Personal Finance - By Saket

Wishing everyone a happy Canada Day 🇨🇦

Wishing all Dad’s a Happy Father’s Day. As I like to say “The Silent Hero”

Wishing all the Mothers a very Happy Mother's Day.

Wishing you all and your families a very Happy Easter. Have a blessed day!

Move ahead with confidence. A fresh start to a great year ahead. Today we get to write the first page of a 365 page book for 2024. Some pages will be beautifully written and guaranteed some will have strikes across them. Just make it a point to make every page worth it. Wishing the entire Facebook community and their families and Happy New year. Be safe and make the year count!

Christmas is always special. 5 years ago today me and my lovely wife embarked upon a new adventure and landed in Canada. Filled with excitement, anxiety and nervousness we were not sure what to expect however had an idea in our mind. Immigrating isn't easy, whoever tells you so isn't telling you everything. I will say one thing though that it is the best thing that we did. We were open to learn new things and that is what kept us going and the spirit is still alive. We all come with a stereotypical mindset which I would call it as baggage and keep on dragging along. The only way you will learn is to break through it, we took this step and decided to fully embrace it. Have we learnt everything.....definitely not....are we open to learn and looking forward to it......absolutely yes! We met some wonderful people, became a part of a community that openly welcomes individuals like us looking to start their life all over again. I still haven't acquired the taste of a double double at Tims's 😁 and that shall happen one day. Yet to learn and understand Hockey....however achieved my dream of flying and it matters the most. I would like to thank everyone that helped us on every step, during our ups and downs....some have extended a huge support to me and my wife and we are truly grateful.

On this note.....Wishing you all and your families a Merry Christmas and Happy Holidays. Stay safe and enjoy every moment.

Most of our time is often consumed by the worries or the actions of our past. It is a challenging process (from personal experience) to let go of the baggage and move on. However, the key is to move on and learn during the process. It is only when we move forward we can look towards creating a better future 😊

I am always excited for Diwali. It's the festival of lights and most importantly the triumph of good over evil. All though away from home the spirit of Diwali never diminishes, the child in me takes precedence during this time. Wishing you all a very Happy and a prosperous Diwali. Please be safe whilst enjoying fireworks and do not hold back on eating sweets 😋 😊

A huge respect to all our Veterans! We are thankful for your service and sacrifice towards the country. Wishing you all a Happy Remembrance Day

It is very important how you project yourself in situations. Ups and downs are a part of our life cycle. Every moment is a teaching moment and the best we can do is learn and stay humble 😊

This past Sunday we had the opportunity to be a part of the Angel express net show hosted at the 100 Kellogg Lane, London, ON. I am very grateful to Amb. Dr. (h.c.) Charlene Doak-Gebauer for giving us a platform to present ourselves. Me and my partner in crime Isha Babhale were proud business owners amongst a wonderful and successful crowd. It was our very first trade show and I was nervous to my heels however when you have an amazing support, you pull through. Also a huge thanks to Gordon Fansher who made us very comfortable and lightened up the environment like he always does. It was an amazing feeling promoting kid’s financial future planning at the event. Looking forward to growth and going all the way 😊

October is regarded as the Global Diversity Awareness Month. "Global Diversity refers to the differences between two or more groups of people in a cross-cultural way". There is so much to learn from everyone. My first ever insight on this subject was when I did my thesis on Cultural Diversity in university and became a huge fan of the subject. We all are a part of a diverse culture and respecting the values in a cross cultural society can surely cause a positive impact in the community.

Wishing all a very Happy Thanksgiving! I am really grateful for all the opportunities that I have received in Canada which have led to my tremendous self growth. Thank you to all my friends, family and clients who have trusted in me and helped me along the way. Being near to our families during festivities is a heartwarming feeling and although we are away from our parents it hardly feels so when amongst our friends in Canada. Life has a mysterious way of rewarding things, be Thankful and safe.

We all want to protect things that we love. Most of us are inclined towards ensuring our car is safe, what if something happens to our house and also keeping our smart phones covered so that we can protect any losses. Most of us know how Insurance works so won't post the details however, let me ask you a question.

What if you had a machine that prints money everyday in your house? You can achieve all your and family dreams/goals with the help of that machine. Now ask yourself, Don't you think you are the machine that prints money everyday for the household, Why would you then think twice of protecting yourself?

Estate Planning is very crucial step in your Financial plan. It is for everyone and needs to be kept up to date as we owe it to our family and loved ones to ensure this is in order. A few highlights explains the benefits of Estate Planning -

Asset Distribution: Estate planning ensures that your assets are distributed according to your wishes. It allows you to specify who should receive what, minimizing the potential for disputes among heirs.

Minimizing Tax Liabilities: Canada has specific tax rules for estate planning. Proper planning can help reduce the tax burden on your estate, leaving more for your beneficiaries.

Probate Avoidance: Careful estate planning can help your assets avoid the costly and time-consuming probate process, ensuring a smoother and quicker transfer to your heirs.

Preserving Family Harmony: An estate plan can include instructions for family succession and distribution, reducing the chances of conflicts and preserving family relationships.

Guardianship for Children: If you have minor children, estate planning allows you to designate guardians who will care for them in the event of your passing, providing peace of mind for your family.

Healthcare Decisions: A living will or healthcare directive can be part of your estate plan, outlining your medical treatment preferences if you become unable to make decisions.

Business Succession: For business owners, estate planning ensures a smooth transition of ownership and management, safeguarding the continuity of the enterprise.

Charitable Giving: If you have philanthropic intentions, estate planning allows you to make significant contributions to causes you care about.

Privacy: Unlike public probate proceedings, well-structured estate plans often provide more privacy for your financial affairs.

Adapting to Life Changes: Estate plans are not static; they should evolve with your life circumstances. Regularly reviewing and updating your plan ensures it remains relevant.

Peace of Mind: Knowing that you've taken the time to create a comprehensive estate plan provides peace of mind for you and your loved ones, eliminating uncertainty during difficult times.

Legal Requirements: In some Canadian provinces, certain legal requirements must be met to validate a will. Estate planning ensures your documents comply with provincial laws.

Access to Government Benefits: Estate planning can help ensure your loved ones have continued access to government benefits they may rely on.

Having a well crafted Estate Plan is Essential!

WHAT ARE YOU THINKING ABOUT? Our mind is a sacred and a powerful place. It is our responsibility to keep on feeding it with the right nutrients for a healthier and a positive outcome. Never underestimate the power of your mind as it can do wonders in ways we cannot imagine. Have an amazing weekend! 😃

Everyone thinks about this almost everyday and this is the reason we work hard in our prime years to ensure we all have a secure and a successful retirement. Just thinking about it does not guarantee you the outcome however, carefully strategising and implementing will make it happen. A few of the reasons to look at planning your retirement -

Financial Security: Retirement planning ensures that you have enough financial resources to maintain your desired lifestyle after you stop working. Without proper planning, you may risk running out of money during your retirement years, leading to financial instability and stress.
Rising Life Expectancy: People are living longer, which means retirement could last for several decades. Planning helps you accumulate enough savings to cover living expenses, healthcare costs, and potential emergencies during your retirement years.
Relying on Benefits: Government benefits are designed to supplement retirement income, not cover all expenses. Depending solely on benefits like CPP and OAS may result in a lower standard of living in retirement.
Maintaining Independence: Retirement planning allows you to maintain your financial independence and avoid becoming a burden on your family or society. Having savings and investments can help you cover your expenses without relying on others.
Healthcare Costs: Healthcare expenses tend to increase with age. Planning for retirement includes considering potential healthcare needs and securing adequate insurance or savings to cover medical costs.
Inflation: The cost of living tends to rise over time due to inflation. Retirement planning accounts for inflation to ensure that your savings maintain their purchasing power throughout your retirement.
Lifestyle Goals: Retirement planning allows you to define and pursue your lifestyle goals. Whether it's traveling, pursuing hobbies, or spending time with family, having financial resources in place can help you achieve these objectives.
Peace of Mind: Knowing that you have a well-thought-out retirement plan in place can provide peace of mind. It reduces anxiety about the future and helps you feel more confident about your financial security.
Tax Efficiency: Strategic retirement planning can optimize your tax situation, potentially reducing your tax liability and maximizing your after-tax income in retirement.
Legacy Planning: Retirement planning also includes considerations for what you want to leave behind for your heirs or charitable causes. It allows you to create a legacy and pass on assets according to your wishes.

It is essential to achieve that financial independence and maintain the standard of living in the later years.

Not your average networking event. Every “Little Engines Live” event blows my mind away. Instead of just transacting with your business cards, this event is designed so that individuals genuinely put effort into making a connection. A true support system for like minded entrepreneurs and professionals who are ready to make their mark in their profession. Kudos to Kevin Bulmer and team at the NSM Brand Media for organizing this amazing event and forming a community to belong to.
Looking forward to the next one! 😊

Happy Monday all. As parents, we always want to secure the best future for our children, and that includes their financial well-being. One often-overlooked aspect of this financial security is getting life insurance for your kids. In Canada, this can be a smart and responsible choice that comes with various benefits:

🌟 Lifelong Protection: Purchasing life insurance for your child ensures they have coverage throughout their lifetime, regardless of any future health conditions.

🔒 Guaranteed Premiums: In Canada, life insurance premiums for children are typically locked in at a young age, ensuring stable and affordable coverage for life.

💰 Cash Value Accumulation: Many life insurance policies for children build cash value over time, which can be accessed later in life to fund education, a home purchase, or other important life events.

🌸 Peace of Mind: Life insurance offers financial protection for your child's future. In case of the unexpected, it can help cover funeral expenses and provide financial support to the family.

💡 Teaching Financial Responsibility: It's an opportunity to educate your child about financial planning, premiums, and the importance of having insurance coverage.

📈 Tax Advantages: In Canada, the cash value growth within a life insurance policy grows on a tax-deferred basis. Additionally, the death benefit is often paid out tax-free to beneficiaries.

🏡 Estate Planning: Life insurance can be a valuable tool in estate planning, providing a tax-efficient way to pass on wealth to the next generation.

🌿 Legacy Building: By starting a life insurance policy for your child, you create a financial legacy that can benefit them and future generations.

Remember, the decision to purchase life insurance for your child should align with your family's financial goals and budget. We certainly can help determine the right approach for your specific situation.

In Canada, securing your child's financial future is a responsible step that can provide lifelong benefits. It's a gift of financial stability that keeps giving. 🇨🇦💼

Challenges are a part of life, the other side of the coin one can say. Treat them as a blessing as they can shape your life in a way that you won't even imagine. All you got to remember is to keep on moving forward. Allow yourself a 5 minute window to feel sorry/regret/sad......get it out of the system and start again. Because now you haven't just started but you have started with experience. I know it is easier said than done BUT it needs to be done. Confidence comes with time and learning from experiences. Have an amazing weekend 😊