A Registered Education Savings Plan, or “RESP” since people love using acronyms when talking about personal finance, is a savings account that can be used to save for a child’s post-secondary education. How does it work, and what is the benefit? Money going in (contributions) do NOT generate a tax deduction (similar to a TFSA). […]
Category: FI Basics
Assigning a value to your time
As they say, “time is money”. In fact, time is arguably worth more than money since it is finite for each and every one of us. If you spend or lose some money you can always earn more. With time, once it’s gone – it’s gone forever. The other key difference is with money, you […]
Getting Organized for an Emergency
Let’s face it – bad things happen. Car accidents Natural disasters Break-ins Sickness Death etc. There is only so much that we can do to prevent bad things from happening. That said, one thing that we can do is to be prepared for when bad things happen. During an emergency, life can be complicated. It […]
Financial Coaching the Average Canadian Household (Part 6 of 6)
Part 6: The After Picture – How the Average Canadian Household’s Finances look like after JBFI Financial Coaching This is the sixth and last post that walks through a theoretical exercise of financial coaching the average Canadian household to see how we could improve their financial situation. In the first post, we did a deep […]
Financial Coaching the Average Canadian Household (Part 5 of 6)
Part 5: Constructing a Savings and/or Debt Paydown Strategy This is the fifth post in a series of six that walks through a theoretical exercise of me financially coaching the Average Canadian Household (as defined by Statistics Canada data) to see how we could improve their financial situation. In the first post, we did a […]
Financial Coaching the Average Canadian Household (Part 4 of 6)
Part 4: Aligning Earnings with Values This is the fourth post in a series of six that walks through a theoretical exercise of me financially coaching the Average Canadian Household (as defined by Statistics Canada data) to see how we could improve their financial situation. In the first post, we did a deep dive into […]
Financial Coaching the Average Canadian Household (Part 3 of 6)
Part 3: Aligning Discretionary Expenses with Values This is the third post in a series of six that walks through a theoretical exercise of me financially coaching the Average Canadian Household (as defined by Statistics Canada data) to see how we could improve their financial situation. In the first post, we did a deep dive […]
Financial Coaching the Average Canadian Household (Part 2 of 6)
This is the second post in a series of six that walks through a theoretical exercise of coaching the “Average Canadian Household” to improve their financial situation. In the first post, we did a deep dive in to the Average Canadian Household’s finances – looking at their income, expenses, and net worth. In my coaching program, […]
Financial Coaching the Average Canadian Household (Part 1 of 6)
Fun fact: I took this picture at the top of Sulphur Mountain in Banff the day I proposed to my wife. She passed the challenge of climbing to the top (no gondola allowed), so she was rewarded with a ring. Now she has to put up with me for the rest of her life! I […]
Why Systems and Habits are More Important than Goals
2020 is over Reflecting over the last year and trying to focus on the positives, I am very grateful that I was able to work from home for most of the year (not in the office or out on business travel) so I could be there for my wife during her pregnancy and spend time […]