WealthBeing

What financial lessons are your children learning from you? Kids notice how money is used around the household, andrely on adults to help them learn good financialbehaviours. This week we welcome back Lorena Milkert, Director of Retail and Business Banking at Island Savings, to talk with Derrick and Travis about the habits, tricks, and simple practical lessons that set kids up for a stress-free financial future. 

1:50–Money Problem:Travis’ clientswanted to help their daughter during a financial pinch, without giving her a handout. 

4:30– Expert Examination:Derrick, Travis, and Lorena cover financial literacy topics that are important for kids, teens and young adults – including the tricks they use in their households to be successful. Listen for:  

• why parents need to be conscious of their children’s financial literacy; 
• what lessons are appropriate for children as they grow up; 
• ways to help kids understand saving, credit, and spending; 
• how transparent to be with your own household finances; 
• common financial lessons that are often overlooked; 
• easing back from financially supporting an older child. 

20:30– Weekly Financial Fix:Travis has two suggestions to make talking about money a regular habit and helping children understand the role and impact of money. 

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 ways thatwe spend money make an impact on our world – and that includesour investment decisions. Are your savingssupporting companies who share your environmental, social, and governance (ESG) values? Ahead of Earth Day 2020, Derrick and Travis welcome a special guest, David Rutherford, from NEI (Northwest & Ethical Investments) to share his vast experience in Responsible Investing. Listen to their conversation to learn how your investments can be rewarding for both you and the well-being of people and our planet. 

1:50–Money Problem:Travis’ clients from the Gulf Islandswanted to invest in a way that matched their values, but they struggled to access Responsible Investments that fulfilled their goals. 

4:30– Expert Examination:Derrick, Travis, and David Rutherford (NEI)simplify the category of Responsible Investing and help you understand why and how they can make a difference in your life. Listen for:  

• understanding what comprises a “RI” (Responsible Investing), and “ESG” factors; 
• the drivers and growth behind Responsible Investing; 
• the various types of Responsible Investments you can choose from; 
• how companies are vetted and confirmed to be a “Responsible Investment”; 
• influencing companies through your investments; 
• performance promises: traditional versus responsible investing; 
• how to become a Responsible Investor. 

20:30– Weekly Financial Fix:take the first steps to become a Responsible Investor. 

Every day, we talk to people who are facing a new financial crunch due to the COVID-19 pandemic. The numbers just aren’t adding up like they usually do. This week, Travis and Derrick invite Annie Nolan, an expert in budgeting,onto the show to share the strategies that she recommends her members use to get through a financial crunch-time. 

2:20–Money Problem: Derrick’s client had some significant life changes and, despite her careful planning, she realized she was running short on savings. . 

5:30– Expert Examination: Annie Nolan, a Senior Financial Advisor at Island Savings who has specialties in lending, planning, investments and holisticadvice, joins Derrick and Travis to explain strategies that work to save money and avoid making a tax mistake. Listen for:  

• how to recognize when you’re in a financial crunch; 
• small changes you can make to refocus your budget; 
• what to do if you need significant financial help; 
• the help you can ask for from Island Savings; 
• communicating and supporting others who need financial help or who are making changes. 

20:30– Weekly Financial Fix:if you’re facing a financial crunch, Travis has some recommendations to help you find sources of income. 

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. 

Do you rush through your taxes, thinking it’s just a “simple return.” Think again.This week, Travis and Derrick have invited Doug Lawson, an expert in Canadian and US taxes, into the studio to discuss how government budgets, life changes, and common mistakes could be costing you money. 

0:50 –Money Problem:Travis’ clients held most of their assets and income under one spouse’s name. They were exposed to a high tax bracket and hadn’t considered the implications in their financial plan. 

1:50– Expert Examination: Doug Lawson, accountant from Hutcheson & Company joins Derrick and Travis to explain strategies that work to save money and avoid making a tax mistake. Listen for:  

• most common tax questions to ask and mistakes to avoid; 
• how changes in 2020 Federal and Provincial budgets affect individual taxes; 
• why you might want to talk to a CPA before filing; 
• defining a tax “dependent;” 
• how to use RRSPs to save money; 
• tax strategies for retirees and seniors to consider. 

22:00– Weekly Financial Fix:use Travis’ tip andfind out how to use RRSPs to lower your tax bracket. 

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. 

According to Cyber Security expert, Ryan Smith, 50% of Canadians will likely be targeted by someone trying to commit fraud. It’s not always easy to detect and the fallout can be serious.This week, Ryan joins Travis and Derrick to bring you simple advice about how to recognize, prevent, and recover from fraud. 

1:10 –Money Problem:A phone call to Travis’ client caused panic and exposure to identity theft. 

1:50– Expert Examination: Ryan Smith, manager of Island Savings IT Cyber Security team,joins Derrick and Travis to reveal seemingly innocent ways we’re targeted every day – and how to foil the frausters. Listen for:  

• prevalent and common types of financial fraud to bewareof; 
• how to recognize fraud and “human hacking”(social engineering); 
• why you could be targeted – and why you should care; 
• simple habits to protect your identity and financial health; 
• recovering from a financial fraud attack; 
• looking out for vulnerable family members; 
• your financial institution is on your side. 

22:50– Weekly Financial Fix:take a minute to secure your online credentials. Travis recommends a service to help you stay safe. 

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. 

“We’re in unprecedented times in the markets.” It’s a phrase that Travis has been hearing a lot lately. Does he agree? Listen as he and Derrick dig into the volatile economic circumstances we’re experience as a result of COVID-19, and garner time-tested strategies for managing your investing and maintaining your financial health as change thunders around us. 

1:15–Money Problem:It was in the middle of hard economic times when Travis’ clientsstruggled to escape investor panic. 

2:10– Expert Examination: Travis and Derrick take you through all the financial considerations, worries, and expectations to keep in mind when making investment decisions during uncertain economic periods:  

• truth or fiction: these are unprecedented financial times; 
• defining a “bear market;” 
• why markets shift down; 
• searching for the market bottom; 
• advantages of dividends and dollar cost average investing; 
• recognizing and responding to market panic; 
• opportunity and investment adjustments in a down market; 
• investing excuses to ignore. 

19:50– Weekly Financial Fix:you’ll feel a different level of financial stress today and in the near future. Travis has a challenge to help you set aside some of that worry. 

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. 

It’s almost International Women’s Day, and Travis and Derrick welcome Karen Witowski, Island Savings Branch Manager,to talk about the financial challenges that affect women. It’s likely that you or someone you know will encounter one of these hurdles, so use the simple advice from our three experts to prepare, manage, and feel confident about your financial health. 

0:55–Money Problem:Travis’ client had financial obligations in all corners of life and needed some help to manage all her needs and goals. 

1:45– Expert Examination: Derrick, Travis and Karen outline the common financial concerns that specifically affect women:  

• options to thrive given wage disparity or income challenges; 
• financial implications of working - or not - while raising children; 
• being financially prepared for a longer life than a partner; 
• advice and inspiration for women to take charge of their financial future; 
• the financial demands on women who are in the “sandwich generation;” 
• protecting seniorwomen from financial vulnerabilities. 

21:00– Weekly Financial Fix:getting approved for a mortgage requires good credit; Travis challenges you to get up to speed with your current credit rating. 

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. 

Even seasoned property owners will learn something on this week’s WealthBeing episode. Travis and Derrick welcome Island Savings Branch Manager, Dan Adair, to simplify many of the complex questions we get from people who want, or have, a mortgage. 

1:30–Money Problem:Derrick’s client made a no-conditions offer on a rental property. Unfortunately, financing wasn’t as simple as his client expected. 

4:45– Expert Examination: Derrick, Travis and Dan help you understand what is, and isn’t so, simple when it comes to buying property:  

• which interest rate term to choose; 
• how the “stress-test” affects your mortgage qualification; 
• re-financing strategies to get more money or lower your payments; 
• differences between buying rental and primary residence properties; 
• tax-deduction strategies for rental properties; 
• how to move (“bridge” or “port”) your mortgage to a new property; 
• what happens when you want to exit a mortgage contract early; 
• advice for managing a construction mortgage; 
• two houses, one mortgage – interalias explained; 
• what to do before you apply for a mortgage; 
• how to reduce or avoid mortgage insurance; 
• renting as a retirement strategy. 

22:18– Weekly Financial Fix:getting approved for a mortgage requires good credit; Travis challenges you to get up to speed with your current credit rating. 

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 you and your partner don’t see eye-to-eye about money, you’re not alone. Most people in a relationship report feeling stressed and having perpetual arguments about spending habits and savings goals. On this episode of WealthBeing, Travis and Derrick ask Richard Routledge, family therapist and clinical supervisor at Arbour Counselling Centre to help us understand why couples struggle to maintain financial peace.

1:45 – Money Problem: Travis’ clients were constantly fighting over money. One a spender, the other a saver. Conflicts often arose during financial planning meetings.

2:22 – Expert Examination: Derrick, Travis and Richard discuss what’s behind common financial conflicts between partners: 

• why the subject of money leads to conflict between couples;
• perpetual conflicts related to finances;
• the politics of shared finances;
• handling conflict around money habits;
• the role of gender and power on financial behaviour;
• getting past differing financial expectations;
• book recommendations from Travis;
• how to talk about money with your partner;

22:18 – Weekly Financial Fix. A couples challenge to help you recognize what’s working, and what needs some work, when it comes to your finances.

If you have an un-diagnosed financial concern or want to better understand a financial subject, send us a question and we will consider it for a future episode. You can reach Travis and Derrick at [email protected] or visit islandsavings.ca/wealthbeing

We all think we’re pretty good at sharing. We’ll split a dessert or lend a garden rake with no questions asked. So why does combining our finances with a partner lead to confusion and frustration? Most of us will someday need to change our financial habits, disclose our debts, and establish shared desires to support a family. On this episode of WealthBeing, Travis and Derrick welcome a special guest, Dan Adair, Manager of Island Savings Brentwood Bay branch, for a conversation about taking the chaos out of family finances.

:40 – Money Problem: Derrick’s clients were overpaying in monthly banking fees due to disconnected account management.

2:06 – Expert Examination: Derrick, Travis and Dan discuss the best strategies that families can use for financial management:

• combined or individual finances – what’s the best route?
• how to be transparent with your partner about money;
• developing spending strategies for small to major purchases;
• achieving financial goals together;
• dealing with a change in employment;
• child-rearing financial phase;
• keeping frivolous spending in check;
• family-focused emergency fund;

22:50 – Weekly Financial Fix. Establish a “minimum wear” standard for all the clothing you buy.

To send comments, feedback, or a question that you would like Travis and Derrick to answer, email [email protected]

Subscribe to WealthBeing in any podcatcher to listen to previous episodes.