Using the Longer Days to Build a Better You

Using the Longer Days to Build a Better You

Becoming a better person doesn’t mean reinventing yourself altogether. Change happens gradually by focusing on altering one habit at a time. After all, it’s our habits that define who we are and what we do each and every day. With the longer days upon us, there’s no better time than now to utilize those extra hours of daylight to focus on building your strengths and getting your life in the shape you’d like it to be. Let us show you how you can use the longer days to create a better you and achieve your goals for future prosperity.

Focusing On Your Goals

Now’s the time to dig deep and reflect on your values, wants, and goals. Utilize the extra daytime hours to understand where you are today in your life and where you want to be in the future.

Adjusting to Life Changes

A sudden life change or surprise circumstance can significantly impact your life. Use this time to reflect on recent life changes that may be causing you and your family emotional and/or financial burdens. Taking the right steps now to address the situation can get you back on track and help you to reduce any future impacts that may arise.

Get Active

Having an active lifestyle might be the single most important part of living a balanced, healthy lifestyle. When it boils down to it, we will forever be living within our bodies, and our bodies need constant movement in order to function the way they ought to. Whether you choose to take a brisk walk every evening, go to the gym three nights a week, or run for 30 minutes every couple days, it will benefit every aspect of your life!

Practise Your Creativity

There seems to be a common misconception about creativity that you are either born a creative person or are not. We couldn’t disagree with this more! While it’s true that some people are naturally more creative than others, that doesn’t mean the rest of us are doomed! Being exceptionally creative is an acquired skill, just like being an active listener or being a great writer.

Just like any other skill you might learn, you need to practise continually in order to improve! Learn to think out of the box, approach problems from new angles, and don’t give up trying! You’re more creative than you think – you just need to work at it.

Try Something New

Trying new things, whether they are more related to your personal or professional life, can be daunting either way. As we continue to grow up, we get used to who we already are and what we are good and bad at, but we pigeonhole ourselves be doing so. Trying to develop new hobbies, skills, or learn about new things that interest you is a necessary part of bettering yourself as a person. You shouldn’t ever stop learning – no matter what you’re learning about!

Why Leaving Emotions Out of Your Investment Process is Key

Why Leaving Emotions Out of Your Investment Process is Key

Are you losing money on investments because of sudden decisions you make? If you’re an impulsive investor, a mistake in timing can destroy your nest egg. That’s why it’s crucial to leave emotions out of your investment process. To help master your feelings when it comes to your assets, here are some tips to remember.

Upswings

It’s difficult not to want to pour money into a market that appears to be on an upswing. Having that fear of missing out can backfire, especially in times when a market is volatile. Making a big purchase decision based on emotions, as opposed to market analysis, can hit your portfolio hard when the market corrects or takes a downward dive.

Downswings

When many investors see a sudden downswing, their first reaction is to pull their money out to prevent any further losses. However, this response can cause people to lose a lot of their hard-earned savings, especially when the market curtails in the other direction soon after. What professional investors do instead is diversify their investments, make sure their downside is protected, and hold steady when the market swings. They leave emotions out of their investment process and stick to their plan.

Finding the Right Balance

Very few people have the right instincts to predict the market. It takes considerable expertise and market know-how to not get caught up in the euphoria of a bull market or the fear during a bear market. Remaining disciplined and knowing how to resist emotional reactions to volatility takes practice. That’s why it’s essential to have a professional on your side – one who can help you develop a secure, diversified portfolio and provide you with a sound strategy to improve your decision-making skills (skills necessary to prevent you from making quick mistakes when the market fluctuates).

Hiring the Right Mind

Talking to an advisor about your financial goals, needs, and potential risk level can ensure your portfolio is appropriately balanced to weather all the economic seasons. A seasoned professional has the instincts and knowledge necessary to help you build the portfolio needed to produce results, even in troubling markets. They can give you the advice and tools you need to stay on track without making emotionally-based decisions that can impact your financial future.

There are many tools and products out there that can help you gain the insight you need to help improve your performance level and secure your investments. Let us show you how! At The Beacon Group of Assante Financial Management Ltd., we can help you create a financial plan that will teach you how to leave emotions out of your investment process and maximize your investment returns. Contact us today to set up an appointment!

How Does Estate Planning Reduce Probate and Taxes?

How Does Estate Planning Reduce Probate and Taxes?

Do you know what happens to your estate after you pass away? After death, your executor is responsible for securing all your assets, paying your debts, and applying for probate. Although there isn’t an estate tax in Canada, there are other fees that exist to process and probate your will. And like all other debts, income tax has to be paid by the estate first, before people can inherit the assets. Luckily, estate planning can help to reduce the probate and fees associated with your will. Here’s what you need to know.

When is Probate Required?

Your executor will need to apply for probate if you pass away with any outstanding debts. This is also necessary if there’s property not being passed on to a spouse or common-law partner, or if there are any accounts or investments without a beneficiary. Probate is also recommended to prove the executor is the appropriate person to carry out your last testament and to provide institutions with the proof needed in case your will is contested. To apply, the executor will need to visit the province’s probate court and pay the necessary costs. Each province sets their own fees, which is usually a flat rate or a percentage of your assets. For instance, in Ontario, the probate taxes are calculated as $5 per $1000 of estate assets up to $50,000 and $15 per $1000 of estate assets over $50,000.

What Taxes Should Be Paid?

All income that is earned from the beginning of the year to the date of death is to be reported on the final tax return. This will also include any capital gains tax on your assets and taxes on your RRSP or RRIF. When you pass away, the government assumes you have sold everything and regards all of your assets as disposed of for tax purposes.

How Can Estate Planning Reduce Fees?

Implementing estate planning strategies can help to reduce the tax hit that will be left to your estate. For one, if you leave your assets to your spouse or create a joint ownership, you don’t have to pay capital gains taxes or tax on your assets. Moving assets outside of your estate by setting up a trust to hold legal title or a private company to own your assets will also ensure they will not go through probate. However, it’s important to note that each province has different rules and fees, so it’s always best to talk to a professional who can guide you through the process and ensure your state planning goes as intended.

At The Beacon Group of Assante Financial Management Ltd., we provide strategic wealth planning that is tailored to your individual needs. We can set up an estate plan that will reduce your probate and taxes and provide your family with the assets you had intended to leave behind. Contact us today to find out more about how we can help.

5 Ways to Be a More Confident Workplace Leader

5 Ways to Be a More Confident Workplace Leader

Confidence is important to have no matter what line of work you’re in. It highlights your competence, your self-value, your leadership ability, and so much more. A lack of confidence means you’re stuck inside your comfort zone and afraid to look beyond it. This happens to a lot of us since it’s where we feel most at ease and safe, free from the frightening risk of failure. Teaching yourself to be, and remain confident, can have a drastic effect on both your personal and professional life. When it comes to the workplace and your professional career, it can make or break your success. Confidence is a massive component of building trust in others to follow your lead. Thankfully, if you struggle with your self-confidence, there are many ways for it to be improved upon. Here are five ways to develop your skills and become a more confident workplace leader.

Embrace Your Strengths and Weaknesses

Rule number one is to remember that no one is perfect. If you’re always comparing yourself to others and feeling inferior based on your weaknesses, then you’re doing nothing more than directly damaging your confidence level. It’s important to know that your weaknesses are not your downfall – it’s your attitude towards them that is. Instead, you should embrace your strengths and find others who can assist you with areas that don’t fall under your expertise. This is what good leaders do; they don’t waste their time struggling with things they know they’re not good at. Working with a team that pools together different strengths (and delegating tasks accordingly) is what being a good leader is all about.

Find a Life Mentor

Everyone needs a mentor – even the CEO. Having an executive coach on your side can help you to keep moving towards your goals and drive you to achieve what you are capable of. A mentor can also educate you on things that you’re not aware of. They can provide you with the knowledge and insight you may need to make better-informed decisions, which is a major factor in becoming a more confident workplace leader.

Make Employee Engagement a Priority

A common reason that leaders lose their edge is because of bad relationships with their employees. Negative work relationships often damage the confidence of both the employees and the leader, putting a damper on the success of the business. Learning how to engage and communicate more effectively with your staff can help you to build back the levels of confidence needed to achieve bigger and better things.

Engage in Training and Development

Some of the most successful leaders out there have become more confident just by gaining access to the latest and most effective management skills training materials. Through programs that are tailored to meet the specific needs of managers and workplace leaders today, you can learn what specific areas you need to improve upon to become more successful with your team.

Read More and Don’t Stop

Reading inspiring leadership and success stories is one of our favourite tactics for developing new methods to become a more confident leader. There is an endless amount of reading material floating around the internet which you can easily find and study in your spare time. Not only will reading more about other leaders’ successes keep you inspired, but the act of reading more in itself will help you continue to develop your vocabulary, your cognitive skills, and your overall perspective on leadership.

If you’ve been thinking of ways you can improve your confidence as a leader, then you’re already on the way to achieving your goals. Merely developing a plan and putting it into action demonstrates that you’re ready to do what it takes– so keep it up!