4 TIPS FOR FINANCIAL HARMONY AS A COUPLE

Ah, coupledom. Moving in together and getting married are major milestones in life. However, while you and your partner may be the perfect couple, what if your financial styles are a mismatch? Romantic dinners by the bay and pillow talk are unlikely to evoke discussions of credit card debt and spending styles. However, talking about money when times are good is more likely to lead to a positive outcome, rather than leaving it until things come to a head. It’s a discussion worth having—sooner rather than later. Mismatched financial styles really don’t matter, provided a couple can find common ground. Budgeting and establishing goals together can help bridge the gap between a spender and a sav

WHAT ALL MODERN FAMILIES HAVE IN COMMON

Almost 90 years since the term “nuclear family” made its way into the Oxford English Dictionary, Canada’s households have evolved into a diverse array of family structures. Today, while married couples continue to be the predominant type of family structure in the country, their group now also includes a growing number of same-sex spouses. Common-law couples are increasing in number, as are families led by a single parent. By contrast, couples with children still living at home now account for a smaller percentage of Canadian families. Regardless of the household makeup, there’s one thing all Canadian families have in common: the need for a solid financial plan that takes into account life’s

WHEN YOUR CHILD IS BORN WITH SPECIAL NEEDS, PLANNING IS CRITICAL

The birth of a child is a joyous event, regardless of the challenges. When a child is born with special needs—whether developmental or medical—parents can face unique challenges that can initially feel overwhelming. When first learning their child has special needs, parents face a steep learning curve. Parents need to learn medical terms, how to navigate the healthcare system and how to advocate effectively. Because many conditions are discovered in infancy, they are often learning how to be parents for the first time. And, they may also be grieving. Parents will often push themselves to physical and mental exhaustion to benefit their child. The key is to find a balance between hope and desp

5 TIPS FOR LOANING MONEY TO FAMILY

Lending a helping hand and a few well-placed dollars to a family member during challenging times is an all too Canadian thing to do. However, there may be emotional and financial pitfalls firmly attached to your largesse. Family loans are fraught with peril with many feeling obliged to lend money they really can’t afford. When borrowers default on the loan, the situation becomes uncomfortable and emotionally driven from both sides. Before shelling out the cash, taking time to properly evaluate the situation and your own financial well-being will ensure neither party is left with the awkward aftermath. Here are her top tips for navigating the waters: 1. THINK BEFORE YOU ACT. The biggest mista

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.