Building generational wealth is often associated with sizable inheritances or trust funds, but the truth is, many people are creating financial legacies from nothing. Especially for those who have not grown up with money, it's empowering to realize that building wealth for future generations doesn't require a trust fund. Read the Forbes article: https://tinyurl.com/msmithefggenerationalwealth
Summer is over. The Fall Season is upon us! Now is a good time for a Financial Review.
There are questions we all need to be asking ourselves about the following:
Life Insurance – which we put on ourselves to protect our loved ones when we pass whether they are family, business partners or our favorite charities. Ask yourself: Do I have life insurance? How long have I had life insurance? Is it sufficient for my needs today? Do I need more? Do I need less?
Critical Illness Insurance – which we put on ourselves for ourselves. To give us some of the time we need to heal up from an event like a heart attack, cancer diagnosis or stroke (to name a few illnesses) by providing a lump sum to cover bills and expenses. Ask yourself: Do I have critical illness insurance? How long have I had critical illness insurance? Is it sufficient for my needs?
Disability Coverage – which we put on ourselves for ourselves and our families. To give us breathing room to heal up and reduce our stress over our bills and expenses. Ask yourself: Do I have disability insurance? What type of coverage is it? How long have I had it? Is it sufficient for my needs today?
Debts - having a plan to become debt free is important because debt freedom is important. Why? Because it puts money back into your pocket. Ask yourself: Do I have a reduction plan in place? Do I know how much my debts are costing me? Do I know when I will be debt free?
Retirement – at some point we will all want to retire or we will be forced to retire. Ask yourself: Do I have a retirement plan? When's the last time I had it reviewed? When can I retire? What could possible side line my retirement plans?
Education Plans – for our children and grandchildren there are Registered Education Savings Plans (RESPs). To provide for them the opportunity to seek higher education while reducing some of the associated costs. Ask yourself: Do I have an education plan? Do I have an RESP? Am I in a position to take advantage of some of the government benefits of an RESP?
Friends & Family – who do you know, who could benefit from this information?
The "September Effect" has always fascinated me, both for its persistence and the continued uncertainty about what might be driving it. Read the Forbes article here: https://tinyurl.com/yc295bbv
In this article from the Financial Post (July) get a refresher on some investment lessons, or rules, that we like to follow in the stock market. “They are not perfect, but they have worked well for us over the past 40 years. We break them or ignore their guidance once in a while, but we usually end up regretting that decision." https://tinyurl.com/23hcvk2h
