Our Winnipeg financial advisory services focus on helping clients like you safeguard their financial security, build wealth, and retire successfully by realigning spending toward things that would really matter to them and their loved ones.
As consumers, we are constantly bombarded with opportunities to spend our hard-earned money; as such, most people find themselves in a situation where there really isn’t enough left-over at the end of the day to finance the things that are really important to them and their loved ones due to desire-based spending.
The key to achieving financial success is in realigning our spending from desire-based toward one that protects our financial security and builds our assets.
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 financial impact.
Risk management protects your household’s financial security by helping you mitigate the financial risks of serious life events that are beyond your control.
A well-planned risk management strategy takes into account the most common serious life events that could potentially impact your household’s financial security.
As opposed to popular belief, your savings and investments are not the foundation of your financial plans.
Risk management is.
Risk management protects yourself and your loved ones against the financial risks of life events that may negatively impact your ability to work for a living.
In essence, the first step in planning your future is to ensure that your most valuable asset is secured.
So, what is your most valuable asset?
Most people think that their valuable asset is the home they live in, the car they drive, or their jewelry collection.
In reality, none of these material things matter in securing your income and future.
Your most valuable asset is
YOU, when you are at work.
Risk of Loss or Reduced Income
Normally, when a person losses his or her job or encounters a business setback, we do everything in our power to have another gainful employment to continuously support ourselves and loved ones financially but sometimes income loss may be a result of something else that is way beyond our control.
Below are some serious life events that may potentially affect our ability to earn a living:
Illness or Disability
If you’re like most of us, your financial security depends on your ability to earn a living.
When a person gets seriously ill or become disabled, he or she may not be able to perform his or her regular activities to earn a living; a well-thought-out living benefits plan ensures you have income during disability or a lump-sum amount of money that you can use while recovering from an illness.
This takes away any monetary stress associated with the inability to work during an illness or disability, so you can focus more on getting well instead of worrying about money.
If you or your spouse passes-away today, can the surviving loved ones still maintain the same quality of life and future they’re able to afford when both breadwinners are present?
Premature death is the single, most impactful life event that can change a family’s life forever. Yet, it’s a sensitive topic that most people aren’t comfortable talking about.
The potential, however, does not disappear by simply not talking about it, that’s why it’s important to plan ahead for things that aren’t likely to happen, such as the potential premature death of a breadwinner.
There are times when families find themselves in a situation where the person whom they rely upon for financial support is no longer around to provide for them.
Life insurance has the ability to replace the deceased’s income. It can provide the necessary capital that funds the same lifestyle and future that the deceased provides to his or her survivors as if he or she was still around avoiding the financial impact of premature death.
Why Start with Insurance?
A Well-planned insurance strategy helps you build a more solid financial foundation, shielding you and your loved ones against the financial impact of life events that are beyond your control such as the risk of premature death, disability, or a serious illness.Insurance makes it a point that funds are available when you or your loved ones need it most. Click To Tweet
Survey says, without employment insurance, most Canadians are two months away from bankruptcy after job loss.
Due to the high financial obligations most actively working Canadians carry, many fail to set aside a portion of their income to build a solid cushion against financial emergencies such as job loss or business setbacks.
As our client, we help you find ways on how you can free up cash to build a solid emergency fund. We understand that most Canadians live paycheck to paycheck regardless of how much they make.
To properly shield yourself and loved ones against financial emergencies, a change of monetary perspective may be required, either you cut down on unnecessary spending, increase your income, or do both!
An emergency fund helps take away the financial strain of emergency spendings such as vehicle breakdowns, home repairs, etc and helps you avoid dipping on credit cards and lines of credit for unplanned expenditures.An emergency fund can serve as an interim source of cash flow to take care of your basic costs of living while you're searching for another source of income. Click To Tweet
You may have found our website by searching for a Winnipeg financial advisor or by typing financial advisor Winnipeg on a search engine and may probably wonder why investments and retirement planning wasn’t talked about in the first part of this article since you’re looking to work with a financial advisor to give you advice on where you can invest to build wealth.
Fact of the matter is, we do that too! Isn’t it what financial advisors do?
Most financial advisors will only do investments but without first protecting your income with a well-thought-out insurance strategy, you’re technically building a sand-castle.
“Risk management” first financial strategy makes it a point that you’re building your empire on solid ground, one that doesn’t get crumbled by possible financial curve-balls that life may throw at you.
If you have the risk management part sorted out and your income is well-protected, wealth accumulation is the obvious next step. If not, let’s start with risk management then work our way up to wealth accumulation.
Most people never really think of retirement until it’s about time to retire, not realizing that the best time to start investing for retirement is the moment they earn their first paycheck.
Now, don’t be too hard on yourself if you think you’ve missed this because almost all hardworking Canadian professionals do.
Come to think of it, most Canadian adults are pretty much in the same boat when it comes to their financial education after finishing school. This is due to the fact that financial literacy was never taught in school.
The school equips us with the education and skills we need to empower us to make a living; unfortunately, our traditional educational system never taught us what to do with our money after we earn it, how money works, how to make it grow, and how to make it work for us so we can eventually stop working for money and instead have that money work hard for us.
Most Canadians actually save too little while most live paycheck to paycheck regardless of how much they make from their jobs or professions, putting off or entirely crossing-out retirement planning and instead, putting their hopes for retirement on government or company pensions.
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. This is the reason why he urged Canadians NOT to put all their hopes for retirement on government pensions and instead, save their own funds for retirement.
Understand that Canadian government pensions are never meant to fully replace our active income; rather it is only designed to supplement our own retirement funds and not the other way around.
The challenge most retirees are facing today is not only to have enough income but also NOT to run out of funds at retirement.
It is expected that the majority of the population will not have saved enough money for retirement.
By planning ahead, you can avoid being part of these statistics.
The best time to plant a tree was twenty years ago.
The second best time is now.