WealthBeing

You’ve saved your money,made a bucket list, and it’s finally time to retire.Are you prepared to flip the switch on your financial plan?This week, Travis and Derrickinvite Island SavingsWealth Planning Specialist, Jamal Al-Hashemi, to talk about how your financial plan and habits change to accommodate your retirement lifestyle. 

1:10Money Problem:When Travis’ clients entered retirement their sources of income changed dramatically, making budgeting a new challenge. 

4:00Expert Examination:Derrick, Travis and Jamal Al-Hashemi talk about how to make sure your money helps you thrive in retirement: 

• Do you need to drastically change your budget when you retire? 
• Two types of inflation to plan for. 
• New expenses to expect, old expenses to forget, and what to do about debt. 
• Managing multiple income sources – when and where to draw money while retired. 
• Tips to minimize taxes. 
• Shifting your investment strategy. 
• How your Financial Advisor can help you prepare for retirement. 

23:00–Weekly Financial Fix:One easy way to adjust your retirement budget is to start with spending. Travis has a challenge this week that can save you money for years. 

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. 

One way to have a happy retirement is to make sure you never have to worry about having enough money.This week, Travis and Derricktalk to Robin Marshall, Director of Wealth Management at Island Savings, about how have a rich retirement lifestyle. 

1:00Money Problem:A couple needed help to know if their income and assets would be enough for them to live their dreams during their retirement. 

2:50Expert Examination:Derrick, Travis and Robin Marshall cover all the factors that will help you live a rich lifestyle when you retire: 

• What it means to retire rich. 
• Knowing how much money you need to retire rich. 
• Expecting your spending to change. 
• Strategies that lead to retirement wealth. 
• How aggressive you should be about saving for retirement. 
• The saving power of staying the course. 
• Making extra income a path to a rich retirement. 
• How a Financial Advisor can help expedite your rich retirement. 

23:00–Weekly Financial Fix:Travis has a simple task that is the first step to retiring rich. 

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. 

Thinking about retirement fills most of us with glee – followed by a bit of uncertainty when it comes to affording our lifestyle. We think that CPP, OAS and company pensions will be there as income options, but just how much financial support can we expect from them? This week, Travis and Derrick invited Island Savings’ Director of Retail Banking, Lorena Milkert, to talk about relying on and making the most of your pension income. 

1:05 Money Problem:Travis was called to help a member who was left with a big pension decision after changing employers. 

3:00 Expert Examination:Travis, Derrick and Lorena simplify one of the most mysterious financial matters: 

• The purpose and longevity of the Canadian Pension Plan (CPP). 
• Canada’s pension “freebie:”Old Age Security. 
• Common types of company pensions, and how to make them part of your total investment plan. 
• Calculating how much money will your pensions provide. 
• How to decide the best time to draw your pensions. 
• What happens with your Government pensions if you are: self-employed; widowed;new to Canada. 
• Can you live on CPP and OAS alone? 

26:40–Weekly Financial Fix:If you’ve changed employers during your career, Travis has a simple task to make sure your pension savings are working as hard as you are to build retirement wealth. 

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. 

Be they short- or long-term we all have some life goals in mind that hinge on our ability to find the money! Travis and Derrick talk to members every day about their dreams and how to afford them, so in this episode, they are examining seven of the most common financial life goals to let you know how to turn the dream into reality. 

1:15Money Problem: A member who was stuck with a negative credit historycame to Derrick for help with a financial life goal he couldn’t manage to achieve. 

2:30Expert Examination:Travis and Derrick share seven stories about how their members and clients achieved financial life goals: 

• Goal: a life of travel! 
• Goal: become a homeowner. 
• Goal: never worry about having enough money! 
• Goal: being savvy at managing money. 
• Goal: improve your credit rating. 
• Goal: using money to make a difference. 
• Goal: retiring young! 

22:25–Weekly Financial Fix:Travis has a simple task that will help you maintain focus and motivation to achieve a financial life goal. 

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. 

One of the best ways to build wealth is to be smart about borrowing money.That’s why Derrick and Travishad a conversation with Stephanie Brownlow, a Senior Financial Advisor – and budgeting guru – at Island Savings. They examine the lending options you’re likely to encounter, how to use them to your advantage, and which borrowing options to avoid. 

1:15Money Problem: Derrick’s client was in a debt spiral and feared bankruptcy would be his last resort. 

3:20Expert Examination:Travis, Derrick and Stephanie Brownlowcompare and contrast lending options that can aid your financial health: 

• Advantages of secured lending. 
• Loans attached to your home. 
• Driving a good deal for an auto loan. 
• Lending options to help you learn. 
• A case for being cautious about payday loans and peer-to-peer lending. 
• Loans that lessen your debt – how get to help with consolidation. 

23:25–Weekly Financial Fix:Travis has a simple tip that could help you pay less loan interest and be debt free faster! 

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. 

When it comes to putting a child through school, the first lesson is really for parents – and grandparents! From kindergarten through post-secondary years, you’ll be presented with dozens of optionsto meet basic needs and provide enriched experiences - most which have a price tag attached. This week, Derrick and Travisasked Island Savings Branch Manager, Dan Adair,back to the show as they examine which factors will help you make affordable education decisions.  

1:15 Money Problem: One forward-thinking student and her grandparent couldn’t see how to make her dream of becoming a nurse a financial reality. 

3:50 Expert Examination:Travis, Derrick and Dan Adair dig into the costs of schooling and provide strategies to manage the expenses: 

• Private school, homeschooling, extra-curricular experiences, etc… What expenses to prepare for from kindergarten through grade 12. 
• Tuition, housing, fun and more! What post-secondary studycould cost. 
• Simple strategies to cut-back on education costs. 
• How to make, find, and borrow money to afford your education. 

29:38–Weekly Financial Fix:There may be money waiting for your child to claim! Travis assigns some homeworkthat you’ll actually want to do! 

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. 

What would you do as the next million-dollar lottery winner? We’re sure you’ve thought about it. You might even have a bucket list ready to go. But when you get a windfall of money, some financial decisions are better than others. This week, Derrick and Travis welcome Island Savings Director of Wealth Management, Robin Marshall, to the show for a conversation about the best ways to use a large influx of cash. 

1:30 Money Problem: Travis’ clients came into an unexpected family inheritance, but the lucky came with a lot of questions to make the most out of the money. 

3:40 Expert Examination: Derrick, Travis and Robin Marshall help you make the most out of a windfall: 

• How might you come into a windfall? 
• Factors that could influence your inheritance. 
• Tax implications and strategies for money you receive as a windfall. 
• Common mistakes people make with large sums of money. 
• Proceeds from a sale of property. 
• Can a legal settlement be a windfall? 
• How to use lottery winnings. 
• Making the most of your work bonus or raise. 
• How life insurance plays a part in your financial health. 
• Paying off debt, investing, giving, spending – the best ways to spend your windfall. 

22:20–Weekly Financial Fix: Travis has a way for you make spending decisions easier. 

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. 

Whether it’s to lower your cost of living today, create a retirement nest-egg – or both! – purchasing an income propertyis a question we get asked about almost daily. That’s why we’re bringing you a two-part conversation with Mike Hartshorne, an award-winning realtor with Royal LePage. (You can listen to Part Onein last week’s episode). We’re sure that, like Derrick and Travis, you’ll be feeling well prepared to decide if real estate investing is for you. 

:50Money Problem: Derrick’s clients had a real estate investing dream - and a lot of debt.But Derrick is never without options to help out. 

1:40Expert Examination: In Part Two,Travis, Derrick and Mike look at more factors that will influence your decision about whether to invest in real estate: 

• What to expect when financing an investment property. 
• Beyond the purchase price – other investment expenses to plan for. 
• Risks of investing in real estate versus market investments. 
• Choosing the best property for making money. 
• Is 2020 the right time to become a real estate investor? 

22:30–Weekly Financial Fix:Travis recommends landlords (or future landlords) take the vacancy test. 

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. 

Your friends do it. Your parent’s do it. You think that yourneighbours are doing it in their own house!These days, it seems like everyone owns a real estate investment. And they’re full of advice about how to make money. But could real estate investing be as simple as it seems? Derrick and Travishave also considered adding property to their portfolios and they’ve decided to talk to someone with lots of experience. This week, listen to Part One of our conversation with Mike Hartshorne, an award-winning realtor with Royal LePage, and find out if it’s a good idea to put your savings into property. 

1:15 Money Problem: Travis’ clients with property in the US were facing a big financial decision that would affect their profitability. 

3:40Expert Examination: In Part One,Travis, Derrick and Mike examine the types of real estate investing you could consider and many factors to help you make an investment decision: 

• Real estate investing versus primary property ownership. 
• Ways to invest in real estate and the financial possibilities. 
• Are you the right person to consider house flipping as an investment strategy? 
• Can the home you live in provide a “suite” solution? 
• Determining how much you’ll earn from your real estate investment. 

Listen next week for Part two of this conversation. 

22:15–Weekly Financial Fix:Before becoming a real estate investor, you need to know the numbers. Travis has a simple challenge that will help you know how much you can expect to make. 

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’ve got to put your financial efforts somewhere – are you better off trying to earn as much money as possible or saving every dollar? Derrick and Travis don’t always agree on this question, so this week, we’re sitting them down for a debate! Hosted by Island Savings' Senior Financial Advisor, Annie Nolan. Which side are you on?

1:05 Opening arguments

1:45 Expert debate: Five motions to answer the question: Which is most important? Earning more or saving more money?

• Motion 1: It is better to spend money for post-secondary education than to save tuition dollars by going directly into the workforce.
• Motion 2: Spending money to earn investment rewards is smarter than saving everything in guaranteed (no risk) terms.
• Motion 3: It is wiser to save money for a purchase than to use credit to buy.
• Motion 4: You can be financially better off buying an insurance policy than by using a savings account.
• Motion 5: Should you save everything you earn for retirement or work for income late in life.

22:40 – Weekly Financial Fix: Earning a little extra income in retirement can be easy and rewarding. Travis has some suggestions to help get you started.

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. 

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.