Richard Rhodes - Sun Life Financial advisor

03/17/2022

Have you done the math on your mortgage payments when rates do start to increase? Let’s do some math.

For the average mortgage of $371,584, a homeowner with a variable rate of 1.5% and a 25-year amortization, is currently paying $1,485/month.

If the Bank of Canada increases rates by 175 basis points that rate would increase to 3.25%. That equates to a monthly payment increase of $322/month to $1,807.

Don’t wait to review your finances. Let’s start looking at the future today.

With the Bank of Canada's key interest rate target expected to rise this year, experts point to the cumulative impact this will have on Canadian homeowners, particularly those with variable-rate mortgages.

03/17/2022

The lifting of restrictions is likely to spur a desire to go out and spend money. With interest rates and inflation climbing, it’s a perfect storm for anyone struggling with debt. If you’re feeling concerned about your financial health, it’s important to review your budget now.

After racking up debt through years of ultralow interest rates, Canadians are being urged to modify their spending as they face the prospect of rising borrowing costs coupled with soaring inflation.

03/16/2022

Spring break is coming. As restrictions are being rolled back, many of us are hoping to get away for a much-needed vacation. Before you book, don’t forget to check your travel insurance. Be sure to check for COVID-19 related cancellations, and the so-called quarantine coverage should you test positive while away.

Canadians looking to get away for spring break now have a more robust range of travel insurance options.

03/14/2022

Hoping for a happy, successful retirement? Sure you are!

Here are 3 tips that will help you live your best life in retirement. Give a 👍 if you think you’re on track to your happy retirement. Click here for the full top 10 tips: https://bit.ly/happyretirement1

03/10/2022

Gas prices are hitting highs that Canadians have never seen. With no end in sight, it’s time to try and save where you can. Here are ways to reduce your personal gas bill, as well as some that may not be worth it.

As gas prices hit new records amid the Russia-Ukraine conflict, here are some tips to improve fuel efficiency and avoid overpaying at the pump.

03/10/2022

True ✔or false ❌? Women can generally expect to live longer in retirement than men?

True! A 65-year-old Canadian woman can expect to live another 21.7 years, on average. For men, it’s 18.7 years.

Let’s make sure you’re in a good financial position to live the life you dream of in retirement.

This International Women’s Day embrace financial feminism and . Find out how in this article.

03/09/2022

March is Fraud Prevention Month. To help increase awareness I want to bring attention to investment fraud.

Investment fraud happens when someone tricks you into investing money into a fake investment opportunity. It can also be when someone lies or provides fake information about a real investment.

When it comes to your make sure you’re always doing your homework first. If it sounds too good to be true, it most likely is.

You can take steps to protect yourself and your loved ones against investment fraud. What is investment fraud? Has someone ever talked to you or e-mailed you about an investment that sounded too good to be true? If they used terms like “high return”, “no risk” or “one-time opportunity” t...

03/08/2022

When transitioning into retirement knowing what makes you happy is key to living your dream after your working years.

I want to know, what does happiness in retirement look like to you?

People often transition smoothly into retirement and enjoy their new lives right away. However, some people have a more difficult time settling into retirement than their peers. It’s even possible...

03/07/2022

Are you trying to keep up with the Joneses?

Comparing ourselves to others is a side-effect of social media. It has a great way of making you feel like you’re not living your own best life by comparison. Trying to keep up is due to the fear of missing out, FOMO, and can cause us to wreak havoc on our bank accounts and our mental health. During this time especially we need to make sure we’re not causing ourselves undue harm. Remember, social media is just a presentation, not a snapshot of reality. It's a carefully curated slice of life. Make sure you do regular mental and financial check-ins with yourself. If you need any guidance on your plan, I can help.

Is social media making you feel like you’re not living your best life? Sadly, FOMO may be putting a strain on your wallet. Listen to hear what you can do about it.

03/05/2022

It’s always a good idea to have a quick refresher every RRSP season. Learn more before making your final contribution today.

Jamie Golombek: Here’s a refresher on RRSP deduction limits, some tools you can use to calculate potential 2021 tax savings and a cautionary tale