Luke Would Finance

I am moving this page to a private group to open it up to more discussion. So if I haven’t already added you and you would like to join the group please like this comment and I will add you. Also I am running a contest on my private page so like this comment and find out what the contest is. Thank you for your continued support.

Did you make finances one of your New Years resolutions? Well I would be happy to help you achieve your financial goals whether it be short term or long term. I offer an amazing complimentary tool that kinda works Iike a GPS for your finances. So you made finances a goal in 2021? let’s get it moving and schedule an appointment with me today!

How does term life insurance work?

If anyone depends on your income right now, you need term life insurance. It protects your family by replacing your income—which makes term life one of the most important parts of your financial game plan.

How much life insurance do I need?

You need 10–12 times your yearly income in term life insurance. When that money is invested well, your family can live comfortably on the return of that investment. For many people, a 20-year term is just right.

Why is term better than whole life insurance?

“Whole life insurance is a rip-off! It often costs hundreds of dollars more a month and includes a "savings" plan with a terrible return. Instead, pay a fraction for term life insurance and save or invest what you would have paid for whole life insurance” -

My company believes in the same concept it’s something called “Buy term and invest the difference”. We understand that talking about life insurance can be a bit uncomfortable because after all we are talking about replacing income in the event of the loss of a loved one. We pray this is never the case and that we all live long and healthy lives. But having life insurance means being a responsible adult, so let’s have the conversation and get you and your 👨‍👩‍👧‍👦 properly protected.

Let's go into 2021 with some solid goals. Remember, YOU are in control of your life. No one else. Let's make it happen!

Change Your Thinking:

The way you think about money is everything. Your mindset is a powerful thing - especially when it comes to money. That can explain why so many of the people who win the lottery ... end up losing it all. It helps you understand how so many millionaires are set-made.
What is the difference between the two groups? It’s how they think. If you think you don’t deserve to be financially secure, you’ll never be financially secure. However, if you “upgrade” your self-image and believe you deserve the freedom and peace of mind that financial security provides, you’ll have a better chance of doing what needs to be done to obtain wealth beyond your dreams.

I can help you with your financial goals whatever they may be. Contact me to set up an appointment and get your complimentary Financial Needs Analysis personalized for you.

“But remember that you can’t tell someone else’s financial situation by social media, nor should you care. Focus on yourself and stop comparing. Once you put down the phone, you’ll feel almost instantly better.”

Send me a message to schedule an appointment for a complimentary Financial Needs Analysis and I can help you get your finances in order.

How To Cure Financial Anxiety In addition to pandemic and post-election anxiety, many of us are also having financial anxiety right now. Luckily there are some very simple ways to combat financial anxiety. Tackling anxiety often means a change of mindset—and financial anxiety is no different.

#1 Premium Payments Early On Go Toward Policy Expenses:

The “cash value” feature of a whole life policy is often sold to clients as a way to prepare for their future. Yet, a whole life policy will have little-to-no cash value for the first three to five years, as premium payments go directly toward the costs of issuing the policy (like commissions). That’s the equivalent of depositing $200 every month into a savings account for 36 months and still having a zero balance!

My company believes in one type of life insurance and that’s term insurance. We believe in keeping your insurance and savings separately (buy term and invest the difference). If you currently hold a whole life policy or are in the market for life insurance please schedule an appointment with me (email in bio) for more info.

The Power of Compound Interest shows how you can really put your money to work and watch it grow.

When you earn interest on savings, that interest then earns interest on itself and this amount is compounded monthly. The higher interest, the more your money grows!

If you saved $200 each month, after 35 years, your money would have only grown to $148,680 at a three percent interest rate.

At a six percent interest rate, it would have grown to $286,370.

If you received a twelve percent interest rate on your savings, your money would have grown to $1.3 million!

The sooner you start to save, the greater the benefit of compound interest.

How badly do you want to retire? Because that depends on you and I want to help you achieve your retirement goals. Contact me and schedule an appointment. Why wait for January let’s start now.

Buy used and pay yourself the monthly payments! No need to impress people with a new car.

BUY THE RIGHT KIND OF LIFE INSURANCE:

One of the most important expenditures the average family should make is life insurance. It is also one of the most misunderstood. It is absolutely critical that you make the right decision about the kind and amount of life insurance to buy. In fact, the wisdom of your life insurance purchase could make a major difference in your family’s security, should you die, and your quality of life if you don’t.

And just because you’re young and single does not mean you don’t need life insurance. In fact I would argue that’s the best time to purchase life insurance. Why? Because you’re young and healthy meaning your premiums will much lower than that of a 35 year old (always purchase term insurance). Life insurance is income replacement meaning at some point in your life someone may rely on your income a loss of it could be devastating.

How much is your car worth?
Do you insure it?

How much is your house worth?
Did you insure it?

How much is your life worth?
Probably a lot more than a car and a house!

Thanks for listening to my Ted talk for life insurance for the week. If you have more questions please feel free to contact me and schedule an appointment. Have a great weekend 😁

Top 5 differences between RRSPs and TFSAs

1. An RRSP is intended for retirement savings. A TFSA can be for any type of savings goal.
2. RRSP contributions are tax deductible. TFSA contributions are not. With an RRSP, you deduct your contribution from the income you report on your tax return.
3. You pay tax on your RRSP withdrawals because you made the contributions with pre-tax dollars. TFSA withdrawals are tax free because you made the contributions with after tax dollars.
4. The last day you can make a contribution to your RRSP is December 31 of the year you turn 71, after which it must be closed. At that time, you can either convert your RRSP to a RRIF or a buy an annuity. With a TFSA, you don’t have to stop contributing or close it at a certain age.
5. You need earned income to contribute to an RRSP but not to a TFSA.

- KEY POINT -

The Main difference between an RRSP and TFSA is the timing of taxes:

* An RRSP let’s you defer taxes - an advantage if your marginal tax rate is lower in retirement.
* With a TFSA, you’ve already paid tax on the money you contribute - an advantage if your marginal tax rate is higher when you withdraw your money.

Let’s get a head start on your savings. The sooner you start the less you have to put away. Schedule an appointment today *Check bio for e-mail*

TALK ABOUT IT: Make money as normal a topic around the kitchen table as food or sports.* Be sure to make your children aware that the goods and services you use every day come at a price, from groceries to internet access.

SET AN EXAMPLE: If you want your kids to save, let them see you save, and if you want to encourage them to be socially minded, let them see you give to charitable causes.

TEACH THEM MATH: Play age appropriate games that build math skills and introduce basic illustrations that teach them the concept of compound interest.

*BusinessInsider.com, “Five Fresh Ways to Teach Kids About Money,” July 2, 2020

Want to get out of debt? I have just the solution! Contact me to schedule an appointment and get fast tracked to being financially independent.

Keep your coffee and other advice from people who paid off thousands in debt Paying off debt is daunting, but it doesn't have to be miserable. Here's some of their best payoff advice from people who've paid off thousands in debt.

Here’s the key lesson with life insurance: You want a policy that is called term life insurance— not whole life. And here’s some really good news: Term life insurance is incredibly affordable. You are going to be amazed at how little it costs to buy yourself peace of mind.

Do not let anybody tell you that your life insurance policy is a good way to build extra savings. Fall for that and you will end up wasting thousands of dollars over the life of the policy. - Suze Orman

Schedule an appointment with me and we can set you up with affordable term life insurance and start an investment program.

“More than half (52 per cent) of financially stressed workers said they’re nervous about their ability to retire, up from 45 per cent last year:”

Schedule an appointment with me either through e-mail or DM. We can set you up with a complimentary Financial Needs Analysis to point you in the right direction.

Canadian workers saving more during coronavirus but still suffering financial stress: survey While 62 per cent of working Canadians said they’re able to save more than five per cent of their paycheque in 2020, compared to 59 per cent in 2019, more are financially stressed than in previous years, according to a new survey by the Canadian Payroll Association. The survey, along with an analy...

Money is Canadians' greatest source of stress: survey | Advisor's Edge Most respondents didn't work with advisors

Where’s my entrepreneur friends at? 🙋🏻‍♂️

Nearly One-in-Four Teens Less Likely to Consider Starting a Business as an Adult as the Result of COVID-19 Impact /PRNewswire/ -- A recent survey for Junior Achievement (JA) by research firm ENGINE Insights shows that nearly one-in-four teens (22%) say they are less likely...

Do you have money conversations with your spouse/kids?

How To Have Positive Money Conversations With Your Loved Ones Money can come with so much baggage and shame, but it’s essential that you’re honest with your loved ones.

If you’re worried about your finances or maybe you just don’t have a clear plan laid out, schedule an appointment with me via Email ([email protected]) and we can set up a financial game plan for you free of charge.

Many worry about precarious finances amid second wave | Investment Executive A pair of surveys examined how Canadians are faring financially during the pandemic

Now, more than ever, Canadians need help - but face-to-face advice options continue to shrink. Some banks have been closing branches and announcing layoffs. While they’ve been investing in smart phone apps and online services, banks have not been as good at taking advantage of these technologies in offering relevant financial advice to their clients. And financial advisors have been focusing more and more on affluent investors not serving smaller investors. Main Street families are being left behind.

But there is a solution. My company has been serving Main Street families in Canada since 1986. We have the tools to help make informed decisions and act on them.
•Our complimentary Financial Needs Analysis.
•Start an investment program for as little as $25 - $50 a month.
Schedule an appointment today!

One of the best things about this business was our company’s ability to switch everything to zoom. In the days of social distancing and lockdowns I am able to do all my business from the comfort of my home. This keeps your family and my family safe all while being able to do business as usual. Please feel free to schedule an appointment with me and we can do a complimentary financial needs analysis helping to point you in the right direction.

According to the Theory of Decreasing Responsibility, your need for life insurance peaks along with your family responsibilities.

When you’re young, you may have children to support, a new mortgage payment and many other obligations. Yet, you haven’t had the time to accumulate much money. This is the time when the death of a breadwinner or caretaker could be devastating and when you need coverage the most.

When you’re older, you usually have fewer dependents and fewer financial responsibilities. Plus, you’ve had years to accumulate wealth through savings and investments. At this point, your need for insurance has reduced dramatically, and you have your own funds to see you through your retirement years.

So what does appropriate life insurance look like? Term life insurance is the only life insurance you should consider. Why? Term insurance is affordable and gives you the proper coverage you need (10-12 times your annual salary) using the money you save compared to whole life insurance, you then place that money into professionally managed funds/savings accounts (TFSAs) a concept called “Buy term and invest the difference”. If you’re not properly protected or have an adequate savings plan schedule an appointment with me and I’ll be happy to help you.

Are you saving enough for retirement? Do you know your financial independence number? Schedule an appointment and let’s find out.

Do you know the Rule of 72?. It’s an easy way to calculate just how long it’s going to take for your money to double.

Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.

As you can see, a one-time contribution of $10,000 doubles six more times at a 12 percent return than at 3 percent. Do you know what your financial independence number is? How much money you will need for retirement. Schedule an appointment with me and let’s find your number and get you on track for retirement.

If you're serious about wanting to get out of debt we offer an amazing program called debt stacking. It works pretty much the same way as the Dave Ramsey debt snowball. By taking into account the interest rate and amount of debt, debt stacking identifies a way for you to pay off your debts. You begin by making consistent payments on all of your debts. The debt that debt stacking suggests that you pay off first is called your target account.
When you pay off the target account, you roll the amount you were paying toward your next target account. As each debt is paid off, you continue this process. Debt stacking allows you to make the same total monthly payment each month toward all of your debt and works best when you do not accrue any new debts.
You continue this process until you have paid off all of your debts. When you finish paying off your debts, you can apply the amount you were paying towards your debt toward creating wealth and financial independence!

Want more information? schedule an appointment with me and we can put you on track to being debt free.

While you're working the 7 Baby Steps, you're going to hear a LOT of opinions.

People you didn't think knew you well enough to try to tell you what to do with your money will call you crazy for having a plan.

Don't listen. You got this.

Not all things are meant to go together. Insurance companies today tend to over complicate things and make it confusing to you the consumer. What am I talking about?

Cash value vs Term Life Insurance.

We have built our company on one simple financial principle: Buy term and invest the difference. Simple and easy.

But, most insurance companies offer "cash value life insurance". These policies are most often called whole life insurance or universal life insurance. The concept of these types of policies is to allow the consumer to combine a savings plan with their life insurance. To most people this sounds like a convenient way to save money and obtain the coverage they need to take care of their families. However, that may not get you what you actually need.

The most important aspect of my job is to educate you so that you have all the information you need to make the best financial decisions for your family.

If you have any questions, please send me an e-mail. I am happy to sit down with you and help you get the right coverage you need.

Lest we forget. Thank you for your service 🙏🏻