January, 2010
Volume 3, Issue 1
In This Issue
MFG FINANCIAL DISPATCH
A Monthly Publication of MacIntosh Financial Group Ltd.
Celebrating 25 Years of Serving Our Clients
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Happy 2010!
Win One of Two $25 Starbucks Cards
Bits and Pieces
HAPPY NEW YEAR!
We want to wish you a happy, healthy and prosperous 2010. We know that 2009 was a difficult year financially for many people and as financial planners, we saw that first hand. Although the markets recovered very well in the last three quarters of the year, the extreme volatility and drop in the markets prior to that, and the uncertainty with the economy in general gave rise to much apprehension and concern on the part of many people.
A big part of what we do is to ensure that all your financial concerns are addressed and that your investments provide you with the proper balance of growth and stability in line with your risk tolerance. It is a sometimes challenging line to walk but it’s also very satisfying.
We want to thank each of you for the confidence that you have placed in us to provide you with financial service and advice. We want to especially thank all those who recommended us to their family and friends over this past year. A referral is the highest compliment and a huge responsibility and we never take that lightly. We are always grateful for your willingness to refer us and we pledge to always do our very best for your friends and family.
In 2010 we are celebrating our 25th Anniversary of serving our clients. For 25 years we have been providing financial advice and products to some of the finest people we know. We really do appreciate you and we look forward to continuing to serve you for many years to come!
Win One of Two $25 Starbucks Cards
We’re starting out the New Year by once again giving away a $25 Starbucks card to each of two lucky people.
Simply click on the word “WIN”, and answer the four multiple choice questions based on information in the articles in this newsletter. We’ll randomly draw two names from the correct entries and award a card to each of those two people.
Our December winners were Brian Graham and our first two-time winner, Frank Schindelka. Congratulations to both of you. This month’s draw will happen on January 18th. All the best!
New Year’s Resolutions
Each year people make New Year’s resolutions for all kinds of things: losing weight, quitting smoking, spending more quality time with loved ones, etc. etc.. There are bad habits to quit and good habits to start. It’s all about acknowledging that our lives aren’t exactly how we want them to be and there are improvements we would like to make. It’s a process.
Here are a few New Year’s resolutions worth considering in terms of your finances:
Reduce Debt. We don’t know exactly when, but interest rates are likely to go up sometime over the next year or so. Household debt – mostly mortgages and consumer or credit card debt – has increased to record levels over this past year and for many people their debt is out of control. If you find yourself in that situation it would be wise to develop a plan to aggressively reduce your debt now. You want to make sure that your cash flow is sufficient to cover the increased payments if rates should rise a few percentage points.
Get Organized. If you don’t have a good handle on your cash flow – your income and expenses - it’s easy to be caught by surprise when some major expense occurs. It also makes it hard to plan for your future when you don’t know what your current situation is. Are you saving enough for retirement? Do you have enough in an emergency fund to get you through any unforeseeable financial difficulties? With the many software programs available, getting your finances organized is easy and can even be enjoyable (maybe even fun). One of the most popular of these software programs is Quicken which costs about $40.
Review Your Insurance. Insurance is simply a vehicle for transferring potential financial risk to an insurance company rather than bearing the risk yourself. Do you have adequate insurance so that if you are unable to earn income for your family because of illness, injury or death, your dependents will be taken care of financially? Another thing to consider is if you have a term life insurance policy that has renewed, the premiums will have gone up. It may be that you can re-apply and get the same coverage for much less cost. We can shop the market for you to find you the best product at the best price.
Rebalance Your Investments. With the volatility of the financial markets over the past year and a half, the balance in your portfolio may have changed drastically. Your own situation might also have changed and your need for growth and/or stability may be different now than it was a few years ago. We would be happy to review your portfolio with you and ensure that it continues to meet your objectives and needs.
These are just a few of the issues we suggest reviewing as we begin this new year. Please contact us if you would like help working through any of these things.
Bits and Pieces
Tax Free Savings Accounts
As of January 1st every Canadian resident aged 18 and over has an additional $5,000 added to their TFSA contribution limit. You are eligible to contribute $5,000 for 2010 plus any unused contribution room you have from 2009. If you would like more information please visit the TFSA section on our website (click here) or call us to discuss TFSAs further.
RRSP Contribution Deadline
The deadline for contributing to your RRSP and deducting it against your 2009 income is March 1st. Contributions can be made by cheque or through your online banking. RRSP loans are also available to you. For more information please visit the RRSP section on our website (click here) or call us at 604-737-8886.
MFG Financial Dispatch is our monthly email newsletter designed to keep you up to date on timely financial issues that may affect you and to pass on timeless information and advice regarding financial issues. Archived issues are available in the Client Centre on our website (macintoshfinancial.com).
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