Let's walk through what happens to our debts when we pass.¹ (MoneySense March 2023)
Who's responsible for debt after death?
Over the years, I have seen many insurance mistakes. Here is a list of them:
1) Delay putting in place coverage until it is too late. Acquire when you are healthy.
Here are some pointers to help you improve your financial discipline: 1 (Kenny Accent Investing Feb ’23)
1) Set Clear Financial Goals
- goals can help you stay focused and motivated
- Write them down - they need to be specific, measurable, and achievable
2) Avoid Lifestyle creep
Hello;
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s RRIF can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.
Hello;
Here are some simple common-sense guidelines to keep your financial affairs in order:
1) Know where you stand financially: Keep a close eye on your net worth: everything you own less everything you own. Make sure it is moving in the right direction.
2) Living within your means: Do not spend more money than you make
3) Pay yourself first: Every month, take a certain amount of money from your pay cheque and put it into savings
With life insurance, like other matters related to your financial well-being, a “set it and forget it” attitude is not the correct approach to take. So when is a good time to review your life insurance? Here are four instances when a review makes sense.
1) Your term life insurance is about to renew/expire.
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Getting covered through your employer can be inexpensive and convenient.1 (Empire Life Oct 2014). Relying solely on the life insurance you have through your employer can pose potential problems. Here are 5 key questions to consider:
1# Is your employer-provided life insurance coverage enough to take care of your family if you die while employed?
Hello;
There are many inherent elements that make an insurance investment an ideal option from an estate planning perspective.
If we look at someone’s non-registered assets, here are some key benefits with an insurance investment:
