Balance in life is essential for well-being. Since finances are a number one stressor for most Canadians1, how you manage your money plays a key role in finding and maintaining that balance.
We've curated some savings tips to help ensure you can enjoy your life now while also saving for your future.
2022 has been a struggle in a number of ways with a much higher Cost of Living than we've been used to for the last three decades. This higher Inflation has led to Central Banks around the world raising Interest Rates and we've certainly felt that here in Canada. Our Inflation Rate seems to have peaked in this country but let's not hold our breath. There is still a war going on in Ukraine and supply chain shortages that are very slowly getting worked out.
After spending a lifetime managing your money to ensure that you actually have something to leave to your heirs, there are some questions that might naturally spring to mind. How much should you leave them? Should you make arrangements to give it to them while you're still alive? More importantly, will giving them a large sum of money actually help them or set them up for failure? These are just three of the most important things you should consider before setting up your estate distribution plan.
With the turbulent times we have been experiencing in the markets, more people are considering annuities to ensure a certain income in their retirement years. It might not suit everybody to put some of their funds into annuities, and there is always the question of how much do you invest in them. There is no clear-cut answer, and you'll need to weigh your personal circumstances to see how annuities can fit into your retirement plans.
We'll ask everyone to bear with us in October as Portfolio Strategies will be moving to a new back office system called Viefund. This won't change anything with your investments but it will change the way us advisors do trades. This will mean some new forms and more client-friendly systems for doing business. I expect that there will be a pretty big learning curve for Patrycja, Natalie and me, but we are looking forward to using the new software! Viefund has better electronic systems for doing trades and will have nicer reports for clients.
During the past several months, a few clients have expressed concerns about world events and the potential impact on their investments. Concerns cited have included the ongoing Russia-Ukraine war, rising interest rates, inflation, recession, and weak economic news and so on.
If you have questions about current economic news this is a good opportunity to refocus on the long-term picture. The first question to ask yourself is what are your long-term financial goals? What are your objectives over the next 5-10 years, and have they changed?