Gaining Altitude Financial

Saving and investing $25 is better than no money. Saving and investing $10 is better than no money. Saving $5 is better than no money.

Stop giving yourself the “I don’t have any money" out. Everybody with a cell phone and a Starbucks coffee has $5. Start there.

During February, I'm often asked how to reduce taxes. Borrowing to invest in an RRSP can be a smart way to lower taxes and multiply your retirement. Here's a quick video on how to borrow exactly the right amount to get a refund you can use to pay the loan:

How to Grow Your RRSP Without Saving More It's not difficult to "top up" your RRSP with exactly the same amount as your expected refund. Here's how you can use existing savings, or even borrowed fund...

Preparing for a Financial Flight Plan webinar tomorrow. I can't wait to share more of this concept that pilots people to their destination ahead of schedule despite life's turbulence!

Changing is never easy, even if we know it's for the best. Launching a dramatic, sudden change can have devastating results that are not sustainable. Rather adopt new habits gradually as they make the biggest difference over time.

Your death will be devastating to the people who love you. If your death is a financial tragedy for others, you need life insurance.

Having insurance through your employer group benefits is good but it won't be enough coverage for most young families. Personally held policies are usually lower cost than you think.

Contact me to discuss your life insurance needs and to look at some quotes.

On average, Canadians owe $1.86 in debt for every $1 earned. If you feel you are drowning, you need to start regular savings, no matter how small. To focus only on debt payments without building emergency savings is like swallowing more water while ignoring the life preserver.

I can't predict what the stock market will do today, this week or even this month. However, over the next 20 years I can guarantee three things:
- an emergency need for cash will disrupt your financial plan
- investments held in a well diversified portfolio will increase more than trying to pick "winners", and
- someone in your family (and it might be you) will have a medical event that will significantly impact your income.

The biggest financial regret most people have isn't the investment decision that didn't turn out as planned, it's not doing more with their money sooner. While you can't fix the past, you can reduce future regret by taking action with a plan today.

Getting started doesn't have to be difficult even if you don't know anything about finances. There are many terrific financial advisors here to help. Advocis, The Financial Advisors Association of Canada is a great resource to connect you to a professional who will put your needs first.

Thanks to Mike Duncanson of Impact Plumbing & Heating for installing our new water heater quickly, cleanly and at the right price. If your hot water tank is older than 10 years, consider replacing it since your house insurance may not cover a leak.

FYI that the CRA may not have your correct TFSA contribution eligibility on the MyCRA website until April. If you don't want to exceed your TFSA limit (and don't have a financial advisor to work with), the Globe & Mail calculator is a useful tool:

TFSA Contribution Limit Calculator Visit Globe Investor and use our free TFSA Contribution Limit Calculator to quickly see how much 2024 room is available for your Tax Free Savings Account (TFSA).

Too often we focus on the 10% of financial decisions we made that were poor ones and ignore the 90% of positive ones. Take your magnifying glass off the 10% because they are holding you back.

I volunteered my time this week for the Hockey Day in Canada events and had so many fun, unexpected experiences. While my passion is giving financial literacy to young families, it's great to give back to the community too.