What if I said you can make a million dollars or more in one hour…and it doesn’t involve lottery tickets, gambling, or a bank heist? Would you believe me? No, of course not, and you shouldn’t! But I do earnestly believe that sitting down for just one hour and contemplating a few simple questions could set you on a path to saving far more over your lifetime, maybe a million more! Before we jump in, just remember that having an emergency fund, understanding your risk tolerance, staying invested by not panic selling, and having appropriate life and disability insurance are all critical and form part of a comprehensive financial plan. Am I throwing away free money from my employer? If your employer offers matching savings plans such as a group RRSP, you need to take advantage of this to the maximum extent possible. Now you might think that this is inherently obvious, and everyone must be doing it already, but the fa...
As a new grandparent, I began to build a list of the new financial things my son and his partner should consider now that their baby has arrived. So, I figured it would be helpful to share this checklist with you as well. Ideally, you should consider and action some of the things listed here in the first few months of pregnancy. 1. Decide on Your Maternity and Paternity Leave What kind of leave can we take and for how long? Mothers get at least 15 weeks of maternity leave, some of which can be taken before the baby is due. This varies slightly from province to province. In Alberta, for example, maternity leave lasts up to 16 weeks and can start as early as 13 weeks before the mother’s estimated due date. After the maternity leave period, parents are also able to take up to 62 weeks of parental leave. Parental leave is flexible and can be taken by the birth mother (after the maternity leave period), the othe...