Author Archive for: Advisorsavvy

Everyone has dreams. But to make those dreams a reality, you often need financial resources. For instance, if you’ve always wanted a cottage in Muskoka, you’ll need to save enough money for a down payment and earn enough monthly income to cover your mortgage. That’s where financial goals come into play. In most cases, the achievement of life goals goes hand in hand with the achievement of financial goals. If you struggle with understanding the importance of setting financial goals, keep reading. Your finances affect every aspect of your life. Figuring out how to set and achieve financial goals will lead you to financial freedom. Continue on to learn more! How important is financial planning for living a good life? Financial planning is very important for living a good life, especially considering the economic climate of Canada. Your finances affect every aspect of your well-being and lifestyle. There is a high importance to setting financial goals as well, as this

Healthcare in Canada is considered universal. Universal programs have their limitations and successes. No Canadian citizen or permanent resident goes without required, necessary medical care. This is part of the reason that Canada is perceived as one of the best countries to live in the world. However, there are some conditions to who has access to Canada free healthcare. Each province and territory operates their own healthcare insurance programs. Further, each program has different wait times for eligibility. This means even citizens and permanent residents can have periods without healthcare coverage. Each program offers different coverage for various services and products. In this article, we’ll cover all the nuances of Canada free healthcare. This includes who and what is covered, and what you’ll have to pay for out of pocket or by other means. Continue reading to learn more! Is healthcare free in Canada? Many services and products are included with free healthcare in Canada. However, the specific inclusions depend

How much can pencil cases, backpacks, and clothes possibly cost? If we’re talking about back to school shopping, Deloitte shares that parents are looking at an average of $597 per child. That same survey also notes a 24% increase in the price of school supplies due to inflation. And if you pair that with inflation’s effects on literally everything else? Yikes. It’s normal for parents like you to seek ways to curb their back to school shopping spending. This is one of many topics you can discuss with a financial advisor. In the meantime, we’ll dive a bit deeper into the state of back to school shopping this year, what things you should prioritize, and actionable tips to keep school spending low this year. What do school students buy the most? Top categories for back to school shopping include footwear (89%) and clothes (84%), according to Statista’s 2020 figures. Of course, the number one that topped all categories was groceries

Passive income, endless travel, and financial freedom are some things that come to mind when you hear the words “digital nomad.” Who wouldn’t want to learn how to become a digital nomad, if it meant being able to live and work from anywhere in the world?After all, travel is something many people crave, but they’re often limited by their job’s two week vacation limit. Keep in mind, the life of a digital nomad isn’t as rosy as the YouTube vloggers make it out to be. You actually need to put in lots of time into finding the right kind of work and putting your nomad life in motion. Plus, many that dive into it end up returning back home to stability when it’s not all it’s cracked out to be. The grass isn’t always greener on the other side! But that’s not to say you can’t have a fabulous life as a digital nomad. You just need to get your

Amidst inflation, the housing crisis, and mass lay offs, many Canadians are struggling to make ends meet. To combat rising costs, you can either cut expenses from your budget or earn more income. Some people choose to make extra money online or start a side hustle. Whereas others may choose to make a lateral move into one of the highest paying jobs in Canada. Ultimately, how you approach your personal finances during tough times is up to you. Some may find it easier to cut back on certain costs and others may prefer to earn more income. Cutting costs is usually more immediate, but it can be hard to sustain in the long run. On the hand, increasing your income can take time because you may need to acquire new skills or experience. But in the long run, increasing income tends to be more sustainable. If you’re ready to learn about the highest paying jobs in Canada and how to

Are you a teenager and wondering what you can do over the summer to earn some money? Maybe you are the parents of teenagers and want to get them a head start in the workforce. Summer jobs are a great way to earn some spending money. Teens can use summer jobs to get savings started or prepare for higher education. Summer jobs allow teenagers to join the workforce and get valuable experience. Many organizations help to find summer jobs for teens. Ultimately, it is beneficial for teens to find summer jobs. It gives them something to do, gives them experience, and helps establish a work ethic.Continue reading to learn more about summer jobs for teens in Canada below! Can you get a job at 15 in Canada? The age someone can start working in Canada ranges by province. Most provinces allow 15-year-olds to begin working. Some provinces require parental permission to start working at 15 or younger. The type of

It’s a Saturday morning, and you’re excitedly preparing for a day with your kids and family. But suddenly, your work responsibilities come crashing in and sabotage your plans.This all-too-familiar scenario makes you feel disappointed and frustrated. It might feel like you can never get the best of both worlds between your work and personal life. Sometimes it negatively affects your well being and mental health too. In a post-pandemic work setting where work-related stress has skyrocketed, imbibing work-life balance could help you stay sane. Ready to learn what is work life balance? Read on! What is work life balance? Work life balance refers to a state of equally prioritizing the demands of your personal life and those of your career. It goes beyond allocating equal time to professional and personal activities. Rather, a balanced work-life entails having a more realistic and flexible work schedule that reduces the risk of burnout.Some people see work-life balance as the ease of managing one’s

A lot of people find it difficult or intimidating to ask their bosses for a pay raise. This is totally understandable given that you’re the one who’s in a vulnerable position! However, if your company doesn’t do regular, annual salary increases in line with inflation or performance, knowing how to ask for a raise is a big plus.If you’ve never done it before, it’s never too late to learn. According to Payscale reports, numerous workers have succeeded in asking their bosses for a raise, but only 70% of workers that asked received it. Asking for a raise that reflects your level of productivity is normal, but your approach determines the results you get. For this reason, it helps to approach the query with a well thought out strategy. Even though your boss has an idea of how productive you are at your job, you still need to present your case for getting a raise. Luckily, this article will guide you

Ever wondered why nobody questions the traditional investment or loan landscape? It feels like banks have overarching power and control, permitted the privilege to dive deep into your history and reject you based on stringent policies.The world of DeFi stands up to the limitations of traditional lending. But what is DeFi lending and how does it work with cryptocurrency? Keep reading to find out! What is DeFi? DeFi is a decentralized financial system. Hang on, are we talking about Bitcoin or other cryptocurrency here? In a way, yes, but DeFi is the bigger picture. DeFi encompasses all financial services performed on a decentralized system, often a blockchain. Imagine conducting your regular day-to-day banking through Ethereum. We’re talking mortgages, personal loans, savings accounts, insurance policies, and pretty much any other financial service as an alternative to traditional banking. Your mind might wander to Coinbase and other cryptocurrency exchanges, but that’s not quite DeFi. Instead, DeFi takes on the ambitious goal of

As Canadians, we take pride in our financial system and the various designations that come with it. After all, our financial system wouldn’t be possible without the experts behind it. From chartered accountant to investment advisor, these titles convey a level of professionalism and expertise that we as consumers can trust. In this blog post, we’ll explore some of the most popular financial designations in Canada and what they can offer you. We’ll also discuss how to earn these designations and the requirements involved. Whether you’re looking to earn a financial designation or learn about certifications for potential financial advisors and experts you want to hire, read on to learn more! What are financial designations in Canada? Financial designations are highly sought-after credentials in the field of finance. These special certificates and degrees allow professionals to demonstrate an advanced level of expertise in their chosen area, whether it’s corporate finance, tax planning, economics, financial analysis and more. In order to

Living pay cheque to pay cheque is a common experience for many Canadians. In fact, the Angus Reid Institute, a non-profit organization, did a recent study on the matter. They found Canadians are feeling the financial pressure of inflation which has left little to no income after paying for necessities like groceries, gas, housing and so on. In addition, 45% of Canadians reported their financial situation has worsened in the last year. Their report also found that if monthly expenses were to increase by as little as $300, 66% of Canadians would not be able to afford the increase. Or they would have to make major changes in their lifestyle to afford the raised cost of living. As you can see, many Canadians are living pay cheque to pay cheque! While it may seem like an impossible task, there are ways to break the cycle and start saving money. In this blog post, we’ll explore some of those methodologies. Read

Fraud is a big issue in Canada. Every year, it costs Canadians billions of dollars. This can be in the form of stolen money, fraudulent activities or scams. If you have been a victim of fraud, or know someone who has been, it’s important to know how to report it. By reporting fraud, you can potentially get your money back and also prevent that entity from harming someone else. While falling victim to fraud can be embarrassing and irritating, you’re not alone! Try to stay calm and be kind to yourself, then take steps to report it. In this blog post, we will outline the steps you need to take to report fraud in Canada. We will also provide information on the different types of fraud and how to protect yourself. This includes tips on identifying fraudulent activity before it happens. Read on for everything you need to know about reporting fraud in Canada! What is fraud? Fraud is defined

Income is a critical aspect of financial stability and success. Without income, it would be a challenge to achieve financial goals. There are countless ways to earn income, but some are more common than others. In this blog post, we will explore four different types of income. Each type of income has its own unique benefits and drawbacks. It’s important to understand them all before making any decisions about your financial future. We’ll also discuss how each type of income can be taxed, so you can make the most informed choices for your situation. Why do the types of income matter? The types of income you earn matter just as much as the amount. That’s because different types of income are taxed in a specific way. Diversifying your income streams can help reduce your overall tax burden. In addition, having various income streams can provide greater financial stability so you’re not reliant on one source. For example, if you earn

Time for a new set of wheels? Maybe, you’re preparing to buy your first car, or your university-aged child has saved up for theirs. Either way, you want to buy a car. Is it one of those big purchases that can seem daunting, with a LOT of steps? Yes (sorry!) The reality? Yes, there’s a lot to the process. But if you’re able to take your time and follow each step while keeping your eyes on the prize and your own needs in check, you’ll end up with the perfect car. Let’s get started! What is the total cost of car ownership? Before diving into all of the steps of buying a car, it’s important to think about the total cost of owning a car. To be blunt: it can add up. When starting the process of buying a car, financing (either through your bank or the dealership) is typically top-of-mind. But when you’re figuring out a budget, factor in