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!
RRSP vs TFSA
I get asked this question all the time – “What’s the difference between a TFSA and an RRSP?
Difference:
- Taxation on the way into and out of these accounts
- Tax Deferred growth in both accounts
- These are accounts, not investments Both these accounts are very similar except for how they are taxed.
On an RRSP, you get a ‘tax break,’ meaning, if you put money into an RRSP, it will be deducted from your income and you will receive the taxes you have already paid back after you do your tax return. Example. You earn $50,000 and contribute $5000 to your RRSP. Your income comes down to $45,000 but you have paid tax on $50,000. The tax paid on that $5,000 gets refunded to you. The RRSP is therefore an ‘un-taxed’ pool of money. If you take money out, you will then need to pay tax. TFSAs are different in that you do not get a tax break on the way in – in our example, your $5000 does not reduce your income. Which means your account is a ‘taxed’ pool of money and is not taxable when you withdraw it. They both benefit from tax deferred growth – meaning you don’t pay taxes on the interest, dividends or capital gains from the investment in these accounts. But how they are taxed on the way in and on the way out is the difference. And you’ll notice I never said anything about these being investments – that is because neither an RRSP nor a TFSA is an investment – they are accounts.
If you choose to put GICs, Mutual Funds, Stocks or Bonds in these accounts is up to you. But they are just that – accounts.
Which one should you do? I can only make a recommendation if I know your specific circumstances but one thing is certain – you should do one of them!
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
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CO2 Detectors
According to the Journal of the American Medical Association, 2,100 people die from unintentional carbon monoxide poisoning each year in the United States. It is the number one cause of poisoning deaths in the United States. It is colorless, tasteless, odorless and absolutely preventable.
Is your home protected from carbon monoxide poisoning?
People who are unconscious due to inebriation or sleep can die before they ever experience the symptoms of carbon monoxide poisoning. In addition, depending upon the levels of carbon monoxide in the air you can die within minutes or hours. A carbon monoxide detector will alert you and your family when there is a risk of being poisoned.
What are the symptoms of carbon monoxide poisoning?
The initial symptoms can feel like the flu without the fever. Look for warning signs like:
- Dizziness
- Headaches
- Nausea
- Light Headedness
- Sleepiness Fatigue or Weakness
- Irregular Breathing
- Vomiting
- Shortness of Breath
- Confusion
- Chest Pain
- Food Poisoning
Monitor dangerous levels of carbon monoxide in your home with a carbon monoxide detector
Sources of carbon monoxide:
Carbon monoxide is found in many household appliances like gas ranges or stoves, gas clothes dryers, water heaters, furnaces and gas or wood fireplaces. Carbon monoxide can also be produced by fuel-burning space heaters, exhaust from cars, gas or charcoal grills, and clogged chimneys or flues. If items like these are in poorly ventilated areas, carbon monoxide can build up. Before you know it, you’re surrounded by toxic air that will poison you if you inhale.
How can I prevent carbon monoxide poisoning?
- Have CO detectors installed in your home. At a minimum, have one installed on every level of your home and outside each bedroom.
- Change the batteries in your CO detector every six to twelve months.
- Look for Underwriters’ Laboratories or the American Gas Association seal of approval when purchasing gas equipment.
- Have your gas appliances checked bi-annually
- Do not use flameless chemical heaters indoors or in enclosed spaces. They burn gas and will allow CO to build up to toxic levels.
- Have a service expert repair any gas appliance that is not functioning properly.
- Be sure to open the flue when enjoying a fire in the fireplace or furnace.
- Do not use a gas oven to heat your home.
- Do not run a generator, vehicle, or other fueled motors inside. Even if the garage door is open to the exterior CO can still build up to toxic levels.
- Only use grills outside in a well-ventilated area.
- Use battery-powered heaters when camping.
- Keep all gas appliances properly adjusted and use an exhaust fan where appropriate.
- Know the difference between the sound of your smoke alarm and your CO alarm.
- If you cannot afford a CO detector contact your local fire department. There are programs to help the elderly and the poor.
- Putting you or your family at risk of carbon monoxide poisoning is senseless.
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!
I have a print out that shows my retirement projections. Is there anything more I should expect from a financial plan?
Yes – absolutely!
There was a study done a while ago in operating rooms where a checklist made complication rates go down and survival rates go up.
Why? Do checklists make doctors smarter and nurses more capable of performing their tasks? No, it just reminded them of things they needed to think about in order to deal with everything they needed to deal with to make sure everything went well and according to plan. Financial plans are the same and retirement is only a portion of your financial decision making. You have current spending, banking, insurance decisions, will and estate planning – all kinds of other things that are not even on the radar of a retirement plan. And, at the end of the day, a printout will not make your retirement work – you need consistent, on-going advice to see these things through to the end. So beware of the checklistless surgeon – and financial planners!
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 plan that is tailored to your specific needs and based on your individual situation.
How is financial planning like bicycle racing?
I follow bicycle racing pretty closely and one of the first things that surprised me was how much of a team sport it is. Every team goes into it with a strategy, there are support racers who bring water and food up to the racer they are trying to see win, these same guys cut the wind and allow the eventual winner to 'draft' off of them.
This got me thinking about financial planning. While some investors try to 'go it alone,' wise people engage the skills and knowledge of people around them. In the same way that a team will have a strategy, I have a plan with my clients based on goals and time frames that they provide. I think information is like food and water; if you have it, it will sustain you even when the going gets tough. And the more sources for these things you have the better. I notice that many times I have access to more of it than just the newspaper and business channels. And then there's drafting. If you can be behind someone with access to more information and an ability to stick to the plan, it can make the going way easier. The last thing I noticed is that when a team racer wins, everyone on that team celebrates. Sometimes you'll see someone crossing the finish line with their arms raised in victory 20, 30 places behind the leader. Then you notice their jersey and realize that a team win is for everyone.
Original Blog post by Chris Worby your Trusted Regina Wealth Management and Financial Services Expert
www.trustedregina.com is committed to giving back to the community and Trusted directories parent company S & E Trusted Online Directory has donated over $18,000 so far to local non-profits since www.trustedSaskatoon.com launched May 31st, 2012 ..this is a large amount for a small home-based business just into its 2nd year of business...but the Trusted team believes it is the right thing to do and we are committed to continue to give generously always..and to help the people of the cities we service- that why we are the only directories that work for you ..all of you!
Our Trusted Regina Partners as a group seem to have the same idea and many have made many small, large and ongoing commitments to hundreds of small local non-profits in Regina and Saskatoon as well as some of the larger fundraising initiatives going on that get a lot of media attention...the big one in Regina right now is for Habitat for Humanity Regina - which is close to our Trusted founder Sara Wheelwright's heart, as the $1000 Trusted committed to the Womans Build was the first Trusted Regina donation ever ( read the blog here )!
This time Habitat has partnered with Newstalk 980 CJME for a Habitat build.
The Penny Project
CJME has teamed up with Habitiat For Humanity to make the soon-to-be expired pennies REALLY COUNT! We have a goal of collecting 10 MILLION pennies from Regina and surrounding communities!
10,000,000 Pennies = $100,000 = A HOME for a Regina Family in need… We Need YOUR HELP! Make your pennies count!
You can drop them off in the barrels located any Trusted Regina Partner location below!
If you have LOTS of pennies to donate, and want NewsTalk to come pick them up for you, they’ll be happy to! call and they’ll make arrangements to come grab them!
No pennies, but still want to donate? Visit Newstalk and sponsors at one of the following locations with your $5, $10 and $20's and make your pledge!
THE PENNY PROJECT! It Just Makes Cents !
Thats ANOTHER reason to choose a www.trustedregina.com business- they CARE about THEIR community
....and that another reason they have been .....
