A HOME OF YOUR OWN: 5 THINGS TO CONSIDER

When first starting out, the prospect of purchasing a first home can seem daunting. However, crossing your very own threshold is a dream that can come true, if you take the right steps. The key is to think ahead. Taking these important first steps—before venturing out to view what’s available for sale—will help ensure a smoother path to home ownership. Weigh renting versus buying: There is a great deal of emotional attachment to the idea of owning a home. However, it is not always feasible or beneficial to do so. Do the math first to determine if it makes better sense, logistically and financially, to buy or rent. Consider cash flow: If buying makes sense, check your household budget and cas

FINANCIAL PLANNING FOR SINGLES

The single life: Sometimes it’s by choice, while for others, by circumstance. Regardless of how you came to fly solo, there are unique financial questions to consider and manage. Proper planning on a single income can ensure a life lived to the fullest without sacrificing enjoyment. Whether you’ve never been married or you’re divorced or widowed, there are strategies you can use to plan for a financial life that’s all about you. Consider these tips for when you’re charting your own course with your money: 1. PLAN FOR EXPENSES Large expenses like housing may take up a significant portion of a single income. Take the time to allocate funds to cover your fixed expenses, then establish a budget

Behavioural Finance 101: Cognitive Bias

Being aware of cognitive biases can help us make better investment decisions. Every day, we make thousands of decisions; some put that number as high as 35,000.[1] The vast majority are routine and without especially big consequences – but then there are the ones that matter a lot more. Choices about investments generally fall into the “important decisions” category because what we buy, when we buy, how long we hold it and when we sell can have a significant impact on long-term financial well-being. Yet every decision, large and small, can be influenced by myriad cognitive biases. Many of these are hard-wired into our brains to help us manage all that exhausting decision making and, in some

Living solo

How to manage finances on a single income. In 2016, one-person households became the most common living arrangement in Canada for the first time, accounting for 28 per cent of all households and representing 4 million Canadians. The number of people living alone between 35 and 64 has increased faster than other age groups, so the trend is not limited to the younger or older ends of the adult spectrum. The shift to one person households can largely be attributed to Canadians marrying later in life, divorcing more often and living longer. Singles are feeling the squeeze People who live alone have a unique set of financial challenges. Most single Canadians are on the hook for 100 per cent of th

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.