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Managing your money with Lynn Macneill

The Cost of Health: Planning for the Economics of Aging

The Montrealer, May 2024

Naturally, when planning for your long-term financial future, it is clear (especially these days) that we need to consider inflation, or a cost-of-living adjustment, usually somewhere around 2.5% over the long-term. But what can also be very costly, yet is often overlooked, is the cost of aging adjustment. Beginning somewhere in a person’s 30s or 40s, the effects of aging start to appear. It could be some gray hairs, more frequent changes to their eyeglass prescription, or joint aches and pains that weren’t there before. It’s a process we all go through in one way or another, and for some it’s an easier journey than others. Accounting for this inevitable progression through your financial plan can ease the ride, and provide the freedom to make choices that suit your needs best.

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Spring Clean your Finances!

The Montrealer, April 2024

Springtime brings out in many people the urge to clean and refresh. The natural world revives and reinvigorates after the colder winter months. It’s a season that symbolizes starting fresh and starting over. For some, this will mean cleaning out the closet, Tupperware cupboard or even the whole house. For others, it could mean resetting and refreshing their health habits and taking advantage of the extra sunlight and increased energy to get more active. But it’s also a good time to Spring Clean our finances!

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Tax planning…don’t wait until it’s too late!

The Montrealer, March 2024

Generally, tax planning can be far more successful if started early in the year, or even several years ahead, hence why NOW is a great time to start. I’ll assume most readers are already doing “basic” tax planning, so in this article I’ll focus on “intermediate” tax planning strategies.  These should always be discussed with your accountant or financial professional to ensure they make sense for your particular situation.

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Even with lots of money – you can still ‘fail’ at retirement!

The Montrealer, February 2024

Over my 30-year career, I have walked alongside countless clients as they retire. I have been there with the successful ones… and the not-so-successful ones. And again, I’m not talking about money. While there have been the occasional renegades who don’t bother to follow their financial plan, I’m talking about the ones who stuck to a solid financial plan for retirement but had no life plan.

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​​​​​​Everyone Needs a Plan!

The Montrealer, January 2024

“A goal without a plan is just a wish.” This quote by renowned French writer Antoine de Saint-Exupéry describes what many people encounter when they set goals… especially New Year’s resolutions.  Now, the New Year is not only a common time to set new goals but based on the “Fresh Start Effect” it can be an ideal time to set new goals… that is, if you make a plan and commit to it!

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High-Interest Savings Accounts – they’re not all created equal

The Montrealer, December 2023

At Richardson Wealth, as part of our investment management, we regularly use High-Interest Savings Accounts (HISAs). We have a unique advantage as we have access to these accounts from all the major banks and more, so we shop around for the best rates.  The one we’re currently using is paying 5% annual interest. What my experience taught me is that not all “high” interest savings accounts are created equal and that I shouldn’t make assumptions.

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Money & Menopause

The Montrealer, November 2023

I’m sure with a heading like that, I have just lost many of the potential male readers and maybe gained some new female readers. Either way, I’m sure some will simply be curious to see how I will connect the two. In our modern society, advances have been made on two important fronts: mental health awareness and the push for gender parity. Acknowledging the unique nature and challenges of menopause fits into both those goals – and is a crucial consideration when it comes to the financial well-being of women.

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Reality Check: Interest Rates and Mortgage Renewals

The Montrealer, October 2023

The good news is that while there still could be more rate hikes ahead, the biggest increases are behind us. After decades of low rates, many people are not prepared for the reality ahead as their mortgages renew. So here are some things to consider, both to prepare for the “blow” and to manage it. 

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Covid, Inflation, Interest Rates…What’s happening with Real Estate?

The Montrealer, September 2023

Whether you’re a homeowner, a landlord, or a real estate investor, you’ve watched as tides have shifted in real estate. As a “hard asset” often referred to as “bricks and mortar”, real estate has always been considered a safe investment and wise diversifier for investors. Does that still hold true? And are there opportunities to consider?

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Identity Theft: Prevention & Preparedness

The Montrealer, August 2023

dentity theft and fraud have been steadily on the rise in Canada. I’ve written a previous article on ways to prevent identity theft and protect yourself from cybercrime. However, in our highly digitalized world, where technology is used for nearly everything, even the most vigilant can become victims. Scams, identity theft, and cybercrimes can happen to anyone, anywhere, at any time. 

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Money Mindset: Abundance & Scarcity

The Montrealer, July 2023

We attract and repel things based on our mindset and the attitudes we project out into the world. A complainer will always attract more things to complain about. Someone who practices gratitude will always find more things to be grateful for. Our mindset is incredibly powerful, and that applies to money as well. 

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Marriage & Money: Creating Financial Harmony

The Montrealer, June 2023

Love is in the air! As wedding season heads into full swing, brides and grooms excitedly – and maybe nervously – prepare to tie the knot, committing to spend the rest of their lives together. Most have spent countless hours discussing and negotiating wedding plans. The question is, how many hours have they spent discussing their personal finances, their spending habits, and their future financial goals?

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Don’t wait until it’s too late to start tax planning!

The Montrealer, May 2023

Four months are already gone…the clock is ticking. This is the time of year when many people are kicking themselves for not having looked at their tax planning early last year. If your accountant is giving you bad news about owing taxes, this may be a good time to start planning, so it doesn’t happen again next year. With four months already gone, don’t wait too much longer. There are, of course, many possible tax strategies. Let me share a few that I often see overlooked.

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The newest ‘Tax-Free Saving Account’ – How young adults (and even their parents) can take advantage

The Montrealer, April 2023

Many Canadians are anxiously awaiting the availability of the newest ‘Tax-Free Saving Account’, slated to be available in the coming months. The First-Home Savings Account (FHSA) was first proposed in the 2022 Federal Budget to support those trying to save for their first home. Who should consider this plan? How can parents help their children by using this plan? I’ll explain what it is, how it compares to other plans, and how it can best be used.

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Young adults and money – are they ready for the real world?

The Montrealer, March 2023

They make up about a third of the population. They’re often referred to as the social media generation. About two-thirds of them still live at home with their parents. Who are they? They’re the millennials and Gen-Z– ranging in age from 10 to 40 years old. They are mostly the children of Baby Boomers and Gen-Xers.  According to Forbes, they may be the first modern generations to have a future lifestyle less affluent than their parents.

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What to expect for 2023

The Montrealer, February 2023

Good riddance 2022! It may have been a good year in other ways, but from an investment perspective, it was horrible. 2022 was the worst outlier year since 1872 when we look at a combination of stocks and bonds. What can we expect in 2023? We’re not out of the woods yet, but we’re starting to see the light at the end of the tunnel.

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Welcome to 2023! – Start it off Right

The Montrealer, January 2023

 Undoubtedly, when most people set goals for the upcoming year, they are usually focused on improving health, finances, relationships, and lifestyle. When it comes to improving finances, this can simply mean “taking stock” and making sure all the boxes are checked and you’re dotting the i’s and crossing the t’s.

Below is a checklist to help you do a “check-up” on your finances to start the year right. 

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