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ND Financial Planning, 1 Bass Pro Mills Drive, Vaughan, ON (2026)

03/24/2019

Tip of the Day for People who don’t look at Life Insurance the right way!

03/22/2019

BUDGETING - Where should you Start?

If you are looking to improve your budgeting skills, Then these guidelines can be help to you:

1. Pay-off your Debt or Lower your interest rates: The very first rule of budgeting is to pay off your debt as much as possible, if you have too much debt on you then you should try to lower your interest rate by consolidating all the debt together. For example there’s a company called MBNA, they offer a very low interest rate like even 0% interest rate for balance transfers. So you should look out for these companies which can help you Consolidate all the debt together and lower your interest rate as much as possible so that you don’t loose more money on high interest rates.

2. Slim down the essentials: Try to brainstorm & slim down your daily expenses, for example: Transportation costs to your work - If you drive yourself to work, then you can try to carpool with a co-worker.

3. Eliminate Non-Essentials: Most of the times what happen is people subscribe to a monthly subscription for any movie service or something, and what happens is you don’t really use it And you keep on paying your monthly installments. So you need to look out for these non-essentials and eliminate them.

4. Keep the big picture in your mind: Start saving at least $2/day. As they say, small things count. $2/day saves you over $700/ year and $60/month. If you start brewing coffee at home instead of buying from Tim Hortons or Starbucks, you may be able to afford 10gb internet plan instead of 1GB.

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03/21/2019

WHY do Young Millennials need Life Insurance?

As per a survey in 2017, it was found out that 55% of millennials do not have any type of life Insurance at all.
The main reasons those millennials mentioned was:
- Cost - Don’t have any Dependents

But thinking a certain way doesn’t mean that it’s reality. Below are 3 important reasons why Life Insurance should be considered when you are still young:

1. If you buy Young, then you pay Less Money over Lifetime: The cost of Life Insurance is directly proportional to the age that you buy it and then the rate gets locked, depending on the length of the term of life insurance. We recommend everyone to protect yourself until age 100.

2. The people you care about gets protected when you buy Life Insurance: Tomorrow is uncertain and an accident or illness can claim you at any age. If the worst were to happen, what will happen to the people you care about. For Instance: If your parents co-signed for your student loan and if something happens to you today, then your parents become liable to that student loan.

3. Avoid the risk of not being able to get protected tomorrow: If you think you will wait until you settle down and then buy life insurance, and as mentioned previously that life is uncertain, what would happen if you get diagnosed with serious illness, in that case you may never ever get Life Insurance in your life.

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03/20/2019

On what Occasions should you use CREDIT CARDS?

Some people would say NEVER to use credit cards, but on some occasions, your credit card can give you extra benefit, which can save you money. Some of them are:

1. Purchasing Big Ticket Items - If you purchase a big TV or a laptop via a credit card, you might get additional warranty protection via your credit card company.

2. Purchase for Trips - Car Rental & Travel Protection: If you book your tickets for your vacation with your Credit Card & the credit card company may offer insurance for Luggage, Travel or Car rental when you are on the trip in some other country, which can be expensive & extra money, if you try to buy individually.

3. Shopping Online - When you are shopping online with a credit card instead of a debit card and in the event of your card number get stolen by a hacker and they misuse it and if you use credit card, you will have time to dispute it & get the matter solved, because Credit Card money is not yours. However if you use debit card, and in that event you would lose your Mortgage money, food or gas money or tuition fees for kids, etc. So in the event of fraud credit cards can be a better option because it wouldn’t impact your bank balance.

4. Financial Emergencies: Life is uncertain and anything can happen anytime. May be it can be broken car or appliances or medical emergency and sometimes we don’t have enough cash on hand, so you can use credit cards in those situations. But it’s always necessary to pay off your credit on time to avoid huge interest & effect on Credit History.

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03/19/2019

Life without Credit Cards - HOW??

Using credit card is not a bad thing, but when used without education about it, it can become a risky thing. The high interest from Credit Card is compound interest and can grow from a 3 figure number to 4 figure number very easily.
Living without credit card required discipline:

1. Set a Budget: Determine that on a monthly basis, how much money you are spending outside for coffee, food & unnecessary items and be honest with yourself when you do that.
Then determine how much money you earn and take home after taxes.
Then set your priorities and point out where did you spend unnecessarily.
In the end make sure you are able to save 20-50% of your paycheque.
The amount of savings are related to the size of your Financial Dreams & Goals.

2. Hide the Plastic: Part of the problem is access to credit cards. If you see a good sale anywhere and you have 3-4 credit cards in your wallet, 90% are the chances that you will buy that sale item, even if you don’t need it. Put your credit cards away for emergency use and start using real cash. When you will spend money by real cash, psychologically it will help you to realize that you are spending more than usual.

3. Pay down your credit card debt: Always pay your Credit Card Debt on time. If it’s a big amount, then start paying off in consistent instalments, because small inputs count to a big number.

4. Save money for big Purchases: Don’t just use credit card for big purchases. Start saving out of your budget AFTER saving for your Dreams & Goals in order to plan for a big purchase.

Life without credit cards means Debt Free Life.
How would you feel if you don’t have to worry about paying off your credit card bill every month?

* Stick to a Budget
* Define your monthly savings
* Pay down debt fast

This will help you make your Financial Home more disciplined!

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03/01/2019

Having a good credit score is one of the most important tools you can have in your financial toolbox.

Your credit report may affect anything from how much you pay for a cell phone plan, to whether you would qualify for the mortgage you might want.

Getting and maintaining a good credit score can be advantageous. But how do you achieve a good credit report? What if you’re starting from scratch? The dilemma is like the chicken and the egg question. How can you build a positive credit report if no one will extend you credit?

Read on for some useful tips to help you get started.

Use a cosigner to take out a loan;

One way to help build good credit is by taking out a loan with a cosigner. A cosigner would be responsible for the repayment of the loan if the borrower defaults. Many banks may be willing to give loans to people with no credit if someone with good credit acts as a cosigner on the loan to help ensure the money will be paid back.

Build credit as an authorized user;

If you don’t want or need to take out a loan with a cosigner, you may want to consider building credit as an authorized user of someone else’s credit card – like a parent, close friend, or relative you trust. The credit card holder would add you as an authorized user of the card. Over time if the credit account remains in good standing, you would begin building credit.

Apply for a store credit card to build your credit;

Another way to start building your credit record is to secure a store credit card. Store credit cards may be easier to qualify for than major credit cards because they usually have lower credit limits and higher interest rates.

A store credit card may help you build good credit if you make the payments on time every month. Also be sure to pay the card balance off each month to avoid paying interest.

Keep student loans in good standing;

If there is an upside to student loan debt, it’s that having a student loan can help build credit and may be easy to qualify for. Just keep in mind, as with any loan, to make payments on time.

Good credit takes time

Building a good credit report takes time, but we all must start somewhere. Your credit score can affect many aspects of your financial health, so it’s worth it to build and maintain a good credit report. Start small and don’t bite off more than you can chew. Most importantly, as you begin building credit, protect it by avoiding credit card debt and making your payments on time.

To schedule your 15 min consult with one of our Wealth Advisors, call my office at 647.226.1177

03/01/2019

Happy Friday!

Below, I share 8 financial tips for Millenials!:)

1. Start early;

It is never too early to start and the big advantage millennials have is time. Millennials, being young, should take advantage of time and start early in financial planning, which can include retirement planning.

"With about 35 years to save for retirement, it might seem far away but whatever they save or invest will grow and accumulate over time. Being a millennial, you are in the best position to plan for your future during the prime of your life.

With longer life expectancies and increasing costs of living, it is prudent to start at the earliest opportunity.

2. Cultivate proper money management habits;

Start planning by taking an honest look at your finances and draw up a simple, personal, "money in, money out" balance sheet so you know where your cash goes.

From there, you can make adjustments to cut back on luxuries, reduce debt, start saving or set aside designated amounts for savings and protection.

3. Set financial goals;

Ask yourself when you would have to achieve financial freedom and what is your preferred lifestyle.

Work out how much money you will need when you retire to provide for your desired lifestyle. As a rule of thumb, you should aim to draw an amount of at least three-thirds of your monthly income. The amount will vary from person to person, depending on the lifestyle each person desires.

Set up different accounts for different goals and top them up round-robin rather than sequentially.

4. Set aside emergency funds;

Be prepared for an unexpected financial crisis by setting aside at least six to 3 months of your monthly expenses as liquid cash savings.

5. Avoid bad habits;

If you have a study loan, you should have a plan to pay off the outstanding amount by setting aside a part of your income.

Avoid incurring credit card debt as the interest is very high. Note that it is easy to get into credit card debt if you continue to spend and not pay down what you owe.

6. Buy life insurance, critical illness, and dentail plans;

Consider buying life insurance plans to hedge against premature death, illness and dental helath. It is better to buy such plans when you are still healthy and insurable. Once your health changes, you will be unable to buy or there might be exclusions or the cover may cost more. When buying insurance, consider whether you can afford the premium payments.

7. Consider compounding;

Savvy millennials can use the long time horizon to their advantage by exploiting a concept known as compounding. This allows gains to be continually reinvested over time.

Compound interest coupled with a long enough time period can do wonders.

Hope the above was helpful, if you have any questions, by all means call my office at 647.226.1177

03/01/2019

Here are 6 reasons why you should invest in an RESP (Registered Education Savings Plan)!

1. Government grants;

The federal government adds to your RESP savings each year through the Canada Education Savings Grant. Lower-income families may also qualify for the Canada Learning Bond. If you live in Quebec, Alberta or Saskatchewan, you may also be eligible for a provincial grant.

2. RESP savings grow tax-free;

You don’t pay tax on any investment earnings as long as they stay in the RESP. That means your savings can grow faster.

3. EAPs are taxable in the hands of the student;

When your child enrolls in post-secondary education, they can start taking payments, called educational assistance payments (EAPs), from their RESP. EAPs are made up of the investment earnings and government grant money in the RESP. Tax on EAPs is payable in the hands of your child — not you. Since students tend to have little or no income, they likely won’t have to pay much tax on the payments. Contributions can be withdrawn by you or by the student tax-free.

4. A variety of investment options;

You can choose investments that best suit your investment objectives, risk tolerance, and time horizon. Different providers offer different investment options. Examples: stocks, bonds, mutual funds, GICs.

5. Friends and family can contribute;

Anyone can set up an individual RESP for your child – not just you. Your child’s RESP can grow more quickly with contributions from friends and family. Consider encouraging monetary gifts on special occasions to contribute to your child’s RESP.

6. RESP accounts can stay open for 36 years;

If your child chooses to defer their education plans after high school, they can still use the RESP money when they are ready to go back to school. But check the rules of your RESP to make sure there are no restrictions on waiting to continue their education. Under specified plan rules, RESP accounts for beneficiaries eligible for the disability tax credit. Tax credit The amount you can deduct from your income when you file your taxes. This lowers the tax that you owe to the CCRA.

To schedule a meeting with one of our Wealth Advisors, call our office at 647-226-1177

02/28/2019

You may think you don’t need a wealth advisor. It’s true, you could get away without one or simply use one at your bank.

Here are some tips on how to choose a Wealth Advisor:

1. Word of Mouth

Talk to your friends, family, and colleagues about who they use. What has their experience been with them? Has anything ever happened that they didn’t like or were they ever misinformed by their advisor? Word of mouth is going to allow you to quickly narrow down the swamp of financial advisors to find a few decent ones.

Research the Firm

This may seem like a no-brainer, but I’m going to comment on it anyways. Once you have talked to a sufficient number of your friends and have a few prospects in mind, next you need to research the firm. Check out their website and see what services they offer, who they mainly invest through, who works there, etc. If you need to, call them up and ask questions. Any advisors worth giving your time and money too will make time to answer a few questions over the phone. At this stage I would want answers to things like:

Which financial advisors are taking on clients?

What are the fees? Does it cost anything to meet up and discuss bringing your business to them?

Set Up Meetings

The third thing you want to do is set up meetings with the financial advisors left on your list. The person you choose is going to be investing your money for you, giving you advice, selling you life insurance, resps, rrsps, tfsas, and anything else that they will recommend after your financial plan has been created.

You want to know who they are and get a good feeling from them. Ask them questions to get to know them and make sure they are a good fit for you. Ask things such as how long they’ve been in the business, what kind of background they have, what sort of professional development they do each year, and if the have any industry designations.

Treat it like an interview, with you as the interviewer. You are essentially hiring this person to (help you) handle your money after all.

To schedule a 15 min consult with myself to see if you and I are a good fit, call my office at 647-226-1177

02/28/2019

Take at look at RBC´s Tom Garreston piece on, "Investing, there’s no such thing as normal"!

http://ow.ly/EC0G50mhlVU

02/27/2019

If you’re still writing “2018” on your checks, then it’s not too late to commit to a few New Year’s resolutions for 2019!

Here are some ideas for financial changes you can put in place today that can help get you closer to your saving and retirement goals.

1) Start a budget;

There are few things that can paint your future financial picture as clearly as starting a household budget. In the process, you’ll track your spending – both in the past and in the future – and you’ll identify wasteful expenses as well as establish your priorities.

2) Start couponing;

Once upon a time, clipping coupons could be quite a chore. Now, mobile apps make finding coupons for popular stores effortless, and there are online websites that provide promotional codes for all sorts of brands. If someone gave you money for buying something you were going to buy anyway, you’d take it, right?

3) Target home energy costs;

Is your thermostat programmable? You can adjust your home temperature while you’re at work. Do you need to fix the insulation in the attic or that gap under the front door? Get to it as soon as you can! The longer you let those things go equates to money you might be saving on your energy costs.

4) Buy “pre-owned” items;

When we think “pre-owned” we tend to think of cars. But the truth is that almost all consumer items depreciate. How much might you save by buying a refurbished phone instead of a new phone? Used laptops may cost a fraction of what you’d pay for a brand new computer. When it’s time to replace household items, consider buying used.

5) Use the 30 Day Rule to keep impulse spending in check
If you’ve got money burning a hole in your pocket, just wait;

It won’t really burn you. By waiting 30 days before making a purchase, you’ll have time to decide if you really need the item or if it was just an impulse buy.

6) Use a shopping list;

Want a way to stay focused when shopping and avoid wasteful spending? It might seem obvious, but get in the habit of using a shopping list. Before you head to the store, take a few minutes and write out a list (on paper or your phone), and include only the items you need. Stick to the list!

7) Quit smoking;

Smoking seems to be less common these days, but for many households it’s still a costly expense that literally goes up in smoke. Think about how much you could put towards your retirement instead if you kicked the habit. (As a bonus, your health will probably improve.)

8) Stop using credit cards;

Credit cards are the most expensive type of debt in many households. If you make a plan to pay off credit card debt and to save credit for (real) emergencies, you’ll probably wish you had given up your credit card habit sooner.

9) Cancel unused memberships and subscriptions;

Memberships and subscriptions have a way of becoming forgotten – that is, until they automatically renew. Ouch. Keep the ones you want or need, cancel the others.

10) Cut the cord;

Cable TV has become a norm but is your family really using it? Try to find less expensive ways to watch shows or movies online. Major broadcast networks can be picked up for free with an HD antenna.

It might take a little extra effort, but putting any of these ideas in place this year will help you and your family save more of your hard earned money and help get you closer to your retirement goals.

To schedule a 15 min consult with one of our Wealth Advisors, call my office at 647-226-1177

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