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January 2024
-THE ADVISOR"Let me help you save for generations." |
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Save for Surprises1/10/2024 🌟 Emergency Fund Challenge: Secure Your Financial Future! 🌟 Are you ready to take control of your finances and build a safety net for life's unexpected twists and turns? Join our Emergency Fund Challenge and pave the way to financial resilience! ✨ What's the Challenge? Goal: Build or boost your emergency fund in [6] months. Target Amount: Aim for [$1000] to [$3000] based on your circumstances. 🚀 Why Participate? Financial Peace of Mind: Ensure you're prepared for the unexpected. Savings Habits: Cultivate a savings mindset for lifelong benefits. Community Support: Connect with others on the same financial journey. 📆 Challenge Period: Start Date: [January 19, 2024] End Date: [July 19, 2024] 🎯 How to Join: Sign up at https://www.genwealthsavers.com/ Use hashtag #SaveforSurprises to share your progress! 💡 Tips for Success:
🌈 Prizes & Recognition: Digital downloads/resources 📌 Remember: An emergency fund is your financial safety net. Small steps today lead to financial security tomorrow. 👉 Ready to Begin? Let's Secure Your Future! To join, email us at: Sarah@yes-genwealthsaver.com
Cell: 204.292.6933
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A First Home Savings Account is designed to help individuals save for their first home. Here are some frequently asked questions (FAQs) for a First Home Savings Account: What is a First Home Savings Account (FHSA)?
Who is eligible to open a First Home Savings Account?
What are the benefits of having a First Home Savings Account?
How much can I contribute to my FHSA each year?
Is the money in my FHSA accessible for other purposes?
What happens if I don’t use the funds in my FHSA to buy or build a home?
Can I have other savings or investments accounts in addition to a FHSA?
Can I have a joint First Home Savings Account with a partner or spouse?
What types of homes can I purchase or build with the savings from my FHSA?
What is a qualifying withdrawal?
What is a non-qualifying withdrawal?
Can I open multiple accounts?
Can I roll over funds from an existing savings or investment account into an FHSA?
Are there any age limits for opening or using a FHSA?
How does deductibility work in the FHSA?
What happens when there is a divorce or separation?
Is there any penalty for contributing more than the allowed amount?
How do I open a First Home Savings Account?
What happens to the account if the owner passes away?
What happens to the fund after the 15 years participation period has ended?
Equitable life will move the client’s fund to Retirement Savings Account.
How does the FHSA compare to the HBP?
See the comparison below
These FAQs can be a useful resource for individuals considering or already using a First Home Savings Account. Source: This FAQ information about First Home Savings Account is gathered from Equitable Life presentation. Then, the advisor summarized and turned the information into FAQs to give helpful resource to the public.
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In a volatile market, where financial assets can experience significant fluctuations, it's important to have insurance coverage that can provide stability and financial protection.
GROWTH PLAN is a strategy that offers customized coverage for children, providing stability and guaranteed cash value growth in the face of market volatility and uncertainty. This strategy involves purchasing whole life insurance policies for children. Whole life insurance provides lifelong coverage, and it has a cash value component that grows over time. This cash value can be used for various purposes, including college funding, supplemental retirement income, or other financial goals. Growth Plan comes with several benefits, which can be particularly advantageous as the child goes through different stages of life. Key Advantages: G – Guaranteed Growth: The cash value in a whole life policy typically grows at a guaranteed minimum rate of return, ensuring steady and predictable growth over the years. This makes it a conservative and stable option for cash value accumulation, particularly when compared to more volatile investments like stocks. R – Rate of Returns: It is often consistent and not subject to market fluctuations, Also, there’s potential dividends earnings that can provide an additional source of earnings on top of the guaranteed minimum rate. Dividends are not guaranteed and can fluctuate based on the company's performance. O – Optimized Policy: An optimized whole life policy may involve careful policy design to allocate premiums, dividends, and other factors in a way that maximizes cash value growth while keeping the policy in force. The cash value in a whole life policy can grow over time due to contributions, interest, and potential dividends. W – Whole Life - Insurance that provides lifetime coverage; ensuring that the child will have protection in place regardless of future health changes. Whole life coverage offers stability and protection against market volatility. T – Tax-Advantaged - The cash value grows tax-deferred, and withdrawals or loans from the policy may be tax-free if structured correctly. H – Haven – "Haven of Safety" or a "Financial Haven" because it is designed to provide financial security, stability, and protection for both the policyholder and their beneficiaries. A well-structured whole life insurance policy can contribute to financial security and stability by offering lifelong coverage, guaranteed growth, tax advantages, and flexibility. It can be a valuable component of a comprehensive financial plan, providing both protection and a savings element that can help policyholders achieve their financial goals and leave a legacy for their loved ones. Overall, for families looking for stability and long-term financial security for their children, whole life insurance can be a valuable solution in uncertain markets.
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Financial Updates7/2/2023 Hey folks! Issue 6 is out! May we improve our finances this July. Happy reading!
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Financial Updates4/1/2023 Issue 3 is ready - Check out for more Financial Updates
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FINANCIAL UPDATES - FEBRUARY2/15/2023 Hello Savers!
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Top 10 Benefits of Life Insurance1/3/2023 Life insurance is a great way to protect your family and loved ones. Here's the Top 10 Life Insurance Benefits from our list: No.1 - Risk Transfer
This is a form of risk management that involves a contractual shifting of risk from one party to another. One example is the purchase of a life policy, in which the risk of loss is passed from the policyholder to the insurer. No. 2 - Provides More Certainty Knowing your family will be financially secured having a plan in placed before the worst happens gives a feeling of assurance to the policy holders and their families No. 3 - A Buffer Think of Life Insurance as a back-up plan especially when you have not saved enough. Cash Values or Lumpsum benefits help cover essential expenses for you and your family No. 4 - Living Benefits Claims paid out for covered accident, sickness or terminal illness help the insured to recover and use as income replacement, payment for additional expenses, etc. No. 5 - Capital Generation Life Insurance lumpsum benefits or Cash Values are liquid assets that can be used to generate capital for a new venture, business expansion, or just to finance business operations or expenses. Using Cash Values for Immediate Financing Agreement can be a good option for Corporations to increase business capital to raise more revenue where premiums and interest maybe tax deductible. No. 6 - Policies can supplement retirement savings. Permanent life policies can offer cash value in addition to death benefits, which can increase other savings in retirement. No. 7 - Annual Rate of Return Some life insurance companies offer variable, fixed, or guaranteed annual rate of return. Variable rate of return can result to some years with lower returns -and sometimes even negative returns. Other years will generate significantly higher returns. Guaranteed annual rate of return offers a set rate of return on your investment/savings, so you can be sure that the principal plus interest provides financial security. No. 8 - Tax-Free Generational Wealth Tool Cash values maybe borrowed tax-free, and ownership can be transferred to heirs without so much hassle. Compared to real estate property, the insurance policy does not need maintenance, property taxes, the hassle, and the cost of selling or passing on to heirs, tough real estate market, high mortgage rates, etc. You can never get back all the cost of compounding, decide sooner than later. With life insurance, you and your family have legacy gift coverage in Day One. No. 9 - Estate Planning Life Insurance can be used in Estate Planning in a few different ways: - Funeral cost - Pay off debt - Covering taxes and probate fees on death - Other legal and executor costs - Helpful to equally divide inheritance to beneficiaries - Provide immediate funds to family members - Provide extra financial support to loved ones. No. 10 - Final expenses can be covered Funeral expenses can be significant and can be avoided with a burial policy or with standard term or permanent life policies. 'Let's turn your Premiums into building more Cash Values' my commitment to help Canadians save for generations! Check out for alternative resource here: https://www.genwealthsavers.com/ |