Will your critical illness policy pay for THAT particular cancer? Words Matter – Critical Illness Insurance, Cancer Definitions & What You Need To Know
06Jul

Will your critical illness policy pay for THAT particular cancer? Words Matter – Critical Illness Insurance, Cancer Definitions & What You Need To Know

If a bank, an agent or a broker is selling you a critical illness policy without this definition be very suspicious of their motives. Those who know me know that I am a big believer in (good quality) living benefits insurance. While life insurance is undoubtedly important and essential to managing one’s life and financial […]

Ontario Lawyers Must Read This Before Purchasing Life Insurance
03Jul

Ontario Lawyers Must Read This Before Purchasing Life Insurance

I was recently asked to review the Canadian Bar Insurance Association term life insurance plan that if offers to its members. Below is a copy of the memo I wrote about the plan. It isn’t comprehensive and doesn’t compare all of the facets of the plan but it does highlight some of the most egregious […]

Insurance Companies Are Bastards & the Life Agent’s Job as Advocate Quote
09Jun

Insurance Companies Are Bastards & the Life Agent’s Job as Advocate Quote

“Look, insurance companies are bastards. It’s not that they’re evil and trying to screw the little guy out of their money. It’s that they are totally, morally, apathetic. The same companies that make some of the best, most beneficial, positively incredible products for the public also sell some of the worst and most predatory products […]

2021 Dental Fee Guide Increases
07Feb

2021 Dental Fee Guide Increases

This year’s dental fee guide increases have been announced. While all dental plans don’t always use the current year’s fees as their default, I think it’s fair to say that it is a required criterion for any dental plan to be qualified as at least “good.” Here are the increases by province for 2021. PROVINCE* […]

Dickens’ Mr. Micawber Teaches Us About Personal Financial Planning

“Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” In David Copperfield by Charles Dickens (free copy obtainable over here) there exists a wonderful character named Wilkins Micawber. Mr. Micawber, who is said to be modeled on Dickens’ own father, is a […]

Bad Investments, Closed Minds, and Holding On to the Wrong Person’s Nuts
04Feb

Bad Investments, Closed Minds, and Holding On to the Wrong Person’s Nuts

Monkeys are cute, fun, intelligent, and a little ridiculous. I only mention this because I required an opening statement for what is to follow. In many towns and villages in India, monkeys co-exist quite happily with humans – stealing food, providing entertainment, being religious idols, and generally monkeying around. Once in a while, however, a need arises […]

Cognitive Bias, Logical Fallacy, and How Brain Shortcuts Cost You Money
02Feb

Cognitive Bias, Logical Fallacy, and How Brain Shortcuts Cost You Money

What would you say is the number 1 reason that people don’t achieve their financial goals? What do you think the greatest single threat to financial un-breakability is? It isn’t lack of information. It isn’t lack of motivation. It isn’t lack ability. It isn’t lack of resources. It isn’t the plethora of bad advice out […]

Ten Most Common Wealth Accumulation & Financial Planning Mistakes

If your goal is to be financially unbreakable you want to avoid these 10 common mistakes. Procrastination. This is the biggest money mistake of all – putting off until tomorrow what should have been done yesterday. This is simply financial suicide on the installment plan. Failure to Establish an Overall Structure, Philosophy, or Process for […]

Every take off is optional, every landing is mandatory (Or why math doesn’t always align with real life) – Part 2
14Jan

Every take off is optional, every landing is mandatory (Or why math doesn’t always align with real life) – Part 2

Real World Financial & Risk Planning Isn’t Simple Math All financial planning is a reflection of most common real-world planning problems. It’s about the allocation of limited resources in the face of an uncertain future. Another term for this is risk management. Like all successful and sustainable systems or processes, proper financial planning is a result of dichotomous ideas […]

Do I Really Need Life Insurance?

Here are 9 reasons you should buy life insurance: Replace lost income and guarantee the standard of living for your loved ones should you die too soon. Cover final burial/cremation expenses. Create or cement your legacy (your legacy could involve or be aimed at family, community, charity, church, almost anything that you want to be […]

The Big Four Retirement Planning (Investment) Risk Factors

When doing retirement and financial planning there four investment risk factors one must be aware of and prepare for. Understanding what these are and how to mitigate them will greatly increase one’s financial certainty and avoid the greatest risk in financial planning: running out of money. Risk of Loss Risk of loss is the risk […]

Sequence of Returns and Why they Matter

There are, depending on one’s definition, two or three phases in a person’s financial plan. These are: accumulation preservation decumulation For most of us, we make money, we put it somewhere to grow, and then we use it when we stop working. Markets fluctuate and investments go up and down but, in the end, they […]

Every Takeoff is Optional, Every Landing is Mandatory (Or why math doesn’t always align with real life) – Part 1
12Jan

Every Takeoff is Optional, Every Landing is Mandatory (Or why math doesn’t always align with real life) – Part 1

Real World Financial & Risk Planning Isn’t Simple Math There is a saying among pilots and aviation enthusiasts: “Every takeoff is optional, every landing is mandatory.” “Every takeoff is optional, every landing is mandatory.” Financial planning is no different. Every opportunity must be scrutinized but the end result – maintaining a lifestyle to which you are accustomed and that […]

Volatility vs Risk: Don’t Mix Them Up!
09Dec

Volatility vs Risk: Don’t Mix Them Up!

Volatility is not the same as risk. Let me be clear, volatility is not the same as risk. Financial people like to equate the two because it’s easier to sell something if you say, “It’s volatile,” vs “There is some risk.” Volatility is when the value of something fluctuates in an unpredictable way. The greater […]

The Three Core Principles of Investment, Financial, & Benefit Planning
08Dec

The Three Core Principles of Investment, Financial, & Benefit Planning

Begin by protecting what you most need and value: Define your “risk of ruin”. Identify the risk of ruin factors. Utilize reasonable risk containment measures. Through appropriate risk transfer planning, reduce the risk of ruin to as near 0 as possible. From now on, when making any decision regarding a product or strategy: Determine the […]

Can’t I Just Make My Child a Joint Owner of My Rental Properties (Or Cottage) And Avoid Capital Gains Tax That Way?
23Nov

Can’t I Just Make My Child a Joint Owner of My Rental Properties (Or Cottage) And Avoid Capital Gains Tax That Way?

This is one of the most frequent misapprehensions we come across and unfortunately, it is one that is regularly encouraged by well-meaning but misinformed (or occasionally less than scrupulous) accountants, advisors and lawyers. We’ll get into the details below but to summarize: You cannot get out of paying the capital gains tax on a property, […]

Effectiveness Vs Efficiency in Financial Planning
18Nov

Effectiveness Vs Efficiency in Financial Planning

Order, sequence, precedence, priority. Whatever your discipline, whatever areas you choose to be an expert at, to ensure or maximize the chances of success there is an order of operations. Whether you are a chef, pour concrete, develop software, or fly aircraft, you know that doing things in their proper order is critical. In construction, […]

When Not Investing Could Make You More Money than a 6% Average Annual Return
10Nov

When Not Investing Could Make You More Money than a 6% Average Annual Return

If I told you that with the same principal investment, the same taxes, the same rate of withdrawal, the same accounting and calculation methods, and the same time frame, I could give you more money with a 0% average annual return, which would leave you with more money in ten years than an investment with […]

Mortgage Insurance – What They Don’t Tell You
09Nov

Mortgage Insurance – What They Don’t Tell You

Before Buying Mortgage Insurance At the Bank – Watch this Video They may call it credit insurance, mortgage insurance, life, disability, critical illness, or any one of a multitude of names. The bottom line is you should never buy insurance from or through a bank or credit card company. You don’t have to take our […]

Term Life Insurance Policies are Not “All the Same”
08Nov

Term Life Insurance Policies are Not “All the Same”

Or Four Things to Ask About Before Buying Term Life Insurance One of the most common myths (lies) told by life insurance agents is that “All term insurance is the same,” or “Term insurance is just a commodity and you can just buy the cheapest one.” Let me make this clear: in Canada, all term life […]

Life Insurance Quotes from All Major Canadian Insurer’s in Less Than 60 Seconds