FIRE Financial

8 years ago, I joined the largest Canadian bank. A few months after that, CBC Marketplace (An investigative program) made an episode where they caught several financial advisors from Big banks who were outright lying to close a sale. Over the years, I saw very closely some of those by other bankers when I moved to another Canadian bank to coach/support younger advisors.

CBC Marketplace re-did a second episode on the same topic and the results were very same after 8 years. Even though I know many good bankers who are constantly fighting against this at their best capacity.

To my social media friends, I would say, upgrade your financial literacy and seek independent financial advice who will not sell proprietary products to hit their target. We are going through a difficult economic time and it's just going to be worse from here. No one will be there to help you if you don't help yourself. The government will not have money for your retirement.

Hidden cameras reveal how big banks are upselling you (Marketplace) Canadians trust they're getting good financial advice from their banks — especially in these tough financial times. But a hidden camera investigation by Mark...

New video out! Explained Canadian mortgage rates, bank funding, influencing factors, and differences between fixed and variable-rate mortgages. Stay tuned for more insights!

What Affects Mortgage Rates This video explained the dynamics of mortgage rates in the Canadian housing market. I discussed how banks fund mortgages through their own funds and investor...

Attention Mint.com users in Canada!🚨
Mint is closing on Jan 1, 2024. Check out 10 alternatives, with Credit Karma as the default choice. Options include Wab, PocketGuard, Goodbudget, W GPT, Pocketsmith, and bank apps. Consider Excel or Google Sheets and prioritize security due to the absence of open banking in Canada. 💳💼📊

10 Alternatives to Mint.com in Canada This video discusses the closure of the popular budgeting app Mint.com and provides 10 alternative options for Canadians to track their income and expenses. ...

Make sure to provide the correct information to the insurance companies. Insurance companies have all the tools to verify your information and have every rights to decline the claim if they find the information on the application is false.

When does a death benefit not pay out? | Investment Executive Advisors should be as thorough as possible when going through insurance applications with a client

If you have question about TFSA room, read this.

Help clients understand their TFSA room | Investment Executive Advisor-client conversation could help avoid costly overcontribution error

At least the regulators are talking about the risk of having widespread negative amortization on mortgages in Canada. Don't know how much they will force the big banks to reduce the risk. The problem is any increase in the current amortization level will fuel the real estate market again which the regulators don't want.

Banks must help stricken mortgage holders – new guidelines Recommended measures include waiving certain fees

1-Min Finance Post #3: Fundamental Analysis
Fundamental Analysis is a process of estimating the intrinsic or fair value of a security (stocks, bonds, commodities etc.) based on financial factors, facts and macroeconomic outlook. If the fair value is less than the current market price, then the stock is undervalued and vice versa. Identifying the fair value is a guessing game and everyone's fair value will be different as the underlying assumptions are different. Many different quantitative and qualitative methods are used to estimate the fair market value such as ratio and financial statement analysis, business model and competitive advantage, management and corporate governance, sector and macro environment etc. Financial institutions employ thousands of analysts who spend their days estimating these fair values (commonly known as Price Targets), which rarely equal market price.

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1-Min Finance Post #2: Largest Stock Exchanges

A stock exchange is a marketplace where buyers and sellers trade different financial assets such as equities, commodities, bonds etc. The exchanges charge a small fee for all transaction to cover their cost and impose different rules on the listed companies to protect market participants. The oldest stock market was founded in 1602 in Amsterdam and currently, there are 60 major stock exchanges around the world. Here are the largest 10 stock exchanges around the world based on the Market Capitalization of their listed companies.

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1-Min Finance Post #1: January Effect

January effect is a seasonal stock price increase during the month of January. Different studies have shown the effect is even greater in small-cap stocks. The presence of the January effect is evidence against the efficient market hypothesis. There are a few reasons why the January effect may exist. Year-end tax loss harvesting is a possible explanation. Year-end cash bonuses inflow in the stock market might be another explanation. This effect is known among most traders and investors and may not be a great edge to generate excess return. In the picture below, I plotted the Median Monthly return of the S&P 500 from 1950 to 2022.

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This is why we do not use the mutual fund in our practice. ETFs are better than most mutual funds out there.

Billions of dollars keep fleeing Canadian mutual funds It's the eighth month in a row that Canadian mutual funds have seen net redemptions.

BoC increased the interest rate by 0.50%. Prime will be 6.45% now.
Rate may stay at this level for a while depending on data.

*The video lags a little bit due to incorrect recording settings. We apologize for the mistake*

The federal government and most provinces in Canada have different benefits programs to help Canadians with low family incomes. In this video, we dig deep into some of these benefits and give some guidelines to find out more available benefits and how much someone can qualify for under different benefits programs.

Government Benefits for Low-Income Canadian Families **The video lags a little bit due to incorrect recording settings. We apologize for the mistake**The federal government and most provinces in Canada have dif...

Our portfolio manager ShariaPortfolio was invited to ring the New York Stock Exchange (NYSE) opening bell yesterday. ShariaPortfolio is the largest ETF provider in North America in the halal investing space.

SP Funds Rings The Opening Bell® The New York Stock Exchange welcomes SP Funds Management LLC in celebration and recognition of The SP Funds Dow Jones Global Sukuk ETF (NYSE Arca : SPSK). To...

One of our clients had to recently undergo a medical procedure and her prescription cost was around $18,000. Since she had enough medical coverage from work, the insurance company covered her entire cost.

This is the time of the year when employers' group health insurance benefits allow you to change the level of coverage. Make sure to have the appropriate level based on your family's needs.

As part of our comprehensive financial planning, we review the employee benefits package which includes employee-sponsored health insurance policies and pension plans.

CRA anti-flipping rules take effect next year and aim to penalize speculative transactions where the property is bought and sold for a gain within 12 months. Unless the transaction is due to death, disability, separation, work relocation or some special circumstances, any gain will be considered fully taxable business income as opposed to tax-free as a principal residence.

The CRA is already challenging real estate transactions ahead of new anti-flipping rules New CRA rules on real estate flipping come into effect starting Jan. 1, but the taxman is already challenging some deals. Read on.

BOC raised interest rate by 0.50% vs. 0.75% expected.
Prime rates to follow soon.

The market has been choppy for the whole until Friday when the Fed signals that they might slow down the speed of the rate hike. This caused a strong closing on Friday. The S&P may see a short-term rally, but we have to see if the mega caps are showing good results.

Choppy Week!!! Strong Friday Close. The market has been choppy for the whole until Friday when the Fed signals that they might slow down the speed of the rate hike. This caused a strong closing...

Bank of Canada will make the interest rate decision on Wednesday, October 26th. The market is expecting a 0.75% increase from the current level of 3.25%. A 0.75% increase will put the overnight interest rate at 4%. This will most likely increase big banks' prime rates from 5.45% (current) to 6.2%.

So, how does this impact us?

This impacts the mortgages that are in variable rates. The mortgage payment will go up if someone has an adjustable variable rate mortgage, or more money off the mortgage payment will go towards the interest coverage if someone has one of those static payment mortgages. This can cause hitting trigger points for some of us.

The payment for a line of credit, variable rate loans or a home equity line of credit (HELOC) balance will also increase when the prime rate increases.

This week's stock market recap.

One Day Up, Next Day Down!!! One the market is up and then the next day the market is down. Folks this has been the story of 2022. What a market movement we saw after the inflation data ...

Mortgage fraud caught on camera: Undercover investigation (Marketplace) We went undercover to investigate how networks of real estate agents, mortgage brokers and bank employees are perpetrating mortgage fraud for a fee, and secu...

This is one of the main reasons for the GTA's house price increase during the pandemic. According to these agents on the video, 90% of GTA's transactions involved some sort of manipulation.

Mortgage fraud caught on camera: Undercover investigation (Marketplace) We went undercover to investigate how networks of real estate agents, mortgage brokers and bank employees are perpetrating mortgage fraud for a fee, and secu...

আমাদের অনেকেরই EI এবং CPP বিষয়ে অনেক জিজ্ঞাসা আছে। এই বিষয় নিয়ে আমরা details এ আলোচনা করবো Sunday, October 9th at 11 am EST.
Zoom: https://us06web.zoom.us/meeting/register/tZcpdumorD8rGt2SWuVV1l7KN2vLWOOwCu29
লাইভ সেসনে আসার পূর্বে ভিডিওটি দেখে নিন।

Module 1 – Cash Flow Management (Bangla) A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals. Fina...

The S&P 500 is at a new 52-week low and in bear market territory. The market is in extreme bearish sentiment. The federal reserve is purposely destroying the stock market and economy to bring down the inflation rate.

S&P in Bear Market!! What is happening in UK Gilt Market? The S&P 500 is at a new 52-week low and in the bear market territory. The market is in extreme bearish sentiment. The federal reserve is purposely destroying...

Are you stressed with your money situation with the recent stock and housing market decline?
Are you worried about the upcoming recession but do not know how to prepare for it?
Do you want to learn and prepare your financial plan?
If any of these questions’ answers are “YES”, then please read below.

FREE Financial Literacy Series in BANGLA
FIRE Financial brings a completely FREE financial literacy series for Bangladeshi Canadians. The series will have 15 modules covering the following topics each week. These videos are created assuming you have very limited knowledge about Canadian financial systems. Also, these videos will help newer or future financial advisors who are planning to enter the banking industry.
Module 1 – Cash Flow Management
Module 2 – Banking in Canada
Module 3 – Savings and Investment Management
Module 4 – Credit and Debt Management
Module 5 – Mortgage Planning
Module 6 – Insurance Planning
Module 7 – Tax Planning
Module 8 – Retirement planning
Module 9 – Education planning
Module 10 – Disability planning
Module 11 – Estate Planning
Module 12 – Common Life Stage Scenarios
Module 13 – How to choose a Financial Advisor/Planner
Module 14 – Banking Career in Canada
Module 15 – Islamic Investment
Each week, one YouTube video will be posted and then a live Q/A zoom session will be done covering that topic. If you follow all the modules, you will be able to prepare your financial plan and will understand your financial situation better.
A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals. Financial Plans are typically created with the help of Certified Financial Planners (CFP) and can cost anywhere from $2,500 to $10,000 depending on the complexity. You can do that for free and unbiasedly if you know how to do it.
Time: Live Q/A Zoom session every Sunday at 11 am (EST) starting from October 9th, 2022
Registration Link: https://us06web.zoom.us/meeting/register/tZcpdumorD8rGt2SWuVV1l7KN2vLWOOwCu29
Cost: Free
YouTube Playlist: https://www.youtube.com/playlist?list=PL_UUpIKmln23HzPc9trIXxX15kFOu3m6T
All the zoom sessions will be recorded and will be posted on YouTube for future reference. To protect client privacy, participants’ videos will be turned off, but they can ask questions through email, zoom chat or audio.

My profile and Contact Information:
https://ovou.me/c/fbf61445a3e64276b3b6c316e8de24f4

Ahmed Mahiyan, CFA, CMT, CFP, CLU, PFP, MFin
CEO and Financial Planner at FIRE Financial Inc.
Professor at Seneca Colleges
[email protected]
www.firefinancialinc.com

How to Build a Financial Plan? - Course Introduction A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals. Fina...