Womencents

Valuable James Clear message as we start a new year: Work to solve problems early. Avoiding something because we are too busy, or it is uncomfortable, can have a negative compound effect over time. ... I often hear from clients they wish they had started this financial work earlier when they see the impact it has. There are many different money avoidances or, what I prefer to call missed opportunities, that need to be addressed. They can include such things as - dealing with debt issues - being intentional and consistent with a regular savings plan - understanding investments or perhaps, starting investing - asking the right questions of a financial advisor - maximizing tax-sheltered investment accounts - taking advantage of employer matching programs or understanding company pension plans All have significant immediate and long-term consequences on financial security. These opportunities are not taken care of by only slashing a spending budget. The value in addressing them needs to become apparent and the specific steps to take must be made clear. Then we can be ready to take action. #shiningthelight #moneycoach #moneystrategy #bringon2021

With a new calendar year comes an additional Tax-Free Savings Account or "TFSA" limit. The 2021 contribution limit is $6,000. Since 2009, when the TFSA was first created, the annual contribution limits now accumulate to be $75,500.... This provides significant room for tax-sheltered investment. Remember the key benefit of a TFSA is that any money deposited into this account GROWS TAX-FREE. Forever. Yes, really. (different than an RRSP, but we will talk about that in a later post). Also a reason to not just let it sit as cash... If you are unsure of your available limit (these annual limits carry forward from prior years if unused), you can check the CRA website. Warning: this is often out of date throughout the year, so it is best to keep track on your own and look back at the activity in your TFSA account. The CRA website is a starting point. Another feature: Any withdrawals made during the year have the room "re-instated" in the new calendar year as well. So definitely some things to think about when it comes to the TFSA account which is likely why it tends to be misunderstood and underutilized by Canadians. However is worth looking into given the tax benefits! If you have questions, please get in touch. Email: [email protected] Another tip: to avoid the mistake of over-contribution (which comes with a penalty) and to just make life simpler, have only one TFSA account you contribute to.

First week of 2021. Let’s find the light. Received this thoughtful message in a Christmas card from a client this year. There is great joy when you can have an impact on someone else’s life. No doubt, 2020 was a roller coaster of a year and tough on many fronts. For many there was financial stress. But there was also ‘financial light’ and I saw a lot of it.... Throughout the year, my clients continued on their path of a personal money strategy, focusing on where they could have power and control, even in uncertain times. That focus, hard work and continued action, meant many financial successes in 2020, which may not have been expected. Many took the opportunity of reduced spending levels and additional time available (when they weren’t homeschooling) to. - Significantly reduce debt mortgages, car loans, lines of credit and credit card debt came down - Renew mortgages at record low rates by starting the process early and taking the time and effort to do research - Boost up emergency funds. If the pandemic has taught us anything, it is the importance of having emergency funds (and extra toilet paper) - Set up, and even increase, auto-contributions to TFSA and RRSP accounts for long-term savings - Continue investing in volatile, but ultimately, rising markets because of a better understanding and confidence in their investment products and portfolios - Complete and happily cross off outstanding insurance policies and estate plans previously on to-do lists In some ways, this has been an opportunity to: - reset - take a close look at goals and priorities - review where we were spending prior to the pandemic and - think about how we might want to come out of this with different habits and behaviours. The world is changed, we are changed, so how, perhaps, should our money life change? For all those clients who started working with me just prior to when the pandemic hit and who were likely a bit apprehensive, wondering if this was the right time to focus on their finances, well, they are the ones talking about 'financial light'. Thank you for staying with me. The right time to focus on your finances is today. Don’t wait for certainty, it won’t happen. Results, in any environment, take time and require action through small, intentional steps. When I can offer the light that helps make that path more visible and easier to follow, then I have succeeded. If 2020 has given me anything, it is an even bigger faith in what can be accomplished by anyone who puts their mind to it, even in a pandemic.

After a challenging year behind us, let’s plan for a brighter 2021! Wishing everyone a healthy and prosperous NEW YEAR! One filled with connection, security and the opportunity to light up your goals and dreams! #moneycoach ... #moneyclub #financialstrength #moneymindset #newyear #bringon2021 See more

Wishing everyone a Christmas season filled with peace, love and joy. After a year of change, uncertainty and challenges, hopefully this holiday season can be a time for calm, rest and perhaps taking the opportunity to create some new traditions. Happy Holidays!