Financial planning

Five Reasons To Stay Committed To Your Retirement Savings

(NC)?As an investor working to build your portfolio, you face many day-to-day demands on your money. It's not always easy to determine what your financial priorities should be, or to stay committed to them ? especially when markets are volatile.There's one priority, however, that should always be at the top of your list, explains Lisa Li, a Mississauga, Ontario-based CIBC Imperial Service financial adviser: Contributing to a Registered Retirement Savings Plan (RRSP). With its powerful combination of tax deductions and long-term, tax-sheltered growth, the RRSP is still one of the most effective ways for most Canadians to build the financial security they need in retirement.Li shares the following five reasons to stay committed to your retirement plan:

  1. Time and tax sheltering. By contributing early to your RRSP, your savings can grow and compound over a longer period of time. Your financial adviser can help you determine how best to allocate your savings between non-registered portfolios and tax-sheltered RRSPs in order to achieve greater tax savings.
  2. Avoid the catch-up crunch.

    Many people take advantage of the RRSP "carry forward" provisions, fully intending to make up the difference next year. Delaying your contribution for even one year, however, can have a significant effect over the long term. If you don't have the ready cash to contribute or catch up, you may be able to draw on non-registered savings, make an in-kind contribution, or borrow at a low interest rate. An even better solution is to make sure you reach your maximum contribution each year by committing to a Regular Investment Plan that automatically invests a specific amount into your RRSP on a regular basis, taking advantage of dollar-cost averaging.

  3. Tax savings. If you're in the highest tax bracket, you'll generate a tax benefit of about 45% on the amount you contribute to your RRSP, depending on the province you live in.

    If you get a refund, you can use it to pay down debt, fund a major purchase, or roll it right back into your RRSP.

  4. Low market values, low interest rates. With current low prices, you may be able to "buy low" and get into the market before the next upturn. In addition, lending rates remain low, which can help you reduce your cost of borrowing if you need help to maximize your RRSP contribution or make use of carry forward contribution room.
  5. Secure your own future. You can't control world economic events or market behaviour. You can help ensure that your retirement is financially secure by contributing regularly to your RRSP.
In today's competitive environment, you have more investment choices than ever.

A financial adviser can help you tailor your RRSP portfolio to meet your specific needs.This article is intended to provide general information and should not be construed as specific advice. This article is not applicable in Quebec.- News Canada.

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TIPS FOR LAWYERS: Creating Effective Habits in the New Year..

It's that time of year where we all feel enormous pressure to make resolutions for personal and professional improvement. Lawyers are no exception! The problem is too often we set the new goals without a real plan of how we're going to avoid reverting to our old habits!Habits can be a friend or foe. Think of a habit as a pattern of behavior. Successful habits...help us to achieve success...other habits undermine our efforts to achieve.Here is a great exercise for getting rid of old habits and replacing them with habits designed to help you to more effectively achieve your objectives.STEP ONE:List 3 or more habits that are currently holding you back from achieving your goals and describe how these habits negatively impact your life.EXAMPLE:Habit: No savings/investments for the futureImpact: Unable to achieve financial and retirement goalsSTEP TWOList successful habits you will choose to adopt in place of the "bad" habits and the benefits of adopting the new habitEXAMPLE:Successful New...

TIPS FOR LAWYERS: Creating Effective Habits in the New Year..
Financial planning > TIPS FOR LAWYERS: Creating Effective Habits in the New Year..

Bad Credit Loans ?A Remunerative Base For All Financial Troubles

Nowadays, with increasing demands and lavish lifestyle, an individual starts spending so extravagantly that it urges him to borrow more and more money. As a result, he is burdened with multiple debts. These debts might be those, which one is unable to pay leading to the problem of arrears, defaults, county court judgments and even bankruptcy. Because of this one is labeled as a bad debtor. To help you out in these adverse circumstances, there are bad credit loans.



Bad credit loans are specifically tailored for those who are facing a financial crisis.

Earlier, people with a bad credit history were denied of getting loans. But now the scenario has changed. The borrowers can use money drawn from the loan for different purposes. Some of these include debt consolidation, home improvements, meeting wedding expenditure, purchasing a car or house.

Bad credit loans can be opted in any of the two forms- secured or unsecured.

Your home,...

Bad Credit Loans ?A Remunerative Base For All Financial Troubles
Financial planning > Bad Credit Loans ?A Remunerative Base For All Financial Troubles

How Much House Can You Afford?

Your mortgage calculator says: probably a lot less than your mortgage banker says you can.Sometimes you can qualify for a loan but you should not accept it. Why? The monthly payments are more than you can afford. There are lots of laws in place at the state and federal level to protect customers against predatory lending, but there are still many customers around who will find that six months to a year into their loan they might have to give up their house. They cannot afford the upkeep, insurance and mortgage payments. Your mortgage banker is giving you an estimate of how much they think you can afford, typically based on raw numbers such as your credit score, income, and available cash.

What is not included in this equation is the human factor:
Your spending habits.
One way to quickly look into your financial future is to use a mortgage calculator.Take an independent inventory of your financial situation before you approach your mortgage broker, then compare...

How Much House Can You Afford?
Financial planning > How Much House Can You Afford?

Twelve Deadly Mistakes Real Estate Investors Make

Twelve Deadly Mistakes
Real Estate Investors Make
and How You Can and Must Avoid Making Them

Mistake # 1. Spending thousands of dollars buying books, tapes and attending seminars and then putting all of that information on a bookshelf and never looking at (or using) it.
Comment: I'm continually amazed at the number of "would be" investors who have spent a bundle of money attending seminars, getting an education and then never using it to start
their investment program. Not only is it a waste of thousand of dollars but it could be the biggest financial mistake you can make.

Mistake # 2. Failure to learn the basics of real estate investing.


Comment: The other extreme to Number 1 above, are potential investors who realize real estate is the best way to accumulate wealth and venture into the purchase of properties without knowing the basics of real estate investing. Those investors are almost certain to get into...

Twelve Deadly Mistakes Real Estate Investors Make
Financial planning > Twelve Deadly Mistakes Real Estate Investors Make

Warning...Local San Ramon, California Mortgage Brokers Finally Reveal the Insider Secrets Other Mortgage Brokers Don't Want Consumers to Know About Obtaining a Mortgage

(ContentDesk) July 21, 2006 -- Local San Ramon Mortgage Lenders Ed Jeffry & Luke Currier reveal the shocking truth at a new website that is full of free reports and free mortgage calculators. "The only way for consumers to make an educated decision is to have all of the facts. Let's face it most consumers are simply uneducated when it comes to obtaining the best mortgage product to fit their financial needs and goals," says Ed Jeffry, a mortgage originator based in San Ramon, California. Luke Currier agrees and adds, "For most consumers a mortgage is the single largest financial transaction they will make during their lifetime.
In fact, most mortgage payments account for approximately 32% of consumer's monthly income."Ed Jeffry & Luke Currier have put together a new website to finally allow consumers the ability to obtain all of the information they need to make an informed decision.Here is a listing of some of the insider tips available at Warning...Local San Ramon, California Mortgage Brokers Finally Reveal the Insider Secrets Other Mortgage Brokers Don't Want Consumers to Know About Obtaining a Mortgage
Financial planning > Warning...Local San Ramon, California Mortgage Brokers Finally Reveal the Insider Secrets Other Mortgage Brokers Don't Want Consumers to Know About Obtaining a Mortgage

Controversial Issues to be Addressed at Second Annual Industry Summit in Chicago

Bryn Mawr, PA (ContentDesk) October 31, 2005 -- A spirited debate on state versus federal regulation of the insurance industry, and the emerging life settlement business will highlight the Second Annual Industry Summit and Breakfast on December 5.
The event is co-sponsored by The American College Alumni Association and The American College Center for Ethics in Financial Services.
A distinguished panel of experts will discuss the profound changes proposed federal charters and regulation would have on the financial services industry.
The life settlement business has been a growing sector in the financial services industry.
The panel of experts will also address the profound moral and ethical considerations inherent with this growing field.In addition, commission disclosure is always a source of intense debate.

At issue are the consumers expectations of full disclosure versus the agents right to privacy regarding their income.Panel participants...

Controversial Issues to be Addressed at Second Annual Industry Summit in Chicago
Financial planning > Controversial Issues to be Addressed at Second Annual Industry Summit in Chicago