3 Biases That Affect Financial Planning and How to Outsmart Them
“Effective financial planning is 90% mental. The other half is about money.” — David Martin, Eltero Financial Partners Ok. So, I might have stolen and paraphrased Yogi Berra’s famous quote about baseball being 90% mental with the other half being physical. The math might not add up but there’s a lot more correct about this […]
Why an Investment Policy Statement is your Best Financial Ally
Investment Policy Statements A Must-Have for DIY Investors ONE of the 7 key components of your financial plan is your investment portfolio. (If you’re wondering, the other components are goal setting, cash flow, tax, risk management, estate and business integration.) Today, we’ll dive into two crucial concepts that can significantly impact your financial future […]
Embracing Summer: A Time for Relaxation and Financial Reflection
Financial Planning Reflection Summer Presents a Perfect Time to Review Your Financial Planning Progress Who doesn’t love summer? Parks and beaches are full. Cold weather scowls are replaced by warm weather smiles. Flowers have bloomed. Restaurants are busy. The commuter traffic has been replaced with tourist traffic. As the warmth of summer begins to embrace […]
Goal Setting: Don’t Think Perfection, Think Intention
Goal Setting: The “Why” Will Direct the “What” and “How” One of the biggest ironies when it comes to goal setting for financial planning is that most people do not set goals because they have a fear of failure, yet studies show that people who simply write down their goals are more likely to achieve […]
Why Budgets and Budgeting Don’t Work
Budgets Don’t Work! Rethinking Budgeting: The Cash Flow Approach When I first started in the financial business, we were taught that helping clients determine their budget was beneficial to them reaching their financial goals. I’ve seen firsthand the cringe that the word “budget” can elicit. It’s like the word “diet”—immediately, one imagines restrictions, limitations, and […]
Should You DIY Your Financial Planning?
My TED Talk on DIY Financial Planning Can a DIY Investor Really do Proper Financial Planning? I was recently asked to speak on whether I thought a person could create an effective Do-It-Yourself (DIY) financial plan or is it necessary to hire a professional to help in this important area of their lives. I welcomed […]
When to take CPP and OAS
CPP and OAS Starting Age Mistiming the Start Dates of these Government Benefits can Help or Harm your Retirement Plans Who doesn’t want “free” money from the government? If you’ve ever looked at your pay stub or tax return, you know that the Canada Pension Plan (CPP) and Old Age Security (OAS) pension benefits you […]
2023 Recap and 2024 Outlook
2023 Year in Review “Looking forward all that I can see Is good things happening to you and me…” From Looking Forward Crosby, Stills, Nash & Young As we get ready to turn the page on 2023 and welcome the new year with all its possibilities, we’d like to take some time to […]
Check Yourself Before You Wreck Yourself, IMHO
My kids tell me I’m too old to be using common texting acronyms like BTW or BRB when I’m speaking in everyday life (or IRL. Lol 😊). When I try and rehash some old-school terms from back in the day, like “Choice”, “Rad” or “Not even”, I’m accused of decreasing my cool dad factor (CDF), […]
Pack Wisely
Moving through life, from our childhood and school-age years, through our working life, and finally into retirement, has sometimes been described as a journey. I’ve heard financial advisors use analogies of a car trip, an airplane flight, or sailing on the ocean to relate life’s “journey”. I was hiking the other day on a very […]