Life Insurance Vancouver | How to Save Your Money
Thomas Chan is your trusted advisor for life insurance Vancouver. He can help you get a better mindset and a better life. One of the things that makes him excited is to help you save on the biggest expense that you will ever have which is your taxes. He can help you build wealth, create a retirement fund and figure out what life insurance Vancouver you really need. When people think about getting insurance they get overwhelmed.
They do not understand which is the best option or what is going to create the most wealth. This is why it is great to work with Thomas Chan because he can help you see and understand everything there is to know about life insurance Vancouver. When he speaks to clients new and existing he realizes there are many common Misunderstandings among them about creating wealth and ultimately Building a retirement Fund.
Many people do not see the need to start retirement as soon as possible. They think they will have all the time in the world once they pay off any other loans or debts that they owe. There will always be excuses and reasons to not start saving but those excuses will never go away. Even if you pay off alone there will be another one that pops up. It is never going to be the most ideal time to start saving for retirement. This is why he is adamant about sharing the urgency to start creating when you are young.
A 25-year-old can put away $300 a month and have the same at retirement as a 40-year-old who has to put away $1000 a month. The compound effect of building wealth is worth it in the long run.
Our government is not going to be able to help us retire through CPP and OAS. If you have ever spoken to someone who receives those benefits you know that they are not enough to live on. They are only 33% of what you are used to earning at this point in time. You will have to supplement them with other funds like a tax-free savings account or RRSP.
You think you might be able to retire on inheritance that you will be getting but that is not something you should be confident in because there may not be any money there for you when it is time for you to retire. You cannot bank on something that is not in your hands yet or even for that matter growing in interest. Your parents may not have as much to leave you as you had hoped for and they might have had to dip into their wealth and savings due to their own financial strain. It is time for you to have an open and honest communication with your parents even if it is awkward.
Using the equity on your home is not a great way to think about retiring. The housing market goes up and down and when it comes time to retire it might be in a down slump and then you will not have as much to pull out as you had hoped if at all.
Life Insurance Vancouver | Housing Market Is Not For Retirement
If you are looking for life insurance Vancouver plans you have come to the right place. Thomas Chan, a trusted financial advisor can help you with your life insurance Vancouver needs. He even has a free book that shares with you the 15 secrets the taxman does not want you to know. He would love to give it to you when you come into meet with him and have a couple entry consultation. If you are unsure about life insurance Vancouver plans Thomas Chan would love to sit down with you and share all his wealth of knowledge.
Many people come to meet with Thomas Chan to discuss wealth needs, retirement funds and insurance in Canada. They usually have the same common misunderstandings about what it takes to retire. They do not realize that it is a good idea to save for retirement now. They usually ask if I need to start saving when I am young and Thomas always advises them that as soon as possible is best.
For example If you are 25 years old and you put $300 a month aside the time you retire you will have a nice amount of money. If you start when you are 40 you will have to put $1000 a month aside to reach that same kind of fund. The leverage that is gained through the compounding interest is what makes it worth it. This works out in the long run.
If you rely on the government to give you your retirement wages you will have only ⅓ of what you need in earnings. You will have to save and supplement this with a tax-free savings account or an RRSP. There will not be enough in the social funds to live off of.
You may think you have an inheritance coming and that will help you with your retirement needs. However your parents may not have as much left over when you get to retirement age. They may have financial struggles of their own or unforeseen circumstances like medical bills that will eat away at that inheritance. It is best not to get too confident that there will be any money there for you and it might be time for an open and honest conversation with your parents.
If you plan on taking the equity out of your home to retire with you will want to think again. The housing market is not always going to go up at the same rate it always has. There is a cycle when it comes to the price of homes between higher and lower amounts. When it comes time for you to draw on the money from your home it may not be worth what you need to take out and live off of.