Be Wealthy Financial Coaching

Your annual investment statements are out 👋

Many Canadian financial institutions have uploaded annual investment and CRM2 statements.

If you don’t get paper copies in the mail, you’ll find them online through your bank or investment portal. If you haven’t logged in yet, now’s the time!

These statements show:

* The fees you’re actually paying for investment management
* Your returns (not the marketing version)

Take 30 minutes to dig in and compare what you see with what you expected.

Ask yourself:

* Were you surprised by the fees you’re paying?
* Do you really know what you own?
* Do you have cash sitting in retirement accounts that could be working harder?
* Do you understand how your investments actually performed?
* Are you confident your savings and investing are on track for the retirement you want?

👉 If anything feels confusing or uncomfortable, you’re not alone. I can help you break it down, make sense of the numbers, and help figure out your next financial actions steps.

Your money deserves clarity. 💜

Here I am, doing my fave home maintenance task, unclogging a drain 🤮

As I stand here in a vintage late 90s bathroom, aside from peeling wallpaper and ugly fixtures—i see dollar signs.

One of the mega whammies homeowners face, is the cost of maintenance and renos. Your house ages and things will break💔

As a financial planner, a common rule of thumb is to plan for this stuff to cost between 1 to 3% of the value of your home each year. This avoids debt, and panic attacks. If you have a house with fancy finishes, you’d be on the higher end of the scale.

Example for a home valued at $1,000,000

Set aside 1% per year

That’s $10,000 a year (or $833/month) for home maintenance & reno

You might say that’s way too much. But, if you haven’t replaced a roof or a deck in a while, you may be in for a shock.

Of course you may not spend this amount every year or you may spend way more (do your own math based on your home and the goals and plans you have for your home).

The reason you put the money away is to smooth out cash flow and avoid debt you can’t repay. If something major strikes, you’re ready.

With a brand new home, you might spend way more in the first few years. Think curtains, fencing, landscaping and decor. With an older home, there’s often a chain reaction effect. If you fix one thing, it leads to another and another.

This is where we’re at… it’s more cost effective to replace everything at once but that’s major renovation that costs major money. For the time being, all the fixes are Band-Aids🤕

This is the true cost of homeownership. It’s not just the mortgage, property, taxes, and utilities.

Hope you found this helpful?

If you’d like to work on some of your numbers together, book a free consult call with me 😍