| Glossary of
Financial Terms | | |
| Money
Matters |
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| What you are able to do in retirement
can be limited by your income. Retirement usually means a drop in
income, so you may find that you need to be more aware of your expenses
in order to keep your finances under control. Drawing up a budget
lets you keep track of your expenditures, and can also highlight areas
where you can cut back or make savings. Remember to regularly check
that you are receiving all the benefits you are entitled to. |
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| Using
graphs to explain risk |
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| We’ve talked about risk before,
and how best to understand its effect. We know that the risks you
undertake will be as different as you are individually. We also know
the risks in investing ultimately mean the possible loss of capital
in the pursuit capital growth or income. |
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| Financial
fitness is a team effort |
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| Recent studies say money is one
of the leading causes of disagreements between couples. It also contributes
to daily stress and can impact emotional and physical health. Taking
a proactive role in your finances can help improve your overall quality
of life. Here are some steps to help. |
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| Investment
planning throughout the life-cycles: ABCs & 123's |
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| We all remember saving our pennies
for the Candy Store. Pocket money received for performing the odd
jobs for mom around the house, taking the neighbour's dog for a walk,
or delivering the local community newspaper helped maintain our sugary
bliss. In such a small span of time we learned how to save for that
special material goal - the candy bar. We hired ourselves to mom for
odd jobs and/or found an outside source of steady income. Thinking
back - remember how proud we were, on receiving our first pay cheque
- our head a little higher and money in our pocket, and only 10 years
old! Then adding money management and financial planning skills, we
saved for the first big-ticket item - a new bike, and then into a
lifetime of predictable financial life-cycles. |
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| Attention
Snowbirds: Talk finances before you take flight |
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| Getting ready to leave the bitter
cold of Canadian winters for the balmy beaches of the sunny south?
By getting your financial affairs in order before you depart, you
won't need to worry about a GIC renewal when you could be enjoying
an ocean breeze. |
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| Manulife
One: Getting your money working for you |
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| Have you ever given any thought
to how hard the money in your bank account is working for you? If
you have, you have probably come to the realization that, with the
low interest rates, it really isn't doing very much at all. And for
those with mortgages and other types of consumer debt that carry high
rates of interest, one can't help but wonder if there isn't a better
way. Now there is. |
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| Ten steps
to getting your plans in sync with your goals |
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| Some activities, such as organizing
your affairs, tend to slip through the cracks because people are not
sure what exactly they need to do or they procrastinate dealing with
it. This article provides 10 easy steps for getting it together and
guidelines for when you should review and update your plans. Acting
on these steps won't take much time now, but will save you and your
family many headaches later on. |
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| Financial
planning is an ongoing process |
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| So, you've completed your will
and that's it for that. One more item off your to-do list. When was
that anyway? Last year? The year before? Not sure? Consider this.
Do you know who the biggest beneficiary was of Princess Diana's estate?
England's Inland Revenue Service to the tune of $20 million. They
grabbed 40 percent of her estate in the form of taxes. |
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| Markets
down, blood pressure up? What the doctor ordered |
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| Do you have any of the following
symptoms? You have a compulsive need to check the newspaper everyday
to see how much your mutual fund prices have changed? Your anxiety
level goes up if you can't find a paper or the mutual fund tables?
Your anxiety level goes higher if you do find the paper and your mutual
fund prices have dropped... again? |
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| The risk
of not taking risk |
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| You may think the best way to
be financially secure is to take no risk whatsoever with your hard-earned
money. It may seem odd, but this no-risk strategy can be one of the
riskiest approaches you can take. In an effort to eliminate risk entirely,
you give yourself a false sense of security and you sacrifice real
growth - the growth that outpaces inflation. |
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| Principal
and interest compounding table |
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| Most RRSPs compound, but the combined
principal and interest and of any RRSP at any institution may compound
beyond the CDIC limit of $100,000 if you are not careful. The table
below shows the maximum dollar amount to deposit in a compound interest
investment at various terms and rates to ensure your maturity value
does not exceed the CDIC coverage. |
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| Choosing
a good financial advisor |
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| Many people spend more time planning
for a vacation or buying a sofa than they do planning for their financial
future. When they finally decide it's time to put their financial
house in order, they don't know where to start. Start by getting some
professional help. You shouldn't hesitate seeking professional financial
advice any more than you would avoid seeing a doctor when you're sick. |
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| Plan ahead
to secure your financial future |
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| Estate planning is a multi-faceted
process which affects us all at one time or another. It encompasses
all areas of susscession planning from simple wills to orderly reorganization
of multi-million dollar businesses including all the various tax and
economic factors involved. How do you decide if you are a candidate
for financial services? Generally speaking, needs for the services
fall into four broad categories. |
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| Setting
personal investment goals |
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| Investors of today have no shortage
of investment options to choose from. Along with a staggering array
of products to consider, investors also face the challenge of trying
to predict where the market is going. "As part of our commitment
to our clients and their needs, we have chosen flexible investment
products that remove some of the guess work. |
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