5 Ways to Reduce Your Insurance Premiums

Whether you have Life Insurance, Critical Illness Insurance or Disability Insurance, I have listed the 5 main ways that you could look at in reducing the cost of these policies! Before I start, I want to say that insurance should always be seen as the foundation of your financial empire — the tricky part is to not overpay for it! 1. Eliminate Useless Insurance Riders: These include things like Guaranteed Insurability Option, Accidental Death & Dismemberment, Total Disability Waiver Riders, etc. These additional features could cost you an additional $200 a year — the worst part is that in training school, they call these features pure profit. It’s like selling warranty on the toys that you pu

Banks (and Credit Unions) Aren’t Working For You.

It’s not an accident that regular people are unable to truly understand that financial services industry today — let me explain. The Dominant Banks of Canada Bank of Montreal arrived in Canada 200 Years ago (literally in 1817) and brought with them the European Banking System. Fast forward to 2017, things really haven’t changed much. 70% of Canadian Assets are held with the 5 domestic banks in Canada 35% of the Canadian Equity Market is represented by Bank — the second is 20% in energy companies So basically, the Canadian Banks hold the largest share of Canada’s overall economy and also the largest share of Canadian citizen’s household assets. In hindsight, this is quite a scary fact knowing

Forget the Hype, Cash is King.

In 2017, we are exposed to many life hacks on becoming rich & wealthy — what’s worst is this: the most popular word that is being connected to the idea of becoming rich is “investing.” It has created a false sense of security in the idea that every individual should take their money and invest it into the stock market, which will allow them to have a ton of wealth accumulated by the time they need to draw upon these funds. So why do I care about this? Because we are living in 2017 and there are many other ways that individuals can “invest” their money — especially when you only have $10, $100 or $1,000 to start. The Myth: Investing in the Stock Market will Make Me Rich. Sorry but no. If part

Why You Need to Run Your Personal Finances Like a Business

If you’ve never stepped foot into the business world, I would highly recommend that you take a peek. Behind the bright & colorful marketing campaigns and fancy suit & ties, there is actually a lot to be learned from analyzing businesses and how they run their day-to-day operations. As a practitioner in my field, here are some practical strategies and tips that I’ve given to clients, based on the following concept — “Manage your finances the way a business would.” 1. Cash is the oxygen of your business. In running a business, cash is king. You can use cash to reinvest & grow your business, pay for expenses, maintain debt obligations and provide the business with flexibility & survival capabil

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.