Tag Archives: Financial Independence

Weekly wrap; Getting Financially Real, Post-budget politics, 50 top financial sites

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2015-carnivalA group of (mostly American) financial blogs and a few international ones have teamed up to create We are Financially Real, part of the 2015 Financial Literacy Awareness Carnival.

It’s hosted by Los Angeles-based Certified Financial Planner Shannon Ryan and her website, The Heavy Purse.

As you can see via this link, there’s a nice list of financial blogs participating, including Broke Millennial and its post, The Day I Got Bullish With Money, and many more from blogs like Club Thrifty, Color Me Frugal, Financially Blonde and Reach Financial Independence (now there’s a blog title we can relate to!)

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Shannon Ryan, CFP

“For the past three years, it’s been my privilege to host a Financial Literacy Awareness Carnival where I gather top finance bloggers to share their stories and motivate readers to become financially literate,” Shannon told the Hub via email, “Money is something every single adult handles, and too few make confident money decisions due to a lack of financial literacy. The mistakes they make, sometimes without even realizing it, have a lasting impact. It’s my hope through the carnival that we inspire readers to get Financially Real with their lives and reclaim their financial power.”

Budget Redux Continue Reading…

What’s the right amount of retirement income?

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MarieEngen
Marie Engen, Boomer & Echo

By Marie Engen, Boomer & Echo

Special to the Financial Independence Hub

“Money may not be the most important thing in life, but it’s way up there with oxygen.” – Zig Ziglar

How much is enough? That’s a question that’s asked often. Everyone measures the concept of “enough” differently. Some of us think in terms of dollars per month or year:

  • $50,000 per year
  • $5,000 per month

Or, you may think of a percentage of pre-retirement income:  70-85%.

Many want to know what the “average” Canadian needs, or what “most” people require.

The proper question is, “What is enough for me?”

Related: Budgets, Cash Flow Plans, and Spending. Yawn.

If you are retired, or close to it, I’m going to give you an assignment (should you wish to accept it).  Spend some serious time with this. You are going to make three budgets. Continue Reading…

Unified & Defined: finally, some plain-English definitions for financial planners

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Here’s my latest MoneySense blog, which looks at a new book that provides unambiguous definitions of common terms like financial planning. Click on The New Definition of Financial Planner for the MoneySense blog.

Below is a guest post by Cary List himself, president and CEO of the Financial Planning Standards Council (FPSC). We thought we’d give Hub readers the take on the new book right from the horse’s mouth!

Unified & Defined: Let the Canadian Financial Planning Definitions, Standards & Competencies Be Your Guide to Sourcing the Right Professional

By Cary List, CA, CPA, CFP®

President & CEO, Financial Planning Standards Council

Special to the Financial Independence Hub

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Cary List, FPSC

Studies have clearly demonstrated that Canadians are not getting the financial help they need from qualified, professional financial planners. This is partially the result of a lack of understanding of how to identify a qualified financial planner and of what they should expect of a financial planner and/or a financial plan.

Today’s unregulated financial planning environment leaves many of us vulnerable and at risk of receiving advice from individuals who call themselves financial planners but who have not had to attain any qualifications specific to the financial planning practice and who are not held accountable to any oversight body related to the financial planning advice they offer.

Anyone outside Quebec can still call themselves a financial planner

Continue Reading…

Moving from Accumulation to Decumulation can be traumatic!

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Depositphotos_43929901_xsGood MoneySense blog today by fee-for-service planner Jason Heath. In Scared to spend your retirement savings?, Heath touches on a theme I suspect many baby boomers are going through as they prepare for the transition from full-time work to semi-retirement and ultimately full retirement.

I can relate to the anguish expressed by the subject of the piece, a single man now 56 who hopes to retire by 62 after a three-year transition phase of part-time work.

After 30 to 40 years of working, saving and investing — much of it tax-driven behaviour based on RRSP/IRA contributions and contributing to employer pensions — there’s a real paradigm shift involved in moving from the “Wealth accumulation” mindset to the “Decumulation” one.

That’s why Continue Reading…

A post-budget TFSA primer

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Adrian
Adrian Mastracci, KCM Wealth

By Adrian Mastracci, KCM Wealth Management

Special to the Financial Independence Hub

“Measures from last week’s Federal Budget provided the TFSA a healthy shot in the arm.”

Many investors are wondering whether to pursue a TFSA or RRSP strategy. Quite simply, the TFSA, which started in 2009, complements the RRSP and RRIF.

It need not be an either/or approach.
Wise investors embrace the TFSA in pursuit of long term goals.

We present our TFSA primer:

How the TFSA works

Eligibility:

• Canadian residents, age 18 or older, who have a Social Insurance Number can open a TFSA.

Contributions:

• TFSA contributions can be made in cash or “in kind.” The deemed disposition rules for “in kind” contributions are the same as those for RRSPs.

• Maximum TFSA deposits are as follows: Continue Reading…