From January Blues to Budget Delight: 7 Tips for getting back on track after the holiday spending - What's On Your Mind - February 2017 Edition

1.  Make a list of all your bills.

2.  Separate the list into two columns.  The first column is for your fixed costs; such as the mortgage payments, heat, hydro, telephone, etc.  The second column will be your credit card and any other loans, excluding the mortgage.

3.  Next you list the net monthly income and start to deduct all your fixed costs.  The cash left over is your discretionary money.  This balance will be what you have to work with to pay down your debts and save for your future.

4.  The list with the credit cards and the other debts will be paid with the discretionary money left over each month.  If it is possible, you may want to consolidate your debts into one lower interest cost loan.  Interest on credit cards are usually the highest cost to use other people's money.  Assuming you do not consolidate your debts then take the highest interest credit card and start paying as much as you can after making the minimum payments on all other debts.  Once that card is paid off then you move to the next highest interest card and do the same process.

5.  Once you have all your debts paid off, start using your credit cards only if you can pay them off in full each month.  If not use cash or debit to control your spending.

6.  With the money you are now saving in interest payments you can now budget the extra cash flow.  You may want to start a savings plan for your future, set aside a little each month for your holiday shopping, and the rest in an emergency fund.

7.  Start your holiday shopping early in the year and take advantage of sales and paying cash.

When the holidays roll around next time you will be well prepared financially and even the bonus of not stressing about what to shop for or where the money will come from.

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor

Director, Private Client Group
HollisWealth Insurance Advisor

HollisWealth Insurance Agency Ltd.

Levesque Wealth Planning

HollisWealth, a division of Scotia Capital Inc.
One Corporate Plaza, 2075 Kennedy Road, 5^th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030  Fax: 416-332-6772
linda@levesquewealthplanning.com

                                                                                          

‘Saving Today for a Richer Tomorrow’™

WANT TO USE THIS ARTICLE IN YOUR WEB SITE?

You can, as long as you include this complete statement with it: Linda J. Levesque, Senior Investment Advisor and Director, Private Client Group of HollisWealth is an author of The 5 Minute Wealth Plan, Saving Today for a Richer Tomorrow, in The Road to Success with Jack Canfield and in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

   HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.

   Insurance products are provided through HollisWealth Insurance Agency Ltd.   

New Year's Resolutions or Goals? - What's On Your Mind? - January 2017 Edition

It is the time of year when many people make their resolutions for the year.  The definition of a resolution is 'a firm decision to do or not do something'.  A lot of people say they will give up something such as stopping smoking, drinking, gambling, shopping or doing something liking joining a gym, losing weight, etc.  You get the idea. The problem with resolutions and why they are not successful is for most people they are not written specific goals followed up with an action plan.

Resolutions are just thoughts of something ideally would be nice to accomplish. Everyone around you is talking about their resolutions so you come up with something for yourself.  Within the first few weeks of the year, gym memberships go way up and attendance starts to dwindle within a very short time.  Why is it most people just don't succeed at their resolutions and yet every year they set themselves up for failure?

It is discouraging when your resolutions have already failed you and you still have the rest of the year to go with potentially a why bother attitude.

Why not decide this year on one big goal and no New Year's resolutions. Write out one very SPECIFIC goal. Make sure it is MEASURABLE.  Draft up an ACTION plan on how you will accomplish your goal.  Make sure the goal is REALISTIC and give it a specified TIME to achieve.  Everything should be stated in the positive and not what you don't want.  Example: I would like to weigh 150 lbs. not I want to lose 10 lbs.

An example of a SMART goal written out would be:  I want to weigh 150 lbs. by December 31st, 2017.  I will achieve this by working out three times a week and getting a personal trainer once a week.  I will bring my lunch to work and treat myself once a month to eating out.  I will design a meal plan with healthy tasty choices to keep myself motivated.  I will join a support group.  This is only an example of how to write a goal to help you be successful.  It is amazing the higher percentage of success you can have by choosing this method instead of the wish list of most people.

Make 2017 your best year ever.  You may surprise yourself how easy it is to accomplish your goals by having them be SMART.  You can do this in all aspects of your life.  

Wishing you a very prosperous and successful 2017.

    Linda J. Levesque, CFP®, FMA, FCSI, 

    Director, Private Client Group, Senior Investment Advisor, Insurance Advisor

    Levesque Wealth Planning

    HollisWealth, a division of Scotia Capital Inc.

    HollisWealth Insurance Agency Ltd.

    One Corporate Plaza, 2075 Kennedy Road, 5^th Floor, Toronto, ON M1T 3V3

 Tel: 416-412-8018 / 1-800-322-4030   Fax: 416-332-6772     

  linda@levesquewealthplanning.com

     

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor

Director, Private Client Group HollisWealth Insurance Advisor

HollisWealth Insurance Agency Ltd.

Levesque Wealth Planning

HollisWealth, a division of Scotia Capital Inc.

                                                                                          

‘Saving Today for a Richer Tomorrow’™

WANT TO USE THIS ARTICLE IN YOUR WEB SITE?

You can, as long as you include this complete statement with it: Linda J. Levesque, Senior Investment Advisor and Director, Private Client Group of HollisWealth is an author of The 5 Minute Wealth Plan, Saving Today for a Richer Tomorrow, in The Road to Success with Jack Canfield and in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque   

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

   HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.

   Insurance products are provided through HollisWealth Insurance Agency Ltd.   

Happy Holidays or January Remorse? - What's on Your Mind? December 2016 Edition

The malls are decorated in colours to inspire the consumer to spend with subliminal music playing in the background to get you in the mood.  We are in full swing of holiday shopping.  

Advertisers are promoting the popular toys and electronics getting people excited about having the latest and greatest gadgets of the season.  Parents are bent on not disappointing their children by rushing out trying to get their hands the items.

By the time January rolls around and the credit card statements come in, remorse starts to set in.  All the saving and budgeting done throughout the year blown.

Here are 7 tips to help you stay on course and enjoy the holidays.

1.  Outline the plans for the holiday season. This may include parties you plan to attend and/or overnight trips you may be taking.

2.  Set out a budget.  You may have been saving a little each pay throughout the year and already know what is available.  For those who have not, see how much you can take out of the savings without impacting the rest of your budget.  

3.  Make a list of people you will be buying for with a dollar value and/or gift idea beside each name.  Include any hostess gifts you may need.

4.  Shop the sales.  If you plan in advance you can take advantage great discounts on most things.  Online shopping could help limit over spending by keeping you out of the mall.  

5.  Use credit card points to buy some of your gifts where possible.  People accumulate points and sometimes forget that they can use the points for merchandise.  This is a great way to stretch your budget.

6.  Charge everything so you can keep track of your purchases and stick to your budget.  You will also accumulate more points towards next year's gifts.  Don’t forget to pay your credit card before interest kicks in.

7.  Be creative in your gifts by making some.  It is amazing how much people appreciate other people's talents.  This could include baking, knitting, a special photograph or making a CD if you sing.  The list is endless.

The whole idea is to relax and enjoy the holidays.  This is not the time to get stressed or blow the family budget and feel bad the rest of the year trying to dig yourself out of the hole before you start over next year.

Happy Holidays.

    Linda J. Levesque, CFP®, FMA, FCSI, 

    Director, Private Client Group, Senior Investment Advisor, Insurance Advisor

    Levesque Wealth Planning

    HollisWealth, a division of Scotia Capital Inc.

    HollisWealth Insurance Agency Ltd.

    One Corporate Plaza, 2075 Kennedy Road, 5^th Floor, Toronto, ON M1T 3V3

 Tel: 416-412-8018 / 1-800-322-4030   Fax: 416-332-6772   linda@levesquewealthplanning.com

     

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor

Director, Private Client Group HollisWealth Insurance Advisor

HollisWealth Insurance Agency Ltd.

Levesque Wealth Planning

HollisWealth, a division of Scotia Capital Inc.

                                                                                          

‘Saving Today for a Richer Tomorrow’™

WANT TO USE THIS ARTICLE IN YOUR WEB SITE?

You can, as long as you include this complete statement with it: Linda J. Levesque, Senior Investment Advisor and Director, Private Client Group of HollisWealth is an author in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

  HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.

  Insurance products are provided through HollisWealth Insurance Agency Ltd.   

Trump or Clinton: What is the Impact on Your Portfolio - What's On Your Mind? November 2016 Edition

Well the US election is finally days away.  It has been long and a bit of a circus.  The battle between Donald Trump and Hillary Clinton leaves a lot of people wondering whether either candidate will be good for the markets let alone the country.  Since we are in Canada, our only concern at the moment will be the markets.

There have been many studies done showing statistics whether it is a Democratic win versus a Republican win.  The problem we have is that the data is always in the past.  The past as we have stated many times is not indicative of the future.  Having said this, there is actually no scientific proof that either party has any long term effect on the markets.

Anything in the short term can make the markets move in any direction but the long term effect is not predictable.  When we look back we can always associate something to the market direction.  In the long run it will be the economic outlook for the country that will impact the markets.  Look what happened in 2008-2009.

You have to look at what your long term goals are and stick to your plan.  If you need cash in the near future, less than three years, then keep that money in cash.  Cash is king when you need it.  Don’t play psychic and try and predict the markets.  In the end you will probably lose because even if you cash out and sit on the sidelines during a downturn you will not accurately know when to get back in the markets.  The best plan is staying invested and focused on the long term goals.

So now we wait and see who wins and what the short term impact will be.

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor

Director, Private Client Group HollisWealth Insurance Advisor

HollisWealth Insurance Agency Ltd.

Levesque Wealth Planning

HollisWealth, a division of Scotia Capital Inc.

                                                                                           

‘Saving Today for a Richer Tomorrow’™

WANT TO USE THIS ARTICLE IN YOUR WEB SITE?

You can, as long as you include this complete statement with it: Linda J. Levesque, Senior Investment

Advisor and Director, Private Client Group of HollisWealth is an author in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

  HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.

  Insurance products are provided through HollisWealth Insurance Agency Ltd.  

The 5 Minute Wealth Plan, How to Save Today for a Richer Tomorrow - What's On Your Mind? October 2016 Edition

                                                                              

This month I wanted to discuss my upcoming book launch. This book has been three years in the making. It is for anyone you know including yourself who may still be struggling financially. The book is the beginning and not an end.  It is a guide to get you thinking how you can save more money and get ahead financially.

I know how difficult it is to save money. I grew up quite poor in a large family.  At the time we didn’t know we were poor because we were like everybody else.  Everybody was struggling to get ahead financially.  Back when I was growing up for the most part, there was only one person working and supporting the whole family.  I guess I was a little luckier than others because my mother worked as a waitress.  Now you know waitresses don’t get paid much, but what she always had was a change purse full of coins.

We couldn’t have the latest and greatest of anything when I started working.  I started spending money like there was no tomorrow.  I had my money spent before I received my pay.  What I learned from that was that I didn’t have anything to show for it.  The tips in the book I share is from what I learned along the way.  Today I can say I am financially stable.  It takes work, discipline and a passion for wanting to get ahead financially.  I didn’t want to struggle my whole life. 

My father’s dream was to take my mother on a cruise after he retired.  That would’ve been a big vacation for them. Unfortunately my father passed away and my mother never got to go on a cruise for many years.  Life was difficult for my mother still having four kids to raise and no real career opportunities.  We made it.  My mother is still alive and living comfortably with a little financial help.  The point here is my mother didn’t have a lot of choices and how or where she was going to live.  She didn’t or was not able to save money, and my father didn’t leave her in a good position passing away prematurely and having no life insurance.

In the book you get enough ideas to get you thinking and realizing the basic things you must do in order to get ahead financially and have a richer tomorrow.  You have more knowledge and access to information than anyone had back when I was growing up.  My parents along with many other parents did the best they could with what they had.  Take advantage and read the book.  The book will be available soon on Amazon and free for clients when you come in for your appointment.

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor

Director, Private Client Group HollisWealth Insurance Advisor

HollisWealth Insurance Agency Ltd.

Levesque Wealth Planning

HollisWealth, a division of Scotia Capital Inc.

                                                                                          

‘Saving Today for a Richer Tomorrow’™

WANT TO USE THIS ARTICLE IN YOUR WEB SITE?

You can, as long as you include this complete statement with it: Linda J. Levesque, Senior Investment

Advisor and Director, Private Client Group of HollisWealth is an author in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

  HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.

  Insurance products are provided through HollisWealth Insurance Agency Ltd.   

Post-secondary Education: To Pay or Not to Pay Your Children’s Education Costs - What’s on Your Mind? September 2016 Edition

This is the time of year that cheques are being written for tuition, books, possibly housing and other expenses for your children to go off to university or college.  Have you ever questioned what your financial obligations to your children are?  Do your children assume or expect that they are entitled to financial help from you or are they considering student loans?

With the rising cost of education, a lot of people are not totally prepared when their babies are now old enough to enter post-secondary school.  The emotional roller coaster is bad enough but now you struggle with how much financial support to give your child.

The school has been selected so you already know whether you are adding housing on top of the tuition and books.  Do you get your child to pay for a portion or do you pay the whole thing?  Does the education funding from you come with strings attached?  For instance, does the child need to get certain grades for you to continue paying?  If there is no skin in the game for the child, what is the motivation to do well?  Will your child pay for their own personal discretionary expenses or are you funding everything?  Do you expect your child to work part time or concentrate solely on their studies?

Will you fund the first degree or continue until the child decides they are finished or tired of school?  Should you take money from your retirement savings if you are paying?  Will you ask the child to pay back the money when they start earning a living or will you work longer?

There is no correct answer.  Each situation has to be looked at individually.  But if you were to pay your child’s education, make sure you plan well in advance and have a very detailed conversation with your child of what your expectations are.  One of the greatest gifts you can give your child is an education where they can make their own way in life.

If your child is responsible and you can afford it, paying the fixed education costs would help the child focus on getting good grades and know that they can get a good start without debt when schooling is completed.  Teaching your child how to budget for the discretionary costs, cell phones, personal items, entertainment, etc., will be a secondary education your child will benefit from when they live on their own.

Talk to your financial advisor for more information on your personal situation and what path you should consider for your child.

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor
Director, Private Client Group

HollisWealth Insurance Advisor
HollisWealth Insurance Agency Ltd.
Levesque Wealth Planning
HollisWealth, a division of Scotia Capital Inc.

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

  HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.
  Insurance products are provided through HollisWealth Insurance Agency Ltd.  

How Come or How Can? These are the Questions - What'$ On Your Mind - August 2016 Edition

Do you ever ask yourself how come I never get what I want? How come I never achieve what I set out to achieve? How come I don't have the love of my life?  How come my children don't behave? How come I never get the promotion over somebody else? How come other people are always lucky and I'm not? Do these questions really sound like good questions? Are you really asking the right questions? Instead of how come why not ask how can. When you set a goal to achieve something, the next step should be how can I get it?  How can I find the love of my life? How can I get a promotion?

Most people don't ask the right questions so they don't get the answers they are really looking for.  Then they wonder what went wrong. Communication even with yourself is extremely important. If you're not asking yourself the right questions imagine the wrong questions you're asking someone else.  How can you get the helpful answers unless you ask the right questions?

Think about it. Minor changes in asking how come versus how can with answers that are totally different.  Which question do you prefer? Ask the right questions get the right answers. Isn't this the point of asking the question in the first place?

Linda J. Levesque, CFP^®, FMA, FCSI

Sr. Investment Advisor
Director, Private Client Group

HollisWealth Insurance Advisor
HollisWealth Insurance Agency Ltd.
Levesque Wealth Planning
HollisWealth, a division of Scotia Capital Inc.

‘Saving Today for a Richer Tomorrow’™

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada).  The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque only and not those of HollisWealth®.  Levesque Wealth Planning is a personal trade name of Linda J. Levesque.

   ® Registered trademark of The Bank of Nova Scotia, used under license.

  HollisWealth is a trade name of HollisWealth Insurance Agency Ltd.
  Insurance products are provided through HollisWealth Insurance Agency Ltd.