Most people want to be wealthy, or at least financially independent. The sad truth is that very few people are financially independent when they reach retirement. The rest are dependent to some extent on others or government benefits for their daily money needs.
November is financial literacy month - a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their important financial goals. These key pillars of financial literacy typically include the following:
The hits keep coming! With the recently concluded Federal election essentially changing nothing in Ottawa, there is little doubt that annual spending deficits will probably continue to reach new levels. Along with this renewed deficit spending Canadians can expect to see higher consumer prices as various economic disruptions continue to impact Canada and other nations around the globe.
The key financial planning lesson that Covid-19 has taught us all, is that no matter how many planning scenarios a person considers, it is extremely difficult to get it perfectly right!
The holiday season is a time for connection and giving, but it can also be costly. According to PwC Canada's 2019 Holiday Outlook report1, Canadians spent an average of $1593 on holiday shopping last year. As this year's present buying season begins, here are some helpful tips that could help you avoid overspending and taking on consumer debt that could follow you into the new year.
The fastest market correction in history, that started in the last week of February and bottomed in late March, led to the fastest bounce back over a five-week period, since about 1987 1. However, at the time of this writing, most of the major market indexes are still below their February 2020 peaks levels.
Over the past several weeks, provinces across Canada have relaxed social distancing rules and begun the process of "re-opening" for business. Looking back over the past three months, while there have been many moments of stress and anxiety, there have also been moments to be thankful. What is there to be thankful about?
One of the world’s richest men, Warren Buffett, acquired his wealth by following a very simple rule during times of market volatility: "Be fearful when others are greedy, and be greedy when others are fearful."
If you were going to recommend a treatment plan for a loved one suffering with alcoholism, would you prescribe more alcohol as the best course of action to help them to recover or otherwise improve? Now put this question aside for the moment.
Clients often call when markets are looking a bit shaky, or newspaper articles are predicting the next market correction, recession, bubble, etc.
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