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:
Do you have too much life insurance?
People used to say you should have 10 times your earnings available as life insurance. I think they are wrong. Here are three things you should consider.
- Your net worth
- How the insurance money may be used
- Every estate should have some insurance
Life Insurance is a safety net for your family when you haven’t had the time to build your own. Consider this, if you are young with dependents and have a fair bit of debt, you will need more money than if you are retired, living debt-free and enjoying your grandchildren.
How the money may be used is important as well. Some insurance policies have tax advantages and estate planning provisions to bypass wills and streamline an estate. Sometimes survivorship is the main concern, for example, a young family with debt and children may need a different plan than someone who is retired. A clear understanding of your options will help you choose an insurance package that best meets your needs.
Time and again, every estate I’ve worked with that has insurance has been much easier to manage. Loved ones left behind have been in better financial shape than those without an insurance plan – regardless of age. Experience has shown me the value of an insurance plan.
I think everyone should carry some insurance. It’s important to note, any recommendation on dollar amounts need to be personalized to meet your needs. If you are looking at life insurance, you should consult a professional to make a better, more informed decision.
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
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!
Is an RRSP the best thing to do to reduce my tax bill?
Taxes are a reality – we’re not going to get away from them anytime soon. So instead of thinking about avoiding them in any given year, we should think about reducing taxes over your lifetime. Really, it depends on your situation. If you see a raise coming down the line, it might be good to hold off on the RRSP or, if you are leaving your job soon and see a severance package coming, holding off is a good option there too. In these circumstances, a Tax Free Savings Account (TFSA) might be a better option. On the other hand, you may be reducing your hours or going on a leave of some sort in which case maxing out now might be the right option. There are also other options like Labour Sponsored Investment Funds (LSIF) – a currently popular one in Saskatchewan is Saskworks Venture – that gives an additional tax credit equal to 35% of deposit up to $5000/yr. So, again, there is no clear cut option. But, as I always say, I’d rather pay tax on money I have than not pay tax on money I don’t have!
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 Trusted Regina Tip
RRSP deadline is March 1st, right?
Simple answer – yes. But should it be?
According to this article: there is evidence to support investing on October 28th. Some years it works out, some years it doesn’t. But if you average it out, it’s probably the best way to go.
I often have clients do the monthly purchase for convenience and for something called ‘Dollar Cost Averaging’ during which a regular purchase buys units at whatever the price happens to be that day – averaging it out over a period of time often means you’ll have paid less per unit than the average cost over that same period of time. But a lot of people also have lump sums they like to do just in time to get the tax break. If this is what you are doing, it can be argued that March 1st is not a great time to invest and maybe a little forethought could result in a greater rate of return.
Just because you have a deadline, doesn’t mean you should aim for it!
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