WealthBeing

There have been many times in 2020 when we’ve heard people say: “I wish I had been better preparedfinancially to deal with this emergency.”We’re optimists too, so we understand that planning for the unknown is often sacrificed for more fun ways to spend money. That’s why Derrick and Travishave askedIsland Savings' Senior Financial Advisor, Stephanie Brownlow, to share the advice that she gives her members – and uses herself – to protect their financial health. 

1:10–Money Problem:When the pandemic pushed the markets down, many of Travis’ clientswho were drawing RIF payments were in danger of losing a greater amount of their savings. 

2:30– Expert Examination:There are seven simple ways to add resilience to your financial health:  

• Lesson 1: our budgets aren’t stress-tested. 
• Lesson 2: we carry too much debt. 
• Lesson 3:we can do more things for ourselves! 
• Lesson 4:we’re probably spending too much on fun. 
• Lesson 5:we panic too easily. 
• Lesson 6:we've left our legacy unplanned. 
• Lesson 7:we're not using all the tools our financial institution offers to help us. 

22:30–Weekly Financial Fix:Travis’ challenge this week will help you break the cycle of scrambling for help when the next emergency surprises you. 

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. 

2020 hasn’t turned out the way business owners had planned. Because of the COVID-19 pandemic, many companies spent the past few months operating on 50% of their revenue (on average) - and have encountered numerous operating inefficiencies. To understand the outlook for businesses, and the actions that owners can take in respoinse, Derrick and Travis invite Island Savings' Regional Manager of Business Banking, Jesse Honkanen, to discuss business-not-usual. 

1:20–Money Problem:Derrick tells us about the financialissues that a local business owner uncovered when the COVID-19 pandemic interrupted their out-of-date operational practices. 

4:10– Expert Examination:Business owners are not sure what to expect for 2020, so Travis, Derrick and Jesse consider the opportunities and pressures that companies may need to contend with:  

• The financial outlook for businesses over the next year. 
• Finding financial efficiencies. 
• Do franchisees have an advantage? 
• (Re-)structuringa business budget for the next twelve months. 
• How to use online infrastructure to optimize operations. 
• Starting a new business amid the pandemic. 
• Is borrowing a good bridge to survive the economic slowdown? 
• Strategies to expedite business income. 
• Supporting your staff’s financial needs. 

22:30–Weekly Financial Fix:Travis suggest an affordableway forbusinesses to adapt to today’s online consumer needs. 

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. 

Philanthropy may be a ten-dollar word, but you can start giving back with even less!This week, Derrick, Travis, and our guest expert Chris Waddell, discuss how anyone, with any budget, can provide financial support and help other people thrive.Listen for theirpersonal giving strategies and the advice they offer Island Savings members to make philanthropy part of a financial plan. 

1:30–Money Problem:Travis’ client dreamt of supporting three different charitable causes, but wasn’t sure how – or if – he could pull them all off. 

5:20– Expert Examination:A financial strategy that’s simply good for your heart and easy on your pocketbook.Travis, Derrick and Chris make it easy to be a philanthropist:  

• What it means to be philanthropic. 
• How to know which organizations to support. 
• How Island Savings makes it simple for members to help communities. 
• Ways to fit charitable giving into any budget – Travis’ “Three P’s” 
• The tricks of giving “in-kind.” 
• Donating with every point-of-sale purchase: Big Change 
• Win-win tax strategies when you give back. 
• How to create a bursary program. 
• Economic philanthropy: “Get a Meal, Give a Meal.” 

22:30–Weekly Financial Fix:Travis has a suggestion to trade your regular summer spending for somethingthat will make even bigger memories. 

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. 

Would you recognize financial abuse if it was happening to an elderly person in your life – or to you? Financial scams, theft and fraud targeted at seniors is an everyday problem, and as we approach World Elder Abuse Awareness Day (WEAAD), Derrick, Travis and Kevin Haarhoff, their colleague in Corporate Security at Island Savings, tell you about some of the most common crimes to look out for – and what to do if you or someone else is targeted.

1:40 – Money Problem: Derrick noticed some strange activity in an older member’s account when a family member steps in as Power of Attorney.

3:00 – Expert Examination: Financial abuse against seniors takes place in dozens of ways. Travis, Derrick and Kevin diagnose the warning signs and consequences: 

·        Why Island Savings takes an interest in World Elder Abuse Awareness Day.

·        The “Grandparent Scam.”

·        “Friendly” financial fraud.

·        Avoiding electronic threats.

·        Risky “romance” scams.

·        Ensuring your information stays safe.

·        Red flags for financial abuse.

·        How to get – and give – help when financial abuse is suspected.

22:40 – Weekly Financial Fix: You only need an hour this week to take Travis’ challenge. Open up the lines of communication with a senior in your life.

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.

You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.

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

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 e

In most marriages, finances are often completely intertwined. Going from “ours” to “yours or mine” as part of a separation or divorce can be a thorny process. 38% of Canadians end their marriage every year, and this week, Travis and Derrick – along with our guest, Island Savings Senior Wealth Advisor, Chris Gerow –are going to simplify what you need to know about managing finances and assets while going through a separation or divorce. 

2:30–Money Problem:When Travis’ client was ending her marriage, she was facing some complex financial decisions. She never needed to worry about the finances during her marriage – and now, she was solely responsible for her financial future. 

4:30– Expert Examination:Travis, Derrick and Chris help you understand what you need to do, when to be cautious, and how to protect your pocketbook when splitting up your shared finances:  

• How to identify which assets are worth fighting for. 
• Avoiding emotional decision-making. 
• Un-linking your accounts and investment assets at the right time. 
• Creating your own credit. 
• Safeguarding your income. 
• Avoiding tax troubles. 
• Special considerations for “grey” divorcees. 
• Common financial disputes. 
• Being a financially-savvy single. 

23:00–Weekly Financial Fix:The first, critical step to simplify the process of your separation or divorce. 

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. 

Like any relationship, you want to choose your financial advisor carefully. Trust is important – you’re going to be sharing a lot of personal information with your advisor. And you should know they have your back when it comes to making the best financial decisions.We’re extra excited this week to welcome two experts of a different kind to the show. Travis and Derrick talk with Bill and Joanne Moffatt, clients of Travis’, about how to find and foster an excellent advisor-client relationship. 

1:45–Money Problem:Travis, new arrived to Vancouver Island, inherited a client who was deeply unsatisfied with his advisory experience. Travis only had one chance to try and make things right. 

4:00– Expert Examination:Travis, Derrick, Bill and Joanne discuss the most important aspects of creating the best advisor-client relationship:  

• What to expect a financial advisor to do for you. 
• What your financial advisor expects (and needs) from you as a client. 
• Achieving synergy in the advisor-client relationship. 
• How to know if a financial advisory is trustworthy. 
• The best qualities too look for in a financial advisor – and red flags to avoid. 
• What to do if you and your advisor have a difference opinion. 
• Can your friends be your financial expert? 
• Identifying an advisor-client relationship that’s not serving your needs. 
•  

23:00–Weekly Financial Fix: Travis has a simple way for you to evaluatethe success of your relationship with your financial advisor. 

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. 

If life changed tomorrow, would your financial future be taken care of?May is Leave a Legacy month, which has Travis and Derrick thinking about how to ensure a secure financial future. This week, we are joined my Nima Rohani,Partner at McConnan Bion O'Connor & Peterson Law Corporation,to discuss the key questions and choices we all need to consider when planning for our legacy. 

2:00–Money Problem:Travis’ client was struck by a medical emergency and there was no one assigned to take of his needs. Everything would go to the government to manage – unless they could find a solution. 

3:10– Expert Examination:Travis, Derrickand Nima Rohanisimplify how to create a will and Power of Attorney:  

• How a will and Power of Attorney (POA) affect your financial health; 
• Which do you need: a living will, last will or Power of Attorney? 
• What happens to your finances if you are incapacitated; 
• Is your last will really the final say? 
• When to include – or not to include – your family in the process; 
• How to choose an executor, Power of Attorney, and witness for your estateplans; 
• Creating air-tight plans for your legacy. 

22:20–Weekly Financial Fix:This week, Travis has a tip to make sure the legacy plan you have today is what you want – and what works – for tomorrow. 

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. 

Summer is one of the most expensive times of year. Most Canadians plan to spend over $3000 on vacation alone. Include higher prices on fuel and food, and it’s easy to come out of the season with debt. This year, we want to take a more thoughtful approach to summer spending, and that’s why Travis and Derrick have asked Dan Adair to return to WealthBeing for a conversation about having a fun – yet frugal – few months. 

1:45–Money Problem:Derrick’s client had big dreams – but a small budget - for his summer recreation project. Was it worth some debt or was there a better solution? 

3:00– Expert Examination:Travis, Derrickand Dan discuss the spending traps to be aware of during the summer and the best strategies to play now without paying later:  

• Why “summer spending” deserves special consideration in your budget. 
• How your spending is influenced by the weather and work patterns. 
• Avoiding end-of-season debt. 
• Purchases that add up in the summer. 
• Ways to have it all – a fun and memory-making summer without digging into savings or credit. 
• Not travelling this year?Options to use those savings instead. 

23:00–Weekly Financial Fix:Travis challenges you to save your money for fun by getting your hands dirty. 

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. 

They promise fast money, easy money, the final solution for your financial woes – but are the strategies you’re using to save or make money a good idea? Maybe. Travis and Derrick have a list of the most common financial schemes to dissect – and hacks they recommend –to achieve your goals. 

1:20–Money Problem:Derrick’s client had to decide the best investment for his inheritance – a trendy opportunity or the typical option. 

2:30– Expert Examination:Travis and Derrickreveal the good, bad and grey areas when it comes to these common financial fads:  

• “Couch-potato”money-making 
• “Envelope”expense-management 
• Trendy FOMO investments 
• The Endorsing “Expert” 
• The “Rule of 72” 
• Robo-advising 
• A note so “gold”-eninvestment rule 
• Day-trading 
• Flipping the coin on Real Estate investing 
• Is home-equity the ultimate account? 
• ETFs (Exchange-traded funds) 
• Financial hacks: credit card points programs; $2/wear foryour wares; rounding-up to save “Big Change” 

23:00–Weekly Financial Fix:Travishas a simple challenge that could save you from falling prey to a financial fad. 

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. 

The best time to plant an oak tree is twenty years ago; the second best time is today.” Our financial lives don’t end when we pass on, they transfer to those we leave behind. May is “Leave a Legacy” month, and Travis and Derrick have invited Ted Noakes, Life Insurance Advisor, Wealth Protection and Estate Planning Specialist to the show to talk about creating an estate plan for the financial legacy you imagine. 

1:12–Money Problem:A property inheritance that came with complications. 

2:00– Expert Examination:Derrick, Travis, and Tedreveal the various ways to create a legacy plan that brings peace to everyone involved. Listen for:  

• the most common Legacy wishes; 
• what factors should be included in your Estate and Legacy plan; 
• Estate planning misconceptions you want to avoid; 
• who gets what? Deciding how to distribute an inheritance; 
• how to choose the best executor and Power of Attorney; 
• why business owners need an estate plan; 
• the advantage of using life insurance to pass-along wealth; 
• including charitable causes in your Legacy plan; 
• the process of Estate planning. 

22:40–Weekly Financial Fix:Travisrecommends an important step to ensure your Legacy wishes are followed. 

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.