money that would otherwise go to the CRA and instead directing it to your favorite charity

In this second of our three-part series on insurance, I continue my conversation with Raymond James Ltd. estate planning advisor Greg Jizmejian. In this episode Greg explains the difference between term and permanent insurance and when they should be considered. We also look at why people in the 40-60 age range should consider insurance and how it can be used to help build wealth, reduce taxes and aid in intergenerational wealth transfer. Finally, we discuss how business owners and professionals, like doctors, dentists and lawyers can leverage permanent insurance as part of a business growth strategy and to access funds within their holding company or professional corporation tax-effectively.

In this first of a three part mini-series, I interview estate planning advisor Greg Jizmejian to discuss the insurance needs of younger individuals and families.Broadly speaking, those between 25 - 40 years old. We discuss what risks are most prevalent and what types of insurance should be considered.Unlike other products, insurance is something you buy when you don’t need it. It's like a redundancy plan. It provides you with the comfort of knowing that it will be there as a backstop if your main plan falls apart. For example, although many people believe that the biggest reason for home foreclosure is the loss of a job; it’s actually not, it’s disability. In addition to long term disability insurance, we also look at critical illness insurance options and how they compare.It's important to understand the distinctions between different types of long term disability because there are so many grey areas. We discuss why and how as an employee, your company’s group benefits plans would differ from the long term disability insurance you get on your own. Of particular interest to professionals is understanding what type is best suited for them.Greg goes on to compare critical illness insurance to long term disability insurance. What CI pays, when it pays, what you can use it for and also how Covid-19 impacts critical illness.Doing a proper needs analysis is key to determining the types and amounts of coverage that make sense for each individual. It should be customized. And the good news is, a needs analysis really doesn’t take a lot of time or effort to do. Contrary to popular belief, Greg discusses why a young person with no debt and no family might need to get life insurance. He uses his own daughter as an example. What some of the benefits are when buying insurance for children. How insurability can be impacted not just by health but also occupation and where you live or work. For those with mortgages, you’ve likely been introduced to the concept of mortgage insurance. Greg compares taking out insurance at the bank vs on your own. He discusses why he thinks that these types of insurance are not the best in most cases. Links Protecting All That Is Yours

With so many different types of accounts and confusing acronyms, trying to navigate the maze of account options and create a strategy that makes sense for you can be overwhelming. In today’s show we’re going to put an end to that. For the most part, in Canada all accounts are divided into two categories -- registered or non-registered. The major difference is that government-registered plans and accounts let you grow your savings tax-sheltered. Non-registered investment accounts like cash accounts don’t. In this episode we’re going to focus in on the major types of registered accounts as opposed to non-registered. These will include different types of RRSPs and RRIF’s, Tax-Free Savings Account (TFSA) and Registered Education Savings Plans (RESP).You’ll learn what these plans are, how they work and who they benefit. I’ll also let you in on some key benefits you may not be aware of and little-known tips on how to make them work even harder for you.Below are my four biggest takeaways from today’s podcast:In my opinion, the most ideal situation would be one in which an investor owns both registered and non-registered accounts. This allows you to max out your registered accounts - RRSP, TFSA and RESP and then if you still have funds left over, you can invest within a non-registered account.If you’re a young person with an entry-level salary it’s usually best to maximize your TFSA before contributing to an RRSP (except in a scenario where you have an employer-matching pension plan or group RRSP to take advantage of). Let the RRSP contribution room build up and then, when you start making more money and are in a higher tax-bracket, contribute to the RRSP. If the funds aren’t available, the money in a TFSA can be used for RRSP contributions. Once you have children, open an RESP as soon as possible to start collecting those RESP grants. The government is giving you free money. And who doesn’t like free money? And if you have more than one child, set up a family RESP with all kids as beneficiaries.Finally, be sure to designate a beneficiary for each of your registered accounts. RRSPs, TFSAs and RRIF’s can all rollover tax-free to a spouse or common-law partner.

In today’s episode, we’re going to talk about Registered Retirement Savings Plans (RRSPs). With the contribution deadline of March 1st 2021 quickly approaching, it’s a topic you’ll be hearing a lot about this month. And while many people regularly contribute to their RRSP, they don’t always know all the benefits of having one, or other ways they could be leveraging it. So today, I’m going to break it all down for you. We’ll cover: What they are How they work  Who they benefit, and  Why you should consider one. I’m also sharing some smart ways you can leverage an RRSP that you may not know about, including:Using your RRSP to help pay for your first home.Using your RRSP to help pay for your education.Using your RRSP to allow incoming-splitting in retirement to reduce taxes.Why using your RRSP refund to contribute to your TFSA is a smart strategy.When it makes sense to carry forward your RRSP contribution room.In the year you turn 71 you need to convert your RRSP to a RRIF. If you're still working, it may make sense to overcontribute to the RRSP and pay a penalty when it will create an additional tax deduction.Helpful tools and resources:Who can participate in a Lifelong Learning Plan linkRules for using unused RRSP contributions linkMy latest blog post about RRSPs link10 ways to grow your RRSP link

In today’s episode we cover a wide range of topics as they relate to how someone’s relationship with money can impact their relationships with others. When it comes to a friendship, differences in attitudes towards spending and saving may not be a deal breaker. But when those differences arise in a couple, they can be. Topics we look at include;Why people find it so difficult to talk about money.Why money is a leading cause for divorceTips on mistakes to avoidWhat you can do to ensure healthy conversations about moneyA major reason couples don’t talk about money has to do with the shame attached to it. Shame can come from;Financial mistakes made in the past.Carrying a lot of debtBig differences in incomeMoney plays such a big role in so many parts of our lives - where we live, trips we take, cars we drive, the jobs we take and the way we spend in general. The differences in how people view money can be a major stressor and far too often it boils down to a lack of communication. People talk about so many other things before talking about money. Couples need to make money conversations a priority and we provide a discussion guide to help. In the episode we use a real life case study of a couple in their early thirties we worked with. We delve into how their different upbringings resulted in friction in their relationship. The first step we took was getting them to talk about the concerns they had. We had them focus on priorities and life goals rather than finances and budgets. By focusing on shared priorities, it’s easier for each person to determine the areas they are willing to compromise on. It’s also important for both people in a relationship to know what the scope of their finances are. Clarity provides comfort. Tips to make the conversations easier;Don’t dive into a money talk right off the batStart with a broader conversation about goals, values and future plans. Talking openly about the type of lifestyle you want will help to ensure you’re both on the same page for the long term.Take a step back and commit to listening to your partner and finding a middle ground.Focus on one shared goal at time.Consider a money coach or financial advisor to help facilitate the conversation and clarify goals.Top takeawaysDon’t keep secrets.Don’t expect your partner to have same goalsAgree on shared goals and figure out how to reach them together. This takes the conversation away from dollars and towards something with a deeper meaning.Helpful ToolsA financial discussion guide for couples.  LINK

Today we interview Rosanna Breitman. Rosanna is a divorce mediator and begins by telling us about the type of mediation she practices and how the holistic process she utilizes benefits the divorcing couples and more importantly how it benefits the children. Introducing Rosanna’s book entitled, The 7 Crucial Steps To Take Before Saying I Want A Divorce.If there is a risk that someone can be hurt or is concerned for their safety, they should not be having that talk with their spouse.The importance of talking to a therapist. Divorce is a grief process and there is a fundamental need for support. Support from a therapist is a constructive thing to do. A therapist can help you to avoid regrets. Although so many people are resistant, Rosanna recommends this to most clients. In the end they are grateful that they did it.Understand the different legal avenues that they can take. Mediation – A conflict resolution process. It may not be the best process for those who want to use it as a way to air grievances rather than fighting. Works for those who want to save time and money. People who are willing to make full financial disclosure. A mediator does not need to be a lawyer. Generally, a mediator does not give legal advice. Mediation is an unregulated profession. Collaborative Family Law – Each person has their own lawyer rather than having one mediator working with both parties. The philosophy is similar to mediation in that it is also an interests-based process rather than a rights-based process. The bargaining is based in the shadow of the law, so they are figuring out what’s in the best interest of the couples. You get more into the “why” behind what someone is asking for and you can focus more on what a couple can do to come up with an appropriate solution. Understand the legal process so you are clear on what steps you will encounter. Some of the financial issues that are likely to come up. People do not need to know everything about their finances and it will be dealt with in time, but not necessarily at the outset. Benefits of working with a financial advisor or CDFA to go through all the information they eventually will need. How common law and married couples differ in terms of financial obligations. Budgeting – Understanding the costs you will face. Most people will suffer financial challenges. Even at high income levels, the costs of running two households can be unrealistic.Preparing for the talk. Separate the person from the problem and that will allow people to focus on creating a solution. Once you’ve completed the talk, it’s important to know that this is an ongoing process. The partner on the receiving end of the talk may not expect it and will need some time to let it sink in. It’s like a grieving process and be prepared to give space and time for everything to play out. Resources:eBook: The Seven Crucial Steps to Take Before Saying I Want a DivorceWebsite: www.torontofamilylaw.comEmail - Rosannabreitman@gmail.com

As we move into 2021, it’s a tradition to come up with resolutions. But instead of hauling out those familiar New Year’s resolutions about eating less and exercising more, Mark discusses steps to improve your fiscal health. He provides ten suggested resolutions that, if followed, will go a long way toward helping to ensure that your later years will be financially secure.Resolutions include:Getting your personal balance sheet in order. Everything else really proceeds from this, so take the time to bring all these numbers up to date.Why this year, perhaps more than before, it’s important to review your budget, spending and savings strategies.Risk levels have been on the rise. Now is the time to revisit your asset allocation to make sure you’re comfortable with the amount of risk you’re taking.If you’re in retirement or within 10 years of it, commit to evaluating your sources of income to make sure everything is still on track.Understand how tax is impacting your investments and look for ways to minimize it. As Mark often says, “It’s not what you make, it’s what you keep".Visit our website to subscribe to our newsletter. https://www.livingricherwealth.com Tax Planning Opportunities LINKConnect with us on LinkedIn, Facebook and Twitter.

On average Canadians are indebted at 177 per cent of their disposable income—meaning that for every dollar of household after tax income, Canadians owe $1.77. This is just off its all-time high. By comparison, in 1990 that number was just 86 cents. In today's episode, we take you through 5 steps to follow, to finally regain control of your debt and start to steer yourself in the right direction.Mark starts by looking at debt in general. He compares good debt to bad debt and discussed why it’s never a good idea to have bad debt.If you follow the first four steps to get out of debt and stay that way, you can avoid the fifth step, which could have the most negative impact on your financial situation.Making debt repayment a priority in your monthly budget. Tips on how to find extra money in your budget. Apps to help find the best prices on necessities.Comparing two methods for paying down debt. The Snowball Method vs. the Avalanche Method. Which method can work the fastest. Which method will save more in interest. Which method has the highest likelihood of success.Don’t create more debt. This one is really important and one where a lot of people trip up.How to deal with your existing credit cards. Studies show that people spend 15% more when paying with credit, which is why getting rid of your cards could be a solution for you.Instead of declaring bankruptcy, why a Consumer Proposal might be a better solution.LinksDave Ramsey – Snowball methodDebt service ratio calculator

Having a budget (or detailed spending plan) is the most effective and arguably the quickest way to make your money goals a reality! Whether your goal is to get out of debt, build an emergency fund, save for retirement, or if you’re like most people, there are several goals that you’re working towards, a budget can help you get there. Unfortunately, many are turned off by the thought of a budget. So how about instead we call it a spending strategy? Because the truth is that having a budget won’t limit your spending freedom, it will actually give you the freedom to spend money without guilt and it will make your money go further! So whether you’re just starting out or you’re in retirement, creating a budget will allow you to take control of your finances and will set you on the path to achieving your goals. In this episode, I’ll take you through the steps to get started – it’s a lot easier than you might think.Mark recommends creating a Zero-Based Budgeting. It's easy to implement, it’s easy to follow and is forward looking. Mark walks listeners through five simple steps in creating a plan that works.Your detailed budget worksheet to help track all income and expenses.