All posts by Financial Independence Hub

An Aging Workforce is a Competitive Advantage

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Lisa Taylor

By Lisa Taylor, Challenge Factory

Special to the Financial Independence Hub

The dramatic impact of longevity on organizations was predicted decades ago. Indeed, in 1961, President John F. Kennedy put a formal structure in place to ensure that Congress would be attentive to the opportunities and challenges increased life expectancy presented to existing programs and policies. Since science had added years to our lives, Kennedy’s vision was to ensure added life to our years.

Longer life expectancy implies longer workspan

One corollary: increased life expectancy means longer work-life too. Continue Reading…

You think accumulating wealth was hard? Try this.

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By Doug Dahmer, Emeritus Retirement Income Specialists

Special to the Financial Independence Hub

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How you deploy your accumulated assets to fund the second half of your life is much harder than how you built them up in your accumulation years.

Read this again if you need to, but be sure you get this point.

 

First build an asset pool under the spell of “Dollar Cost Averaging over the long-term” — the favorite aphorism of the investment management salesperson. For the 30-odd years of your prime saving and accumulation years this mantra encourages you to keep giving money to them, disguises bad performance and promises you future success. Given enough time, however, let’s hope you have more than when you started.

That’s the easy part.

The hard part: making it last a lifetime

Continue Reading…

Life at the cottage: What you need to know BEFORE you buy

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Cottage On The Carpenter Lake, British Columbia
Cottage On The Carpenter Lake, British Columbia

By Erica Nielsen

Special to the Financial Independence Hub

After a long winter, summer is finally upon us For many, now is the time to look forward to the best part of summer: cottage season.

“Cottaging” has become a national pastime, and while there are many benefits to a family cottage, it’s important to fully understand the entire picture of owning and operating a home-away-from-home.

I learned firsthand how much was involved the first winter after we purchased our cottage when we were faced with repair costs for the road leading into our property.

When exploring the purchase of a cottage or vacation property, it’s important to consider all costs. These can range from the big ones like a down payment, to smaller costs that can add up — such as taxes, maintenance and winter plowing. In addition, if your cottage is not a primary residence, you may require a different type of mortgage and insurance.

Whether you’re experienced in the home buying process, or planning your first property purchase, there are some important considerations to evaluate before you buy the beach chairs:

Know the costs, all year round Continue Reading…

The 12 Tables of Financial Independence

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Horst Siegler

By Horst Siegler

Special to the Financial Independence Hub

The Twelve Tables formed the basis for Roman law. The twelve suggestions below form the foundation of a sound financial plan. It should be devised and agreed upon by you and your partner and should result in a secure financial future.

1.) Believe you can succeed

No enterprise, be it financial success or otherwise, can succeed without a belief that it is possible. Much else goes into accomplishing your goals but without a belief you can succeed, they are doomed to failure.

2.) Agree on the definitions of the terms in your financial plan

You and your partner must have the same idea of what wealth, risk, budget and a lot of other terms mean or you will be working at cross purposes.

3.) Assemble a financial team Continue Reading…

Summer is Here! How to Avoid The Financial Heat Wave

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Linda MacKay RSI
Linda MacKay

By Linda MacKay

Special to the Financial Independence Hub

Today is the first official day of summer as well as Father’s Day. So it’s entirely appropriate that parents across the country are busy lining up activities to keep their kids busy while they’re out of school.

Many parents find it a juggling act to pay for the additional expenses. According to a recent survey TD conducted – 71% of Canadian parents with children under the age of 18 who incur additional costs for their child during the summer spend up to $999 per child and half (51%) find budgeting for these additional summer costs stressful.

To help manage the financial heat wave that summer may bring, here are five quick tips for parents: Continue Reading…