WealthBeing

We all think we’re pretty good at sharing. We’ll split a dessert or lend a garden rake with no questions asked. So why does combining our finances with a partner lead to confusion and frustration? Most of us will someday need to change our financial habits, disclose our debts, and establish shared desires to support a family. On this episode of WealthBeing, Travis and Derrick welcome a special guest, Dan Adair, Manager of Island Savings Brentwood Bay branch, for a conversation about taking the chaos out of family finances.

:40 – Money Problem: Derrick’s clients were overpaying in monthly banking fees due to disconnected account management.

2:06 – Expert Examination: Derrick, Travis and Dan discuss the best strategies that families can use for financial management:

• combined or individual finances – what’s the best route?
• how to be transparent with your partner about money;
• developing spending strategies for small to major purchases;
• achieving financial goals together;
• dealing with a change in employment;
• child-rearing financial phase;
• keeping frivolous spending in check;
• family-focused emergency fund;

22:50 – Weekly Financial Fix. Establish a “minimum wear” standard for all the clothing you buy.

To send comments, feedback, or a question that you would like Travis and Derrick to answer, email [email protected]

Subscribe to WealthBeing in any podcatcher to listen to previous episodes.

We all think we’re pretty good at sharing. We’ll split a dessert or lend a garden rake with no questions asked. So why does combining our finances with a partner lead to confusion and frustration? Most of us will someday need to change our financial habits, disclose our debts, and establish shared desires to support a family. On this episode of WealthBeing, Travis and Derrick welcome a special guest, Dan Adair, Manager of Island Savings Brentwood Bay branch, for a conversation about taking the chaos out of family finances.

:40 – Money Problem: Derrick’s clients were overpaying in monthly banking fees due to disconnected account management.

2:06 – Expert Examination: Derrick, Travis and Dan discuss the best strategies that families can use for financial management:

• combined or individual finances – what’s the best route?
• how to be transparent with your partner about money;
• developing spending strategies for small to major purchases;
• achieving financial goals together;
• dealing with a change in employment;
• child-rearing financial phase;
• keeping frivolous spending in check;
• family-focused emergency fund;

22:50 – Weekly Financial Fix. Establish a “minimum wear” standard for all the clothing you buy.

To send comments, feedback, or a question that you would like Travis and Derrick to answer, email [email protected]

Subscribe to WealthBeing in any podcatcher to listen to previous episodes.

When it comes to saving and investing money, there are two acronyms that cause confusion for many people.We’re asked all the time to help clients decide whether to use aTFSA or RRSPto prepare for retirement.On this episode of WealthBeing, Travis and our guest, Lorena Milkert, Director of Retail and Business Banking at Island Savings, will make it simple to understand how the Tax-Free Savings Account and Registered Retirement Savings Plan work, when they’re a good fit for your goals, and a few times you might want to opt for other savings methods. 

:54–Money Problem:A couple was working with Travis to figure out how to balance their different income levels, pension, and savings plans so they would be best prepared for retirement. 

1:40 – Derrick, Travis and Lorenaexamine common questions and strategies related to TFSA and RRSP investing:  

• how RRSPs and TFSAs are used to save money for retirement; 
• maximum contribution limits for TFSAs and RRSPs; 
• getting the best tax benefits from TFSAs and RRSPs; 
• how and when to withdraw from TFSA and RRSPs; 
• strategic use of spousal RRSPs; 
• special rules for US investors; 
• using small, frequent investments to build large retirement savings; 
• which is the best option – TFSA or RRSP. 

21:45– Weekly Financial Fix. Travis challenges you to do some research to fully understand your income needs and financial resources during retirement. 

When it comes to saving and investing money, there are two acronyms that cause confusion for many people.We’re asked all the time to help clients decide whether to use aTFSA or RRSPto prepare for retirement.On this episode of WealthBeing, Travis and our guest, Lorena Milkert, Director of Retail and Business Banking at Island Savings, will make it simple to understand how the Tax-Free Savings Account and Registered Retirement Savings Plan work, when they’re a good fit for your goals, and a few times you might want to opt for other savings methods. 

:54–Money Problem:A couple was working with Travis to figure out how to balance their different income levels, pension, and savings plans so they would be best prepared for retirement. 

1:40 – Derrick, Travis and Lorenaexamine common questions and strategies related to TFSA and RRSP investing:  

• how RRSPs and TFSAs are used to save money for retirement; 
• maximum contribution limits for TFSAs and RRSPs; 
• getting the best tax benefits from TFSAs and RRSPs; 
• how and when to withdraw from TFSA and RRSPs; 
• strategic use of spousal RRSPs; 
• special rules for US investors; 
• using small, frequent investments to build large retirement savings; 
• which is the best option – TFSA or RRSP. 

21:45– Weekly Financial Fix. Travis challenges you to do some research to fully understand your income needs and financial resources during retirement. 

Start talking about or researching investing and you’ll be bombarded with strategies to get the highest returns, tips about timing the market, and opportunities to get in on the “next big thing.”For most people, investing is both mentally and emotionally taxing. On this episode of WealthBeing, Travis is sharing the strategies he uses to help his clients make the best, stress-free investing decisions to reach their goals and avoid making costly mistakes. 

:45–Money Problem:Travis’ client was dealing with the worry of unpredictable markets and global economies. 

3:40 – Our co-hosts examine common investing mistakes:  

• obsessing about investment activity; 
• making investment decisions under highstress; 
• focusing too much on fads; 
• putting off investing until later; 
• being improperly diversified; 
• ignoring inflation; 
• only focusing on negative news; 
• trying to time the market; 
• takinginvestment “tips” from friends and family; 
• taking the wrong risks; 
• letting fear take focus from investing; 

21:45– Weekly Financial Fix. Travis gives you a challenge that will de-stress you investing experience. 

Start talking about or researching investing and you’ll be bombarded with strategies to get the highest returns, tips about timing the market, and opportunities to get in on the “next big thing.”For most people, investing is both mentally and emotionally taxing. On this episode of WealthBeing, Travis is sharing the strategies he uses to help his clients make the best, stress-free investing decisions to reach their goals and avoid making costly mistakes. 

:45–Money Problem:Travis’ client was dealing with the worry of unpredictable markets and global economies. 

3:40 – Our co-hosts examine common investing mistakes:  

• obsessing about investment activity; 
• making investment decisions under highstress; 
• focusing too much on fads; 
• putting off investing until later; 
• being improperly diversified; 
• ignoring inflation; 
• only focusing on negative news; 
• trying to time the market; 
• takinginvestment “tips” from friends and family; 
• taking the wrong risks; 
• letting fear take focus from investing; 

21:45– Weekly Financial Fix. Travis gives you a challenge that will de-stress you investing experience. 

Debt can be stressful, confusing, embarrassing… and sometimes a good financial decision! On this episode of WealthBeing, we invite our colleague, Annie Nolan,Senior Financial Advisor at Island Savings, to talk about the variety of ways debt impacts our financial health, and we learn her simpleways to manage what we owe.

:45–Money Problem. Derrick shares the story of his self-employed clients who experienced a life change that caused an increase in debt.
3:40 – We meet our guest expert Annie Nolan, Senior Financial Advisor at Island Savings, and learn about:

• good and bad debt;
• deciding if incurring debt is worthwhile tomake a purchase;
• common reasons that people get trapped owing money;
• a simple way to set up an emergency fund that’s specific to your needs;
• balancing family support with personal savings goals;
• how financial experts provide debt solutions;
• dealing with the stigma and emotion tied to debt;

21:45– Weekly Financial Fix. Travis gives you a challenge that will open your eyes to your spending habits.

Debt can be stressful, confusing, embarrassing… and sometimes a good financial decision! On this episode of WealthBeing, we invite our colleague, Annie Nolan,Senior Financial Advisor at Island Savings, to talk about the variety of ways debt impacts our financial health, and we learn her simpleways to manage what we owe.

:45–Money Problem. Derrick shares the story of his self-employed clients who experienced a life change that caused an increase in debt.
3:40 – We meet our guest expert Annie Nolan, Senior Financial Advisor at Island Savings, and learn about:

• good and bad debt;
• deciding if incurring debt is worthwhile tomake a purchase;
• common reasons that people get trapped owing money;
• a simple way to set up an emergency fund that’s specific to your needs;
• balancing family support with personal savings goals;
• how financial experts provide debt solutions;
• dealing with the stigma and emotion tied to debt;

21:45– Weekly Financial Fix. Travis gives you a challenge that will open your eyes to your spending habits.

We all have big dreams and good intentions when it comes toour financial plans. But setting a course and staying on track can be a challenge. On this episode of WealthBeing, we make it simple to progress toward your goals. 

:30 –Travis and Derrick share their first financial goal-setting experience. 

3:56 – Money Problem. Travis shares the story of clients who struggled to set and achieve financial goals, and advice that works when you find yourself lost in financial decision-making. Learn about:  

• three types of financial goals to serve short, medium, and long-term needs; 
• goal-setting language that reinforces your intentions; 
• four factors every successful financial goal has; 
• prioritizing multiple financial goals; 
• the financial goal-setting process; 
• coping with unexpected financial changes; 
• setting financial goals for retirement; 
• financial goal planning tools; 
• coordinating family financial goals. 

22:20 – Weekly Financial Fix. Travis leaves you with a simple activity to further your financial goal-setting. 

Being in good financial health makes you feel at ease every day. You are free to pursue your goalsand 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. 

We all have big dreams and good intentions when it comes toour financial plans. But setting a course and staying on track can be a challenge. On this episode of WealthBeing, we make it simple to progress toward your goals. 

:30 –Travis and Derrick share their first financial goal-setting experience. 

3:56 – Money Problem. Travis shares the story of clients who struggled to set and achieve financial goals, and advice that works when you find yourself lost in financial decision-making. Learn about:  

• three types of financial goals to serve short, medium, and long-term needs; 
• goal-setting language that reinforces your intentions; 
• four factors every successful financial goal has; 
• prioritizing multiple financial goals; 
• the financial goal-setting process; 
• coping with unexpected financial changes; 
• setting financial goals for retirement; 
• financial goal planning tools; 
• coordinating family financial goals. 

22:20 – Weekly Financial Fix. Travis leaves you with a simple activity to further your financial goal-setting. 

Being in good financial health makes you feel at ease every day. You are free to pursue your goalsand 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.