by Larry MacDonald for Money Sense Magazine
Q: My fiancée Michelle and I are building a custom home together. We have a $1.5 million budget in mind but we’d like to go higher if we can afford to. Or should we actually be spending less? We need to make a decision and we’re not sure what to do. — Darren, Toronto
A: There is no doubt that you guys are in a unique position. Darren, you’re earning the entry level minimum this year, but hope your agent can negotiate a big contract next spring. Your career could last 10 years, but an injury or a bad season could easily cut things short. And it’s hard to say what your potential income-earning ability might be thereafter.
Why have an independent financial advisor?
Your advisor will look at your income, taxes, investments, debts and all the other elements of your financial picture. Your advisor will be there every step of the way to help you with your goals, evaluate financial strategies, and come up with a plan and will check in with you regularly to help you stay on track.
Here is some additional information from Advocis on Finding the Right Advisor
What is a Health Directive or Advanced Care Planning and why should I have one?
Advance care planning is the process a capable adult follows to ensure that their beliefs, values and wishes for future health care are known in the event that the adult is incapable of making health care decisions when the health care is required.
When a capable adult does advance care planning, their close family or trusted friends and health care providers know the adult’s wishes for health care treatment and can respect them in the event the adult is incapable of deciding for themselves when the care is needed.
Here is a link to a BC Ministry of Health site with some Frequently Asked Questions.
Here is a link to The Nidus Personal Planning Resource Centre, a non-profit, charitable organization that provides excellent resources on adult guardianship.
Canada’s aging population is going to have a significant impact on our health care needs and costs. According to The Sun Life Canadian Health Index, 90% of Canadians anticipate a financial impact if they were to experience a major or chronic illness. Yet only 58% are financially prepared to cover the cost of a serious illness. Are you prepared?