Many mistakenly believe that if they need Long Term Care, either in their home or in a facility, the cost will be covered by provincial health care or other government agencies. While certain programs are available, a large portion of these costs become the responsibility of the patient or their family.
One of the most interesting facets of the financial services industry is how so many people tend to invest their money and plan their financial affairs by chasing trends and doing what is "popular".
For example, many investors like a "sure thing" and will often pile into an investment sector that is hot.
As human beings we often like to see evidence first that something is coming into reality before we join the trend, which is the opposite of how financial planning, regular planning and goal setting actually work to create results.
Similar to the situation of individual Canadians, small business owners must deal with a variety of financial challenges in order to grow their businesses. Besides managing issues like cash flow and assets, small businesses must also think about taxes on income.
Without a doubt, tax return filing can be an intimidating experience for many business owners, but the process can be greatly simplified simply by keeping good financial records.
Earl wants to control the distribution of his estate when he dies and feels that a Will is a good idea. He had heard the ads on radio and TV about do-it-yourself Wills and bought a National Legal Will Kit.
With the December market correction in both the US, Canada and elsewhere slowly receding into the past, it is a good time to review what exactly happened and how clients have reacted to the recent events.
To put December into context, it was the most severe correction late in the year since the early 1930's. The market valuations improved dramatically as a result of the correction with Price\Earnings (P\E) multiplies falling by 5 points, which is the most in about 25 years and has happened only about 5 times in history.
A wedding day can be a springboard into many new and exciting adventures. With all the excitement leading up to the big day, the new couple routinely focuses so much energy on planning the event that they seldom spend any time discussing other important life issues - like developing a sound financial strategy for the future.
As couples embark on a new life journey together, it is important to take time to discuss life goals, hopes and dreams and then commit to incorporating each element into an overall financial strategy.
Many people look forward to retiring, and going to live beside a golf course, on the coast, or somewhere else where they have always dreamt of. It's enticing to think that your leisure time can be spent pursuing activities you have worked and longed for all your life. In fact, whole retirement communities are set up on the premise people want to relocate to such a scenario to live out the rest of their lives.
If your way of assessing the state of the world is only through stories gleaned from the regular media, then you are likely missing out on all the marvelous and wondrous advancements of human society over the previous years and decades.
With news reports during the final months of 2018 focusing on market volatility and US budget problems, it has become very easy for investors to focus their attention mostly on short term and transitory issues.
It is possible for just about everybody to achieve financial success. Getting there is usually not a matter of financial wizardry. By following some basic principles, you can make your financial dreams come true:
Ralph became concerned about what would happen to his hard-earned estate after seeing what had happened to some people he knew.
Vivian had remarried and chose to cut costs by using a do-it-yourself will kit. Because she had not allowed for the obligations set out in her deceased husband's will, it took years and cost thousands of dollars in legal fees to settle her estate. As her cash assets earned income while held in trust, her heirs had to pay income taxes on income they hadn't even received.
