Trusted Tips and Resources

Trusted Tips & Resources

Chris Worby a Trusted Regina Financial Expert from Worby Wealth Management explains RRSP's

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 Explains what an RRSP is!

 

 

 

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 Real Estate trusted tip on It's The Price That Sells a Home


 The Price That Sells a Home: 

As much as we all have an emotional attachment to our own homes and there is an inherent value to us because of the history created in there and maybe the blood sweat and tears that we put into creating a home, not just a house, unfortunately, that doesn't add value to a buyer when it comes time to sell. Selling your home can be an emotional process but when it actually comes to negotiating the sale the emotion has to be removed and it becomes simply a business transaction that is about dollars and cents....or actually hundreds of thousands of dollars! 

There are many factors that affect a sale price including specifics about location, floorplan, curb appeal, interior decor, etc.....but as it is well said in this article, at the end of the day it's about the price and value. Market Value quite simply stated is what someone is willing to pay for your property on any given day.

You've heard the old saying - "Location, location, location."

The real truth is "Location, condition, and price." And price trumps every other factor.

Location affects the value of a home, but it's price that sells a home.

Oceanfront, mountainside, or penthouse, the most desirable location in the world won't sell at the wrong price.

Every property has a potential buyer, but like rock, paper, scissors, it's sometimes hard to know which factor is going to win the showdown.

A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won't be as high as it would be for a good location.  

A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won't be as high as a comparable home in better condition.

But neither location or condition will sell any house. Only one thing does that - price.

So if you're a seller waiting for that "special buyer" who will appreciate your faded pink and black bathroom tile, your vintage orange shag carpet and is willing to help you put your kids through college because of your real estate prowess, you're going to have a long wait.

So if your home is represented by an agent, and it's been on the market for a long time, chances are it's your own fault.

Maybe you didn't listen to your agent when he said you're pricing your home above the market. Maybe you got mad at the first few folks who looked at your home and didn't make offers.

When the showings stopped completely, maybe you accused your agent of not doing a good enough job.

You put the blame on everyone except where it belongs - on you. It's not about you, what you want, or how much you need for your retirement.

It's about the price.


Trusted Regina Financial Experts share tip on RRSP Season

Trusted Regina’s Financial experts share their tip on RRSP season:

 

RRSP season is a great time of year for commissioned advisors. They are licking their chops waiting for you to run to them at the last minute to be sold another product to avoid tax, and they might sell you some insurance while they are at it...because why not! 

 

   

RRSP season rules:

- Be prepared before hand

- Don't let the tax tail wag the dog - do NOT do something you wouldn't do if it wasn't for the tax break

- Remember the deadline - March 3rd 2014

- Remember it can take time to move funds

- If you overcontribute by accident there is a $2,000 cushion (over this CRA hits you with a penalty)

RRSP Considerations & Opportunities:

- Do not forget this is deferring tax...you are going to pay this tax later when you withdraw from your RRSP

- If you have a company pension, farm income, land rental, rental property, or plan to work in retirement you may not actually be saving tax and should be using your TFSA.

- Think about contributing to your RRSP monthly rather than at the end of the year to take advantage of dollar cost averaging and avoid putting it on your line of credit.

- In Saskatchewan you have the choice between a regular RRSP or a Labour Sponsored Investment Fund (LSIF) which gives you an extra 35% tax back.

What is an RRSP? 

A Registered Retirement Savings Plan is a type of account for holding savings/investments in Canada. An RRSP is registered with the Government which allows your funds to grow tax free. Funds you place in your RRSP account are tax deductible when you move funds into the account, meaning you do not have to pay tax on the funds. Tax is charged on your RRSP once you remove it from the account in future years, preferably at a lower tax rate.

The main reasons individuals open RRSP accounts are:

- To save for retirement

- To take advantage of tax free growth in the RRSP

- Tax free contribution to your RRSP

- The ability to convert your RRSP to a Registered Retirement Income Fund (RRIF) which pays a monthly income like a pension in retirement

- Using a Spousal-RRSP to reduce tax and increase savings

- Savings for a house - utilizing the home-buyers plan (HBP)

- Savings for education - utilizing the Lifelong Learing plan (LLP

 

 

Trusted Regina’s Finance Experts -give them a call to see how they can work for you!

 

 

 

Wheatland Fireplace a Trusted Regina Fireplace expert share a tip on Glass Door Removal and Cleaning

Your first step into the beautiful Wheatland Fireplace showroom will help you understand why Wheatland Fireplace has been given the Thumbs up by Trusted Regina.

This really is where your REGINA Outdoor living and Fireplace dreams meet in spectacular surroundings! Wheatland Fireplace REGINA is a TRUSTED Saskatchewan company that sells products that make your life better. Wheatland Fireplace services and installs their high-quality fireplaces, barbecues (bbq), grills and smokers from industry leading manufacturers. They love their customers and as a result,their customers love and TRUST them. Wheatland Fireplace are your Exclusive Trusted REGINA FIREPLACE store and they are Trusted REGINA OUTDOOR LIVING & RECREATION Experts. 

Here they share a tip on Glass Door Removal and Cleaning:

 

Visit the Wheatland Fireplace' showroom at or see their listing in the REGINA OUTDOOR LIVING & RECREATION and in the REGINA Home appliance & fireplace category. They are your Trusted REGINA FIREPLACE Experts!

 

Chris Worby a Trusted REGINA FINANCIAL EXPERT provides a trusted tip on how to get the most out of your money

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

 

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