Kevin Monk

05/15/2025

Life insurance is an important cornerstone of your family’s financial health. Do you know the ins and outs of protecting your family should something unforeseen happen? While 57% of Canadian consumers report to own life insurance, there are still plenty of misconceptions about what and how much life insurance Canadians should buy or how much it actually costs. This leads to indecision and inaction. If you have a young family, a mortgage and other debts, be sure to get a plan in place.

Look Outside Your Company Plan. Many workplaces offer an employer-paid basic life insurance benefit, usually equal to one or two times your annual salary. Unfortunately, this is usually not enough. And, what happens if you change jobs — or lose your job? Not all policies are portable, and there’s no guarantee your next employer will provide this benefit.

Consider Term Insurance. Most experts recommend term life insurance for its simplicity and affordability. It works for those individuals “who just want to ensure that they have some coverage to support their families if they die prematurely. It gives peace of mind to the policyholder that their family will not be caught in a bind.”

Make Sure You Get Enough. How much do you need? That depends on the individual. However, many independent financial experts recommend the following rule of thumb: purchase an amount of coverage equal to six to 10 times your annual gross income. If you’re still unsure, let’s have a look at your monthly/annual budget to help determine the amount that’s right for your family.

Review Your Coverage Periodically. Financial experts recommend reviewing your coverage every few years, or when life changes occur, such as buying a house or having more children. When was the last time you reviewed your coverage amount? If it’s been more than two years, chances are you could benefit from a review.

Many don’t like to think about having to use the policy, but is usually one of the first things they look for when the unforeseen happens. Go fund me should not be your family’s plan.

What if I can get you more coverage for the same money or reduce your overall costs? Let’s have a chat.

01/24/2025

Life insurance is an important cornerstone of your family’s financial health. Do you know the ins and outs of protecting your family should something unforeseen happen? While 57% of Canadian consumers report to own life insurance, there are still plenty of misconceptions about what and how much life insurance Canadians should buy or how much it actually costs. This leads to indecision and inaction. If you have a young family, a mortgage and other debts, be sure to get a plan in place.

Look Outside Your Company Plan. Many workplaces offer an employer-paid basic life insurance benefit, usually equal to one or two times your annual salary. Unfortunately, this is usually not enough. And, what happens if you change jobs — or lose your job? Not all policies are portable, and there’s no guarantee your next employer will provide this benefit.

Consider Term Insurance. Most experts recommend term life insurance for its simplicity and affordability. It works for those individuals “who just want to ensure that they have some coverage to support their families if they die prematurely. It gives peace of mind to the policyholder that their family will not be caught in a bind.”

Make Sure You Get Enough. How much do you need? That depends on the individual. However, many independent financial experts recommend the following rule of thumb: purchase an amount of coverage equal to six to 10 times your annual gross income. If you’re still unsure, let’s have a look at your monthly/annual budget to help determine the amount that’s right for your family.

Review Your Coverage Periodically. Financial experts recommend reviewing your coverage every few years, or when life changes occur, such as buying a house or having more children. When was the last time you reviewed your coverage amount? If it’s been more than two years, chances are you could benefit from a review.

Many don’t like to think about having to use the policy, but is usually one of the first things they look for when the unforeseen happens. Go fund me should not be your family’s plan.

What if I can get you more coverage for the same money or reduce your overall costs? Let’s have a chat.


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01/09/2025

Building a life together means building a financial foundation, too! Have you and your partner worked through your financial household checklist? Planning your finances as a team could make all the difference. ❤️

Consider working with me to help guide you!
Or if you have any questions about your current financial plan, having a second opinion always helps relax the mind knowing your financial future is on the right path!.

09/28/2024

Visited the Hockey Hall of Fame with my family during our trip to Toronto.

07/18/2024

Until August 1, we are offering a significantly discounted licensing registration cost of $39.50.

Generally, there are large upfront costs with getting licensed (+$1,900) and running a business ($1260 / month) in the financial services industry.

But because of our hands on apprenticeship program, our industry leading licensing process and partnerships with other firms across financial services, we have the ability to cut our costs while also providing top tier advisor training.

Are you looking for a career change or looking to have the option to work from home more?.

As a representative of the Hanover firm, our team is expanding in a big way. I'm actively looking to license, train and develop good people to help serve our community. No experience required.

Please don’t hesitate to reach out if you or someone you may know is interested in learning more about how to get started part time or a transition into a new full time career. No experience necessary.

03/10/2024

03/08/2024

According to the Bank of Canada 46% of mortgages will come up for renewal this year. The banks are trying to push people into 5yr fixed rates. DON'T do it !!!! (unless absolutely no other option because of affordability). They are doing this because they know rates are coming down.

Take a serious look at a 1 or 2 year open rate. It may be a much higher rate for that time but will save you a ton in the long run. The FREE financial analysis I do will show you all of the options and make sure everything in your financial house is working to get you where you want/need to go. Better to know the options than not. PM me and lets set up a time to talk.

03/06/2024

Most people just need to purchase a 30 year or 35 year term life insurance policy and open a Tax-Free Savings Account (TFSA) and start a monthly investment contribution.

Your 30 or 35 year term insurance will cover you until your mortgage is paid, your kids are no longer financially dependent on you and you have 30 to 35 years of investments and savings accumulated and no longer need life insurance coverage.

If you’re under the age of 40, purchasing any shorter length of term insurance will cost you significantly more over the long term due to avoidable and unnecessary expensive renewals.

You don’t need expensive mortgage life or whole life insurance.

If you earn less then $65,000 of annual income, you likely don’t need to be contributing to a Registered Retirement Savings Plan (RRSP) consistently as the tax deduction won’t be significant enough for it to make sense for you.

If you start investing in your 20’s and 30’s, you will be able to accumulate $1,000,000+ in your TFSA by your 60’s.

At that time, you’ll be able to withdraw $500, $1,000, or $1,500 tax-free every week from your TFSA while your investments continue to grow.

In addition to your TFSA, you’ll receive Canada Pension Plan (CPP) and Old Age Security (OAS) which as of January 2024, is an average of $1,364.60 / month at age 65.

It really doesn’t need to be more complicated than that.

02/24/2024

How to waste $5,000 a year:
Spend $13.70 a day on things you don't need.

02/21/2024

02/13/2024

A MULTI MILLIONAIRE SAID

If someone invites you to start a business, join the business, even if you don't know how to do it yet. Be patient and learn the process, gradually and relentlessly. Remain there even if it takes you five years to be successful in it, because... when the benefits begin to flow, you will NEVER be the same person ever again!

People don't have the patience to build a business for 3 years. But... they have the patience to go to work for 40 years!

It's crazy how some people feel that 3-5 years in a business is a long time to get rich. However don't feel that 40 years at a job is a long time to stay broke!

CHANGE YOUR MINDSET!
- ROBERT KIYOSAKI