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Accumulating wealth may seem daunting for many individuals, but it can be achieved with the correct habits1 (Kenny Accent Investing Nov. ’23)

Here are the steps to build wealth:

Monitor finances

• keeping tabs on your finances provides a clear understanding of how you allocate every dollar
• It enables you to gain clarity
• tracking is essential if you aim to build wealth and attain financial freedom

Invest for retirement

As year-end approaches, now is a good time to review your personal finances and take advantage of any tax planning opportunities that may be available for your TFSA before the Dec. 31 deadline1 (CIBC 2023 Year-end tax-tips, Nov. ‘23)

TFSA contributions

Placing non-registered assets into joint ownership with right of survivorship is one of the most common methods of avoiding probate. It can be effective in the right situation. Yet, there are some significant disadvantages with joint ownership that may outweigh the benefits. 1 (Manulife Investment Management Sep.’23)

Disadvantages of joint ownership

Before transferring any assets into joint ownership, there are a few important issues you should consider:

Adding social planning to your financial planning can make a big difference to your health during your retirement. 1 (Lumino Health Jan. ’23)

Retirement is a big life transition. When people leave work, some people let go of a big part of their identity. But preparing for the change can help you thrive. But we often overlook the importance of our social lives as we leave the working life.

Evidence on social connection in retirement

One of the best ways to take charge of your finances is to try and accumulate a healthy savings account. Nobody wants to feel the stress of knowing that they are only a paycheque away from financial calamity. 1 (Rutgers Monthly Finance Message Feb. ’09)

What does the research say about savings?

Many people realize that they have been contributing to CPP for a good portion of their lives but may not be sure when or how much they'll receive at retirement. Here are some facts: ¹ (Manulife Sep. ’21)

Let's walk through what happens to our debts when we pass.¹ (MoneySense March 2023)

Who's responsible for debt after death?

Over the years, I have seen many insurance mistakes. Here is a list of them:

1) Delay putting in place coverage until it is too late. Acquire when you are healthy.

Here are some pointers to help you improve your financial discipline:  ¹ (Kenny Accent Investing Feb ’23)

1) Set Clear Financial Goals

    - goals can help you stay focused and motivated
    - Write them down - they need to be specific, measurable, and achievable

2) Avoid Lifestyle creep