Family | Crawford • Ashwood Financial

Marriage is arguably one of the biggest and happiest events in many people’s lives. Those rose coloured glasses are in full effect when we are in love and joining our lives with another. There are a few simple things you can do financially to keep the bloom on that rose. Number one is communication. It is extremely important, from the get go, to be brutally honest about your past and current financial life, and what you ultimately want your financial lives to look like together. If you are coming into a marriage with debt, then you need to disclose that,…

Today we continue with our Life Events series, and discuss planning tips for dealing with a disability. A disability for you or a close family member creates new challenges for you and your family. Have you ever considered what would happen if you or the main breadwinner in the family was no longer able to work? Would that income stop? Could you survive on only one person’s income? Would this cause issues for the care of your children? You should also consider the impact disability would have on a stay-at-home parent. This is a hugely important role, which may not…

Continuing our Life Events series, today we delve into some planning thoughts when you leave a job. Although we would all like to think that we can choose when to change our job or when we retire, the reality is that sometimes the choice is made by our employers. When you lose your job, there are many important decisions that have to be made in a short time. Severance/Retiring Allowance There are minimum severances and retiring allowances that employers must pay, set by the provincial government. These are based on your years of service. However, there are conditions where additional…

The perception that our jobs, as financial advisors, is just about money and investments is far from the truth. Our clients lean on us for help with constantly changing life events; such as death, disability, marriage and divorce, leaving a job, buying a house, and new parenthood. We encourage them to do so. It is far simpler to prevent mistakes rather than trying to fix things after bad decisions are implemented. In the next several blog posts, we will discuss some of these topics, and how we can help when a major life event happens in your life. In this…

Not many people like to think about death, and certainly not our own disability or demise. As unappealing as it might be to start planning for this inevitability, it has to be done. The Legal Stuff First, get the legal stuff done. There are many documents you may need to consider, and the good news is that it is likely not as complicated or expensive as you might imagine. A Will Everybody needs a will; however studies show less than half of Canadians actually have a will. A will is there to explain what you want done with your assets…

As we approach the end of yet another year, I like to take some time to reflect on the past year to appreciate all the experiences I have had. Although we share a planet, we all live in our own worlds and as human beings we all experience both pain and pleasure. Our experiences never seem to be a nice balance however. Some years we are given more pain than we think we can endure, and other years we pinch ourselves for all the good fortune we have. Our job, as your financial advisors is to guide you to a…

Some experts say that new parents spend $10,000 during their first year in parenthood. You knew having kids wasn’t cheap, but that’s a lot of money on top of your regular living expenses. You would need to come up with $250 a week for nine months to save that amount of money ahead of the baby’s arrival. That’s around $1000 a month! The key is to start early. Start early. If you are planning on starting a family soon, and have a couple of years to build up the resources required, you might need only $96 a week. A Tax…

Every parent wants the very best for their child. Life changes as soon as a new baby comes into this world, and parents are on cloud nine (and probably sleep deprived). There is so much to learn as a new parent and setting up savings plans for your new child’s future education is an important one. We urge you to do your due diligence before signing any contracts for RESPs or Scholarship funds. There are companies who obtain names of new parents/babies and call you to offer their help with setting up a new plan within weeks of your baby’s…

So you’ve just bought a house! Congratulations. This is an exciting time in your life, and it is important to ensure you protect this big purchase. But what kind of protection do you need? Mortgage insurance is easy, convenient, and covers you for just the right amount. Life insurance offers many options for you to consider. I find many people don’t know the differences between mortgage insurance and term or permanent life insurance. Let me break down some key differences for you. Payout With insurance you get from your bank/mortgage company, the amount of coverage and subsequent payout if/when you…

The Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. We all know that education costs are raising every year, and many parents, grandparents and other family members recognize the need to save long before the money is required. The major benefit to the RESP is the government grants that assist you to grow the account more quickly. Free money from the government, you say? Why wouldn’t you take advantage of that? Canadian Education Savings Grant (CESG) For an eligible beneficiary under the age of 18, the government matches 20%…

Category Archives: Family

Money & Marriage

Disability

Leaving a Job

Death of a Loved One

Estate Planning

Help to Meet Life’s Challenges

Staying home with baby?

RESPs vs. Scholarship Funds

Mortgage Insurance vs. Life Insurance

Education Savings