The Tax Chick Podcast What is a holistic wealth advisor and why do you need one?
Jul 14, 2022
Join Sarah Kolla-Empey, a wealth advisor with CPA, TEP, and CFP designations, as she dives into holistic wealth planning. Sarah explains that it's not just about RRSPs or TFSAs; it’s about crafting a financial plan that adapts to your life’s evolving goals. She highlights the importance of flexibility in financial strategies and addresses common gaps in estate planning. Discover practical tips to enhance your relationship with your advisor, emphasizing an active role in aligning your finances with your dream life.
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Use RRSP Refunds To Attack Debt And Invest
- Maximize RRSPs if you're a high-earning young professional to capture tax savings now.
- Use the RRSP tax refund to accelerate mortgage principal so you both invest and lower debt efficiently.
Clarity Makes Trade-Offs Work
- Decisions become easier when you know the direction you're heading and can model trade-offs.
- A plan that balances objectives can achieve both debt reduction and long-term invested assets over time.
Young Couple's Dual Goal Strategy
- Sarah described working with young professionals who wanted to both pay off their mortgage and invest for retirement.
- The chosen plan extended mortgage payoff by four years but produced an extra projected $280,000 in invested assets.