Tips on how to avoid a retirement-savings crisis
How to have a retirement worth saving for
Retirement isn’t only about having enough money to replace your paycheque, it’s also about filling your free time in a purposeful way. Many find working provides them with a sense of meaning, social connections and structure to their day. "Most adults don't want a life of pure leisure," said certified financial planner Barbara O'Neill. So, how can you have a retirement worth saving for? Liz Weston of Nerdwallet explains three ways to replace those aspects of work you may miss.
Is it time for a career change?
With Canada’s economy picking up, so is hiring capacity for some sectors. While some are having a hard time adjusting to their new jobs remotely, others are facing increased competition as more people look to make a career change. Bruce Powell, managing partner at recruiting firm IQ Partners Inc. said the career business is like musical chairs, “When the music starts and everyone’s up and moving, that’s a good time to consider making a move because there are seats opening up.”
Growing money is like growing a garden
If during the pandemic you took up gardening as a hobby, you may have found parallels between that and handling your finances; both require a lot of attention and the final product is never guaranteed. Just like tending to a bountiful garden, an investor has to have a vision for what they want to see in the future, establish the right foundation for growth and most importantly put in the work. Here are some lessons on how to grow your money.
Profiting off your second-hand goods
During the pandemic, many found they had more time to catch up on their spring-cleaning. You may have found your piled up junk in the attic might be worth more than you thought. Resale experts share their tips on how to be strategic when selling used items and figuring out what your hidden gems might be worth.
Should you co-sign for your young adult?
If you’re a parent for a young adult they may have asked you to co-sign for a car or an apartment lease. Before you agree, it’s important to know what’s at stake so you’re not putting your own finances at risk. Here’s a breakdown on what to expect if you do decide to co-sign or when you should say no.
“When imagining your goals, a good jumping-off point is defining your needs and your wants and what you value.” - Lacey Langford, a North Carolina-based financial coach