As we welcome the new year, it’s a perfect time to revisit financial strategies that can enhance your family’s security and support your long-term wealth goals.
This issue of Well-Advised explores a range of topics relevant to many life stages.
For families with children, page 2 explores different approaches to teaching kids about money by giving them an allowance, including whether to tie the allowance to chores, how much to give and the benefits of cash versus digital payments.
Page 4 explains why it’s essential for people of all ages to have a power of attorney document (mandate in Quebec). Learn how this legal safeguard can protect your financial affairs if you suffer a cognitive impairment.
On page 1, you’ll find practical advice for managing wealth, with a comparison of the benefits of investing a lump sum all at once versus gradually over time. As the article suggests, your decision will depend on your comfort level and market conditions. Page 3 explores tax and estate planning, sharing strategies to help reduce your estate’s future tax liability, including deferring taxes by leaving assets to your spouse.
For people in their late 20s to pre-retirement, the page 4 article about lifestyle creep provides a timely warning about how rising income can quietly lead to overspending and hinder long-term savings progress.
We hope you find these articles informative and useful.
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