Listen to our Let’s Talk Money Podcast to learn the facts.
The less debt you have the better. That being said, you will hear people talking about good debt versus bad debt.
- Used to purchase an asset, like a house or investments.
- Ideally these are appreciating assets, something with real value that you could sell if you needed to clear the debt.
- So while a car loan has an asset attached to it, it is depreciating, so something to be cautious about. Continue reading
On March 18, 2013 a new Family Law Act came into effect in BC. The new law replaces the Family Relations Act and there are significant changes that may affect you and your family.
Listen to our discussion with Sheila Keet, a Family Law lawyer who specializes in collaborative divorce.
If you are married, separating or living common law (or contemplating marriage or living together), you won’t want to miss this conversation to inform yourself of your rights.
One, “I use tax software. It figures everything out so I don’t have to think about it.”
Another, “My accountant does my taxes. I just give her all my receipts and she takes care of it.”
<Sigh> Unfortunately, the hardest people to help are those who sincerely believe they are doing the right thing, but sadly aren’t. So what’s wrong with this mindset? The problem lies with folks focusing exclusively on Tax Preparation, and NOT on Tax Planning. Continue reading
Adapted from “Top Tips You Should Know About Your Taxes” from the CRA Newsroom and a March 5/13 article in advisor.ca titled “9 Tips From the CRA”
The Canada Revenue Agency (CRA) has offered a timely list of tax tips, including ways to save money at tax time.
- Register for My Account and sign up for direct deposit so you’ll be ready when you file your return
- File on time to avoid late-filing penalties and fees and to make sure there are no interruptions to your benefit and credit payments.
- Generally, interest, dividends, and capital gains earned on investments in a TFSA are not subject to tax—either while held in the account or when withdrawn. Continue reading
Toronto ComiCon ran this past weekend in the Big Smoke. As always, it drew thousands of fans of fantasy literature, comics, television and movies, who descended on the event with unrivalled excitement and passion. Many attendees spent considerable time and money outfitting themselves with intricate costumes depicting their favourite fictional characters.
Why do people do this? Why do adults – people from all walks of life and socioeconomic backgrounds, male and female – dress up as fictional characters in outrageous costumes and congregate at events around the country like ComiCon?
There are many reasons, but I believe one that holds true in many cases is this: we each want to associate ourselves with a great idea, an inspiring vision, a noble story, and we want to be a hero in someone’s life and make a real difference.
- Create a vision and set authentic goals.
- Well-defined, clearly articulated goals are easier to achieve.
- Focusing on your top three priority goals will simplify your life.
- You will be more resourceful and creative at finding solutions when you know where you stand.
- Create a basic plan with goals, figure out where you are now; and take steps to get what you want.
- Knowledge is power. Continue reading
Standing in the room at the launch of UNSTUCK and scanning the crowd gave me an overwhelming feeling of joy and inspiration. The expertise, advice and hard work that Karin and Sheila have put in to their book has produced a financial book that is interesting, fun and one that many people can relate to. And with the support of worksheets and website resources this is a book that will actually get people into action and really start living the life they want.
To see so many clients, colleagues, partners and supporters in one room was confirmation that Money Coaches Canada is having a strong, positive impact on the financial lives of so many.
Congratulations to Karin and Sheila on such a fantastic accomplishment. I am proud to be a part of a company taking such inspiring action.
Toronto Book Launch is next. Don’t miss us on Monday, February 25th @ 6pm EST at the Arts and Letters Club.
Please leave a comment below to tell us how you enjoyed this great evening. We look forward to hearing from you.
Save the Last Monday of the Month for Money
Join your local Money Coach on the last Monday of each month for an informal, lively discussion about money – how it works, how to manage it and how to gain control of it.
Bring a friend, come with questions and build your knowledge and confidence in personal money management.
February’s Topic: “Top 5 Money Tips” from our newly released book:
UNSTUCK: How to Get Out of your Money Rut and Start Living the Life You Want
When: February 25th, 2013
Time: 7:00 pm – 8:00pm local time
Kamloops, BC The Art We Are Café & Artisan Market, 246 Victoria Street – hosted by Leslie Gardner
Port Moody, BC Perry Roe Heritage Building, 2227 St. Johns Street – hosted by Kathryn Mandelcorn
Vernon, BC Suite 200 – 3006 32nd Avenue (Across from the old library) – hosted by Kathi Bridge
Calgary, AB Good Earth Cafe in Glenmore Landing, at the corner of 14th St and 90th Ave SW – hosted by Tom Feigs
Kenora, ON 116-5th Ave. South, corner of 2nd St. S & 5th Ave S – hosted by Karen Richardson
Ottawa, ON Café Latte Cino, 2020 Tenth Line Rd. at Innes in Orleans, Ontario – hosted by Judith Cane
Canada-wide Live Conference call – hosted by Leslie Gardner – 7pm EST/4pm PST
More info: email@example.com
For many couples there is nothing that dampens love and or more than the subject of finances. In fact, study after study shows that money problems are the single biggest cause of relationship stress and divorce – with sex and raising kids rounding out the big three. But does money always have to represent tension and friction between your partner and yourself?
1. Start talking about what is important: The most likely reason couples fight about money is that they haven’t learned how to talk about money. When the subject does come up it is often the result of a conflict or crisis. Open up a dialogue with your partner – remember they are your ally not your enemy. You don’t have to agree on all your goals, but you do have to acknowledge and appreciate your loved one’s dreams and aspirations. Hopefully you will have some common goals, like retirement, but your individual goals are just as important to your emotional and financial health.
2. Build a financial plan around your goals: The process gives you a lot to talk about and the plan itself will guide you both down the same path. The key to a good marriage, I am told, is communication and communicating clearly about your current financial situation and your plans for the future is an integral part of that dialogue.
3. Spend and save your money to consistently support you both: That means you know, and agree to, how much money is for things that you both need (groceries for instance), how much is for common goals (travel and retirement), and how much you each can use for your individual goals (singing lessons or a new TV) and spending.
4. Stage your goals: You can’t do everything at once. If you only have $200 to put towards your goals each month, you may choose to allocate it all to one goal. Choosing to achieve one thing before another is ok as long as you both know when your turn will come, and you both work to stick to the plan.
5. Be a friend, don’t overspend: Don’t deprive your spouse by overspending or going into debt. If one person overdoes it, the other has less financial support to do what they want. And keep in mind, no one likes telling their spouse they shouldn’t have or do something – so don’t rely on your spouse to tell you when to stop spending – it just isn’t nice.
6. Don’t hide spending, savings, or feelings: A strong relationship is based on trust and open communication. You may not approach money the same way, but you can learn how your partner thinks about money by listening, and you can help them learn what matters to you by sharing. Talk. Build your trust, and your net worth, together.
The best way to avoid or avert a financial or relationship crisis is to take charge of your money and to work with your partner toward mutual goals. Working with a money coach or taking a money course will help you get the dialogue started.