CONGRATULATIONS, WORBY WEALTH MANAGEMENT  - CELEBRATING 10 YEARS OF TRUSTWORTHY BUSINESS PRACTICES IN REGINA 

TRUSTED REGINA RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR OVER 10 YEARS!

Worby Wealth Management 

A HISTORY OF HELPING PEOPLE ACHIEVE THEIR DREAMS

Since 2001, Chris Worby has been committed to providing a high standard of financial service to individuals, families and business owners. Chris listens and provides a personalized financial plan. He is personally invested in helping his clients attain their goals. As a third-generation Regina financial advisor, Chris believes in taking a long-term perspective for investing. He currently holds the Financial Management Advisor designation and believes in kaizen – a Japanese term meaning ‘continual improvement.’ 

Jeremiah Worby joined the team in 2021. Through being involved in the stock markets in a non-professional setting since 2007 through personal investing; and with various positions and roles in the service industry, Jeremiah brings exceptional customer service and a willingness to share his knowledge of the investing world. Focusing on clients’ needs is his main goal in helping clients achieve their investment objectives. Born and raised in Regina, Jeremiah graduated from the University of Regina in the spring of 2002 with a bachelor’s degree in Electronic Systems Engineering.

With more than 30 years of accounting and administration experience, Janet Quevillon is the administrator for Worby Wealth Management. Her natural attention to detail is a fit for ensuring all the paperwork gets to the right places in the proper order and that all transactions proceed as planned. Having had experience in financial planning administration and owning businesses in Regina, Janet brings a unique knowledge base to her work here. Her breadth of experience makes her an excellent resource as she can understand the broader scope of administration and business instead of simply pushing paper.

Together, the Worby Wealth Management team provides the highest standard of professional and courteous service. Based on their experience and knowledge of the financial industry, the Worby Wealth Management team has devised a process that helps establish a successful investing framework called the Portfolio Management System. This allows them to guide your dreams and turn them into financial reality properly.

 

Clients know that they can count on a solid exploration of all their financial planning concerns on the path to their financial plan.

What Their Clients Say...

"When I walked in to my first appointment with Chris I knew nothing about investments or RRSPs, and he made me feel at ease and took his time explaining everything to me. I left my appointment feeling much more knowledgeable and comfortable with my finances. I met Jeremiah shortly after and he is as equally friendly! I would recommend them to anyone needing a financial advisor! " Jaki M- Google

"My mother is not very tech savvy, but Jeremiah was extremely patient and accommodating for her. He is extremely knowledgeable and has gone far above my expectations for a financial advisor. I gladly recommend Worby Wealth Management for your investment needs."- Danielle B- Google 

A word from Chris Worby. 

"At Worby Wealth, we realize there are many people licensed to give advice but few advisors. We provide purposeful, deliberate advice to our clients and guidance on how to put that advice into action. In order to do this, we spend time with our clients getting to know who they are and what they are trying to accomplish. The plans we develop are the result of significant time and intelligence brought to bear both in discovery and then in recommendations. And, of course, there is no plan without a benchmark. We will meet regularly and consistently whether the markets are up or down to determine if our strategies are working. Ultimately, anything as important as your financial future needs time – and we’ll take that time here." - Chris Worby, Founder of Worby Wealth Management.

 

A word from Sara, the Trusted Regina founder, about her experience with Chris & Jeremiah at Worby Wealth Management. 

" From the first moment I met Chris Worby in 2011 I liked him! Chris exudes authentic charm, and he makes you feel at ease. I immediately knew I could trust him and that he was invested in building solid relationships with his clients. Trust is crucial in the financial services industry, and the news is littered with horror stories about dishonest advisors stealing clients' money! Even though that is rare, you have to be comfortable with the person helping you with your finances as you share your financial history and future dreams. Chris and Jeremiah excel at breaking down the acronyms and high-level stuff into bite-size easy-to-digest pieces. They want their clients to understand what they are doing for them. Their offices' are relaxed, comfortable and personalized; you can see who they are as people, which is the opposite of the ' stiff, formal three-piece suit wearing' financial advisors that spring to mind when we think of an industry stereotype. As a team, they have done an excellent job of educating Regina people on the financial industry. There are many expert tips written by them in the Trusted Regina Tip library here, and that investment has served them well as their client base has grown over the last decade as people find them online and like what they see and read! They are incredible partners, and I wish them all the best for the next ten years! "    - Sara Wheelwright 

Chris & Jeremiah, Thank you for TRUSTING the Trusted Regina team. You have provided over ten years of AMAZING service to the people of Regina & area as  Trusted Regina  Financial Advisors -. We are proud to support you and to share that they have diligently upheld the 5 TRUSTED GUARANTEES of service. It is clear that the Worby Wealth Management team provides the highest level of professional and courteous service in the Regina Financial Services Industry! 

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.

Credit Ratings

by Jeremiah Worby

We’ve all heard the stories from someone we know (though we may or may not like that person) about having been a victim of some form of identity theft.  Identity theft can drastically affect your credit rating, and your credit rating affects almost everything in your financial world.

Whether you’re looking to apply for a credit card, take out or renew a mortgage, get a car loan, or want to borrow a million dollars from that loan shark down the street, your credit rating will greatly impact the interest rate which you might receive for such loans.

There are two major players in the credit rating world of Canada – those being Equifax and TransUnion.  You can, and we suggest you do, go to both these websites and sign-up for their free service to check your credit scores.

Equifax

Directly from their website, Equifax states:

“We are a global data, analytics, and technology company. We believe knowledge drives progress. Our unique data assets, technology and analytics transform knowledge into insights to power decisions that move people forward.”

Here’s a wonderful and short read [they claim it’s 2 minutes but I think it’s way more like 3 minutes :)] from Equifax about what impacts your credit score.

https://www.consumer.equifax.ca/personal/education/credit-score/what-impacts-credit-score/

TransUnion

Directly from their website, TransUnion states:

“Our mission is to help people everywhere access the opportunities that lead to a higher quality of life. By helping organizations optimize their risk-based decisions and enabling consumers to understand and manage their personal information, we empower both to take their destinies into their own hands.”

Here’s a true 2 minute read from TransUnion about 5 factors that affect your credit score.

https://www.transunion.ca/what-affect-credit-score?

Find Out More

Whether you’re 20 years old or 50 years old, credit ratings are of utmost importance. Contact Worby Wealth Management to help fix your credit score and set you on the path to success!

Some of the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way.  At Worby Wealth Management, Chris & Jeremiah Worby will do their best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Expert Financial Advice Regarding Retirement.

Retirement Considerations

One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire?  Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.

Income*

 
Old Age Security (OAS)

The OAS pension is a monthly pension payment payable to eligible individuals.  OAS pension benefits are considered taxable income. To be eligible for full payment, you must:

• be 65 or older

• be a Canadian citizen or legal resident of Canada at the time of application approval

OR

• if you no longer live in Canada (a non-resident), you were a Canadian citizen or legal resident of Canada on the day preceding the day of departure from Canada

• have lived in Canada for a minimum of 10 years (or 20 years for non-residents) after reaching age 18

Individuals who have lived in Canada for 40 years after the age of 18 are eligible for 100% of the OAS pension benefit.

Canada Pension Plan (CPP)

CPP program benefits, except for the death benefit, are indexed annually for increases in the cost of living.  In order to receive CPP program benefits, eligible individuals must apply.  Benefits are not automatically paid once someone reaches the age of eligibility.  Applications are accepted via two methods; online through the My Service Canada Account, or via paper forms mailed to the applicable Provincial CPP office.

You can start receiving CPP as early as age 60 (at a reduced rate) and as late as age 70 (at an increased rate).  The maximum CPP payment in 2022 is $1,253.59 a month.

Tax Free Savings Account (TFSA)

The tax-free savings account (TFSA) provides a way to earn investment income tax-free.  Whereas other registered accounts allow the deferral of tax on income earned within the plan; the TFSA is unique in that any investment income earned within the plan is tax-free when it is withdrawn.  In order to open a TFSA account, you must have reached the age of majority, defined as age 18 or 19, for the province or territory in which you live.  The types of investments permitted in a TFSA include cash, mutual funds, securities listed on a designated stock exchange, guaranteed investment certificates (GICs), bonds, and certain shares of small business corporations.

The annual TFSA dollar limit was established at $5,000 in 2009, the year that TFSAs were introduced as a registered account.  Any unused amounts are carried forward to future years.  The $6,000 contribution room for 2022 means the lifetime contribution limit is now $81,500.

Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) is a type of registered savings plan set up underthe Income Tax Act and registered with the Canada Revenue Agency.  An RRSP is not an investment; you cannot buy an RRSP. Instead, an RRSP is a registered investment vehicle within which investors can deposit various types of investments.  In order to contribute to anRRSP, an individual must have earned income.

The growth of money invested inside an RRSP is not subject to tax until it is withdrawn.  In other words, the tax payable on investment growth is deferred until the future.  Since income earned inside an RRSP is tax-sheltered, RRSP investments grow much faster than non-registered investments held outside an RRSP.

Find out more

Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.

*Source: Canadian Investment Funds Course

Some of the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

Welcome to RRSP Season!

It is that time of year again when attention turns to RRSPs and tax planning. 

The purpose for making an RRSP contribution, from a financial planning perspective, is to build savings and assets over time so that you can replace earned employment income with passive or investment income for your retirement years. In other words, you can sleep in and still have the lifestyle you want without going to work!

The Canadian Government assists you with that objective. It does this by giving you a tax deduction for contributions so that you can save more money on a pre-tax basis than you would if the money was taxed and then saved. Secondly, it allows for the tax-free growth (tax deferral) on your RRSP so that the capital amount will be much greater than it would be if you were taxed annually on the growth or income.

Most people focus on the tax deduction only while ignoring the significant benefits of the compounding effects and growth on the money that is not paid out as taxes. The theory is that you are contributing money while in a higher income tax bracket during your working years and withdrawing it in your retirement years while you are in a lower tax bracket. The reality is higher income earners may find themselves in the same tax bracket in retirement!

This leads many people, including some accountants, to challenge the effectiveness of RRSP by saying: Why bother with an RRSP if you have to pay taxes on the withdrawal!? This viewpoint ignores the real power of tax-deferred compounded growth and the effects of compound growth that you can achieve in an RRSP, especially on the capital that would have otherwise been lost to income taxes.

The math works something like this. If you took the assumed future capital value of your RRSP at age 65 or 70 and then collapsed the RRSP (not recommended) and paid 50% of the capital as income taxes, the remaining capital would still be higher than if you had been building your savings outside the RRSP in a fully taxable environment.

Impossible you say! Take a calculator while watching TV and invest, say $10,000 a year, minus your annual income taxes, say 30%, then invest the balance of $7,000 at an assumed rate of growth, pick 5% to keep it simple, then subtract the taxes on the earned income $105. The net amount at the end of Year One is $7,245. Then do this another 39 times assuming the person is age 25.

Year One Effects of RRSP Investing

Compare this with the RRSP with $10,500 at the end of Year One. The gap only gets bigger over time!

Long Term RRSP Accumulation

There are situations where RRSP contributions may not be the right thing for some people some of the time. For example, young people at the start of their careers or low-income earners nearing retirement. A TFSA may be the better solution!

These are just two alternatives for building savings and assets something which you would still need to do even if RRSPs didn't exist. RRSPs just make it easier to build savings. Call us today to discuss more savings and tax planning strategies!

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way.  At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Expert Financial Advice Regarding Household Finances.

The truth is that financial management is boring. I mean, it sounds interesting when you watch movies and they’re yelling, “Buy, Buy! Sell, sell!” But this behaviour does not make you rich – in fact, it can have the opposite effect.

Smart people understand one thing – tactics do not win the battle, logistics do. And one of my best pieces of advice is the 25% rule.

It essentially breaks down like this: If you want to attain financial security contribute 25% of your net monthly income towards your net worth. It is very important that financial security has very little to do with being ‘rich’ but everything to do with having the resources available to have options throughout your life.

Net worth is composed of two things: Assets and Liabilities. I think of liabilities as the hole requiring filling and think of the assets, as the mountain you build with your resources.

A few notes about each. Paying down credit cards does not fit into the asset/liability described above. Credit cards are consumption. If you have already made errors and are carrying balances, then you need a plan to pay them down and it can be worked into a liability repayment plan. However, further credit card debt becomes consumption rather than a liability.

Big expenses – trips, renovations, etc. should be paid for with funds that have been saved in advance; they should not be financed. The reasons are many. First, once you start down the ‘financing fun’ road, it can be hard to maintain discipline. Second, a trip paid for and fully funded is less stressful. Third, something you pay for as you go tends to be better planned out and fits your budget – and studies show that planning your spending is almost as fun as the actual spending.

Building assets is then the ‘exciting’ part, right? “Buy, buy, sell, sell” and all that. Actually, it is very hard to get rich quickly and fairly easy to get rich slowly. Using pension plans and RRSP, TFSAs and RESPs to accomplish your family’s plans can be done well over time but the ‘get rich quick' schemes rarely work out.

Find a strategy you are comfortable with and run it as a discipline. If you are going to buy and hold, never deviate. If you are going to move with certain market cycles like a momentum system, or act as a value manager, do this and never change it. Make sure you do your homework upfront to get a working system and then never change. Mistakes in investing come from emotion.

But none of that happens without a strategy – and the spending strategy that works best is using 25% of your net, monthly income to build your net worth. Not only do you have funds available to build assets and pay down liabilities but you also create a buffer in case something bad happens. You aren’t living at capacity with your finances, you have options.

And that is financial security.

Some of the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!