“What type of content am I reading?” + MORE Nov 23rd

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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 retirement savings

How much money do you need to retire in Canada? Is it really $1.7 million?  + MORE Mar 1st

Retired Money highlights Canadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement If you’re just starting out on the long road to saving for retirement, you may have heard ab.... More »
 retirement planning

Why GICs are a good addition to an RRSP or a TFSA + MORE Feb 8th

It’s tax time again, which means Canadians may be thinking about tax-smart ways to invest to reduce their tax burden next year. Chances are, you’ve seen and heard more about guaranteed investment certificates (GICs) in recent months than ever before, and there are concrete reasons why. Read on t.... More »

TFSA contribution room calculator + MORE Jan 11th

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
 registered retirement savings plan

I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th

The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »
 freedom 55

Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »
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The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and employment dropped by 6%. Similarly, in the European Union (EU), GDP sank by 4.4% in 2009 and about 6.7 million jobs were lost from 2008 to 2013. 

Never mind that Canada barely suffered compared to the United States and Europe—Canada’s GDP fell by 3.6% for only three quarters across 2008 and 2009 before recovering, while employment dipped by just 1.8% in the same time frame. Mass uncertainty still swept the air. Home ownership and retirement plans washed away and headlines screamed that there were no more jobs to be had. It seemed the only sensible course of action was to hide out and let it all rumble over. I enrolled in graduate school. 

Eventually, the global economy did recover…

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In recent years, financial planning has been reduced from a process to a product. The broader financial industry has offered financial plans, often on a one-time basis, and frequently as a prospecting tool. It is not enough to simply have a financial plan that gathers dust. Forward-looking financial planning can help you stay on track and achieve your long-term goals.

What kinds of goals should you be setting?

Many people have the goal of investing their money. But in order to invest, you have to spend less than you earn. Some people start investing too early. It probably makes sense to pay down non-mortgage consumer debt like credit cards first. It also generally makes sense to contribute to your savings (for example, to an emergency fund) before growing your wealth through investing.

If you are saving for retirement, you should try to figure out how much you should be saving. This is based on your expenses, now and in retirement, and trying to work backwards to figure out how much to put aside each month…

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After cryptocurrency values started crashing hard this year, headlines of people losing millions, their life savings or retirement funds flooded the news. When crypto bank Celsius Network filed for bankruptcy this summer its customers alone lost US$5 billion. Even digital-asset evangelists like Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried saw their portfolios drop billions. But one group in particular was disproportionately affected: Black investors. 

In the last few years, several companies have used targeted marketing approaches to pitch crypto to Black communities as a tool to build individual and generational wealth. While companies like Crypto.com, EthereumMax and FTX spent millions on marketing campaigns using celebrities like Matt Damon, Kim Kardashian and Tom Brady to tout the potential of crypto investments and broaden its appeal, the messages to Black investors—using stars like Spike Lee and Kyle Lowry—were more intentional: Do not miss out on this wealth-building opportunity and get left behind…

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