Financial Literacy Series: Loans and Opportunity Costs

By Michael Sidhu | March 10, 2021

Loan payments + loan interest = opportunity costs   Here’s how “fact-checked” financial literacy can misinform and miss the underlying issues. The picture is only a slight misrepresentation, but it’s an important narrative not to ignore. Loan and mortgage interest is calculated on a compound basis, not simply as taking the loan balance and multiplying…

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Take the Guess Work out of Tax and Financial Planning

By Michael Sidhu | February 19, 2021

Canadians – if you received CERB benefit payments in 2020, have you considered taking steps to reduce the taxes due on these benefits? If you have experienced an unexpected increase in income in 2020, have you considered taking steps to reduce your taxes? A basic tenet in the Income Tax Act (the Act) allows Canadians…

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Money and Inflation

By Michael Sidhu | January 27, 2021

Note: originally published in May 2020, here’s a good reminder of how and where inflation rears its ugly head.   What are the possible outcomes of the actions recently taken by government and central banks? How prevalent will inflation be moving forward? What will happen to the economy with all this debt? Should I be…

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Creating a Financial Roadmap for 2021

By Ashley Lalonde | October 30, 2020

With the new year only two months away, I think it’s safe to say we’re over the physical, emotional, and financial rollercoaster of this past year and it’s never too early to start looking ahead to what’s next. Right now is the perfect time to re-evaluate your financial situation. After all, there’s nothing like a…

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Mutual Funds 101

By Ashley Lalonde | June 19, 2020

  Mutual funds are the all-in-one package of the investment world and can hold stocks, bonds, money market instruments, and cash all inside one fund. As an investor, you can purchase units (or shares) of a mutual fund and gain exposure to the underlying investments all in one go, with the number of units you…

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financial tips

Financial Literacy Series: Loans and Opportunity Costs

Loan payments + loan interest = opportunity costs   Here’s how “fact-checked” financial literacy can misinform and miss the underlying issues. The picture is only a slight misrepresentation, but it’s an important narrative not to ignore. Loan and mortgage interest is calculated on a compound basis, not simply as taking the loan balance and multiplying…

Take the Guess Work out of Tax and Financial Planning

Canadians – if you received CERB benefit payments in 2020, have you considered taking steps to reduce the taxes due on these benefits? If you have experienced an unexpected increase in income in 2020, have you considered taking steps to reduce your taxes? A basic tenet in the Income Tax Act (the Act) allows Canadians…

Creating a Financial Roadmap for 2021

With the new year only two months away, I think it’s safe to say we’re over the physical, emotional, and financial rollercoaster of this past year and it’s never too early to start looking ahead to what’s next. Right now is the perfect time to re-evaluate your financial situation. After all, there’s nothing like a…

The Tailwind Effect

Thanks for reading The Tailwind Effect! This is the number one most profitable habit you could ever learn and do in your lifetime and is one of the oldest tricks in the book. If you are working as a professional or are a fellow entrepreneur making a good living, chances are you’ve done your research…

Getting Started With Infinite Banking

  Thanks for reading Getting Started With Infinite Banking! We are very excited to help you begin building your financial foundation so you can achieve financial freedom, die without debt, and leave a legacy. As always, our educational resources are designed to give you the tools needed to achieve a strong and stable financial foundation.…

A Beginners Guide To Purchasing Your First Home

  Owning a home is a dream that many share.  It provides a sense of security, pride of ownership, and potential for appreciation.  Over the years, Canadian real estate has proven to be a relatively safe investment, with tremendous long term gains.  Below is a comprehensive beginner’s guide to purchasing your first home.   You’ve…

How To Make Life Insurance Work For You

  Life insurance is not an investment. It is an alternative asset class.   Life insurance has been around for a very long time and not only has an amazing history, but also an amazing track record. In fact, no Canadian has ever lost a dollar due to a failed insurance company.   Since the…

4 Ways To Make Your Finances Significant

  “It’s not about how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki   With that in mind, here are some tips on how to make your finances significant.   1. Take care of your money…

What Should I Do With My Money?

  “Advice is something you ask for when you secretly already know the answer.” – Mike Rowe   What should I do with my money? It’s something we’d all like an answer to and as financial advisor, I hear this all the time. The truth is, however, there’s no one size fits all solution to…

The 5 Human Problems Getting In The Way

  At The Wise Banker we believe that if you’re looking to get your financial game on point, it’s not about what you do but rather how you do it.   We believe in the idea that says, “I never want to feel limited because of money.” In the idea that also says, “I want…

financial impact

Today’s Generational Wealth Solution

If you were to invest in an older member of your family and he/she allowed you to do so to create the ultimate family legacy, what investment would be used? Life insurance. Life insurance is the perfect solution for family generational wealth creation. It is a contract the family CONTROLS. The cash value and the…

A Car Loan Nightmare

This couple could have saved nearly $34,000 in interest alone when making a $24,000 car purchase, by starting an IBC policy 4 years earlier.   Recently, I met a young couple with three little kids, two huge dogs, and a massive monthly mortgage payment. They both worked and were struggling to make ends meet. In…

So, You Want More Control Of Your Money?

Thanks for reading So, You Want More Control Of Your Money? We are very excited to help you begin building your financial foundation so you can achieve financial freedom, die without debt, and leave a legacy. As always, our educational resources are designed to give you the tools needed to achieve a strong and stable financial…

3 Reasons To Implement Infinite Banking Today

Thanks for reading 3 Reasons to Implement Infinite Banking Today! Those of you who know me, know I’ve been in the insurance industry for many of the past 9 years. I have fought long and hard to bring awareness and understanding to the Infinite Banking strategy and help my clients unlock their financial potential by…

Building The Financial Foundation: Part III

  There are many reasons to get excited about purchasing your first Specially Designed, Dividend Paying, Whole Life Insurance Policy for Infinite Banking purposes. In the blog Getting Started With Infinite Banking, I covered the basic benefits of the death benefit, cash values and policy loans, and taxes. As a millennial myself working mostly with…

Building The Financial Foundation: Part II

  There are many reasons to get excited about purchasing your first Specially Designed, Dividend Paying, Whole Life Insurance Policy for Infinite Banking purposes. In the blog Getting Started With Infinite Banking, I covered the basic benefits of the death benefit, cash values and policy loans, and taxes. As a millennial myself working mostly with…

Building The Financial Foundation: Part I

  There are many reasons to get excited about purchasing your first Specially Designed, Dividend Paying, Whole Life Insurance Policy for Infinite Banking purposes. In the blog Getting Started With Infinite Banking, I covered the basic benefits of the death benefit, cash values and policy loans, and taxes. As a millennial myself working mostly with…

On Becoming True Financial Stewards

  Do you want to have a greater impact in your world but don’t know where to start?   I’m willing to bet you’ve heard it all before: That you should find your passion, follow your dreams, and discover your purpose. We live in a world where we are told we need to discover these…

The Cost We Never See

  Financial stewardship looks past us and into the future. It provides not just for the current generation, but also for the second (and the third!).   Like all noble and worthwhile causes, it requires a certain amount of selflessness.   If we are to be financial stewards pushing towards a better financial future for…

The Way Things Are

  The world was flat until it was discovered to be round.   Homes were lit by fire and candle light until the light bulb was invented.   And financial institutions are infallible until they’re not.   But what can we do?   There are very few circumstances in which we have no choice in…

In A World Of Finance And Debt

  Welcome!   Everyone understands how important money is, but you know that it’s nothing more than a tool to get to where you want to go. You’ve likely done research to have more control over your finances, and ultimately have more time for the things you value most in life – and yet you’re…

financial perspective

Money and Inflation

Note: originally published in May 2020, here’s a good reminder of how and where inflation rears its ugly head.   What are the possible outcomes of the actions recently taken by government and central banks? How prevalent will inflation be moving forward? What will happen to the economy with all this debt? Should I be…

These Are Interesting Times Indeed

NOTE: You have two choices. I have written this article to address some of the more frantic questions I have received in the last 6 weeks on matters of finance, the economy and the market and what to consider next. Choice 1 – Reading and understanding the entire article will take you about 30-45 minutes.…

Why Government Fights the Entrepreneur

Politics is boiled down to a bunch of people who want to make decisions about your life. Politicians leaning on the right typically want to determine what your personal life looks like. Politicians on the left typically want to determine what your financial life looks like. Governments who are left such as any NDP party…

At What Cost? Series: On Opportunity Costs

  Part 2 of a 2 Part Series Building wealth isn’t a set it and forget it kind of deal – it’s a decision that’s made every single day and it all starts with a good education. There are of course, many financial strategies that are out there for building wealth. However, as Roberta Kiyosaki…

At What Cost? Series: On Interest Costs

Part 1 of a 2 Part Series Building wealth isn’t a set it and forget it kind of deal – it’s a decision that’s made every single day and it all starts with a good education. There are of course, many financial strategies that are out there for building wealth. However, as Roberta Kiyosaki says…

Empower, Educate, And Act

So, we’re listening to the radio the other day and the commercials come on – yeah, I know that’s old school radio for all you satellite radio listeners, but I’m just feeling lucky enough to at least have a car with a CD player in it. The point is we were shocked to hear an advertisement…

Why I Left My Career To Pursue IBC Instead

  It has been over a year since I decided to step away from the career I had and to pursue other things in life. Some people have been wondering why I would do that if I’m just going to start another career, well I’ll try to describe why in this note. Even though I…

What Rock Climbing Taught Me About Life

  My whole life I’ve always considered myself an average person. I had average grades, athletic abilities, height, style, looks, and interests. Anything you can think of really, I was probably average at.   The thing that I’ve come to realize in more recent years, however, is that I wasn’t average because I’m not good…

4 Things To Be Aware To Get Out Of The Rat Race

  There are all kinds of opportunities out there for making money and it’s easy to get caught up in the excitement of it all. When we’re living in a culture of debt and insufficient savings, however, with Canadians spending $1.68 for every dollar they earn in 2016, is it just me or is there…

A True History Of Life Insurance

Life insurance has been around a very long time and has not only an amazing history, but also an amazing track record.  No Canadian has ever lost a dollar due to a failed insurance company.   A question we like to ask our clients is simply this.  “If what you believe to be true turned…

What Impact Does Fractional Reserve Banking Have?

  Now even in an economy that’s as well off as ours, the individual concern is still primarily one of money and finance. With great uncertainty about the future because of prices, inflation, debt, and unpredictable investments, we want to provide a “new” perspective on where money, banking, and life insurance institutions come from, how…

What Impact Does Fiat Money Have?

We encounter money every day. We earn it, spend it, invest it, and lose it.   When we look at our current economy as one that’s being run by a culture of debt, with Canadian’s now spending $1.68 for every dollar they earn in 2016; it seems obvious that people are inadequately preparing for their…

3 Things In Life That Should Not Be Delegated

  Truth. Its something that, as human beings, we all hunger for and yet rarely see. The person who loves the simplicity of jeans and a t-shirt, comes to the office every day in a suit and tie. It’s not a lie exactly, but it’s also not representing who they are as a person. We…

financial products

Mutual Funds 101

  Mutual funds are the all-in-one package of the investment world and can hold stocks, bonds, money market instruments, and cash all inside one fund. As an investor, you can purchase units (or shares) of a mutual fund and gain exposure to the underlying investments all in one go, with the number of units you…

Exchange Traded Funds 101

  Low fees, diversification, and liquidity are just a few of the buzz words that come to mind when describing this relatively new investment vehicle, the Exchange Traded Fund. Being traded on major stock exchanges (where the name Exchange Traded comes from), this fund gives new investment opportunities for both first time investors and professionals…

Guaranteed Investment Certificate 101

  A GIC, or Guaranteed Investment Certificate, is a low-risk investment that is basically the next step up from a savings account at your local bank. Instead of depositing money as you would into a savings account for the sake of saving at a low interest rate, when depositing money with a GIC, you are…

Tax-Free Savings Account 101

Tax-Free Savings Accounts are a great addition to the lineup of financial offerings provided by our government. First introduced in 2009, these accounts are easy to use with the money inside growing and being distributed tax free. What’s not to love?   Setting Up The Tax-Free Savings Account   Setting these accounts up is simple.…

Registered Education Savings Plan 101

It appears attending post-secondary education is the obvious choice for our young people across Canadian provinces and what used to be a privilege only for the wealthy, has now become the first next step for many who are graduating high school. Apart from scholarships, this can be quite an expensive undertaking between the tuition costs,…

Registered Retirement Savings Plan 101

Did you know? There was a time where the very idea of retiring was foreign to most Canadians. People would work their entire lives until they died or were too sick or disabled to continue any longer. Given the shortened life span of the average person prior to the institutionalization of retirement, there was simply…

Universal Life Insurance 101

Universal Life Insurance came into play in the 1980’s to be a more flexible and transparent form of permanent life insurance than the original Whole Life product. Universal Life was created by the stock brokerage firm E.F. Hutton, not a life insurance company, and is without the guarantees Whole Life Insurance has to offer.  …

Term Insurance 101

Term Insurance is the longest standing type of life insurance. It is considered a temporary form of insurance as its not intended to be maintained for all of life. The reason a person might purchase a Term Insurance policy, for example, would be to cover a financial need such as a mortgage during their younger…

Whole Life Insurance 101

Understanding the basics of Whole Life Insurance is relatively simple. As the original permanent life insurance, Whole Life insurance is designed to be maintained until death, or 100 years, whichever comes first.  For example, if you are the person getting a Whole Life Insurance policy on yourself, it means that as long as you pay…

A Beginners Guide To Purchasing Your First Home

  Owning a home is a dream that many share.  It provides a sense of security, pride of ownership, and potential for appreciation.  Over the years, Canadian real estate has proven to be a relatively safe investment, with tremendous long term gains.  Below is a comprehensive beginner’s guide to purchasing your first home.   You’ve…

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