Holistic Financial Advice From Experienced Professionals
Corinne Kadin is passionate about providing holistic financial advice to her clients. With nine years of experience in the wealth advisory business, she is well equipped to offer them the sound financial advice they need to achieve their life goals. But building strong client relationships is about more than just having the right knowledge. It’s about trust, attentiveness and always putting the client’s needs first.
That’s why Corinne works with a team of Advisors, Protection Specialists and Certified Financial Planners to help her clients develop a holistic investment plan. They take a customized approach to each client’s situation, guiding them toward achieving their specific wealth goals and dreams.
We caught up with Corinne in Emerald Park, where she now serves members of the Plainsview Credit Union, to discuss some of the key things new investors should know.
How do female and male investors differ?
Women are closing the gap with men when it comes to financial knowledge; the difference is in how we feel about that knowledge. With day-to-day finances, we’re as confident as men. This makes sense because women make most household spending decisions. But with financial planning and investing, we’re less confident — even though behavioural economics indicate we make better investment decisions!
Where is the best place to start investing?
Start by meeting with a wealth advisor. They’ll answer your questions, and work with you to choose the best products for your specific financial goals and lifestyle.
Do you have any suggestions for people who are too intimidated to invest?
Start small. People assume they need a large investment to start, but that isn’t true. You can start with a smaller amount, in a lower-risk investment, and then increase and diversify your investments as your comfort level and budget allow.
What are the three things every female investor must know?
First, don’t be afraid to take control of your finances. Your financial wellbeing is in your hands and you should own that.
Second, women live longer than men and, on average, we earn less, so we need to think about investing differently. Your financial plan should account for this and be tailored to your personal goals.
Third, don’t wait. Like anything in life, there’s never a perfect time to start investing. The best time is now.
How do I know if my wealth advisor is a good fit and has my best interests at heart?
Choose a wealth advisor who is committed to fiduciary standards, meaning they’re legally required to inform you of any conflicts of interest they have. You also want to work with someone you feel comfortable with, who listens to your concerns and openly answers your questions. A good wealth advisor will work with you to build a trusting relationship.
5 Financial Rules Every Woman Should Follow
Investing is about more than monthly contributions and annual returns. It’s also about having a financial plan and being prepared throughout your lifetime. Here are five rules that can lead you to better financial health:
1. Pay your full credit card balance every month. Here’s a little tough love: if you can’t pay your full credit card every month, you probably shouldn’t use one. Credit cards are a great tool to build credit, but if you don’t pay the balance in full, the high interest rates can quickly spiral you into consumer debt. As women, we already pay more for many products we buy. Don’t compound this by racking up credit card interest on top of your purchases. Make sure the amount you put on your card fits within your budget, and always pay it in full.
2. Pay down your mortgage ASAP. One of the lesser known effects of the gender pay gap is that women also end up with lower credit ratings than men who earn more. And a lower credit rating means that you’ll end up paying higher interest rates on big expenses, like your mortgage. If you pay down your mortgage quickly, you’ll save a lot in interest over the long-term.
WHY IT MATTERS: On a $450k mortgage with a fixed 3 per cent interest rate, decreasing the amortization period from 25 years to 15 will save you $80k in interest payments ($190k in interest with a 25-year amortization versus $110k with a 15-year amortization).
3. Maximize employee contributions to your pension (especially if your employer contributes!) Our cost of living is increasing, and so are our life expectancies. In fact, Statistics Canada says that women outlive men by an average of four years, and spend more of those years in poor health. This means women need a larger nest egg to support a comfortable retirement. So the more you fully fund your pension now, the more you can rely on it to fund your retirement later. Plus, if your employer matches your contributions, your dollars turn an instant profit!
4. Pay yourself first. Your savings are an investment in your best asset — you! That’s why it’s important to save part of every paycheque before its swept toward groceries and bills. When you’re setting your budget, aim for the 50/30/20 rule: spend 50 per cent of your income on your needs, spend 30 per cent on your wants (because we all deserve a little fun), and save 20 per cent for your future.
5. Maximize your tax advantaged savings – RRSP, TFSA, RESP and RDSP. It’s not just how much you save that matters — it’s where you put that money. Low-interest-earning savings accounts are hardly better than that change jar in your laundry room. Choose a savings option that makes your money work as hard as you do — like an RRSP or TFSA. Women generally feel more comfortable with TFSAs because they offer us the flexibility to cover our immediate financial needs. But we also need to focus on our long-term needs and take advantage of opportunities, like when our employer or provincial government tops up RRSP and RESP savings. It’s free money!
These are just a few of the rules that can put you on the path to financial success. You can find the final five rules, along with other expert financial advice, at thrivewealth.ca/blog.
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15 Great Plains Rd.
Emerald Park, SK