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Your Cash Management Plan: The Emergency Fund |
By dmaycock on
9/4/2007 6:28 PM
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New at www.donmaycock.com
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As a financial planner, I often observe when I meet prospective clients for the first time is their lack of an emergency fund as part of their cash management plan. Why do we need an emergency fund? At anytime, we could experience a situation where our cash flow cannot meet the demands due to an unexpected emergency. These range from the moderately inconvenient, like a major car repair, to the potentially disastrous, like the death or disability of an income earner, or a long period of unemployment. Some of these problems can be moderated by life or disability insurance, or by unemployment insurance, but some financial impact will likely remain.
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The new kid on the block…the Variable Annuity! |
By dmaycock on
6/11/2007 1:48 PM
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New at www.donmaycock.com
Retirement Planning
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In June 2006, I attended the Morningstar Investment Conference, which focused on “Retirement Income Planning”. One well-known speaker, Moshe Milevsky, introduced the concept in retirement planning of not just how to generate retirement income in your portfolio by having a proper asset allocation (a mix of cash, bonds and equities according to your risk tolerance) but also the importance of product allocation. Product allocation refers to your allocation to various products such as GICs, mutual funds, annuities and a new category called the “variable annuity”. This article focuses on the variable annuity as a consideration.
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Mutual Fund Bilingualism |
By dmaycock on
6/11/2007 1:41 PM
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New at www.donmaycock.com
Mutual Fund News
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If you invest in mutual funds, have you ever wondered how your funds get classified? What’s makes a fund, for example, a Canadian Balanced Fund, in the first place? That’s where the Canadian Investment Funds Standards Committee (CIFSC) comes in. As stated on their website (http://www.cifsc.org) “the primary purpose of the committee is to provide investors with a consistent set of mutual fund categories”. Over the past several years, it’s been anything but consistent and especially difficult for advisors who need to do research on the funds they advise their clients on.
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What's Your Personal Net Worth |
By dmaycock on
2/8/2007 9:40 AM
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New at www.donmaycock.com
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One of the simplest financial planning steps you can do is to complete a Net Worth Statement each year. Your Net Worth is simply a snapshot of the difference between what you own (your assets) versus what you owe (your liabilities).
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"Boomers have RSPs but no plan" |
By dmaycock on
1/17/2007 6:56 PM
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New at www.donmaycock.com
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(January 16, 2007) Findings from an Ipsos Reid study released Tuesday state that many Canadian boomers are confused or ill prepared for retirement. Conducted on behalf of BMO Financial Group, the study, which polled Canadians between the ages of 45 and 60, found that across the board boomers would rather spend their time planning activities other than retirement.
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Net worth rises to nearly $147,000 per person |
By dmaycock on
12/18/2006 10:12 AM
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New at www.donmaycock.com
Retirement Planning
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National balance sheet accounts
Third quarter 2006
National net worth reached $4.8 trillion by the end of the third quarter, or $146,700 per person. The gain in net worth resulted from an increase in national wealth (economy-wide non-financial assets) as well as a sharp drop in net foreign debt. National net worth grew 2.8% in the third quarter, the largest increase in more than two years.
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