Welcome to SmartWealth Financial Incorporated!
As value-based Financial Advisors in Winnipeg, we help clients like you realign expenditures to invest more toward things that matter most.
In today’s world, we are constantly bombarded with opportunities to spend our money. Unfortunately, this “desire-based” spending may put you in a position where there really isn’t enough left over at the end of the day to take care of the things that are really important to you.
We help you uncover these important things, then develop a plan to ensure they do not get left behind.
We also work with you to identify certain risks that may roadblock your plan and together we design a solution that mitigates or eliminates their potential impact.
Throughout the planning process, we apply high level, unbiased, independent quality advice to ensure you have a secure financial future.
A well-planned risk management strategy gives you a solid foundation that mitigates the financial risks of life events that are beyond your control.
If you’re like most of us, your financial security relies on your ability to earn income.
Risk management helps you protect your wealth in the event that your ability to earn a living is affected.
Whether you’re just starting out in your career or you’ve already achieved much in your life, you have wealth to protect and protecting that wealth is of utmost importance.
If you’re just starting out as a single person or someone with a young family, you may not think that you actually have an asset or wealth to protect but come to think of it, your ability to earn a living is your most important asset, which is wealth in itself and is worth protecting.
If on the other hand, you’re someone who is well established financially, with a thriving career or business, and perhaps at the peak of your earning years
Wealth Protection in the Event of Illness or Disability
Life events that can affect your ability to produce income for yourself and family.
So how do you protect your ability to earn a living?
Insurance, in its most basic sense, is a financial safety net.
A silent partner that protects you and your family from the financial risks of lost or reduced income which often results from disability or serious illness.
Without insurance, you and your family face life’s challenges unprotected.
An insurance protection shields yourself and family against serious life events that could lead to lost or reduced income.
Financial Security in the Event of Death
Death of a breadwinner has the biggest negative impact that can alter a young family’s financial future and if you haven’t plan for it; financial struggle may be inevitable.
So, how do you secure your family’s financial future if you’re no longer there to protect them?
As responsible providers to our families, we work hard at our professions, businesses or jobs to provide for their needs and guarantee that they have a good future.
But what happens when death steals this ability from you?
Planning for the unexpected is the key…
Implementing a life insurance protection for your loved ones doesn’t mean you’re planning for your own death.
It only means that you’re aware of your responsibilities and you acknowledge the fact that as human beings, we don’t really have control over as to when our time may come.
Life insurance ensures that your loved ones can still maintain the same lifestyle and future that you’re capable of providing them today even when (if) you’re no longer around to look after them.
In fact, life insurance is a benefit that we hope no one should ever need, at least, during our active years or when our families are young but then again, enough coverage should be in place – just in case.
Insurance protection is like carrying a spare tire, you don’t wish for a flat but you carry one so you can continue on your journey; just in case.
It gives you and your family peace of mind knowing that survivors can continue to live on without the risk of financial struggle.
Life insurance helps you secure your loved ones’ lifestyle and future in the case of when you’re no longer around to look after them.
Who Needs Insurance Anyway?
- If you actively work in your profession, business or job to earn a living you need insurance.
- if you have loved ones depending on you for financial support you need insurance.
- if you’re financially accountable to a person or an entity, you need insurance.
- if you have a sizable estate that you want to pass on to your next generation, you need insurance.
Basically, anyone who has obligations needs insurance.
Insurance Protects our Loved Ones from the following:
- Lost or Reduced Income (Income Replacement)
- Consumer Debts (Loan Protection)
- Mortgage Obligation (Mortgage Loan Insurance)
- Children’s Post Secondary Education Costs
- Final expenses (funeral costs and final taxes)
The income that we bring in to our family’s coffer is one of our most important obligations to our family and if you lose your ability to work for income – income stops abruptly.
The problem is, a person’s monetary obligations don’t necessarily stop when his or his income stops.
Consumer debt servicing like credit card payments, car amortization, bills, mortgage payments and whatever else monthly obligations an individual may have will continue collecting payments on a monthly basis which may put a strain on a family’s budget when the family’s income is reduced.
Income Protection at Old Age
Income protection for old age?
Did you know that more than half of Canadians can’t retire at 65 due to financial reasons?
Most people never really think of retirement when they’re young not realizing that the best time to start saving for retirement is the moment they earn their first paycheck.
According to then Finance Minister, late Jim Flaherty; while it’s good that we have government pensions in place, the problem is that it’s too small. He also urged Canadians to not put all their hopes for retirement on government pensions and instead to save their own funds for retirement.
This is because government pensions are only meant to supplement our retirement income and shouldn’t be treated as the sole source of retirement income.
This is the reason why most retirees solely rely on government pensions at retirement.
While it’s good that our government has pension plans in place, these are only meant to partially replace our active income when we retire from the workforce.
This is the reason why most people go back to the workforce (at least on a part-time basis) to supplement their government pensions.
You may argue that having a government pension is more than enough to meet your needs at retirement but this only holds true if you plan to financially struggle at retirement.
Most people go back to the workforce at least on a part-time basis to supplement their retirement income this is because, between 10 to 30 years from now, the Canadian dollar you know today will most-likely have half of its value from today not to mention the fact that you will probably have more time to spend at retirement than when you’re actively working full time.
During your active working years, most of your days are spent working to make a living; typically between 5 – 6 days a week. This means that we have less time to spend money since at least 8 hours of our workdays are spent working. Then usually, we’ll have Saturdays for fun and leisure and this is when we spend.
When you retire from the workforce, your Mondays through Fridays and even Sundays will all become like a Saturday. You will have a lot of free time for fun, leisure, hobbies, travel or whatever else you want to do with your time and each of this represents an opportunity to spend your retirement funds. This is the reason why many retirees run out of retirement money only after a couple of years of being retired.
The challenge is NOT to run out of cash flow at retirement, otherwise, you will have to go back to the rat race at old age and there are two problems most retirees are facing today and they are as follows:
- Not enough retirement income, and
- Outliving their retirement funds.
It is expected that the majority of the population will not have saved enough money for retirement.
Planning your retirement early on will make a huge difference and yet, this is one of the major financial mistakes many of us make.
A lot of us don’t necessarily think about retirement when we’re young and just starting out in our careers and the majority will keep on putting it off for the most part of their working lives, amassing obligations instead of assets, only to realize it a little too late.
According to one of my favorite Chinese proverb: The best time to plant a tree was twenty years ago. The second best time is now.
The best time to start saving for retirement is the moment we earn our first paycheck but most people aren’t aware of this as personal finance and financial literacy was never taught in school.
The sooner you start saving and growing funds for retirement, the sooner you can retire and even if you don’t plan to retire at all, having money working for you at old age means you’ll be working at a job, business or career because you want to, not because you have to.
As your financial advisor Winnipeg, my goal is to also help you implement a simple yet effective retirement saving strategy that will help you slowly build wealth over time, whatever it is you do for a living. Slow and steady wins the race!
“Get rich slow” is the key and if you keep at it, you will have more than enough money that will provide you with passive income at retirement.
Whatever stage you are in your life right now, either you’re just starting out with your career or you already have an established career, it’s never too late to start planning.
A well-thought-out insurance and retirement planning strategy will help you and your family plan for the unexpected and prepare for when you’re no longer capable or when you no longer want to work.
As your financial advisor Winnipeg, my associates and I are here to guide you through the intricacies of living benefits, insurance planning, savings, and retirement planning options to help you protect yourself and your family from the unexpected and slowly build your financial future.