Other Stories: ~ How to use your RESP if your child doesn’t pursue post-secondary education ~
~Why name a beneficiary ~ ~Explaining the Covid -19 Oil Crash ~
Five Habits of Successful Investors
Investing wisely means choosing the best options for your money based on your goals, risk tolerance and time horizon. Being a successful investor doesn’t necessarily entail a degree in Economics or deciphering fluctuations in the stock market. Smart investments are achieved when you decide what’s best for you during the time you’re invested and having a comprehensive understanding of where your money is going. An investment strategy should be personal, but that’s just the beginning. If we take a look at what successful investors do, we can deduce what key elements factored into their success To read this full article from Mackenzie Investments, CLICK HERE. Should you have any questions or comments, please be sure to contact us.
Other Stories: How to use your RESP if your child doesn’t pursue post-secondary education
Find out what you can do with the money you invested in an RESP if your child doesn’t go to college or university Your child may initially choose a post-secondary education path or career that doesn’t require a college or university degree. If you’ve been saving by investing in a Registered Education Savings Plan (RESP) on their behalf, you do have options for keeping all your contributions and a substantial amount of your investment growth. Here’s a step-by-step approach to consider if you need to look at other options for your child’s RESP. 1. Wait and see 2. Check for RRSP room 3. Transfer to another child 4. Make a donation 5. Understand the rules for closing an account
To read this full article from Manulife explaining each one of these points, CLICK HERE.
Why Name a Beneficiary
You can’t take it with you — but there’s a hassle-free way to leave your money behind: Name a beneficiary wherever you can. What is a beneficiary? Since you can’t take your money with you at the end of your life, you might expect more Canadians would name a beneficiary — the person they want to leave their money behind to — for all their financial accounts that permit it. But it’s surprising how many of us haven’t done that, says Sun Life Financial advisor Brent McKay.* Naming a beneficiary takes just a few minutes to do, costs nothing and doesn’t require help from a lawyer or accountant. It should be a no-brainer, right? “Even if you’re a bit of procrastinator, there’s no excuse for putting off naming a beneficiary for every account you possibly can,” McKay says. Two good reasons to name a beneficiary: 1. It's private... 2. You'll make life easier for your spouse.
To read this article by Sunlife, CLICK HERE. If you have questions be sure to contact us.
Explaining the Covid - 19 Oil Crash
On April 20th, futures for crude oil's U.S. benchmark (WTI) went into negative territory - meaning for the first time in history, producers would pay traders to take oil off their hands. While it's unlikely you'll be paid to take gas from the pump in the near future, it does give an indication of how dislocated the oil market was.
CLICK HERE to read this full article from Visual Capitalist. If you have any questions please be sure to contact us.
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Curious how much it would cost to purchase a life insurance policy? CLICK HERE to provide you with a quick and basic quote.
Comparisons and quotes are intended for guidance and educational purposes only. For more information, contact the office @ 250-585-0377 or firstname.lastname@example.org
Did You Know...
At Irvine Financial we implement a process whith a holistic approach offering a balance of customized service, financial planning, investment opportunities and risk management.
Helping all our clients to manage their financial matters during each stage of their life and help them reach their personal financial goals in the most tax and cost-effective way is what we do, CLICK HERE to book an appointment.
A matter of fact...
According to a study by FP Canada, People who have a Comprehensive Financial Plan feel:
More on track with their financial goals.
That they have improved their ability to save in the past five years
More confident in dealing with financial challenges in life
Better able to indulge in their discretionary spending goals
On track with financial affairs: 81% of those with financial plans feel on track with their financial affairs, versus 73% with limited planning and only 44% with no planning
Able to save: 62% of those with financial plans report that they have improved their ability to save in the last five years, versus 56% with limited planning and only 40% with no planning
Financial Term of the month
Cash Surrender Value
The amount of cash a person may obtain by voluntarily surrendering (cashing out) a life insurance policy.
Are you aware of our Life Insurance Estimator?
Our handy calculating tool can quickly provide the amount of life insurance coverage you may need in addition to the existing coverage you are included under.(Note: As the name indicates this is an estimation and should not be assumed to be an analysis). CLICK HERE for your estimation. Be sure to contact us to review your insurance needs.
Plan to Reopen BC's Economy
On May 6, the Provicial Government of British Columbia laid out some initial steps to gradually reopen our economy. CLICK HERE to explore the Restart Plan.
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Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Other Products and Services are offered through Irvine Financial. The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. The opinions expressed are those of the owners and writers only. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values frequently change and past performance may not be repeated. Please read your funds simplified prospectus before investing.