Design Your Future Financial Services - Brought to You by The Financial Engineer

This year, 2020, was supposed to be the year for perfect vision, then COVID 19, the tragic events in Nova Scotia, floods in Alberta, oil prices plummeted, and now the murder of George Floyd. With so much bad news, how does one move ahead? How do you ensure everything you worked for is safe and protected?   Looking at the stock market and the fact that businesses are starting to re-open, it may appear the financial storm may soon be over. OR Have we been given a second chance to make the needed changes? Here are five steps you need to take now to avoid this and all other financial adversity. While the steps are easy, they are also easy not to do. We are here to help you with the better easy. STEP #1. START WITH YOUR WHY.    Make sure this is clear. What's your vision? What are your values and life goals? Who are you and who do you want to become? Knowing your why will allow you to double down on what makes you productive and ...

Too RRSP or to not RRSP – is this even a question? March 2nd is the cut off date!!!! It’s RRSP season: bank and investment ads are running wild. Consumers are often faced with a confusing jumble of misguided notions about this retirement savings vehicle. Myths about RRSPs run rampant, confusing consumers about whether there is any point in contributing. Is there any point? Unless you are incorporated, there are several benefits to investing your RRSP. If you are incorporated – you do have better options. Let’s focus on the facts for employees or sole proprietorship business owners, and professionals that pay personal tax. Here are some facts. FACT #1: Your Biggest Expense in Life is…… TAXES! Your RRSP contribution will reduce your income taxes and the growth is not taxed.  T his is always a good thing.  You will be taxed when you take your RRSPs out, just like a paycheck.  This is not a good thing.  The theory is your income tax will be lower when you reti...

Are you already wealthy? Meaning, you can retire on your own terms, if you wanted to quit your career tomorrow, you could. If so, congrats, that’s awesome, roughly only 10% of Canadians have the ability to retire on their own terms and if that’s you, give a thumbs up if you agree with what I’m about to share.   If you do not feel wealthy or unsure, you have lots of company.   Give a thumbs up if you find the following helpful… Have you ever asked yourself the question, why? Why are the majority of Canadians financial stressed?  Why are most living paycheck to paycheck no matter what their income level is?  I’ve been become great at asking the question Why, and I have found the answer to the following why:  Why are roughly only 10% of Canadians on the path towards to financial independence while the other 90% are not? The answer is not necessarily what you think.  Maybe, just maybe, even with all t...

Hi, I’m the Financial Engineer and my goal is to help you retire on your own terms – to take you to the next level. I love helping those who want to focus on the important stuff, family/friends, their career and making their communities even better! The topic today is How to Save Money Over the Holidays and Get a Head Start In the New Year. Now, there’s lots of ideas, and I’m going to give you 2 easy to follow tips that will save you big bucks and start the new year off right, free from buyers remorse when you get your credit card statement(s). Ready? Here we go.... Tip #1: Make a List. We’ve all heard ‘those that fail to plan, plan to fail”. Just like the big man in red and white, make a list of who you are buying for and what you are going to get them. Do Not go online or the old fashion shopping thinking “I’m sure I’ll find something….” This will not only increase your time spent, but it will also increase how much you spend. Probably on crappy gifts too! If y...

When was the last time you went on vacation and didn’t even think about work? If you’re like most people, it probably seems like forever ago. Here’s an idea.  Try turning off your mobile phone. Give one person at the office the phone number of the place you’ll be staying. Before you leave, offer to take that friendly co-worker out for a nice lunch or BBQ the week you get back — they get to pick the place if you don’t get a single call. It’ll be one of the best lunches you’ll ever pay for. Hey, there's still lots of summer left!  Make the most of it!  Try turning off that cell phone while at a BBQ with friends and family too.  At the end of the summer we can chat about how to be a financial role model for your child, until then, here's the recipe for my wife's "Million Dollar Burger".  It will be a huge success! Mix: 2 lbs of Lean Ground Beef (or yummy lean Bison) 2 Eggs 1 Packet of Onion Soup Mix 1/2 Cup of Ketchup 1 Diced Onion ...

Did you know that many Maritimers believe they are unable get insurance? We are #1 in: obesity, diabetes, heart disease, and cancer.   Would you like to see if you are lucky enough to be accepted for a policy that many do not have the honor to have? If you think you're uninsurable - think again, you just may be lucky enough to be approved! Let’s talk - it's a great way to end Life Insurance Month and to make sure you and your loved ones are taken care of!! Dedicated to helping you reach your financial potential,  Steve MacLellan, P.Eng The Financial Engineer Mutual Fund and Insurance Representative Email: steve@yourfinancialpotential.ca Cell: (902) 240-6508 www.yourfinancialpotential.ca

If you’re concerned about social, ethical and environmental issues you can have a real, measurable impact on them with your investment portfolio.  Socially responsible investing allows your investments not only to improve your own life, but also your communities and the world.  One of the challenges of socially responsible investing is that it can be difficult to identify the investments that will truly benefit you along with contributing the issues you care about.  To ensure your investments are aligned with the social, environmental and community issues that matter most to you, in-depth screenings of companies and their impact must be conducted, monitored and reviewed. The corporate structure, business practices, history, and of course, the return on your investment are examined in detail, which also offers an extra layer of risk management. Socially responsible investing ( SRI ), or social investment , also known as sustainable , socially conscious , " green "...

Ideally, you’ve been putting away money in your RRSP, TFSA, or other savings accounts. But are you overlooking ways to save money  now  so you can free up more for your financial strategy or help build your cash stash for a rainy day? 1. Pay Yourself First. If you’re making contributions to your RRSP at work, you’re already paying yourself first. But you can also apply the same principle to saving. (If you open a separate account just for this, it’s easier to do.) If you prefer, you can accomplish the same thing on paper by keeping a ledger. Just be aware that paper makes it easier to cheat (yourself). With a separate account, you can schedule an automatic transfer to make the process painless and fuhgettaboutit. Here’s how it works. Whenever you get paid, transfer a fixed dollar amount into your special account – before you do anything else. If you don’t pay yourself first, you might guess what will happen. (Be honest.) If you’re like most people, you’ll probably spe...

Ever consider starting your own business? Does anything sound better than being your own boss?  Well, maybe a brand new sports car or free ice cream for life. But even a state-of-the-art fully-decked-out sports car will eventually need routine maintenance, and the taste of mint chocolate chip can get old after a while. The same kinds of things can happen when you start your own business. There are many details to consider and seemingly endless tasks to keep organized after the initial excitement of being your own boss and keeping your own hours has faded. Circumstances are bound to arise that no one ever prepared you for! Although this list is not exhaustive, here are 5 things to get you started when creating a business of your own: 1. Startup cost  The startup cost of your business depends heavily on the type of business you want to have. To estimate the startup cost, make a list of anything and everything you’ll need to finance in the first 6 months. Then take...