There's Only 4 Things You Can Do With Money

Retirement Income, Calgary

There's a funny story I heard one time. 3 buddies were attending the funeral of their dearly departed friend. As the 3 of them stood around the casket saying their goodbyes the first guy opened his wallet and dropped a hundred-dollar bill in the casket. The next guy does the same thing. The third guy, however, does something different. He takes out his chequebook, writes a cheque for $300, places it in the coffin and then proceeds to take the 2 one hundred dollar bills as his change. Smart guy.

The point is you can't take it with you. You have never seen a U-haul behind a hearse.

Here are 4 things you can do with your money:

1. Spend it. Just go out and buy stuff. Go on a trip. Blow it. The average Canadian household spends $168 for every hundred they make. Apparently, Canadians do not need much help here - they are very good at it. We have the highest personal debt rates in the world. We have a spending problem.

2. Save it. I'm reminded of the story of a bag lady who died in Phoenix some years ago. Her apartment was filled with money she had begged for on the street. She lived like a pauper, while she saved everything she had. Not much value in saving all of your money so that someone else can spend it later. There's nothing wrong with saving money, but what is the purpose of your savings? 

3. Invest it. You work hard for your money and you should get your money working hard for you. The question becomes, where should you invest the extra cash you have? Investments need to be made according to your knowledge, comfort, time horizon, and risk level. Start small. Learn.  Then work up to more complex opportunities. There's no shortage of investment options available to you. Here are a few:

  • GIC - pays a nominal amount of interest each year, but protects your principal invested.
  • Stock market - there are all kinds of ways within the stock market to invest from ETFs to Mutual funds. Some stocks pay dividends. Bonds that pay interest. Growth stocks like Facebook and Apple.
  • Real Estate - this has been a favourite of ours and we have done this for more than 25 years. 
  • Buy or start a business. 

4. Give it away. You make a living by what you earn. You make a life by what you give. 

Click Here to learn more about our process for creating your financial roadmap for retirement, getting your total financial house in order, and living your ideal lifestyle.

 

Retirement Income, Investment & Tax Planning for Those 55+,

 

Willis J Langford BA, MA, CFP

 

Nancy R Langford CRS


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If you are nearing retirement, newly retired, or well into that stage of life and need some honest, reliable financial advice and tax planning services, I highly recommend Willis and Nancy Langford at Langford Financial. I have been working with them since the fall of 2020 and am really happy I made the switch.

I needed much better advice than I was getting from my new bank rep as I was actively preparing for retirement. I found Langford Financial online and booked a review meeting. I was happy that I was sent a complete list of all the information that would be needed prior to my initial meeting so I arrived prepared.

From that initial meeting, I decided to have Willis prepare a retirement plan for me. After we reviewed everything he had prepared, I felt much more confident in what was to come financially during retirement and how I could manage it. That's when I decided to transfer my investment portfolio from my bank to Langford Financial so they could manage it with and for me. I felt they really had my best interests at heart.

It was a pleasant surprise that their approach combined both income planning for retirement and tax planning for both the immediate future and well into retirement. This has proven to be very helpful as it has ended up saving me a lot of money (a lot!) by using credits that had been missed by the company I previously used to prepare my taxes.

I really like working with Willis and Nancy. They are very quick to answer any questions I have and can accommodate virtual or in-person meetings based on what is needed. They also produce a regular newsletter that I really enjoy. It has lots of tips in it and some very good in-depth information that helps me make better decisions---or at least ask better questions!

Moving to Langford Financial was a great decision for me. It has lead to better financial planning and decision-making and much greater peace of mind for me at this time of life.
 
 
 
Sharon Stroick
Full Service Client Since 2020

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