Future Proof Financial
@FP_Financial_
Flat Fee Financial Planner @ https://futureprooffinancial.ca/
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BIG TRUE
This is the correct take - They are faster, smarter, and better capitalized, and spend 80 hours a week for years thinking about how to take your money. The good news is you don't have to beat them to win. You can invest in yourself, invest in assets, and become wealthy.
Not all withdrawals from your investments will result in you paying more income tax A breakdown of the different accounts, and how their withdrawals are taxed - RRSPs / RRIFs - Non-Registered Accounts - TFSA
A reminder that if you have a joint bank account with a family member, spouse, or friend they can waltz into the bank and take out all the money. They don't need your say so That doesn't mean you shouldn't have a joint account But you should know this can happen
Focusing too much on probate can do more harm than good ex. adding a child as a joint owner of your home This will avoid probate, but if - child gets divorced it's now an asset part of the divorce - child goes bankrupt, creditors can use the home to reclaim their losses
Investing is being able to lose 30% in order to gain 300%.
For all that's said about different investment strategies, AUM-based fees vs. fee for service, etc. The biggest checkbox to tick is that you're working with a fiduciary Once that box is checked then you can worry about everything else.
Should I purchase life insurance or should I self-insure (i.e. not buy insurance)? If you have more human capital than financial capital you buy insurance If you have more financial capital than human capital you don't need insurance
Remember there are only 3 reasons to use life insurance 1. To Create an Estate 2. To Preserve an Estate 3. To Equalize an Estate Insurance can be an "investment" but the use cases for that are rare. If you don't have a need for insurance, you probably don't need insurance
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