TAKING THE FINANCIAL REINS FROM MOM OR DAD

Aging doesn’t eliminate the need to maintain a household, pay bills on time or manage investments properly. But what it often does steal is the ability to handle these tasks effectively. There are many stages to being a senior. Many people remain active and don’t appear elderly right up to their mid-70s, but ill health or incapacity can happen at any time. Eventually, there may come a time when your elderly parent or parents can no longer manage their own affairs and you have to gently but firmly take the reins. This can be a very emotional transition—not only might you feel uncomfortable in your new role, but you may find your parents do their best to hide their need or diminishing well-bei

6 WAYS A NEW BABY CAN CHANGE YOUR FINANCES

IT'S TRUE, A BABY CHANGES EVERYTHING IN YOUR LIFE - INCLUDING THESE 6 FINANCIAL AREAS The birth of your baby is the ideal time to review your insurance policies, your Will and Power of Attorney and how your tax situation will change. It is now even more important to ensure your loved ones are well looked after if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that can happen in life. LIFE INSURANCE If something happened to you tomorrow, how much financial assistance would your family need to manage everyday living expenses – and for how long? A financial advisor can help you plan out how much coverage you need and what t

THE DANGERS OF COASTING: 5 WAYS TO GET IN GEAR

“If I’m generally moving in the right direction, my financial goals will take care of themselves.” Are you guilty of this financial planning misconception? Coasting—even in the right direction—doesn’t necessarily mean being on track. Not having specific goals is like driving at night without headlights. You kind of know the road and can steer your vehicle in the right direction, but you’re never really sure. You’re moving along, but you might get to the end of the road and find out you’re at the wrong destination, whether that means you can’t buy your dream house, fund your children’s education or rely on your retirement income. TRY OUR TIPS TO STOP COASTING AND START ACCELERATING TOWARD YOU

AT ALL STAGES OF LIFE, A FINANCIAL PLAN OFFERS A ROAD MAP TO WELL-BEING

Study reveals that Canadians with financial plans feel they are saving more, living well and experiencing higher levels of overall contentment in their lives. The results of a three-year longitudinal study that included close to 15,000 Canadians provide important insight into the potentially life-changing impact of financial planning. The Value of Financial Planning, commissioned by Financial Planning Standards Council (FPSC) in conjunction with the FP Foundation, provides a comprehensive evaluation of the financial planning activities of Canadians, measuring its perceived impact on emotional and financial well-being. According to the study findings, Canadians who engage in comprehensive fin

8 UNIVERSAL TRUTHS ABOUT MONEY

Whether you’re starting your career or preparing for retirement, getting married or going solo, your financial situation and needs are unique. But there are fundamental money principles anyone can follow to begin building financial success. Many different types of families exist today and the makeup of families in Canada continues to change. Families with married couples are still the most common type of family, but this has been declining in recent years. Family units that were less common 30 years ago have been increasing, including same-sex couples, common law parents and couples without children. (Source: Statistics Canada, 2011 Census). The picture of the Canadian family isn’t what it u

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.