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Why do we have to consider insurance, again?

on Mon, 09/30/2013 - 14:25
September is the Life Insurance Awareness Month, yes, Life Insurance Awareness Month, even though most Canadians understand that life insurance is an important component of financial planning, we still devote a whole month for life insurance awareness. 
I know lots of people understands the importance of life insurance but not many of us know how much coverage we need, and half of us aren't confident we bought the right amount (according to a survey Manulife Financial had done in 2011). At the same time, a RBC Insurance/Ipsos-Reid survey dated 2004 said while 70% of Canadians have life

Are you prepared for skyrocketing health care costs?

on Wed, 09/11/2013 - 23:55

68% of Canadian companies surveyed worry about healthcare costs for 2014, up from 45% last year, according to a survey Morneau Shepell done on compensation trends and projections (Morneau Shepell offers human resources consulting and outsourcing services). Even IBM, has to move retirees off its health plan due to rising costs, you can imagine how hard it is to small businesses.

The Ontario Superior Court of Justice has ruled GM Canada cannot cut retirees’ healthcare and life insurance benefits just about 2 months ago, after a group of retired white-collar workers launched a class action

Student Loan Tips

on Mon, 09/02/2013 - 11:10

Lots of us got student loans when we went to school. Whether you just got your student loan or just finished studies and will have to repay your student loan soon (if you just graduated in June, your repayment starts in Dec, this is a good time to start planning a budget for that payment), here are some tips on student loan, so that our credit is not being affected just because we have not done things the correct way.

photo credit: Prashanth Gopalan

Canada Student loan repayments do not start until six months after you have stopped being a full-time postsecondary student (so while you are

Banks can be harmful, too (Part 2)

on Sun, 09/01/2013 - 09:45

There was a first article on Banks can be harmful, too from this blog.

As an independent financial advisor, the good thing is I meet lots of wholesalers (both from insurance companies and investment institutions) from time to time. On top of all the news articles, economic outlook we all get from all the news sources and internet, I get different viewpoints and investment strategies from numerous fund managers or investment managing teams. 

So I was chatting with a wholesaler from a bank-branded asset management company, and the wholesaler enlightened me quite a bit. 
The points are

Business budget made easy

on Sat, 08/10/2013 - 20:56
"Entrepreneurship and Small Business" series, #7 (#6 The advantage of a business account; #5 How to pay yourself effectively; #4 How to manage your business; #3 Things to consider when you start your business; #2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business; #8 Last minute tax saving for corporations; #9 The federal disaster to small businesses and working class
Lots of business owners asked me: how do we manage our business finances?? How do we come up with a calculation of how much we spend on marketing (that's the

Travel insurance, needed or not?

on Wed, 08/07/2013 - 12:35
I have been getting more and more travel insurance enquiries lately, not only because this is summer, people are taking vacations and travelling quite a bit, but as business owners, in this digital age, a lot of us no longer need to stay at one place to work. Many of us can work on our computers, still manage our business and get things done. Like the Digital Nomads described in the Roads Less Traveled TV series produced by my dear friend Natalia Kantor.
Just one thing a lot of people are not aware of, is that provincial coverage has a limit of how long it covers you when you are away.

Thank you for continuous support

on Thu, 08/01/2013 - 09:13

Lately, I have got a couple of thank you notes and recommendations on LinkedIn, more importantly, I have got quite a number of referrals from current clients in the last year and half. This post is specifically for them, let me say to you here "Sincerely, thank you for all your support in all these years".

I recall when I was approached to get into the business, I nearly chickened out the initial interview with my training manager at Clarica (now Sun Life), because I didn't think I was a good sales. He talked me back to the interview and introduced me to the branch manager at the time.

How to manage your business' finance?

on Sun, 07/28/2013 - 14:23


While you are running your business, you are actually one of the most luckiest people on earth as most of us won't get into something we don't like and run a business on, having said that, you are working on something you enjoy and lots of people (maybe you had that experience too), they hate their jobs…
You believe in what you do, and you do what you do best. Finance? Ugh! Not something everybody could be good at… So, what to do?
1. Keep business and personal separate
Most commonly mistake I see from small business owners is having their business and personal finances mixed

The advantage of a business account

on Fri, 07/12/2013 - 09:54

"Entrepreneurship and Small Business" series, #6 (#5 How to pay yourself effectively; #4 How to manage your business; #3 Things to consider when you start your business; #2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business; #7 Business budget made easy; #8 Last minute tax saving for corporations; #9 The federal disaster to small businesses and working class)

I had this interesting discussion with an accountant on what is the advantage of having a business account when the business owner is still a sole proprietor.

Ever dreamt of a nice wedding without paying for it?

on Thu, 04/18/2013 - 12:42

If that is one of the things you think is really cool, helping a couple out so that they can win a free wedding from Wedding Saviours. Or... are you interested in entering yourself to see whether you can win that FREE wedding??

Wedding Saviours is a group of wedding professionals and business partners who have come together to provide a Free Wedding Day for couples in need. The couple will be dedicated to the communities they serve and to the many charities within them also in need of assistance.  

People who know me well might recall my involvement in community work from time to time