Chris Worby is a Trusted Regina-based financial advisor and Wealth Management services provider. 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 in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby shares information on how you decide on your life insurance.
Insurance is about the catastrophe – so we don’t like discussing it. The first thing anyone wants during a challenging time is a plan, not to think or consider options but to have a plan. Determining the appropriate amount of life insurance coverage depends on various factors unique to your personal situation. While there isn’t a one-size-fits-all answer, considering the following aspects can help you estimate your life insurance needs:
- Financial obligations: Calculate your financial obligations, including outstanding debts like mortgages, student loans, credit card debt, and other loans. Additionally, consider ongoing expenses such as monthly bills, childcare, education costs, and future financial goals (e.g., funding your children’s education or retirement savings).
- Income replacement: Life insurance can help replace your income to support your family in case of your untimely death. Consider how many years of income your family would need to sustain their lifestyle and meet financial goals if you were no longer there to provide for them.
- Dependents: Evaluate the number of dependents relying on your income. Consider their financial needs, including childcare, education, medical expenses, and other living costs.
- Spouse’s income: If your spouse or partner also generates income, assess their earnings and how it would contribute to covering the family’s financial needs. This may influence the required amount of life insurance.
- Existing assets and insurance: Consider your existing savings, investments, and any other life insurance policies you hold. These assets can provide a cushion and reduce the amount of life insurance coverage needed.
- Future financial goals: Consider your long-term financial goals, such as retirement savings and estate planning. Factoring these goals into your life insurance needs can ensure your loved ones have the financial means to continue working towards those objectives.
- Final expenses: Account for funeral and burial costs, as well as any potential medical expenses or estate settlement, costs that your loved ones might have to bear.
Once you have a comprehensive view of your financial obligations and goals, you can work with a financial advisor or use online calculators to help estimate the appropriate life insurance coverage. These tools consider your specific inputs and provide a recommended coverage amount based on industry standards and best practices.
Keep in mind that your life insurance needs may change over time due to factors such as lifestyle adjustments, career advancements, or changes in family dynamics. It’s advisable to review your life insurance coverage periodically and make adjustments as necessary to ensure it aligns with your evolving circumstances.
Contact Worby Wealth Management Regina so we can review your insurance needs today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
The
comments 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 Chris Worby for the
benefit of Chris Worby, a Financial Advisor 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 are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. 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 in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby shares information about the rules of investing.
Rules of Investing - Gotta Know The Rules To Win The Game!
At Worby Wealth Management We are committed to providing a high standard of Investment advice to individuals, families and business owners. Understanding and following certain rules can be helpful when it comes to investing. While investing is not a guaranteed game, adhering to some principles can increase your chances of making informed decisions and achieving your financial goals.
Here are 10 key rules of investing:
- Set clear investment goals: Before you start investing, it’s important to define your investment objectives. Are you investing for retirement, a down payment on a house, or a specific financial milestone? Having clear goals will help shape your investment strategy.
- Diversify your portfolio: Diversification involves spreading your investments across different asset classes, sectors, and geographic regions. By diversifying, you can reduce the impact of any single investment’s performance on your overall portfolio. This helps manage risk and potentially enhance returns.
- Understand your risk tolerance: Assessing your risk tolerance is crucial. Some investments carry higher risks but also offer the potential for higher returns, while others are more conservative. Understanding how much risk you’re comfortable with will guide your asset allocation decisions.
- Do your research: Thorough research is essential before making any investment. Understand the company or investment you’re considering, analyze its financials, evaluate its competitive position, and consider any external factors that could impact its performance. Knowledge is power in investing.
- Take a long-term perspective: Investing is generally a long-term endeavour. While short-term market fluctuations can be unsettling, focusing on the long-term trends and staying invested over time may help smooth out volatility and increase the likelihood of positive returns.
- Avoid emotional decision-making: Emotional decision-making based on short-term market fluctuations can lead to poor investment choices. Try to remain objective and avoid making impulsive decisions driven by fear or greed. Stick to your investment strategy and review it periodically based on your long-term goals.
- Regularly review and rebalance your portfolio: Periodically review your portfolio to ensure it remains aligned with your goals and risk tolerance. Market movements may cause your asset allocation to drift from your target, and rebalancing helps maintain the desired risk-reward profile.
- Consider the impact of fees: Fees and expenses can erode your investment returns over time. Pay attention to the costs associated with the investments you choose, including management fees, expense ratios, and transaction fees. Low-cost investment options may be more favourable in the long run.
- Stay informed and adapt: Keep yourself updated on market trends, economic indicators, and relevant news that could impact your investments. Flexibility and the ability to adapt your strategy as circumstances change are essential in the dynamic world of investing.
- Seek professional advice if needed: Investing can be complex, and seeking advice from a qualified financial advisor can provide valuable insights and guidance tailored to your specific situation. An advisor can help you navigate the intricacies of investing and make well-informed decisions.
Remember, investing involves risk, and there are no foolproof rules or guarantees of success. It’s important to consider your personal circumstances and consult with professionals before making investment decisions.
Contact Worby Wealth Management Regina so we can review your investment needs today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
The
comments 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 Chris Worby for the
benefit of Chris Worby, a Financial Advisor 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 are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. 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 in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby shares information about ESG Investing.
ESG Investing - What it is and is it a good thing to do?
What is ESG?
ESG investing, also known as sustainable investing or socially responsible investing (SRI), is an investment approach that takes into account environmental, social, and governance factors when making investment decisions. It goes beyond traditional financial analysis and considers the impact of a company’s operations on various stakeholders, including employees, customers, communities, and the planet.
The “ESG” acronym represents the following:
- Environmental: This refers to a company’s impact on the environment, such as its carbon footprint, resource usage, pollution levels, and commitment to renewable energy.
- Social: This category focuses on a company’s relationships with its employees, suppliers, customers, and communities. It considers factors such as labour practices, human rights, product safety, diversity and inclusion, and community involvement.
- Governance: Governance relates to a company’s leadership, structure, and policies. It assesses aspects such as board independence, executive compensation, shareholder rights, transparency, and ethics.
ESG investing aims to generate financial returns while also considering the broader impact of investments on society and the environment. It allows investors to align their financial goals with their values and promote positive change.
Whether ESG investing is a good thing to do is subjective and depends on individual perspectives and goals. Here are some points to consider:
- Alignment with values: ESG investing provides an opportunity for individuals and institutions to invest in companies that align with their values and support causes they care about, such as sustainability, social justice, or clean energy.
- Long-term risk management: Companies with strong ESG performance may be better equipped to manage risks and capitalize on emerging opportunities. Assessing ESG factors can provide insights into a company’s resilience, reputation, and potential for long-term success.
- Performance considerations: There is a growing body of evidence suggesting that companies with robust ESG practices can deliver competitive financial performance over the long term. However, it’s important to note that financial returns can vary, and not all ESG investments will outperform traditional investments in every period.
- Impact on society and the environment: ESG investing can encourage companies to adopt more sustainable practices, improve social outcomes, and reduce negative environmental impacts. By directing capital towards responsible companies, investors can potentially contribute to positive change.
- Measurement and transparency challenges: ESG investing faces challenges related to standardization, measurement methodologies, and disclosure practices. It can be difficult to compare and evaluate ESG metrics across companies, which may hinder the effectiveness of investment decisions.
Ultimately, the decision to engage in ESG investing should consider personal values, financial goals, and risk tolerance. Working with a Trusted Regina Wealth Management Advisor who understands sustainable investing can help navigate the complexities of ESG investing and align investment strategies with your individual preferences. Contact Worby Wealth Management Regina so we can review your investment needs today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
The
comments 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 Chris Worby for the
benefit of Chris Worby, a Financial Advisor 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 are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. 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 in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about Registered Retirement Saving Plan (RRSPs).
Registered Retirement Saving Plans (RRSPs)
By Chris Worby - May 2023
A Registered
Retirement Savings Plan (RRSP) is an investment that is registered with the Canada Revenue Agency (CRA) which allows for the deferring of taxes owed on the money contributed and any investment income
earned until future years when the funds are withdrawn.
RRSP Contributions
The money you
contribute to an RRSP now allows you to reduce the income you pay tax on for
the previous taxation year. 2 months into the next calendar year is the usual
deadline to invest into RRSPs for the previous taxation year. That means January and February is the
perfect time to invest in an RRSP for the previous tax year.
“Wait, did you mean now as in now, or as in now…
eh I’ll get to it soon now?”
That old adage is
never more relevant –
" The best time to invest was 50 years ago… the
second best time to invest is right now! "
The 2022 limit is
$29,210 or 18% of your earned income reported on your 2021 tax return (whichever
is less), minus any employer-sponsored pension plan contribution, plus any
unused contribution room from previous years.
Check your most recent CRA Notice of Assessment (NOA) to determine
your limit.
Age Limits
No minimum contribution age exists, but you must
have earned income reported to CRA. At
Worby Wealth Management, we’ll never promote child labour; regardless, my
children seem to think spending time on Roblox counts as performing a household
chore.
The sooner you start contributing to your RRSP, the
better to take advantage of the power of compounding. Contributions can be
made until you turn 71, when they must be converted to an RRIF, or you must purchase an Annuity.
Investment Choices
Various
investments can be held in an RRSP, including cash, GICs, bonds, mutual funds,
ETFs and individual stocks. However,
before choosing your investment approach, it’s always best to consider Retirement, Tax,
and possibly even Estate issues.
Questions regarding RRSPs?
If you have
questions about account or investment options, contact Worby Wealth Management to get your
questions answered and start investing in an RRSP or other investment accounts
today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
The
comments 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 Chris Worby for the
benefit of Chris Worby, a Financial Advisor 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 are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. 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 in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about inflation.
Inflation
By Jeremiah Worby - April 2023
Inflation is when you inflate your tires with air. Inflation is also an economic term that
refers to the increase in the price of goods over time. The latter will be the
focus of this article. This increase in
prices can be caused by a variety of factors, including supply and demand as
well as changes in interest rates or government policy. Inflation can make it difficult for people to
plan their finances effectively because they have less purchasing power with
each paycheck.
Break it down for me
Inflation is measured using the consumer price index
(CPI). CPI is a measure of the changes
in the cost of living for consumers, including food, housing, transportation,
healthcare and entertainment. The CPI measures price changes for all urban consumers
by calculating average expenditures for each category.
Supply and Demand
The main factors that cause inflation are supply and
demand.
Supply
and demand are how much of a good or service is available, and how much people
want to buy at any given time. In
economics, there is only so much money in circulation (the supply). People will spend their money on goods and
services, which creates an increased demand for those goods and services – and
therefore an increased price for them.
Hard to Predict
Will Tom Brady be inducted into the Hall of
Fame? Some things are easy to
predict. Inflation is not one of them as
it has a big impact on the economy. When
inflation rises, it's usually because the quantity of money has increased
faster than the goods and services available for purchase. In other words, there is more money available
than there are goods and services in circulation. As a result, companies may raise their prices
in order to maintain profit margins or simply keep up with rising costs
associated with production.
However, if companies raise their prices too much
without enough corresponding demand for their goods and services – or not
enough supply of them – then inflation will decrease as people will buy less
from those companies or stop buying altogether for fear that prices will
continue to increase over time. The
result is often called “stagflation” (a combination of "stagnant"
economic growth coupled with inflation).
Inflation
can also cause decreases in employment or increases in commodity costs such as
food or fuel. This can lead consumers'
purchasing power down while putting pressure on businesses' profits by reducing
demand for products thus increasing unemployment across sectors. For example: If consumers spend less time
driving to go shopping due to rising gas prices, then fewer products will be sold
at grocery stores or department stores which would decrease profits.
Conclusion
Inflation is a
complex topic, and this article only scratches the surface (it will not scratch
that impossible to reach spot on your back).
It’s important to understand how inflation impacts your personal finances,
but it also affects businesses and governments as well. Inflation can be hard to predict and can have
a big impact on the economy. The two
main factors behind inflation are supply and demand. Inflation is generally caused by an economy
growing too quickly and demand for goods outstripping supply.
Questions regarding
inflation?
If you have
questions about inflation or what you can do to fight against it, then contact Worby Wealth Management to get your
questions answered and start investing today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help 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.