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 financial plan that is tailored to your specific needs and based on your individual situation.
Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!
Here Chris shares a tip on how to get the most out of your money:
Can your Dollar Multi-task?
In financial planning, we talk a lot about efficiency and finding the best way to achieve your goals. One question that is good is this one:
“What’s the best thing to do with my money? Invest? Pay down the mortgage? Save for a rainy day? Save for the kids’ education?”
Guess what? This is not a ‘yes or no’ question. What if you could do a bit of all of it.
Say you are someone who makes $75,000/yr. And let’s say you do what you’re supposed to and you save 10% - $7,500. What’s the best way to increase your net worth with this $7,500?
Let’s say you put this in your RRSP. That means you would have $7500 invested plus $2925 in tax return.
Let’s say you put this into your Registered Education Savings Plan – it will hold $2500/yr and get matched at 20% or $500 in this case.
You still have $425. You could put this in your TFSA or pay down your mortgage – whatever you like. But here’s the tally of what net worth you have added with this strategy:
$7500+$2925+$500=$10,925
That’s a 46% first year rate of return if you want to think of it that way!
And just a sample of the types of ideas we come up with when you do a financial plan with us. Call us today to get the ball rolling.
Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT
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 financial plan that is tailored to your specific needs and based on your individual situation.
Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!
Here Chris shares a great tip on how to maximize your RRSP:
RRSP season is around the corner! Let an RRSP account save you tax dollars this year, and provide steady growth for your retirement!
Registered retirement savings plans (RRSP) is a savings plan that allows you to save for the future on a tax-sheltered basis.
The first significant benefit of investing into an RRSP is the tax credit. The government creates incentives for households to save money for their retirement. So, your taxable income is reduced by the amount you contribute into an RRSP. (Up until a certain point).
The second benefit is that they allow an individual investor to defer their taxes into the future. Any growth on your investment (i.e.: interest dividends, capital gains) are not instantly taxable to you.
Paired with the tax benefits, other advantages of RRSP’s include: their availability to be used to buy your first home, through the Home Buyers Plan, they can be used to finance education, through the Lifelong Learning Plan which eliminates any taxable consequences on withdrawals.
One thing to keep in mind though is that an RRSP is a type of account – not an investment. It is up to you and the advice you receive to make sure it grows to its fullest potential.
With the deadline being March 1, 2014- call in to book your appointment today!
Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT
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 financial plan that is tailored to your specific needs and based on your individual situation.
Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!
Here he shares his brush with critical illness:
I spent last Thursday in the cardiac waiting room at our local hospital. My father was having sextuple-bypass surgery at the age of 59. It was a shock to him and a shock to me.
He’s now considering his options. Fortunately, his work is not physically demanding so he’ll be able to get back to work sooner than if he did something more active but he’s got to reconsider his future. He has options and things will work out for him but I know people who don’t have options – they can’t work means they can’t pay their bills.
Another reality is that many times these heart attacks or cancer come right when a person is peaking – making the most money they have made in their lives, career right at the top – and the financial toll this takes on them is huge. RRSPs take a back seat to survival and, even when people do recover, they end up having to work longer or make major lifestyle cuts in order to keep going.
There is a solution called ‘Critical Illness’ insurance which pays out a lump sum upon a heart attack, cancer, stroke – a list of 25 illnesses. If you had a life-changing event in which you are facing 3 to 6 months off of work or need some money to seek medical attention elsewhere – anything you choose – do you have the money available?
Critical illness can be a solution. Personally, I believe in insurance to cover a need. I have this coverage and I believe everyone should at least consider it.
Please contact me to do a review of this coverage for you.
Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT
Trusted Regina’s Financial experts
The Cost of Halloween
Ever wonder what Halloween is costing you? Well check out our info graph below. Should you be worried about $70?...probably not. More of a concern should be your pesky investment fees that are $1,000s of dollars a year. You price pick on candy for Halloween so why don’t you price pick on your investment costs!
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 financial plan that is tailored to your specific needs and based on your individual situation.
Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!
Here Chris shares a tip on Sensible Finances:
I was working on my deck this weekend when I realized something – eyesight + math is better than math alone.
This got me thinking about investing and our decision making. I have often said that a little common sense will save a lot of people a lot of grief and, if I think of eyesight as common sense, my experience this weekend makes sense.
Just as spacing 2X6s needs to meet the litmus test of “does this look right,” so does decisions with money. A few years ago, there was a “charitable gifting” program where you put in $5000 and get a $20,000 tax receipt. It was difficult to understand, convoluted and, ultimately, fraudulent – but the only tool you needed in order to see through it was your common sense. How can $5000 equal $20,000?
If you find yourself on the phone with someone calling you asking for your Visa card number so you can “win a free trip,” you can consider this: “would I give my phone number to someone I know? How about someone I don’t know?”
And the same thing with investments that promise high long-range rates of return. Does 12%, 15%, 18% make sense these days with little or no risk?
As with the deck, math is good, but the eyeball is a good double check. For the record, I had forgotten one thing, re-did the math and it did make sense at that point. But having a quick eyeball at it was all it took to make sure it was right. Don’t forget your common sense. And if you need a second set of eyes, your financial advisor is always available to help you out.
Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT