Spring has sprung!
Spring is a time of new beginnings and boy have I jumped in with 2 feet. I have decided I wanted to do more so not only will I still have the wonderful Mortgage Alliance West but I would like to announce our new company, Intentional Success Inc.
Intentional Success Inc. combines what I know with business building, client service and following your passions.
Let me tell you a story…….
Two successful businesspeople woke up on separate days – and in separate beds for the record – and asked themselves – “Is this really it?” “No – I mean really it?” By sheer coincidence these two people happened to be very good friends, and so they quickly figured out that they were in the same boat…. they wanted to do more, and they were ready to believe in themselves.
As we say at Intentional Success Inc. – when you really figure out how to open yourself up to possibilities, powerful results begin to happen…. And we are proof positive; at Intentional Success Inc. (ISI) our mission is to teach people how to create their own success stories, while have fun doing it.
On March 27th ISI is hosting its first workshop – and I would love to cordially invite all of you to consider taking part. This 3 hour event will be a Passion Test Workshop – and for those of you that attend it will be life changing. I believe so strongly in the power of what we will be sharing that I will also invest in you – anyone that registers for the workshop and is on this mailing list will receive a 15% discount.
To register for the workshop please go to our registration page.
RRSP vs. Mortgage:
Where should you direct your money? Part 2
Last month we began a discussion on the benefits of investing, and whether the rewards were greater if you put money into your RRSP or your mortgage. I want to reiterate that each person has a unique set of circumstances, both personal and financial, that they must plan around. Having this conversation is really important when planning your retirement or financial future. Let’s get back to it…
The question of risk is a difficult one to answer succinctly and with a firm stance. As I stated before, everyone is unique, and your specific finances are no exception. Not to mention your idea of an acceptable level of risk might change several times throughout your life, depending on your circumstances. Someone who is young and is just starting a family may want a more dependable investment strategy, something they can really rely on to take care of their growing family. But someone who is older and past their earning years or who has accumulated a healthy level of wealth may want to take some risks with some of their portfolio, since doing so wouldn’t wipe out their life savings.
Rock Lefebvre, the vice-president of research and standards for the Certified General Accountants Association of Canada, in Ottawa, cautions the young or conservative investors to consider paying off their mortgages first, before getting into the investment game. This is ideal for several reasons. First, as stated above, it provides less risk in the long-term. Second, it provides more financial flexibility. Paying your mortgage down or off gives you more financial freedom month to month; an extra $1500 would allow you to save for vacations or pay off debt. Plus, if you store away your savings by paying off your mortgage, you are usually able to access this money via a line of credit should an emergency or need arise, and generally the loans are available at preferred rates. However, an RRSP was created to be a fail-safe; the idea was to establish a long-term savings account that people couldn’t access all the time for just anything. And for that exact reason, there are generally fees and fines if you try to access your RRSP holdings before retiring.
At the end of the day, though, it all comes down to what makes sense for you. Which option provides you with the most relief? The most satisfaction? Which ones makes you excited about the future? For many, a mortgage is a little cloud that hangs over their head, and they day it disappears is a day of great celebration. For others, it’s knowing that in 30 years your investments will be up a certain percentage that you’ve worked hard to achieve.
The most important point is to do something. The decision between RRSP or mortgage doesn’t matter in the long run as long as you do something to prepare for retirement now. Don’t wait! Improving your future financial security is one of the most important actions you can take.
As I stated last month, I recommend you talk over these options with your mortgage broker or financial planner to make sure your choice lines up with your unique set of financial circumstances, ensuring that the peace you feel now will only continue to grow with time.
Original article written for the Globe & Mail by Kira Vermond
With spring hopefully upon us…
Is it just me or is this year passing by with increasing speed? With spring hopefully upon us – I really do not like the snow – there are tough decisions to be made in the Best house. Soccer is finally winding down; you won’t see me playing the role of soccer mom on the fields Saturday mornings. (Yay!) The big decision now is what the boys are going to do next: baseball, martial arts, or lacrosse. I won’t lie; I have major reservations about giving mild and wild a stick and padding.
Business of the Month…
WrenchPatrol founders, Trevor and Iain, are passionate about innovation and ensuring clients are happy. Their lead technician, Gary, is a Red-Seal certified mechanic with over 25 years of automotive and management experience. Iain Rogers helped start the auto mechanic business in 2011 because consumers and fleet managers needed vehicles serviced and repaired by trustworthy, convenient mechanics – without interrupting the day. WrenchPatrol’s certified mobile, auto mechanics come to your location on your schedule, keeping your vehicles running happily without taking time out of your day.
And booking an appointment has never been easier. Get an oil change, diagnostic or transmission service for your car while you are relaxing at home or busy at work. Though their auto repair centre is in Burnaby, their mobile mechanics serve Vancouver, Surrey, Burnaby, and surrounding areas. You can even drop by and visit their team – they’ll make you coffee and give you a tour while they fix your car!
Make the right decision for you!
Follow Spring’s lead: Start afresh and plan for your future financial freedom. I’d love to help ensure your plan is dialed in to your specific needs. We can take a look at your mortgage and ensure you make the best decisions for a smooth transition into a lucrative financial future. It’s true that sometimes, the right mortgage can make all the difference.