Financial advisors Rachelle Allen & Adam Plaxton from Investors Group gave a presentation to the Sheridan Web Design class on Feb.24th. They offered us some valuable advice that will soon be put to as we enter into the workforce.
According to the statistics that they presented, people born today are having a perceived life expectancy of about 140 years. WOW-wee! This - and other - new realities means that it is important to plan. Will you outlive your money? Or will your money outlive you?
Rachelle talked about the four reasons why people tend to fail financially in their retirement, eventually fall into debt or become financially dependent on others:
1. lack of planning
2. taxes
3. procrastination
4. investor behavior.
They also described how to save and pay less tax by using RSP, RRSP & Tax Free Savings Accounts. They also briefly spoke upon Critical Illness Insurance. This type of insurance is designed to help you financially if you develop an illness that requires you take a lot of time off work to recover.
"Mortgage Insurance" is designed to protect the banks.
"Term Life Insurance" is designed to protect you.
CONTACT INFO:
Adam Plaxton
416-695-8600
Rachelle Allen
416-860-1668 ext. 227
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