family financial planning Archives

What Should I Do with My Tax Refund?

Post published:June 6, 2022

This time of year, I find that one of the most common questions my clients pose is what they should do with their tax refunds. With so many tempting options like finally taking that long-awaited vacation or taking on some home renovations that are long overdue, it may be difficult to stick to focusing on your long-term financial goals. So, given the push/pull of the economy and your well-deserved desire to enjoy the tax refund windfall today, how can you achieve some balance? And what’s the best way to use your tax refund to keep you on-track for the future? A few tips from the Globe and Mail’s article echo some of the advice you may have read here at Lowrie Financial’s blog in “What to Do with Excess Cash?”. These tax refund tips might be helpful to assist you in achieving that balance:

Accelerating Your Legacy Planning by Gifting In Advance

Post published:January 25, 2022

Instead of your excess wealth being distributed after you die, you may find even greater value in giving some of it away while you’re still around. Properly managed, making gifts and charitable donations while you’re alive can offer solid tax-saving benefits to you and your estate financial planning. In particular, targeted charitable giving can be a powerful tool for business owners and similar professionals who are approaching retirement and facing high-tax events, such as selling their business, or exercising highly appreciated stock options. As importantly, it can be incredibly rewarding to witness the results of your generosity. Don’t underestimate the value this intangible benefit can add to your life and legacy planning.

2021 Year-End Insights from An Independent Financial Advisor

Post published:January 11, 2022

Yet another year of your careful financial planning process has been disrupted by the pandemic – or has it?
These uncertain times have impacted our work, life, mental health, and financial security. However, if you have been reading my blog posts this year (and even further back), you will likely know the key to weather market storms: setting goals, making plans, and maintaining a focus on ongoing financial planning, without jumping off course as a result of ever-volatile markets (and world events).
Let’s look back at some of the most popular blogs of 2021 featuring this independent financial advisor’s musings…

Behavioural Finance Focus: Cost Savings Tips to Attain Financial Freedom

Post published:November 22, 2021

As a personal financial advisor, I am often asked about “the secret” to attaining financial freedom. You are among the few drivers you have much control over. One great way to sharpen your financial acumen is by combining behavioural finance with an evidence-based perspective. By recognizing and understanding the basics of behavioural finance, you can fight those financial urges and focus on an evidence-based approach to wealth management. Are you ready to change your financial behaviour, uncover cost savings, and significantly improve your chance of reaching those long-term financial goals?

Retirement Planning for Gen Xers: Build Wealth and Retire Happy

Post published:October 15, 2021

Family financial planning: focusing on your short-term and long-term financial goals. Are you a Gen Xer? Not quite a baby boomer, but too, ahem, mature to be a millennial? If you are in your 40s to mid-50s, your family financial planning has probably been on a wild ride lately. You may be wondering if you’ll ever get to retire with any wealth left to spend.

Retirement Planning for Baby Boomers: Getting Ready to Retire Comfortably

Post published:September 21, 2021

Are you a baby boomer with retirement planning on your mind? If you’re among the surge of citizens born in a large urban center like Toronto and across North America during the 20ish years after World War II, you may be noticing a different sort of booming sound lately. Search the Internet for “Retirement Planning Toronto” and you’re likely to see a lot of fear out there, along with plenty of headline-grabbing stats on how ill-prepared many boomers are to retire. Following are some of the most frequent topics of conversation I’ve found key to achieving your short- and long-term financial goals in retirement.