Financial Rhino
10250 176 St T5S1L2 Edmonton, AB, Canada

You ever been in a room with your friends and felt like Joey? We have a solution for that (that doesn’t involve us selling you an encyclopedia). DM us for a financial discovery session. ALSO, who here is excited for the F.R.I.E.N.D.S reunion special?

The Rule of 72. The rule of 72 (refer to our Tip Tuesday highlight) is a rough estimate of how long it would take to double your money, given a certain rate of return or interest rate. That being said, the rule can work for you if you are being wise with your money, or against you if you’re not proactive!... (Swipe to see examples ) What do we mean by that? If you leave your money sitting in a regular savings account, earning around 0.010% it would take over 700 YEARS to double that money!! If you invested that same amount in a portfolio averaging 10% annually, it would take slightly over 7 YEARS to double the amount of money you invested. The bottom line is you work hard for your money so why not make it work for you. Talk to us if you would like to learn more about opening an investment account.

The wait is over #payday. Happy Friday friendos.

Spring is here!! If you’re participating in spring cleaning, don’t forget to give your finances a sweep! Use our points below as a guide for getting started: Clean out your wallets and/or purses. Decluttering your physical space is an easy, and great first step.... Create a filing system. Set up a physical or virtual place to store your budget, goals, bills, and all other relevant financial info. Figure out where you stand financially. Review bank statements, bills, mortgage papers, etc. and learn how much money you have coming in versus going out. Create or update a will or estate plan. Figure out where you’re losing your money - I.e. review subscriptions, negotiate bills, bank account fees. Create a plan for tracking your financials. Instead of making it an annual clean up, try setting a periodic review with yourself. See more

If you contribute to an RRSP avoid making these common RRSP mistakes! (Swipe to see them ) If used properly RRSPs can be a very beneficial tool for meeting your savings and investment goals. DM us with your RRSP questions. We are happy to help.

To RRSP or not to RRSP, that is the question. Have you considered contributing to an RRSP? If so, have you also considered IF an RRSP is right for you? While RRSP’s are popular and help many Canadians to invest and defer their taxes, they may not necessarily the best option for you. ... DM us and let’s chat about it. See more

We’re back and feeling refreshed after finished our first meeting of the year! As we set out our new rhino goals we reflected on what we learned this past year and what we can do to be better. We ended the year strong by donating to @santasanonymous @themustardseedyeg @yegfoodbank ... Wishing you all a healthy, wealthy, and fun-filled year. See more

DAY 12 ACCOUNTABILITY BUDDY Accountability buddy - Someone who will invest in your financial journey by keeping you accountable to your own goals. This person will not be afraid to exercise the following measures if needed, in the event that you step out of line: 1Chew you out... and/or 2Shake you up a little WHY an Accountability Buddy? Talking to others about finances eliminates the taboo-ness of the subject Having someone hold you accountable to your goals can help you minimize your impulse spending Asking someone to play this role can in turn help them with their financial goals Do we really need to list more reasons? When asking someone to be your Accountability Buddy, make sure to have a discussion around your goals, your boundaries, and your expectations. That’s a wrap with our 12 Days of Financial Advice. Merry Christmas you filthy animals! - with love, T & K See more

Day 11 ANNUAL REVIEW! Doing an annual review is a great way to ensure you’re on the right track to meet your goals! Sit down with your spouse, advisor, or by yoursELF to compare where you were this time last year, where you are today, and where you want to be next year.... This is the time to analyze and re-evaluate your spending, saving, priorities, goals... basically everything we’ve talked about in the previous 10 posts! Maybe you’re so proud you paid off your sleigh this year but if you doubled your candy card debt was there really any improvement in your financial situation? Calculating and recording concrete dollar amounts year after year is so important! See more

DAY EMERGENCY FUND Do you love yourself like our elf loves himself? If you do then you should make your emergency fund a priority. An emergency fund is money that is set aside for unexpected events. ... Emergency funds can keep you from going into credit card DEBT (yuck ) and ensure your current financial plan is not DERAILED. There are events that might happen that can seem like emergencies, but in actuality these items belong in your budget! Know the difference between a true emergency and an emergency that you could have budgeted for. Examples of emergencies: You lost your job and are struggling to pay the bills A pipe burst unexpectedly and your home is flooding Examples of non-emergencies: Craft supplies so you can leisurely draw portraits of yourself You’re low on your marshmallow supply Your skates are too small and now you need new ones See more

DAY 9: PROTECT YOURSELF Protect your (s)elf, your wealth, and your loved ones with proper insurance! Being unable to work due to illness or injury can be detrimental to your financial planning.... Sleep well knowing you’ve been good this year... and you have proper protection in place so your family is prepared for the uncertainties of life! See more

DAY 8 KNOW WHERE YOUR MONEY IS? Do you know what your money is sitting in? Is it in a piggy bank? A high interest savings account? a TFSA invested in low cost ETFs? Know what type of account your money is sitting, what fees you’re paying, the interest you’re earning, etc. and don’t put all your eggs in one...carton! ... You’ve probably heard the word diversify a lot. That’s because diversification is a fundamental finance strategy! Follow our 3-ingredient recipe for success 1Know what you put your money into. 2Diversify your funds. 3Take advantage of different types of accounts and investment vehicles available. They all have different offerings and serve their own purpose! See more

Wishing you all a spooky Halloween! Also, fun fact for you... Did you know the term trick or treat is thought to have originated in Lethbridge, Alberta? See more

We love supporting and working with small businesses in our province. As a corporate client of ours we provide you with many services, and ongoing support. Among our services, we provide the following: ... Tax-savings strategies for your business A detailed breakdown of your group benefits General informational sessions for your employees See more

It pays to offer your employees a tailored group benefits package. Above are simply a few ways in which a group benefits package benefits you as the business owner, as well as your employees.

Employee mental health is one of the most important issues, we believe, that employers face. The statistics we gathered above are proof that poor mental health has costly impacts. One great way for employers to promote positive mental health in the workplace is by implementing a customized group benefits plan. By giving employees access to the mental and physical supports they need, but might not otherwise have access to, employers can help change the conversation around mental health, and boost productivity in the workplace (among many things). After all, a businesses greatest asset is its people!

There are many reasons why business owners should consider getting corporately owned life insurance. A prime example: You are a small business owner, operating the company with one or multiple partners. If one partner dies, their next of kin (spouse, parent, etc.) takes over the deceased parter’s share of the business... and control over future company decisions. Aside from using corporately owned life insurance to protect the business as in the above example, there are m...any other benefits and uses for corporate life insurance. If you are interested in reviewing or getting a corporately owned policy to protect you and your business, contact us. See more

Last week the Alberta government released their First Quarter Fiscal Update and Economic Statement. The picture you see above is a comparison of the 2020-21 forecast for post secondary institution revenue and oil and gas revenue. We felt it relevant to share these numbers as students head back to school this week. How does this picture make you feel?... We think there are a lot of things to consider here. On the one hand, the tuition freeze was expected to be lifted in 2020, allowing institutions to increase tuition by 7%, and up to 10% for individual programs over the next 3 years (meaning a single program tuition cost could increase by 30% over the next 3 years for a student). At the same time, the government projected to cut $225 million in tuition tax credits, and also increase student loan interest. On the flip side of this viewpoint, Alberta has been hit hard with the collapse in oil prices that occurred alongside the COVID-19 pandemic. Between February and May, oil production is estimated to have declined by 700,000 barrels per day (roughly 1/5th of Alberta’s oil production), and is not projected to return to pre-pandemic levels until after 2021. The sharp plunge in oil prices has derailed the energy sectors recovery for the upcoming year, affecting projected revenues in the oil and gas sector. What is your viewpoint on the matter? Could these numbers be a sign that we are transitioning to a green economy? Do these numbers tell us the AB government is over pricing tuition costs and slashing relief for students? What can these stats tell us about youth voter turnout when it comes to policies that affect them? What does this mean for the future of Albertas oil-based economy? We want to know YOUR thoughts below See more