“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

4 Easy Ways To Start Investing

4 Easy Ways To Start Investing

Investing is one of the best ways to build wealth. When you invest, you buy small a piece of a company and become part owner. And as a part owner of that company you get to share in the profit that they create. This profit can be distributed to shareholders in the form of cash dividends every few months (ie. Coke) or it can be invested back into the company to help it grow even faster (ie. Netflix).

When you invest you put your money to work. Rather than letting your money sit in a high-interest savings account, where it does next to nothing (earning minimal interest, sometimes less than inflation) instead, you give your money a real job.

When you invest, you get a higher return but this return isn’t for free. A higher return comes with higher risk. Investing is risky. When you invest it’s possible to lose a big chunk of your savings over a few years, months, or even days. The benefit is that over the long run you can earn a better return than your bank account, and this is important when you have long-term goals like financial independence or retirement (Note: you should never invest when you’re saving for short-term goals, for short-term goals a high interest savings account or GIC are the best options).

Related: My biggest financial mistake

What is the best way to invest? That depends on your specific circumstances. It depends on how much time you have, how involved you want to be, and how much you want to pay in fees etc. Investing today is easier than ever. There are new and easy ways to invest in a highly-diversified portfolio of stocks and bonds.

Which method you choose will depend on a few factors…

read more
Best Time To Plan For Retirement? Age 70? 65? 60? 55? 50? 45?

Best Time To Plan For Retirement? Age 70? 65? 60? 55? 50? 45?

There is never a bad time to start saving for retirement, but when is the BEST time to start planning? We’ve been told to start saving & investing for retirement from a very young age, the earlier the better, but when do you actually start planning for retirement itself? When do you start to think about income, expenses, taxes and government benefits during your retirement years?

Retirement can be very complex. When you reach retirement it’s pretty easy to have 6-10 different income sources, all with different tax treatments and claw back rules. One income source can be tax free while the other is fully taxed. Some retirement income is counted when calculating government benefit claw backs while others aren’t. These rules can make it difficult to estimate how much you can expect in retirement.

Retirees usually have their own source of retirement income from TFSAs, RRSPs, LIRAs, RRIFs, and non-registered accounts. Plus, they have government retirement programs like CPP, OAS and GIS. Then there are government benefits like the GST/HST credit and other senior’s benefits. And on top of that there are defined benefit pensions and annuities too.

With all these different income sources, it can get a little confusing. It can be difficult to know exactly how much can you expect in retirement income, how much will be lost to taxes, and how that matches up with retirement expenses.

As you get closer to retirement it can be extremely helpful to have a retirement plan in place. A plan that integrates all these different sources of income, calculates taxes and government benefits, and ensures you can reach your retirement spending goals. But can you reach a point where it’s too late to plan for retirement?

When is the best time to plan for retirement?

read more
18 Great Financial Goals For The New Year

18 Great Financial Goals For The New Year

Here we go again! It’s time for the New Year! It’s time for New Year’s resolutions and time for new beginnings (and it’s time to recover from all that holiday spending!)

After indulging in the parties, the gifts, and the treats, a New Year’s resolution is the perfect time to change course. It’s the perfect time to focus on you!

Did you know that about half of us make a New Year’s resolution each year? While dieting, exercise, and eating right always seem to top the list, I want you to consider putting a personal finance resolution in there somewhere too (hopefully at the top!)

A New Year’s resolution is the perfect way to make a positive change in your life and it’s a great time to make a change to your personal finances too. The new year is the perfect time to reflect on your personal finance routine, take stock of your situation, and decide how to improve.

If you’re looking for some inspiration we’ve got 18 great financial goals for your New Year’s resolution.

Why wait? Start your New Year’s resolution NOW! Don’t put all that pressure on New Year’s, start your resolution today! That way you have a couple of weeks of “practice” before the real New Year’s 😉

read more
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Owen Winkelmolen

Financial planner, personal finance geek and founder of PlanEasy.

“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

Join our online community!

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4 Easy Ways To Start Investing

4 Easy Ways To Start Investing

Investing is one of the best ways to build wealth. When you invest, you buy small a piece of a company and become part owner. And as a part owner of that company you get to share in the profit that they create. This profit can be distributed to shareholders in the form of cash dividends every few months (ie. Coke) or it can be invested back into the company to help it grow even faster (ie. Netflix).

When you invest you put your money to work. Rather than letting your money sit in a high-interest savings account, where it does next to nothing (earning minimal interest, sometimes less than inflation) instead, you give your money a real job.

When you invest, you get a higher return but this return isn’t for free. A higher return comes with higher risk. Investing is risky. When you invest it’s possible to lose a big chunk of your savings over a few years, months, or even days. The benefit is that over the long run you can earn a better return than your bank account, and this is important when you have long-term goals like financial independence or retirement (Note: you should never invest when you’re saving for short-term goals, for short-term goals a high interest savings account or GIC are the best options).

Related: My biggest financial mistake

What is the best way to invest? That depends on your specific circumstances. It depends on how much time you have, how involved you want to be, and how much you want to pay in fees etc. Investing today is easier than ever. There are new and easy ways to invest in a highly-diversified portfolio of stocks and bonds.

Which method you choose will depend on a few factors…

read more
Best Time To Plan For Retirement? Age 70? 65? 60? 55? 50? 45?

Best Time To Plan For Retirement? Age 70? 65? 60? 55? 50? 45?

There is never a bad time to start saving for retirement, but when is the BEST time to start planning? We’ve been told to start saving & investing for retirement from a very young age, the earlier the better, but when do you actually start planning for retirement itself? When do you start to think about income, expenses, taxes and government benefits during your retirement years?

Retirement can be very complex. When you reach retirement it’s pretty easy to have 6-10 different income sources, all with different tax treatments and claw back rules. One income source can be tax free while the other is fully taxed. Some retirement income is counted when calculating government benefit claw backs while others aren’t. These rules can make it difficult to estimate how much you can expect in retirement.

Retirees usually have their own source of retirement income from TFSAs, RRSPs, LIRAs, RRIFs, and non-registered accounts. Plus, they have government retirement programs like CPP, OAS and GIS. Then there are government benefits like the GST/HST credit and other senior’s benefits. And on top of that there are defined benefit pensions and annuities too.

With all these different income sources, it can get a little confusing. It can be difficult to know exactly how much can you expect in retirement income, how much will be lost to taxes, and how that matches up with retirement expenses.

As you get closer to retirement it can be extremely helpful to have a retirement plan in place. A plan that integrates all these different sources of income, calculates taxes and government benefits, and ensures you can reach your retirement spending goals. But can you reach a point where it’s too late to plan for retirement?

When is the best time to plan for retirement?

read more
18 Great Financial Goals For The New Year

18 Great Financial Goals For The New Year

Here we go again! It’s time for the New Year! It’s time for New Year’s resolutions and time for new beginnings (and it’s time to recover from all that holiday spending!)

After indulging in the parties, the gifts, and the treats, a New Year’s resolution is the perfect time to change course. It’s the perfect time to focus on you!

Did you know that about half of us make a New Year’s resolution each year? While dieting, exercise, and eating right always seem to top the list, I want you to consider putting a personal finance resolution in there somewhere too (hopefully at the top!)

A New Year’s resolution is the perfect way to make a positive change in your life and it’s a great time to make a change to your personal finances too. The new year is the perfect time to reflect on your personal finance routine, take stock of your situation, and decide how to improve.

If you’re looking for some inspiration we’ve got 18 great financial goals for your New Year’s resolution.

Why wait? Start your New Year’s resolution NOW! Don’t put all that pressure on New Year’s, start your resolution today! That way you have a couple of weeks of “practice” before the real New Year’s 😉

read more
Page 2 of 3212345...

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