Javier Rivas is a Certified Real Estate consultant, with a strong IT background, helping developers, homeowners, investors, and private buyers achieve their real estate goals in Marbella, Spain. He is an insider, as he grew up in Marbella, which allows him to provide this extra insight, besides the industry knowledge and expertise.  He is a member of the international Real Estate associations GIPE and CEPI. He speaks Spanish, French, English, and German.

This week I will be moving to a new place after having lived in the same house for 18 yrs. I will be blogging about how to look for a mortgage, find the right real estate agents, and what to look for in the house and in a mover. I talk to Javier Rivas an international real estate agent.

Javi please tell my global audience a little about you?

Hi, my name is Javier Rivas.  I’m half Spanish-French. I moved from Lyon to Marbella in 1981 with my parents. I left to study in Switzerland, and work in Germany, Barcelona, and Madrid. I’m a proud father of an 8 years old princess and a tennis freak.

Explain your passion for real estate and how you help people?

After having worked for more than a decade for different agencies, I decided to build my own company. In Marbella most of our clients are international. The market here is attractive to second homeowners that come to relax and enjoy the lifestyle Marbella offers. My passion grew when I noticed how agents can be helpful to clients. The clients are not locals, they don’t know much about our market or town and, therefore, there’s a huge need for the services we provide. It feels like the hospitality business, serving and making people happy.

I envy you as it is minus 15c in Toronto. Talk to me about the lifestyle in Marbella?

Marbella is the favorite destination for millions of Europeans, Middle-Easterners, and Russians. We are blessed by 6 months of summer and mild winters. We are located on the shores of the Mediterranean, one hour away from Gibraltar (UK), Africa, 40 minutes from the vibrant city of Malaga and two hours from the beautiful cities of Seville and Cordoba.

Marbella offers a perfect combination of beach, golf, excellent restaurants, attractions, and sports. I, for example, am not much into golf, but I play tennis almost every day during lunch breaks. Marbella’s infrastructure, size, and amenities allow this lifestyle. And the future looks bright for this corner of the earth. We have an important political change in the region of Andalusia that will certainly boost our market. 

Why should one buy a retirement or investment property?

Real Estate has always been the best investment. It might go down sometimes, but it always picks up at the end. That is of course if you invest wisely.  I believe it offers more security than other investment products. As a matter of fact, during the last huge crisis we have seen recently, prices in Marbella rarely dropped more than 20%.

In sun destinations like Mexico or Thailand, foreigners cannot own a property next to the beach or home. The property has to be in a trust held by the bank. Can I own a property by the beach in my own name in Spain even though I am not an EU resident?

Definitely yes, there are no limitations for owning a property in Spain, as long as you can prove that funds are legit.

I visited Spain during my honeymoon and am in love with Latin culture. Talk to me about the food, wine, and culture of your country?

I am going to come across as arrogant, but sorry, I mean it. The Spanish red wines offer the best quality price ever. I have tasted many French, Italian, American, and South African wines and nothing compared to our Ribera del Duero, also Rioja, but you need to discover other not-so-well-known “denominaciones” or wine regions, that are producing incredible wine, such as Toro, Bierzo, Ronda, Madrid and so on. You really need to try Licinia, from Madrid, it’s truly awesome.

I have no doubt that there are excellent wines around, especially if you are happy to spend 100€+, but in Spain, most wines from 10€ are usually great. I know wines at 4€ that are really good, for example, Carles, from Priorat.

That was all about wine haha. Any room for the rest? Spain has produced many celebrity chefs lately. Especially in the regions of Catalonia and Basque Country. Names like Ferran Adria, Roca brothers, Juan Mari Arzak, and Martin Berasategui, are already very popular in the industry. Even here in Marbella, we have our own hero, Dani Garcia, that has recently been awarded his third Michelin star.

About the culture, just one thing. Most Spaniards are against bullfighting. It’s a tradition but we are increasingly aware that it is a sadistic spectacle that will end sooner than later.

What should I be looking for in a retirement property in Spain?

I can talk about a retirement property in Marbella. Look for sea views, everybody wants that. It really depends also on what’s your budget. An apartment can be 400k to 60 million for a mansion.

If you can get what you like within walking distance to amenities, that’s a big plus, but it’s not easy to find. Marbella is a little LA, you can’t survive if you don’t drive. I’m a bit overstating, of course, but not much.

Why should I hire you compared to someone from Sotheby or other agencies?

I offer a different service working in a team with other agencies. Dealing with many traditional agencies can be overwhelming and dealing only with one limits your options considerably. My formula allows my clients to deal only with one contact person actually increasing options. Besides, I’m a long-established certified agent member of CEPI, the European Association of Real Estate Professionals, aiming at raising the standards of professionalism and ethics in our industry.

How important are food, family, finance, and faith in your own life?

I’m trying to look after myself, so I’m careful with food although I can’t help enjoying a good tender sirloin with a great red wine from time to time.

My family is everything to me. Since I’m a parent, my life has changed a lot, but I guess as for everybody. Money is important. I could be politically correct and say things like “as long as you do what you like, you will be happy”, or “money does not bring happiness”, but I can’t agree completely. Money provides the possibility to have a certain lifestyle. Basic needs can only be covered with money now.

Faith? I’m not a believer if that’s what you mean.

Tell me a good real estate joke?

The director of a long-established agency comes one morning to find out that both shops on both sides of his agency are now also real estate agencies. One of them has a sign saying “No commissions”. The other one has a sign saying “The best agents”. What did this director do? He changed his existing sign to one saying “Main entrance”.

Photo Credits: karl muscat Robert Kovacevic Drew Graham Vishnu Patel Vita Vilcina Ralph Kayden

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A financial plan is a road map to achieving your financial goals.

We all have financial goals. It could be for a vacation, purchasing a home, children’s education, or retirement.

A financial plan looks at where you are at present and what you want to achieve in the future. It looks at net worth, cash flow, insurance planning, estate planning, retirement planning, and taxes.

A financial plan gets you in touch with reality, helps you to become realistic, looks at opportunities and risks, and gives you peace of mind.

Scott Schofield of Nesbitt Burns talks about reasons to have a financial plan and a disciplined savings strategy. Having this does not make you feel guilty.

Scott tell my global audience a little about you?

I am an investment advisor in London, Ontario, for approximately 150 families and business owners. I am a Chartered Investment Manager (CIM®) and have 20 years of experience in the asset management industry. Before joining BMO Nesbitt Burns, I consulted with financial advisors in my role as Senior Vice President with Mackenzie Investments and Dynamic Funds and hold a BA in Economics from Dalhousie University.

When not analyzing numbers, I enjoy many outdoor activities including kayaking and stand-up paddleboarding. My favorite activity is skiing with my wife and our two daughters that are 8 and 10 years old.

You have been around the financial services industry for a long time. What are some of the things you have learned? 

Being in the financial services industry has taught me a number of things over the years. However, one thing that stands out is that investors have a tendency to forget about ‘risk’ in their portfolios when the markets are good. It is always good to re-valuate your portfolio to ensure your portfolios are aligned with your objectives. If you are asking yourself, what are my objectives? you should seek advice from a licensed professional immediately.

Besides saving 10 percent, paying off your debts, living within your means what other advice can you give to my audience?

Great question, I would have to say seek out advice. Many Canadians feel like they do not have a high enough net worth to seek the advice of a professional. This is not the case. The value of having a financial advisor is undeniable.

Why is it important to save for retirement and what are some of the tools? 

There will come a day when you stop receiving a paycheque and need to replace that with an income from your portfolio. Saving in tax-deferred plans such as Registered Retirement Savings Plan’s (RRSP’s) and Tax-Free Saving Account’s (TFSA’s) are great ways to help reduce and manage the level of tax you will pay in retirement.

To become successful in saving, we have to make some sacrifices and have a financial plan. Do I always have to have the latest TV, cell phone, latest car? 

Some people really like to have the latest and greatest. I do! You should treat yourself from time to time. Having a financial plan and a disciplined saving strategy can potentially take the guilt out of treating yourself because you will know if you can or cannot afford these things.

Talk to me about TFSA and RESP? 

Both are great tools for investors.

The Tax-Free Savings Account (TFSA) began in 2009 and is a great way for Canadians to set aside money tax-free throughout their lifetime. A TFSA does not apply taxes on any contributions, dividends, capital gains, or interest earned, and can be withdrawn tax-free. This savings account is available to individuals aged 18 and older and can be used for any purpose.

An RESP is a great way to save for your child’s or grandchild’s post-secondary education. Parents, grandparents, and friends can contribute money any time to an RESP – up to a lifetime total of $50,000 per child. These contributions are not tax-deductible, but any investment income that’s earned within the plan isn’t taxed until it’s withdrawn.

The federal government will match 20% of the first $2,500 you contribute each year. That is $500 each year. When your children or grandchildren are eligible to start receiving the money to pay for tuition, books, computers, residence, meal plans, transportation and more, they pay the tax—generally at a much lower rate than you would have paid.

If my viewers want to become a client of yours, what are you looking for in a client? 

The bottom line is we want to work with clients that are engaged in their financial well-being.

Working towards financial goals is best done by a collaboration between our clients and our team.

It does take some investment of time in the early stages to get to know our client so we can properly propose personalized solutions and a financial plan that finds a balance between their goals and their risk tolerance. From there we implement the plan and monitor it year-round.

How important is it to have a financial plan, a road map of where you are going, goals, estate plan, and a will? 

I cannot stress enough how important a financial plan is to our client’s financial well-being.

It is a personalized blueprint or roadmap to meeting and exceeding financial goals.

A plan is adjusted over time as life events and unexpected things happen in our clients’ lives.

It also is a tremendous aid in helping to minimize tax during and after our clients’ lives.

How important is food to you and let us know some of your favorite restaurants in London?

What can I say I love food! I always like to be the first of my friends to try new restaurants and enjoy traveling and trying new to me restaurants along the way.

In London, I tend to frequent two of my favorites often.

The Church Key Bistro-Pub is a British traditional gastropub specializing in traditional food done with a gourmet flair. They use seasonal and locally sourced ingredients whenever possible. If you go there you have to try their Ale & Onion Soup with the Smoked Salmon Sammy.

The Bungalow – Neighbourhood Hub, is a great neighborhood ‘local’ in a residential area. The restaurant’s style and cuisine are designed for casual and convivial enjoyment. They have an extensive craft beer selection and a build your own burger option that they claim results in over 3000 different possible combinations. When not tinkering with my burger recipe of choice, my go-to is the Fish Tacos with the Habanero Potato Cheddar Bacon Soup.

How do you balance faith food family and finance in the 21st century? 

Finding a balance is sometimes tough with a busy practice and family. Making and taking the time to shut off devices and being in the moment with my family is very important to me. The best conversations are with my girls walking the dog after dinner or the quiet time when riding the chair lift when skiing the family.

The post Reasons To Have a Financial Plan and a Disciplined Saving Strategy appeared first on Four Columns of a Balanced Life.

Liz is the creator behind Minding My Thirties, a financially focused blog where she discusses the necessary evil that affects us all, money, debt, and finances. For her, money doesn’t have to be so evil. In fact, money can work for us. It can actually be the tool that lets us spend more time with our family, travel the world, or learn a new skill. It can give us time, which is really freedom after all.’

Liz’s goal with her blog is to ‘understand how to better harness’ money. She got her Eureka moment when her credit card got declined for a $7 beer. She had $70,000 in student loans and consumer debt. She researched money management and personal investing to pay down her debts and also save for her future. She became more aware of her personal finances, gained control of her money, and became debt-free at the age of 30.

Just like families evolve in our 20s, 30s, 40s, and 50s, so do our finances. I interviewed Liz on finances in our 30s.

Liz, a pleasure to have a fellow financial blogger on Four Columns. Please tell me a little about yourself.

Thanks, Jerry! Well, I’m a 30-something-year-old American expat living in Germany with my (German) partner, Timo. We left the States, Chicago to be specific, in January of 2020. Despite the global pandemic, we’ve been settling well and embracing a slower lifestyle here in Germany. Back in Chicago, I was working for a high-end interior design firm as a Designer, collaborating on residential projects all over the country. I’ve always been passionate about design in any realm possible, from graphics to interiors to website design. I think what I love most is that design is much like storytelling, which is probably what piques my interest when it comes to blogging.

But after finishing my graduate degree in interior design, I found myself in about $70K of combined student loan and consumer debt. I spent most of my late twenties working to get out of debt as quickly as possible. I also dedicated a good chunk of time towards understanding finances and learning how to manage and invest my money for the long haul. Somewhere along the way, I discovered minimalism and the FIRE (Financial Independence Retire Early) lifestyle. I was hooked! I decided to start blogging about personal finances as a way to document everything I was learning and to connect with others going through the same experiences when it comes to money.

Since then I’ve focused my time on prioritizing my personal values, financial goals, and building quality relationships while removing the excess from my life. While tackling my finances and adopting a minimalist lifestyle I’ve become more mindful of how I spend two of my most valuable resources: money and time. My long-term goal is to be able to remove money from the equation altogether by achieving financial independence. In doing so, I’d like to be able to make decisions based on where I see value and opportunity – and not just a paycheck.

I love your blog and graphics. What made you decide to become a financial blogger?

Thank you! The graphics are a lot of fun to put together. It was kind of the perfect storm with the development of the blog. As I mentioned in my backstory – I spent a ton of time researching personal finances and climbing out of debt myself leading up to our move to Germany. I also knew I would not be able to legally work for a while when we got to Germany. While I do not necessarily intend to make a living off the blog (although a girl can dream, right?), I knew it would be a great opportunity to start one seeing as I had the time to do so.

I also thought it would be a great way to document everything I learned about personal finances. And in doing so, I could offer help to others, which has been the most rewarding part. Most people think they have to have some unique story or niche to start blogging. That’s not necessarily true. Sometimes the best bloggers are the most relatable ones. The ones who have stories and experiences just like you and I. These are the people we can easily connect with. I thought my story and prior relationship with money was very relatable: I had debt. Made a modest salary. No real assets to my name. I didn’t understand how money actually works. Nobody taught me about finances and I didn’t pay someone to handle it for me. Everything I achieved was through hard work and persistence with my financial education. I thought – if I could do it, surely someone else could.

I’d love to be part of the reason someone better understands their finances. I’d love for others to experience this awakening – or – mindfulness when it comes to finances. Because once you’re able to fully harness your money, so many other opportunities open up.

Talk to me about how women can be empowered by having control over their personal finances?

I love this question because taking control of my personal finances has been beyond empowering! Being able to control your money, instead of it controlling you, is freedom. Zero debt and a comfortable saving in place allows you to capitalize on opportunities and take some calculated risks (like moving halfway around the world with no job  ).

When I was about 5 or 6 years old my parents divorced. Leading up to the divorce my mom never really built much of a career as she was focused on taking care of my brother and I. In fact, she was just a semester shy of finishing her masters in creative writing when she became a mother. Of course, you can’t fault my mom for putting us first before her career and finances. Being a mother is in and of itself its own job, and in many ways, being a stay-at-home mom today makes financial sense for some couples.

But throughout much of my childhood, I watched as my mom had to build her career, and finances, from the ground up. Divorce happens, of course. But sadly, it’s usually the women who face financial risk when it does. They are the ones who put their careers and earning potentials, on hold while raising children. And they are the ones that go back to work with a dormant skill set and reduced earning (and a wage gap) after years off. But watching my mom come full circle 25 years later as she is about to retire next year has been an exemplary achievement. One that I admire and respect. It empowers me to continue taking an active approach with my finances. It’s a reminder to pay myself first and make sure my financial future is taken care of regardless of whether or not I get married and have children. I think seeing this type of achievement, especially by other women, can really empower more women to take an active role in their finances.

Oh, and by the way, a few years ago she also finished that last semester of grad school and finally earned her masters! I am very proud of my mom!

How do men and women approach finance differently?

Oof, that’s a loaded (great) question! I think there are many different ways men and women approach finances. But for the sake of keeping this brief, I’ll focus on the investing side of things. Research shows men tend to show more interest and knowledge when it comes to investing. Men also tend to express more confidence, leading them to riskier investments, which ironically means that the women who do invest are actually getting slightly better returns.

But I think a lot of this psychology might be rooted in our cultural norms and traditions since the beginning of mankind. Women and men always had very separate, independent roles from hunter-gatherers all the way until now in modern society. And to some extent, due to biological differences, men and women will continue to have separate roles. But when it comes to finances, men used to dominate the workforce not that long ago. Because of this, I think for most men it was a point of pride, of ‘macho-ness’, to be able to provide and handle the finances. However, I think this is changing now that more and more women are earning a living for themselves or in some cases – becoming the breadwinner of the family! Hopefully, it’s not long before we have more women taking an active, vested role in their finances.

Money is an emotional thing. People do not like to talk about it. Money can also be used to satisfy an urge by shopping or binging on food. However, money can also be used for many good things. Please explain?

Absolutely. There’s a saying that money is a necessary evil. But I’d like to change that mindset. It doesn’t have to be so evil. We just have to know how to better harness it. Money – or at least the opportunities, experiences, and even things money can buy – brings lots of joy to people. It can also solve or ease a lot of problems in the world. One thing I’d like to see more in the financial community in discussions around charity or sustainable spending: how and where we put our money can really make an impact. I’d like to see more people incorporate a dollar amount for charity in their retirement plans or find ways to be sustainable with their dollars: invest in socially responsible companies or shop at local stores. This is something my partner and I are now starting to look into. We’d like to minimize our carbon footprint and find ways to not only do so in our daily lifestyle but ways to financially support the efforts around fighting climate change.

Money, money, money when is it enough?

Ahh, that’s the million-dollar question, isn’t it?! I believe there are three answers to this question, only two of which I can provide data.

There’s the salary, or how much money we need now to be happy now. For most, it’s enough to cover our essentials and pay off debts with some leftover for discretionary spending. According to researchers at Purdue University  the ideal individual income for optimal life satisfaction is $95,000 per year. But our emotional well-being is satiated with just $60,000-$75,000. Of course, this varies across regions, cultures, and individuals.

The second way to answer this question, and the one that is often difficult for people to understand – is how much money do we need in retirement? In fact, only 1 in 10 Americans actually understands how much they need to save for retirement. Our financial education system is failing us!

Here’s how to calculate how much you’ll need in retirement. First, determine your annual spending. This is how much you spend on everything for an entire year (rent/mortgage, car, food, clothing, travel, etc.…). Multiply this number 25 (for a safer, cushier retirement, calculate by 30). If you’re spending $35,000 per year, you’ll need approximately $875,000 ($35,000 x 25) to retire. This also assumes that you’ll withdraw around 4% or less from your investments in retirement. And of course, variables such as asset allocation and the current market will affect the success of this retirement portfolio. This method is not full-proof but it’s a great jumping-off point to get you started. It’s something that should be re-evaluated every year. If your annual expenses go up, your retirement number will too. This is why keeping your lifestyle in check is so important.

And finally, there’s the number of how much money YOU – personally – need to be happy, something I cannot answer. Many people will spend their off-hours ‘hustling’ to earn more with a financial goal in mind: to pay off debt, save for a child’s college or a down payment on a house. I think these are great, commendable reasons to maximize your earning potential. But there are many who approach money with an insatiable mindset – making more just for the sake of making more, or worse – making more to fulfill lifestyle creep. This is dangerous territory. If you don’t understand how much money you need then no amount will make you happy.

How are finances different when you are living alone compared to living with a partner or in a marriage?

I think when you are living with a partner or in a marriage, it’s incredibly helpful to share a financial vision. This can be tough to do as you may have very different views on how to spend and invest money. One of you may be making significantly more than the other, which can also add a point of contention. There are lots of variables at play here. So, I think the key is finding common ground and compromising.

There are also some couples who choose to keep their finances completely separate and split everything down the middle or proportionately to what they make.  This can be a valid approach when you have strongly opposing views on finances. But I still think it’s important to find a common goal or outlook when it comes to shared expenses and work on it together – after all, that is what being in a partnership is all about.

Like most things in life, there’s more than one way to do something. The same goes for money. So, it’s important to keep an open mind and hold judgment when discussing finances with your partner. The best thing you can do is talk about your financial goals early on in the relationship and maintain regular discussions – or check-ins – about your finances.

Of course, living on your own means you are accountable for all the financial decisions. This can be empowering and freeing, but of course, so can being on the same financial page as your partner and having twice the income working towards a shared goal!

I am teaching my daughter about money. I also went to the bank and opened an account for her and gave her a debit card. How important is financial literacy?

Super important! I believe financial literacy should be part of every high school curriculum! That’s wonderful that you are starting her early with a debit card and getting her used to the concept of income versus expenses. I say it’s never too soon to start teaching your children about money.

I never truly understood just how interest on a credit card worked, which is why I found myself in $10K worth of consumer debt. Learning to be fiscally responsible is not usually something that comes naturally to us. After all, money is a man-made construct. There’s nothing innate about our users with it. We may have certain personality types that make us more likely to be savers, frugal spenders, or over-spenders. But many times, these are learned behaviors. Which means anyone can learn how to better manage their finances.

The sad part about our lack of financial literacy is that, without it, our financial decisions could follow us for years or even decades into the future if we don’t understand how money works. Financial literacy is a topic I’m particularly vocal about on my blog and social media.

What are some of the biggest challenges your generation is facing with regard to money?

In many ways, our generation has it easier than those before us. The power of the internet makes not only obtaining knowledge just a keystroke and click away, but so is investing and saving. We have an app for everything. Apps that will itemize our budget for us, automatically roll over our change on purchase into a savings account, or buy index funds. It couldn’t be easier.

However, with the internet comes a lot of noise and distraction. We are constantly being shown ways to consume instead of saving. We see dozens of sensationalized stories every day of how others accumulated wealth in passive and ‘simple’ ways. We see influencers living large doing the bare minimum. I think this can be very de-motivating. To be in constant contact with unattainable, and sometimes falsified, lifestyles and overnight success stories warp our vision of reality.

We are also becoming a culture of instant gratification because of the internet and things like Amazon Prime. Many of us give into immediate wants, such as buying the latest trends (even if we can’t afford it), instead of stashing away a few hundred dollars a month to save for our future wants. Our priorities are out of touch and I really believe the internet has a huge impact on that.

I have always saved 10% of my paycheck. Pls. comment?

10% is a great start! But you should definitely try to increase that. Here’s why: Let’s say you’re making $50,000 a year (after taxes). Saving 10% equates to $5,000 a year, which means you are spending about $45,000 a year. To maintain this lifestyle in retirement you would need about $1,125,000 invested. If you started investing $5,000 a year at 25 years old, you’d still fall short of this goal after 40 years by almost $100,000! This math scales. So even if you are making $100,000 per year but still only saving 10% (or $10,000), you’ve fallen into lifestyle creep and are now spending $90,000 a year. To maintain that lifestyle in retirement you would need about $2,250,000 in the bank. A 10% savings rate would get you to about $2,060,000 – still short!

A more sustainable savings rate is between 15-20%. Try increasing your savings rate by 1% every 3-6 months while reducing other unnecessary expenses. By gradually building up your rate, you’re less likely to feel like you’re pinching pennies or making drastic reductions in your lifestyle. When I first started my financial journey, I discovered bloggers who were saving in the vicinity of 75-80% of their income! I felt dwarfed by this in comparison as I only saved around 5-8%. But, little by little, I managed to cut the spending on things I really didn’t care about and save more. In doing so, my partner and I reached a savings rate of 52% while living in the States. Of course, this is more extreme as our goal is to reach financial independence as soon as possible. For someone on a traditional timeline, not wanting the option to retire early, they would do just fine with a rate closer to 20%.

Finally, give yourself advice when you were a teenager and in your early 20s?

Don’t overcomplicate your finances. Debt can wreak havoc on your financial AND emotional well-being. Be careful with it. Don’t buy crap to impress people you don’t care about. Spend less than you earn. Invest the rest. Start investing now and let compounding interest do the work for you. Financial independence is great but enjoy and trust in the process. It’s truly as simple as that.

And in life: be mindful of what you do today, it matters tomorrow. Eliminate the clutter in your life – whether it’s things or toxic relationships; both will slow you down. Design a life YOU want to live first and foremost, or someone else will do it for you. Don’t be ashamed if you choose the less beaten path; this is often the most exciting and fulfilling one.

The post Money, Debt and Finances in our 30s appeared first on Four Columns of a Balanced Life.

The strength of your personal financial resources is equivalent to the quality of your financial decision-making. –Wayne Charisa

Financial success isn’t just about the numbers in your bank account—it’s about defining what truly matters to your happiness and making choices that support that vision. I first learned this lesson during my very first week at a brokerage firm on Bay Street. David Wilkes, one of the most successful advisors I’ve ever met, pulled me into his office and shared three pieces of advice that have stuck with me ever since: buy a small house, keep the first wife, and drive your car for at least 15 years.

David’s wisdom extended beyond investing—it was about creating a life of stability, balance, and intentionality. Over the years, I’ve taken that guidance to heart, refining it into a set of strategies that have helped me—and can help you—build financial security and freedom. In this post, I’ll share 15 practical strategies for financial success, from setting goals and budgeting to investing wisely and living intentionally, all grounded in lessons I’ve learned from experience and observation.

What is financial success

Financial Success is how you define what is most important to your happiness.

It was my first week at the brokerage firm on Bay Street. David Wilkes pulls me into the office and tells me ‘Jerry, I am going to give you three pieces of advice. In other words, buy a small house, keep the first wife, and drive your car for at least 15 years.’ A great piece of advice from one of the most successful advisers on Bay Street. David was great at investing his money. He was one of the best entrepreneurs I have met. As a result, I have listened to the above advice, and here are my 15 strategies for financial success.

Write down your goals

It is important to write down your financial goals. It is your blueprint and vision for your financial success for instance.

Know the difference between wants and needs. Food, shelter, heat, hydro and water are needs in order to sustain your life. In addition, wants are cappuccinos, going to the movies, vacations, and an expensive watch. Make sure needs are covered and then take care of wants.

Set short term (less than a year), medium (1 to 5 years), and long-term goals (more than 5 years). Be precise, realistic; set a time frame and a dollar amount. Write beside the goals whether it is a need or a want. Figure out the cost of each goal, how many months you need to achieve it, and then how much money you need to save each month.

Create a budget

A budget is how you will spend your money in any given year. The budget tells you how much money you will have for the things you want to purchase. In my two decades of voluntary counseling, every single person who was ever referred to me never had or followed a budget. In other words, a budget also allows you to live within your means and gets you a step closer to financial success.

Create an emergency fund

As the name suggests, this is for emergencies. What happens if you are laid off? What happens if you are in an accident? The dishwasher breaks down or you need winter tires. In conclusion,  open a high-interest account at a bank and have at least 6 months of your salary saved up in this account.

Pay off your debts 

A Globe and Mail survey in 2018 found 48 % of Canadians live paycheck to paycheck. This is a stressful situation. Is it really worth carrying credit card debt at 21% interest? Once you are debt-free, you are not at the mercy of the lenders or anyone. You are free and can live life as you choose. Imagine if you paid off your mortgage, car and student loans. That means you do not have to pay rent or mortgage payments, no car or student loan payments. You can take it easy. You can take a less stressful job or work from home or work fewer days a week.

Save 10 percent

I strongly recommend that you start saving 10 percent of the money you earn. As you get more disciplined you can save more. Above all, this is your nest egg.

Save for retirement

At some point in our lives, the paycheck stops coming. Many of us will live at least more than two decades after we retire. We will need money for this. The best thing to do is to invest in a Registered Retirement Savings Plan.

Give to charity

The National Institute of Health did research on the brains of individuals who donate money. The act of giving money to a good cause activated pleasure centers in the brain. When you give money to a charity that is aligned with your goals and values you are making a difference and impacting other people’s lives.

Be patient

Rome was not built in one day. When you buy a home, do not go and buy a brand-new car, new furniture, install hardwood, new interlock and remodel the kitchen. The extra debt will add unnecessary pressure on you. Take your time and do one thing at a time to become financially successful.

Stay away from credit cards

The average credit card debt in Canada is $2,600. Many pay only the minimum balance. That means paying 21% interest on it. Use credit cards only if you have the money in the bank account.

Do not buy on impulse

This is your biggest enemy. It can derail any plan you have for simplicity and frugality. Avoid malls and do window shopping. Stick to your goals, budget, and plan and avoid online retail.  A walk, volunteering, going to the gym, talking to a friend, or having someone over can make up for retail therapy.

If you are married, keep the first wife

Many successful married men have asked me what is the best financial advice I can give them. I always tell them to keep the first wife. Divorce messes you mentally, emotionally and financially. Keep her and treat her well.

Keep track of your spending

Have an excel spreadsheet or write down your major expenses and expenditure so you know you have the funds in your bank account.

Invest in a TFSA

If you have extra funds, invest in the Tax-Free Savings Account. You are allowed to invest a certain amount every year and you do not have to pay tax on any interest, dividend, or capital growth in this account.

Do not keep up with the neighbor

Make a promise to yourself. You will not keep up with the neighbor. Do you really need to spend $40,000 on interlock? Do you need to install an outdoor pool which you will barely use? If you have a paved driveway, is an interlock driveway any better?

Drive the car for 15 years

If you buy a new car, as soon as you drive it out of the showroom it loses thirty-five percent of its value. You are better off buying a car that is one year old. If you do decide to buy a new car, drive it for the next 15 years or at least 300,000 km before you get a new one.

In conclusion, these are some of my strategies for financial success, let me know if you are using them and how they have worked out for you.

The post 15 Strategies For Financial Success appeared first on Four Columns of a Balanced Life.

Welcome to my new series on Life Insurance For Women. In the introduction, I mentioned the reasons why women need insurance and how it empowers you.

I am going to interview Chad Viminitz from GoLife insurance   https://golife.ca/fourcolumns on the following ten topics:

1. Women are being overcharged, a lot, for mortgage insurance – what you need to know!
2. Why women talk themselves out of the life insurance they want/need?
3. How to prepare for the baby- 3 pieces to financial protection (will, mat leave savings, life insurance).
4. Is underwriting for women different?

In the fourth interview, we focus on how is underwriting for women different. It is important that women need to know about being approved for life insurance.

What is underwriting?

Underwriting is the process of assessing the degree of “risk” relating to the person applying for life insurance. Basically, underwriting answers the question:  “Are you expected to have a standard life expectancy?” Underwriting is a process that benefits individuals applying for life insurance because it results in more individuals getting coverage and premiums for life insurance being less. For example, I have a heart condition and because underwriters can get more information about health conditions today, the odds of being approved have increased.

Why is underwriting a good thing?

Underwriting is a positive part of the application process as it has resulted in life insurance becoming more affordable (ie. lower term life insurance premiums) and with more individuals being approved and getting coverage, even if there are health concerns. It can be intimidating to share one’s medical history or vitals and wait to be “assessed” but it is an important part of the application process that does not need to be feared. Having underwriting completed upfront, at the start of the application process also gives you confidence that your coverage is actually in place. Creditor insurance (ie. mortgage insurance) for example completes their underwriting post-claim – meaning after the person is dead – at the wrong time. Underwriting that is done at the beginning results in the best life insurance coverage.

Is it harder for women to get approved for life insurance?

There is no difference between the underwriting requirement for a woman or a man. Of course, men and women may have different medical issues but life insurance pricing reflects the different risks. Women typically pay less for life insurance because they have better mortality rates, ie. they live longer.

What if I have a health issue? Can I still get life insurance?

Yes! Don’t let a medical issue stop you from applying for life insurance, the worst they can say is “no”. I have a heart condition and applied 3 or 4 times before I was eventually approved. Over time underwriting may take a different view on a certain health issue, especially as technology, drugs and treatments evolve. An example is individuals who are HIV-positive can now get life insurance, that wasn’t always the case. Life insurance companies are in the business of getting people coverage, know people and expect that medical treatments and conditions are part of a normal life, they just want to know the details before approving the policy.

Can women get coverage while they are pregnant?

Yes, even though the body is going through a significant change – you can apply for life insurance while pregnant. Pregnancy can have complications that can impact one’s application, blood pressure, and gestational diabetes being two examples. If possible, it’s recommended to apply while in your first or second trimester. Getting coverage before baby arrives provides confidence that your family is protected from day one of becoming a mom.

What is involved in getting approved?

Most life insurance applications need a combination of three elements:

1. Tele-interview – answering your questions about your medical history
2. Nurses’ visit – blood and urine samples are usually required for applications over $500,00 of coverage
3. Doctor’s report – These reports are sometimes requested to clarify or gain a better understanding of one’s medical information. It is not an indication of being declined or paying higher premiums. Greater clarity an underwriter has about an applicant’s medical condition, the better chance for an application to be approved.

The requirements specific to you will depend on your age and the amount of life insurance coverage you are applying for, ie. More coverage, more requirements.

What about No-Medical life insurance products?

Yes, there are life insurance products that are guarantee your approval. These policies come with limitations, restrictions and higher costs. Non-medical policies often cost 30-40% more, limit coverage between $25,000 to $350,000 and sometimes don’t pay a claim in the first couple of years. If you are considering a non-medical life insurance policy you should read the details of the policy. Answering a few questions and seeing a nurse will save you money and provide you with appropriate protection and good life insurance coverage.

What are the most common reasons people are declined for coverage?

It’s important to note that it is a small percentage of applications that are fully rejected. It does happen that an underwriter has to make the decision to decline an application. Some of the most common reasons are:

• Non-disclosure – the individual lied or was hiding information
• Ongoing medical investigation – the individual is scheduled for more tests or procedure
• Time frame – for example, a person may have had a heart attack, drug use or cancer but not enough time has elapsed from the date of the last episode
• Dangerous Driving and license suspension
• Illegal drug use

Being declined does not mean you cannot get coverage later if the reason for being declined changes or treatment improves – apply again!

Are insurance companies trying to charge the highest premium?

Not at all. Insurance companies are competing for clients and term life insurance premiums are at historic lows. Women should feel more confident applying for a personal life insurance policy compared to creditor insurance or mortgage insurance at the bank. Women are often charged 50% more for mortgage insurance at the bank. Women who apply for a personal policy usually qualify for “Preferred Underwriting”. Preferred underwriting means you may qualify for a 10% or 20% discount if you meet specific underwriting criteria, resulting in getting the best term life insurance rates possible.

Affiliate Disclaimer

Hi there! It is my goal to be completely transparent with you both here and within our community, and so I want to let you know that certain products and links to these products on this site are affiliate links. What are affiliate links? Essentially, when you click one of those links and make a purchase, I will earn a small commission at absolutely no extra cost to you. I am deeply passionate about this site, and it is my goal to make this a place where you can come and trust that the information you are reading empowers you.

Photo Credits: AJ Yorio Samantha Sophia ieva swanson Priscilla Du Preez Jonathan Borba Hush Naidoo Samuele Errico Piccarini  Online Marketing

The post Life Insurance: Underwriting for Women appeared first on Four Columns of a Balanced Life.

In this post, I will show you how to use money to make you happier.

In the 21^st century, money is critical, essential, influential, significant, vital, fundamental, and important.

We go to school, college, and then university to become capable of earning it. After graduation, we spend the next four decades, making it. We think about it, how to make more, how to spend it, we worry about it and finally dream about winning the lottery.

Is money the root of all evil or can it be used to make a difference in society? In a divorce, arguing over money is one of the reasons given for separating. Our emotions ride high and low with how the stock market behaves or the value of the real estate. Some want the easy way out and resort to crime to achieve it. The world is judged by being first, third, and developing based on how much they have in terms of money.

In 2010, Bill Gates and Warren Buffett started the Giving Pledge. The top 1% is being asked to give more than half their net worth to sustain the environment, reform criminal justice, culture, arts, medical research, empowering girls and women, to get rid of poverty and other causes. 154 billionaires have signed the pledge. They do not want to leave the money for the next generation.

I found myself having to deal with money when I was in grade 8. I was in boarding school and a bank account had been opened for me. I was allowed a set amount of pocket money a month. At Bishop Cotton, the bank was on campus. However, all withdrawals had to be signed by the housemaster.

At college and university, I had to budget and make sure I never spent more than I had in my bank account. I did a co-op (internship) at Hotel De La Paix in Geneva. The crème de la crème of Geneva had their meals at the hotel. The tips were great.

I worked at a bank for a decade of lending money and then managing money for individuals. After that, I spent more than 15 years on Bay Street. Every couple of years, we had to update the client information. When I called clients for information on money, it was a tough fight. I soon learned that people are willing to talk about everything but money. It is an emotional thing. Our ego, identity, and everything else is attached to that paycheck.

Money is essential so we can have food, clothes, and shelter. Money can give us many options. However, do we use the money to have more free time or more things?

Does money make us happier? From the 1940s to the 90s, the purchasing power of Americans increased by 150%. Here is an interesting stat. The stats reveal that depression among people during that period went up by more than 10 times.

Tibor Scitovsky in 1976 wrote The Joyless Economy about human satisfaction. The author comes to an amazing conclusion. The best things in life cannot be bought with money. All research has shown that purpose, meaning, relationships, and connecting with nature bring people satisfaction.

Join me on the money series as I write on how to create a household budget, save for emergencies, retirement, and vacations, how to pay off debts, give to charity, and use credit to your advantage. I promise you this series will transform how you look at money and your life. You will learn how to use the money to make you happier.

The post How To Use Money To Make You Happier appeared first on Four Columns of a Balanced Life.

A millennial mom refers to a mother who belongs to the millennial generation, which typically includes individuals born between the early 1980s and the mid-1990s. Millennials have distinct characteristics, experiences, and values shaped by the technological advancements and societal changes that occurred during their formative years.

Millennial moms are often associated with certain traits and behaviors, such as:

Technology Integration: Millennials grew up alongside the rise of the internet and the widespread adoption of technology. As parents, millennial moms are likely to use technology for parenting advice, online communities, and to document and share their parenting journey on social media platforms.

Information-Driven: Millennial moms tend to be well-informed and seek information from various sources to make decisions about their parenting approach. They may rely on online resources, forums, and social media for advice on topics like child development, health, and education.

Work-Life Balance: Many millennial moms strive to balance their careers with family life. They may be more likely to pursue flexible work arrangements, such as remote work or flexible hours, to accommodate both professional and family responsibilities.

Sustainability and Health Consciousness: Millennials often prioritize sustainability and health, and this can extend to their approach to parenting. Millennial moms may be more conscious of eco-friendly products, organic foods, and other health-related choices for their families.

Parenting Styles: Millennial moms may exhibit a more collaborative and inclusive parenting style. They may seek input from their partners and other family members and are often open to sharing parenting responsibilities.

Entrepreneurial Spirit: Some millennial moms may have an entrepreneurial mindset, exploring side businesses or flexible work opportunities to complement their parenting journey.

Kena Carol is a millennial mom and talks about life as a single mom and being an art student.

Kena, welcome to my series on Millennials. Please tell my audience a little about you?

My name is Kena Carol. I am 28 years old and therefore a millennial. I have a five-year-old daughter. I am currently a student at Durham College studying Fine Arts.

Talk to me about your passion for art.

Art is a way of communicating, how or what you feel. You put your heart, soul, and emotions and share them with the world. I am not good with words. I have never liked English. I thought it was too complicated. I use art to express, and illustrate, how I feel or how I view things in life from a unique perspective. I love how there are no set rules on what art can be. Art can be anything and in any way, you project it to be. Someone said that when you do artwork, do it with confidence!

Art has always fascinated me from a young age. I feel a tree coming alive in a painting. I started to draw animals. My dad noticed my passion and bought me some books on how to draw animals and characters. I have tried different careers but have always been drawn to art and therefore enrolled at Centennial College for Art and Design Fundamentals, in that year of study, I learned the potential art has in the industry and discovered that I enjoy working with different mediums. I enjoy working with paint, sculpting, photography, and digital art using Adobe Software.

Who are the Millennials, what do they want and what do they want to change in present-day society?

From what I have noticed about the Millennials, is that they are very self-centered, impatient, lazy, and they want things easily in life. I understand how this can be offensive, but it is the harsh truth. I have also noticed that social media is a huge part of our lives. It is a powerful tool that can be used for good and bad. We use it to post pictures about our lives with the goal of how many “likes” we can obtain as if that determines our identity. Now, I am not saying that all Millennials do that, some use their tech-savvy and creative skills to make a difference in the world. They provide videos, vlogs, and blogs for entertainment, promotion, support and information purposes. So, despite the flaws, we do want to make a difference in our world in a unique way. As a millennial, I want to make a difference.

Walk me through how you processed your experience as a mother.

It took me a while to realize that I was a mother. Every time I looked at my daughter, I was like wow ‘I am a mom”. This tiny human being is incapable of taking care of herself, she needed me! Before I became a mother, I was a selfish person. But not the kind of selfish person that I was opposed to having kids. I did think about having kids in the future, I thought being a mom is a wonderful thing. And now that I am a mother, all I can think about is her and her well-being. It is amazing how my maternal instincts kicked in and how it has drastically changed me. I enjoy every moment of it, including the tough ones. I love being a  millennial mom!

Help me understand what food, faith, finance, and family mean to you.

Food: mmm.. food! We can’t get enough of it, but instead of cooking, we often eat out. The trend now in food is “vegan” and avocado (again, this is just something I have noticed. I may be missing out on other trends.) Food is what brings people together in fellowship. We laugh, share stories and spend quality time.

Family: There is a wide range of definitions of what a family is. They can be blood-related or not, but family is important in our lives. They are the ones who will be brutally honest because they care. They are the ones that will not judge you but have understanding. A family doesn’t always have to be the typical mom and dad kind, they can also be your close friends.

Finance: It is a subject that I think we all can agree we are not too good at. We tend to spend more than we can afford. And in this generation, the cost of living is increasing. Most millennials cannot afford to buy a house. We find roommates and rent a place, or we just end up living with our parents.

Faith: It is a topic that can be sensitive, people have their opinions on what to believe in. Whether it’ll be about having faith in themselves, scientists, facts, or in God himself. Unfortunately, not everyone agrees with each other and it can be offensive and controversial. You will hear different answers and different possibilities. The Millennials are seeking. I believe and encourage that we should challenge our beliefs.  As a millennial, I believe in Jesus Christ.

What does trolling, blessed, bounce, phubbing, sorry not sorry or I can’t even mean in millennial speak?

I am not familiar with all the lingos. I am going to share with you the ones I am familiar with. Trolling means that you anonymously annoy or irritate someone simply for a reaction and in my opinion, it is usually in a bad way. Blessed is an expression used when something good happens in your favor, like “yes!” or “Awesome!”. Sorry not sorry, is said when you’re not genuinely sorry for something but you are saying sorry only because it is mandatory to be polite. My favorite one, I can’t even, basically means I cannot fathom or comprehend.

Tell me a good joke?

Why did the smartphone need glasses?

Because it lost all its contacts.

The post The Millennial Mom appeared first on Four Columns of a Balanced Life.