Jakobs Financial Planning

I had thought that financial planning software was strictly the purview of the professional financial planning community and that tools geared towards everyday consumers would be either too limited, too complex, or too expensive.   Boy, was I wrong!   One very cool trend, it seems, that has been developing over the past two years in the personal finance space is the advent of a host of DIY financial planning resources, calculators and tools. It was surprising how powerful and comprehensive a few of the free tools are and how inexpensive, accessible, and even more powerful the pay-for-use tools are.   I do need to add that these tools do not replace personalized financial advice. Tax, estate, and corporate planning complexities may require professional input and can help avoid the “narrow focus” bias common in DIY planning.   So, here is a rundown on a bunch of tools I found.  If you’re looking for a place to start, and just want to explore, start with ...

  If you came here looking for a smoking gun, I’m sorry to say the answer is: “It depends” An unfortunate truth of retirement—especially early retirement—is just how complex your finances can become. When it comes to optimal withdrawal strategies alone, retirees often ask: How can I maximize spending, especially in my “go-go” years when I’m young and healthy enough to seek adventures? How can I pay less taxes? What about those dreaded OAS clawbacks? What about maximizing my legacy and financial estate for my kids? What about the high taxes at death I keep being told to watch out for? When should I take OAS?  CPP? What is an RRSP meltdown and should I use it? How to best use my TFSA? What should I do if I have a pension? To explore these questions and to provide guidelines to financial planners, FP Canada, the national credentialing body for financial planners, commissioned Doug Chandler, an actuary specializing in retirement research and an Associate Fe...

  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...