An increasing number of Canadians are facing an uphill battle just trying to save enough and earn enough on their savings to be able to retire on time.
At a dinner with friends last week, the conversation turned to dog cloning. Yes, you read that right, dog cloning. A friend had read an article about an Ontario man who is cloning his 20 year old pet for the nominal fee of $50,000 US! Of course, me being the money guy I am, respond with “I can think of quite a few better things to do with $50,000!” and here we are now.
Recently a prospective client asked us the simple, straight-forward question:
Approximately 5% of the population is born into wealth.
About 50%-60% have the opportunity to create wealth and through wealth transfer strategies, allow the next generation to join the 5% above.
If you've ever been to a financial website, you'll know there are many topics that are often debated in the financial industry. The most popular topics include: Will the stock market go up or down? When will interest rates rise? Which type of insurance is most important to have? One topic that has come up in a few conversations in the last week or so has been:
As a relatively new dad, I speak from experience when I say that having a child is one of most life-changing events I’ve faced in my life to date. All parents know this. All parents also know that raising a child isn’t cheap these days.
As most of you may know, my wife Stephanie is a teacher and we have a 15 month old son, Elliott. What that translates to financially is 12 months of maternity leave, 3 months of teaching, and now a summer with Steph earning zero income (by choice). Below are the steps we took to make sure our plan could be accomplished.