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Such an intriguing title can mean different things to different readers. One may have managed a healthy business but never invested actively outside it, while another saved a little but their great success has been clearing the mortgage. A third had neither a home nor a business – just worked hard and paid the bills. So let’s consider now at this time of life, is it too late to invest?

Let’s start from the beginning. Imagine your savings could fit in a thimble but you could save $50 or $100 a month. Should you spend or save it? May I suggest you tuck this into a Tax Free Savings Account (TFSA) because your money can grow and you’ll never pay tax on it.

Let’s say you build $1000 in the first year – it’s $1000 you didn’t have otherwise. It’s always good to have spare money, right? So now, can you find $50 or $100 each month? Coins in the couch, skipping “fast food,” nearly-new name-brands at Value Village? You might dream up six or ten ways to save more money each month. Reward yourself too, and then move on to next month’s target. By the end of 2019, how much would you like to own in tax-free savings?

If you’ve paid off the mortgage this is like having extra money in your pocket. It disappears quickly without a plan, so let’s imagine $1200/month you’re no longer putting into a mortgage. Divide that into two pots: One for spending, one for saving. From the first pot you, can enjoy a new community activity, an upcoming trip, a purchase you’ve promised yourself.

Now the second pot is for longer term – future needs and travels, comfort when we’re older. Saving just $600 a month can become $8,000 in the next year or so. It’s $8000 you didn’t have before. We would then discuss what $8000 can do for you, and investing it so it stays safe and also grows larger. Another year this can reach $20,000… enough for a dream vacation with spare cash for a rainy day.

Business owners have been frugal with money, as this is how they managed their life and work. Some are uncomfortable now, how to save and spend in retirement. It’s a time we can “pensionize” your nest egg, securing life-income, increasing yearly, and lasting you forever. There are vital strategies to sustain such income to age 85 or even 105 if you wish… as long as you need. We also aim to reduce income taxes and protect your CPP and OAS benefits.

How does it feel to find an extra $20 – or $20,000? There was a time, if you found $20 in your pocket it was a definite smile! Now by saving a bit here and there you’ll be able to smile even more. What’s your amount? Is it a goal for total savings, or simply knowing you have a total monthly income that offers peace of mind and a lasting smile?

Confidence to invest is the opposite of lottery tickets and fear. A proper plan can be as simple as “Life Income Mandates” to grow money with income and dividends from big banks, utilities and other companies, global real estate, bonds, and more. How this comes together must be tailored to your own specific needs and comfort, and keep you safe through all of life’s seasons. Whenever I speak of “guaranteed life income” it’s a promise to manage money safely so it will serve your life goals and personal comfort through all the years ahead.

Now is an excellent time to discuss how money is working for you – what’s good, what’s not – and how to invest in strong and happy returns. Turning 2018 to a new year, do you feel your money could be doing better? What part can you do on your own? What do you need from a Certified Financial Advisor? You need not do it alone; help is always available… when you’re ready.

Brian Weatherdon of Sovereign Wealth Management Inc., is a Certified Financial Advisor, retirement coach, and consultant on wealth and aging. 905-637-3500

The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation requiring appropriate legal, accounting, tax and other professional guidance. The views expressed are those of the author and not necessarily those of the issuer of any financial products for which the author may act as a distributor. Any names and/or circumstances mentioned above are altered for confidentiality.

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