WealthBeing

Whether you want to help yourself or others be better with money, the time you invest in scaling-up your financial expertise has great value. For our conversation during Financial Literacy Month, Derrick and Travis are talking to Island Savings’ Branch Manager, Brooklyn Mann, about how – with a little effort – anyone can become an expert in their own finances or as a career path.  

1:00 Money Problem: After receiving a LinkedIn message, Derrick’s advice to an eager graduate helped him accelerate his financial expertise and his career. 

3:30 Expert Examination: Travis, Derrick and Brooklyn discuss how they developed their financial expertise and the strategies that others can use to expand their knowledge: 

• What it means to be an expert in your own finances, and why it’s the right time to take action. 
• Are financial experts naturally talented at math? 
• Resources that can expand your expertise over your money – and how to identify good sources of information. 
• How Brooklyn, Derrick and Travis became professional financial experts. 
• What you need to know to build a career in banking and investments. 

23:50 Weekly Financial Fix: This week, Travis has an easy task that will connect you with a resource to further your own financial expertise. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

No one is an expert at everything – but how skilled are you at making financial decisions? It’s Financial Literacy Month, and this week our WealthBeing hosts are talking with Island Savings’ Branch Manager, Evan Yuan, about what it means to be “bad” with money – and how to make confident, wise decisions instead. 

1:40 Money Problem: When Derrick heard about a new clients’ financial history, he discovered that his awareness and mindset about money was preventing him from even trying to reach his financial goals. 

4:15 Expert Examination: Travis, Derrick and Evan identify the signs of poor money habits and strategies to be “good” with your money: 

• Why people think they are “bad” with money. 
• Identifying poor money habits. 
• How to make financial decisions that serve you well. 
• Resources to self-coach yourself into smart money management. 
• How a financial advisor can kick-start your financial wellbeing. 
• Recovering from a financial failure. 

23:15 Weekly Financial Fix: Travis has one easy way to be good with your money – and avoid temptation – this week. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing , or at [email protected], and we will consider it for a future episode. 

One of the best ways to become more financially savvy is to learn about what has worked for those who have reached the same goals. This week, our WealthBeing hosts are giving you a review of six books by well-known financial experts on topics from personal finances to building wealth. Listen to find out how  these books will help you improve your financial literacy. 

1:15 Money Problem: When Travis’ client suddenly had to take over the family finances, she needed a solid influx of know-how. 

2:30 Expert Examination: Derrick and Travis discuss how a book can uplift your financial knowledge: 

• Financial book review: “Happy Money: The New Science of Smarter Spending” by Elizabeth Dunn and Michael Norton. 
• Financial book review: “Financially Ever After: The Couples' Guide to Managing Money” by Jeff D. Opdyke. 
• Financial book review: “Think and Grow Rich” by Napoleon Hill. 
• Financial book review: “The Richest Man in Babylon” by George S. Clason 
• Financial book review: The Snowball: Warren Buffett and the Business of Life” by Alice Schroeder. 
• Financial book review: "One Up on Wall Street” by John Rothchild and Peter Lynch. 
• Where to find and how to choose a good financial read. 

28:00 Weekly Financial Fix: Travis encourages you to explore financial literacy that will help you achieve your goals. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

It’s Financial Literacy Month during November, which means that it’s time to examine some topics that help people become much more savvy about their money. One of the best skills that you can have is the ability to seize the right financial opportunities. This week, Travis and Derrick have invited Blake Ellis, Investment Advisor for Credential Securities and Senior Wealth Advisor at Island Savings Wealth Management, to talk about their experiences and expertise when it comes to evaluating the good, bad, and unknown of a financial opportunity. 

1:20 – Money Problem: Travis’ client inherited more money than they ever had before. The opportunities for real estate versus stock investments abounded and they couldn’t make the right choice on their own. 

3:40 Expert Examination: Derrick, Travis and Blake pull back the curtain on their own successes, challenges and the principles they’ve learned to find good financial opportunities: 

• Financial opportunities that turned out well. 
• Decisions that didn’t pay off. 
• Missed opportunities. 
• Types of financial opportunities you’ll likely encounter. 
• Red flags for a poor investment opportunity – and the signs of a diamond in the rough. 
• How to get off the fence about a financial opportunity. 
• Bouncing back from a financial fail. 
• Understanding your risk tolerance. 
• How to position yourself for a good financial opportunity. 

29:15 – Weekly Financial Fix: With a little reflection on past hits, misses, and fails, Travis has a task to help you prepare for a winning future financial opportunity. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

When it comes to your financial health, sometimes it pays to be afraid. From creeping interest rates to being haunted by poor decision-making about managing your money, the are many financial boogeymen to avoid. This week, Travis and Derrick are talking about some healthy financial fears with one of Island Savings most established financial experts, Ruth Saunders, Assistant Manager at our Mayfair branch. Take heed of their advice and you’ll live with less financial fear. 

1:30 – Money Problem: Derrick met a couple who came into a significant amount of money, but they still lived in financial fear. Not for their own wellbeing – they were afraid for their kids who hadn’t learned how to protect their financial health. 

4:00 Expert Examination: Derrick, Travis and Ruth uncover specific financial situations that should be cause for concern – and how to avoid getting caught in the trap: 

• Having enough spending control. 
• Thinking a bad credit score is no-big-deal. 
• Planning only as far as the next paycheque. 
• The good and bad of living on borrowed money. 
• Investment fears for the ages. 
• The scary consequences of not knowing your tax situation. 
• How to “insure” you have fewer financial fears. 
• Kids, parents, inlaws – should we be afraid of financial dependencies? 
• Avoid compounding fear about retirement income. 

29:50 – Weekly Financial Fix: It may be simple, but Travis’ advice this week will inspire you to eliminate your financial fears by focusing where it matters most. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Most of the money you save is likely to be spent when you’re enjoying your retirement. But not all our goals are decades away. This week,Travis and Derrick have invited Justin Paniak, Wealth Planning Specialist at Island Savings, to help us evaluate short-term investment options that you can use to grow your money: 

1:30 – Money Problem: Travis’ client had some cash in-hand and a desire to quickly pay-off their mortgage, but needed help to avoid losing money to penalties. 

3:30Expert Examination: Derrick, Travis and Justindive into the pros and cons of your short-term investing options: 

• What classifies an investment as “short.” 
• Good reasons to invest your money for a short amount of time. 
• Taking a close look at the types of short-term investments you can choose: GICs, real estate, currency, money market accounts, gold and silver, regular savings accounts. 
• Tax implications of short-term investments. 
• Strategic ways to include short-term investments in your portfolio. 

23:00–Weekly Financial Fix: Travis has a recommendation that will help you put to work any money languishing in a short-term investment. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

You’ll find plenty of pearls of financial wisdom from celebrity gurus. But how much weight should you give their recommendations about saving, spending and investing? This week, with the help of our debate moderator Annie Nolan, a Senior Financial Advisor at Island Savings, our regular hosts dispute the financial advice from five popular personalities. Will you agree with Travis or Derrick on these important motions:

• Is Bruce Sellery correct that you should avoid investing in gold?
• Do we agree with Suze Orman that co-signing a loan is a no-no?
• Should we follow Tony Robbins advice and make protecting our money the first priority?
• Would Dave Ramsey’s financial advice be the best way to eliminate debt?
• Kevin O’Leary only invests in dividend-paying stocks – should you?

22:50 – Weekly Financial Fix: Travis has three questions to ask yourself to validate the financial advice from a celebrity guru.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager(CIM), Fellow of the Canadian Securities Institute(FSCI) and a Chartered Strategic Wealth Professional(CSWP).
 
Travis specializes in working with Island Savings members who are US citizens and transferring American assets to Canada. He has extensive experience in retirement income and estate planning and enjoys helping members find ways to maintain a steady income when they are no longer working.

Derrick Sketchley

Branch Manager, Island Savings, Westshore

From work to play, Derrick is always helping people live well. As manager of Island Savings' Westshore branch, he leads a team to help members become educated and feel confident about their financial picture. Throughout his eight-year career in the financial industry, Derrick has helped people understand how to set and meet goals that take care of their immediate needs, family finances, long-term aspirations, and retirement. He believes that simple financial planning starts with trusted advice, and leads to a more fulfilling life.

Derrick's desire to help others thrive extends well beyond his workday. From a young age he involved himself in the community as a volunteer firefighter, Big Brother, advocate for BC Children's Hospital, lead fundraiser for the United Way, and by teaching financial literacy to local schoolchildren. 

Ask Derrick for help and he'll give you 110%, believing that the result of his effort will pay-off in multitudes. Whether he is helping his family, friends, or Island Savings' members, Derrick is always happiest when he's making a difference. He believes that a strong community leads to stronger, happier individuals. 

Do darker days and rainy mornings have you dreaming of fleeing Canada to a warmer climate for a few months? This week, Travis and Derrickinvite Doug Lawson, a professional accountant with Hutcheson & Co., to talk about the financial factors that you need to know before becoming a snowbird. 

1:00Money Problem:Travis’ clients were enjoying so many days as snowbirdsthat they were incurring some financial risk. 

2:30Expert Examination:Derrick, Travis and Douginvestigate the financial planning you need to do to enjoy a snowbird lifestyle: 

• What it means to live like a snowbird and why fly south for winter. 
• How the substantial presence test could complicate your tax situation. 
• Managingassets and tax filings in two countries. 
• Making sure you can easily access your income when living in the US. 
• Will you spend more or less on living expenses as a snowbird? 
• Is extra insurance necessary when living part-time outside Canada. 
• The best strategies to manage property in two countries. 

23:20–Weekly Financial Fix:A simply phone call that can protect your property and financial health. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

How has your thinking about investments changed over the years – or even this year? Our risk tolerance never stays the same, and this week, Travis and Derrick continue a conversation with Yufei Man, Director of Asset Allocation and Investment Strategy at Northwest and Ethical Investments, about how to make the best investment decisions in 2020 and beyond.

2:00 Money Problem: Like many people in 2020, Travis’ client was getting cold feet about keeping his money invested this year.

3:45 Expert Examination: Derrick, Travis and Yufei Man dive into how our mindset can help or hinder our investment efforts:

• Pros and cons: investing in guaranteed investments only.
• Willingness and ability – how to discover your own risk tolerance.
• Why you’ll always be behind trying to “time the market.”
• The market outlook for 2020 and 2021.
• Will Canada’s debt burden drown market growth?
• Managing the mental stress of changing markets.     

23:20 – Weekly Financial Fix: If the markets are messing with your positive outlook about investing, Travis has an easy suggestion to restore your confidence.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager(CIM), Fellow of the Canadian Securities Institute(FSCI) and a Chartered Strategic Wealth Professional(CSWP).
 
 Born and raised in Kamloops, Travis completed his Bachelor of Engineering degree at the University of Victoria and developed strong ties to the Capital region. Inspired by the work of Warren Buffett and Peter Lynch, he switched paths and turned his hobby and love of investment strategy into a career. Travis specializes in working with Island Savings members who are US citizens and transferring American assets to Canada. He has extensive experience in retirement income and estate planning and enjoys helping members find ways to maintain a steady income when they are no longer working.

Derrick Sketchley

Branch Manager, Island Savings, Westshore

From work to play, Derrick is always helping people live well. As manager of Island Savings' Westshore branch, he leads a team to help members become educated and feel confident about their financial picture. Throughout his eight-year career in the financial industry, Derrick has helped people understand how to set and meet goals that take care of their immediate needs, family finances, long-term aspirations, and retirement. He believes that simple financial planning starts with trusted advice, and leads to a more fulfilling life.

Derr

The way we think about money has a lot to do with our success at building wealth. But making a good decision is difficult when the markets seem to turn on a dime. In part one of this conversation, Travis and Derrickinvite Yufei Man, Director of Asset Allocation and Investment Strategyat Northwest and Ethical Investments,to talk about the factors that affect your investment decisions. 

1:30 Money Problem:In 2008, a couple of Travis’ clients had just retired when the great recession happened. They were losing sleep and wondered if they should sell all their investments to stay secure. 

4:30 Expert Examination:Derrick, Travis and Yufei Mandive into how our mindset can help or hinder our investment efforts: 

• The type of mindsets that lead to investment failure or success. 
• Investment strategies you can use to take advantage of market blips. 
• Why emotional decision-makingleads you toward poor investment decisions. 
• Recognizing normal vs significant market fluctuations. 
• Our mindset on money in 2020. 

22:25–Weekly Financial Fix:Travis has a proactive challenge that will help you eliminate emotional decision-making when it comes to your investing choices. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.