Timeless Financial Tips from 2023 As We Turn to 2024

Yet another year has gone by. With 2023 behind us and 2024 on the horizon, it’s important to take stock, set goals, and make plans – keep steadfast in your quest for long-term financial planning and wealth management success. In 2023, I shifted my focus to keep some core financial planning principles at the forefront of your mind. These principles are timeless and are a good touchpoint for whenever your financial resolve starts to soften. Let’s look back at these timeless financial tips from 2023…

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Play It Again, Steve – Timeless Financial Tip #10: Making Legacy Planning More Meaningful

Let’s face it: When families list their favorite financial planning projects, legacy planning rarely makes the cut. It may feel as if you're putting the emphasis exclusively on death and taxes, rather than your lifetime pursuits such as building a career, pursuing your personal interests, stewarding your kids into adulthood, and retiring in style. Then again, I believe the term “legacy planning” is misleading to begin with. It sounds so dry and formal—as if it’s only for uber-rich, multigenerational dynasties, or the tail end of your lifespan. No wonder most people put off planning for it. In reality, legacy planning can be worthwhile for almost anyone. And it’s not just for later in life; key aspects of it can help you enjoy a more enriched life today. In today’s Timeless Tip, we’ll cover the possibilities.

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Play It Again, Steve – Timeless Financial Tip #8: 6 Enduring Insights for Fixed Income Investing

When’s the last time someone tried to talk you into chasing a “hot” Treasury bond run — NOW, before it’s too late! Probably never, right? Most of us recognize that’s not what fixed income investing is for. Bonds create stability; stocks and alternatives are where the excitement is at. And yet, I often see people forgetting this timeless truth, or at least investing as if they have. Plus, to further complicate things, not all bonds are created equal. This can trick you into thinking you’re playing it safe … Following are 6 best practices for fixed income investing across all kinds of markets, whether rates are rising, falling, or in a holding pattern.

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Play It Again, Steve – Timeless Financial Tip #7: 6 Steps to Retiring as Planned

Retirement isn’t the only reason to set aside current income for future spending. But since it’s usually the elephant in the financial planning room, it’s worth a Timeless Tip of its own. Following are 6 ways to leverage lifelong financial planning, so you can retire on your own terms and on your own timeline.

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Play It Again, Steve – Timeless Financial Tips #6: Aligning Your Investments with Your Investment Time Horizon

I’ve spent my entire career railing against the dangers of market-timing—i.e., dodging in and out of markets based on current conditions. But there is a time when “timing” of a different sort matters. I’m talking about your investment time horizons. Today, let’s look at how to use your personal time horizons to successfully separate today’s spending from tomorrow’s future wealth.

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Play It Again, Steve – Timeless Financial Tips #5: Trust the Evidence

If I could, I would grant amazing investment returns to every investor across every market. Unfortunately, that’s just not how it works. In real life, we must aim toward our financial ideals, knowing we won’t hit the bullseye every time. That’s why I recommend evidence-based investing—or investing according to our best understanding of how markets have actually delivered available returns over time, versus how we wish they would. Our “best understanding” may still be imperfect, but it sure beats ignoring reality entirely. Let’s look at why evidence-based investing based luck-based investing…

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Play It Again, Steve – Timeless Financial Tips #4: How To Manage Your Financial Behavioural Biases

There are countless external forces influencing your investment outcomes: taxes, market mood swings, breaking news, etc., etc. Today, let’s look inward, to an equally important influence: your own financial behavioural biases. When we make snap financial decisions that “feel” right but are rationally wrong, we tend to sabotage our own best interests. By recognizing these reactions as they occur, you’re more likely to stop them from ruining your financial resolve, which in turn improves your odds for better outcomes. Let’s explore some behavioural finance examples that you’ll want to prepare for…

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Play It Again, Steve – Timeless Financial Tips #3: Tax-Planning as a Lifetime Pursuit

I would be remiss if I didn’t dedicate at least one post in my “Play It Again, Steve” series to everyone’s least favourite, but still significant topic: taxes. It’s a good thing there’s no tax on writing about tax planning; if there were, I would surely owe a lot. Here are six timeless techniques for reducing your lifetime tax load.

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Think Smart Podcast – Advisor Series with Financial Advisor Steve Lowrie

Recently, I sat down with Rob McClelland to join an episode of the Think Smart with TMFG podcast. Rob is with McClelland Financial Group of Assante Capital Management. We had a great conversation and I had the opportunity to describe my core business values and strategies on investing including... click through to find out.

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What Is the Cost of a Financial Advisor?

If organizing your financial interests has become an endless game of whack-a-mole, the cost of a financial advisor might be worth it to help you tame the tangle. Remember that it's better to focus on the value that the cost of a financial advisor brings you. "Free Advice" can cost you. Fee-based advice allows you to become the boss of your financial interests. Also, the cost of an independent financial advisor should cover far more than merely helping you buy or sell this or that security in your investment portfolio. Determine what the long-term value of financial advice is worth to you. Check out these insights that you can use to assess the value of independent financial advice vs. just looking at the cost of a financial advisor.

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