The Huddle – Open Forum

Most people have burning questions about their money. The most common are:

  • Worrying about cash flow being tight.
  • Worrying about paying debts.
  • Worrying about outside forces that could hurt you, such as unemployment (if the economy goes into recession) or the risk of losing money with your investments.
  • Worrying that you are not getting ahead.
  • Wanting to buy something, such as a nicer home or car.
  • How to pay less tax.
  • How should you invest?
  • When will I be able to retire?
  • Worrying about how to pay for your kids’ education.
  • What happens if something happens to my spouse/partner?
  • Which of my worried and wants is priority?

This is where you can get answers to these important questions on your mind.

The Huddle is an open forum. Ask your question – any financial question or question about your life that has financial implications. Your money and your life are intertwined.

I will try to give you my wisdom from experience. Other readers may give their views. I may point you to articles to read. This will also be a source for me for future articles.

This is a safe place and constructive forum. The only rules are:

  • No personal attacks.
  • No specific investments.
  • No sales pitches.

What is your burning question?

4 Comments

  1. Penelope cumas

    I have no private or work (except for $125 monthly) pension. 1 have about $320,000 in investments and cash through a bank investment officer (clerk?). I am in good health (fingers crossed) and don’t know how to handle my money so that I can live decently without raising money. Right now, my rent is $850 but the landlord is planning on selling and I may be facing a $1000 monthly. I live alone.

    I’m giving too much information, but I hope,this just a beginning towards financial sanity? What do I do?

  2. Penelope cumas

    I have no private or work (except for $125 monthly) pension. 1 have about $320,000 in investments and cash through a bank investment officer (clerk?). I am in good health (fingers crossed) and don’t know how to handle my money so that I can live decently without raising money. Right now, my rent is $850 but the landlord is planning on selling and I may be facing a $1000 monthly. I live alone.

    I’m giving too much information, but I hope, this is just a beginning towards financial sanity? What do I do?

  3. Penelope Cumas

    I am truly confused. I thought the comment was above. Just don’t know how to use this site.

  4. Ed Rempel

    Hi Penelope.

    I can feel your worry. Why don’t we talk privately to see how I can help? I’m concerned about your privacy, since this is a public page intended for general discussions.

    Without knowing your situation, here are some general comments.

    Based on many other seniors I have worked with, there are some common strategies that often help.

    Many seniors have a very low income because they invest too conservatively. For example, they might have mainly GICs or bond mutual funds. Their investments don’t make enough money. Often, this is due to lack of understanding about investments. With some education about investments, it is possible that you will feel comfortable with different investments that can better support your lifestyle.

    Sometimes guarantees can help invest more effectively. Some seniors feel more comfortable with investments that offer more growth if they have guarantees.

    There are 2 main types of of guaranteed investments:
    1. Investments with principal guarantees.
    2. Investments that pay a guaranteed income for life.

    Many seniors also have much of their government benefits “clawed back”. In your case, you may qualify for GIS, which is clawed back by 50% of taxable income. If you can invest more tax-efficiently, you may qualify for significantly more government benefits.

    If you go to “Contact” on my site and give me a phone #, I’ll call you to see if I can help you figure out what to do, Penelope.

    Ed

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