WealthBeing

You’ve got to put your financial efforts somewhere – are you better off trying to earn as much money as possible or saving every dollar? Derrick and Travis don’t always agree on this question, so this week, we’re sitting them down for a debate! Hosted by Island Savings' Senior Financial Advisor, Annie Nolan. Which side are you on?

1:05 Opening arguments

1:45 Expert debate: Five motions to answer the question: Which is most important? Earning more or saving more money?

• Motion 1: It is better to spend money for post-secondary education than to save tuition dollars by going directly into the workforce.
• Motion 2: Spending money to earn investment rewards is smarter than saving everything in guaranteed (no risk) terms.
• Motion 3: It is wiser to save money for a purchase than to use credit to buy.
• Motion 4: You can be financially better off buying an insurance policy than by using a savings account.
• Motion 5: Should you save everything you earn for retirement or work for income late in life.

22:40 – Weekly Financial Fix: Earning a little extra income in retirement can be easy and rewarding. Travis has some suggestions to help get you started.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.

You’ve got to put your financial efforts somewhere – are you better off trying to earn as much money as possible or saving every dollar? Derrick and Travis don’t always agree on this question, so this week, we’re sitting them down for a debate! Hosted by Island Savings' Senior Financial Advisor, Annie Nolan. Which side are you on?

1:05 Opening arguments

1:45 Expert debate: Five motions to answer the question: Which is most important? Earning more or saving more money?

• Motion 1: It is better to spend money for post-secondary education than to save tuition dollars by going directly into the workforce.
• Motion 2: Spending money to earn investment rewards is smarter than saving everything in guaranteed (no risk) terms.
• Motion 3: It is wiser to save money for a purchase than to use credit to buy.
• Motion 4: You can be financially better off buying an insurance policy than by using a savings account.
• Motion 5: Should you save everything you earn for retirement or work for income late in life.

22:40 – Weekly Financial Fix: Earning a little extra income in retirement can be easy and rewarding. Travis has some suggestions to help get you started.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.

There have been many times in 2020 when we’ve heard people say: “I wish I had been better preparedfinancially to deal with this emergency.”We’re optimists too, so we understand that planning for the unknown is often sacrificed for more fun ways to spend money. That’s why Derrick and Travishave askedIsland Savings' Senior Financial Advisor, Stephanie Brownlow, to share the advice that she gives her members – and uses herself – to protect their financial health. 

1:10–Money Problem:When the pandemic pushed the markets down, many of Travis’ clientswho were drawing RIF payments were in danger of losing a greater amount of their savings. 

2:30– Expert Examination:There are seven simple ways to add resilience to your financial health:  

• Lesson 1: our budgets aren’t stress-tested. 
• Lesson 2: we carry too much debt. 
• Lesson 3:we can do more things for ourselves! 
• Lesson 4:we’re probably spending too much on fun. 
• Lesson 5:we panic too easily. 
• Lesson 6:we've left our legacy unplanned. 
• Lesson 7:we're not using all the tools our financial institution offers to help us. 

22:30–Weekly Financial Fix:Travis’ challenge this week will help you break the cycle of scrambling for help when the next emergency surprises you. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

There have been many times in 2020 when we’ve heard people say: “I wish I had been better preparedfinancially to deal with this emergency.”We’re optimists too, so we understand that planning for the unknown is often sacrificed for more fun ways to spend money. That’s why Derrick and Travishave askedIsland Savings' Senior Financial Advisor, Stephanie Brownlow, to share the advice that she gives her members – and uses herself – to protect their financial health. 

1:10–Money Problem:When the pandemic pushed the markets down, many of Travis’ clientswho were drawing RIF payments were in danger of losing a greater amount of their savings. 

2:30– Expert Examination:There are seven simple ways to add resilience to your financial health:  

• Lesson 1: our budgets aren’t stress-tested. 
• Lesson 2: we carry too much debt. 
• Lesson 3:we can do more things for ourselves! 
• Lesson 4:we’re probably spending too much on fun. 
• Lesson 5:we panic too easily. 
• Lesson 6:we've left our legacy unplanned. 
• Lesson 7:we're not using all the tools our financial institution offers to help us. 

22:30–Weekly Financial Fix:Travis’ challenge this week will help you break the cycle of scrambling for help when the next emergency surprises you. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

2020 hasn’t turned out the way business owners had planned. Because of the COVID-19 pandemic, many companies spent the past few months operating on 50% of their revenue (on average) - and have encountered numerous operating inefficiencies. To understand the outlook for businesses, and the actions that owners can take in respoinse, Derrick and Travis invite Island Savings' Regional Manager of Business Banking, Jesse Honkanen, to discuss business-not-usual. 

1:20–Money Problem:Derrick tells us about the financialissues that a local business owner uncovered when the COVID-19 pandemic interrupted their out-of-date operational practices. 

4:10– Expert Examination:Business owners are not sure what to expect for 2020, so Travis, Derrick and Jesse consider the opportunities and pressures that companies may need to contend with:  

• The financial outlook for businesses over the next year. 
• Finding financial efficiencies. 
• Do franchisees have an advantage? 
• (Re-)structuringa business budget for the next twelve months. 
• How to use online infrastructure to optimize operations. 
• Starting a new business amid the pandemic. 
• Is borrowing a good bridge to survive the economic slowdown? 
• Strategies to expedite business income. 
• Supporting your staff’s financial needs. 

22:30–Weekly Financial Fix:Travis suggest an affordableway forbusinesses to adapt to today’s online consumer needs. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

2020 hasn’t turned out the way business owners had planned. Because of the COVID-19 pandemic, many companies spent the past few months operating on 50% of their revenue (on average) - and have encountered numerous operating inefficiencies. To understand the outlook for businesses, and the actions that owners can take in respoinse, Derrick and Travis invite Island Savings' Regional Manager of Business Banking, Jesse Honkanen, to discuss business-not-usual. 

1:20–Money Problem:Derrick tells us about the financialissues that a local business owner uncovered when the COVID-19 pandemic interrupted their out-of-date operational practices. 

4:10– Expert Examination:Business owners are not sure what to expect for 2020, so Travis, Derrick and Jesse consider the opportunities and pressures that companies may need to contend with:  

• The financial outlook for businesses over the next year. 
• Finding financial efficiencies. 
• Do franchisees have an advantage? 
• (Re-)structuringa business budget for the next twelve months. 
• How to use online infrastructure to optimize operations. 
• Starting a new business amid the pandemic. 
• Is borrowing a good bridge to survive the economic slowdown? 
• Strategies to expedite business income. 
• Supporting your staff’s financial needs. 

22:30–Weekly Financial Fix:Travis suggest an affordableway forbusinesses to adapt to today’s online consumer needs. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Philanthropy may be a ten-dollar word, but you can start giving back with even less!This week, Derrick, Travis, and our guest expert Chris Waddell, discuss how anyone, with any budget, can provide financial support and help other people thrive.Listen for theirpersonal giving strategies and the advice they offer Island Savings members to make philanthropy part of a financial plan. 

1:30–Money Problem:Travis’ client dreamt of supporting three different charitable causes, but wasn’t sure how – or if – he could pull them all off. 

5:20– Expert Examination:A financial strategy that’s simply good for your heart and easy on your pocketbook.Travis, Derrick and Chris make it easy to be a philanthropist:  

• What it means to be philanthropic. 
• How to know which organizations to support. 
• How Island Savings makes it simple for members to help communities. 
• Ways to fit charitable giving into any budget – Travis’ “Three P’s” 
• The tricks of giving “in-kind.” 
• Donating with every point-of-sale purchase: Big Change 
• Win-win tax strategies when you give back. 
• How to create a bursary program. 
• Economic philanthropy: “Get a Meal, Give a Meal.” 

22:30–Weekly Financial Fix:Travis has a suggestion to trade your regular summer spending for somethingthat will make even bigger memories. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Philanthropy may be a ten-dollar word, but you can start giving back with even less!This week, Derrick, Travis, and our guest expert Chris Waddell, discuss how anyone, with any budget, can provide financial support and help other people thrive.Listen for theirpersonal giving strategies and the advice they offer Island Savings members to make philanthropy part of a financial plan. 

1:30–Money Problem:Travis’ client dreamt of supporting three different charitable causes, but wasn’t sure how – or if – he could pull them all off. 

5:20– Expert Examination:A financial strategy that’s simply good for your heart and easy on your pocketbook.Travis, Derrick and Chris make it easy to be a philanthropist:  

• What it means to be philanthropic. 
• How to know which organizations to support. 
• How Island Savings makes it simple for members to help communities. 
• Ways to fit charitable giving into any budget – Travis’ “Three P’s” 
• The tricks of giving “in-kind.” 
• Donating with every point-of-sale purchase: Big Change 
• Win-win tax strategies when you give back. 
• How to create a bursary program. 
• Economic philanthropy: “Get a Meal, Give a Meal.” 

22:30–Weekly Financial Fix:Travis has a suggestion to trade your regular summer spending for somethingthat will make even bigger memories. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode. 

Would you recognize financial abuse if it was happening to an elderly person in your life – or to you? Financial scams, theft and fraud targeted at seniors is an everyday problem, and as we approach World Elder Abuse Awareness Day (WEAAD), Derrick, Travis and Kevin Haarhoff, their colleague in Corporate Security at Island Savings, tell you about some of the most common crimes to look out for – and what to do if you or someone else is targeted.

1:40 – Money Problem: Derrick noticed some strange activity in an older member’s account when a family member steps in as Power of Attorney.

3:00 – Expert Examination: Financial abuse against seniors takes place in dozens of ways. Travis, Derrick and Kevin diagnose the warning signs and consequences: 

·        Why Island Savings takes an interest in World Elder Abuse Awareness Day.

·        The “Grandparent Scam.”

·        “Friendly” financial fraud.

·        Avoiding electronic threats.

·        Risky “romance” scams.

·        Ensuring your information stays safe.

·        Red flags for financial abuse.

·        How to get – and give – help when financial abuse is suspected.

22:40 – Weekly Financial Fix: You only need an hour this week to take Travis’ challenge. Open up the lines of communication with a senior in your life.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager(CIM), Fellow of the Canadian Securities Institute(FSCI) and a Chartered Strategic Wealth Professional(CSWP).
 
 Born and raised in Kamloops, Travis completed his Bachelor of Engineering degree at the University of Victoria and developed strong ties to the Capital region. Inspired by the work of Warren Buffett and Peter Lynch, he switched paths and turned his hobby and love of investment strategy into a career. Travis specializes in working with Island Savings members who are US citizens and transferring American assets to Canada. He has e

Would you recognize financial abuse if it was happening to an elderly person in your life – or to you? Financial scams, theft and fraud targeted at seniors is an everyday problem, and as we approach World Elder Abuse Awareness Day (WEAAD), Derrick, Travis and Kevin Haarhoff, their colleague in Corporate Security at Island Savings, tell you about some of the most common crimes to look out for – and what to do if you or someone else is targeted.

1:40 – Money Problem: Derrick noticed some strange activity in an older member’s account when a family member steps in as Power of Attorney.

3:00 – Expert Examination: Financial abuse against seniors takes place in dozens of ways. Travis, Derrick and Kevin diagnose the warning signs and consequences: 

·        Why Island Savings takes an interest in World Elder Abuse Awareness Day.

·        The “Grandparent Scam.”

·        “Friendly” financial fraud.

·        Avoiding electronic threats.

·        Risky “romance” scams.

·        Ensuring your information stays safe.

·        Red flags for financial abuse.

·        How to get – and give – help when financial abuse is suspected.

22:40 – Weekly Financial Fix: You only need an hour this week to take Travis’ challenge. Open up the lines of communication with a senior in your life.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.

On every episode

Being in good financial health makes you feel at ease every day. You are free to pursue your goals and prepared to manage your future needs. Could your pocketbook be in better shape? 

If life has thrown you a financial curveball, or if you just want to be more in control of your money, tune-in to WealthBeing. Every week, we diagnose a spending, saving, borrowing, investing, or other financial problem to provide simple advice that can help you thrive.

You’ll hear about real-life financial challenges that our Island Savings hosts, guests and members have encountered. We’ll share the time-tested financial solutions we recommend to members. And every week you’ll receive a simple strategy that you can use right away to improve your financial health.

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.

Our WealthBeing Hosts

Travis Koivula

B.Eng, CFA, CFP®, CIM, FCSI, CIWM

Senior Wealth Advisor | Senior Investment Advisor 

Island Savings Insurance Services | Credential Securities

Travis has been serving the financial needs of members in the Credit Union system since 2007 and is one of the most accredited financial advisors in Canada. He holds the globally recognized Charted Financial Analyst (CFA) designation, passing all three tests on his first attempt. In addition he is a Certified Financial Planner (top 1% of his class), Canadian Investment Manager(CIM), Fellow of the Canadian Securities Institute(FSCI) and a Chartered Strategic Wealth Professional(CSWP).
 
 Born and raised in Kamloops, Travis completed his Bachelor of Engineering degree at the University of Victoria and developed strong ties to the Capital region. Inspired by the work of Warren Buffett and Peter Lynch, he switched paths and turned his hobby and love of investment strategy into a career. Travis specializes in working with Island Savings members who are US citizens and transferring American assets to Canada. He has e