Sara Makes Sense Sara McCullough

This is a wide-ranging conversation with Paul McIntyre Royston, CEO of the Grand River Hospital Foundation.  We talk about that specific foundation does, what governments in Canada pay for and what they don't when it comes to health care, what the term 'health care' encompasses.

The conversation also moves into what could it mean if we were contributing to a stronger health care system for everyone?  That securing our own potential, future, maybe- health needs might be done by giving to build a stronger system today.  For everyone.  What if we, as donors, saw giving that way?  What if we had a better understanding of what motivated organizations?  Would we give more?  Give differently?  Get better outcomes?  Actually change the world?

Links that are mentioned in the conversation:
General GRHF page: https://grhf.ca/ 
Paul talks about the meaning of the lotus and it's petals, explanation and pic found here: https://grhf.ca/blogs/grand-ideas/hospital-pins
Paul talks about the foundation values, found here: https://grhf.ca/pages/ourteam
Grand River coffee tokens: https://grhf.ca/products/buy-a-coffee-for-a-healthcare-worker

How do you untangle your money when you've tried and failed before?  When you can't figure out what's going where and so many things are out of your control?

In this episode of Sara makes Sense, I talk about how to talk about your money, including specific steps to take to figure out what's going where, how to control what you can and how to work with the things you can't.

I use the example of Season 2 of this podcast- it didn't go the way I wanted, it felt like a public failure, and I had to decide what to do.    Similar to how many of us feel about our money situations, ignoring it, sweeping it under the rug and moving on wouldn't have had any benefits to me, given the goals that I have.  I chose to re-group and continue with the podcast.

Getting control of your money includes knowing how much is coming in and when, what's scheduled to go out (this is money you've already spent) and what's left over to handle the rest of your expenses for every pay period.

Managing in an environment of high inflation, economic slowdowns and job uncertainty takes planning.  It's possible and it's important.  I recommend that you include your biggest asset when you think about how to manage the 'uncontrollables': your earning potential.  Including your earning potential in your financial discussions is important when you're looking at the big-picture of what's possible.  It can help you regain control.

A few links for the benefits of telling your story, or witnessing:

https://news.berkeley.edu/berkeley_blog/the-science-of-the-story/   A long read, but hang in there; the section titled "How stories bring people together" gets into why telling our money stories is beneficial to us and others.

https://www.psychologytoday.com/ca/blog/the-web-violence/201309/resilience-and-4-benefits-sharing-your-story  The 3rd point here, Re-Affirming your Values is important.  In the day-to-day busy-ness, we can lose sight of what we value and where we're spending our money.  Re-focusing through telling our money story can motivate change.

2 books by Shannon Lee Simmons contain great stories about how Shannon works with her clients and how to manage your money with less stress
Worry-Free Money 
Living Debt Free
You can find Shannon's books in a variety of places- choose your favourite purchasing method!

In this episode, listen to how to save for your child's education using a Registered Education Savings Plan (RESP).  

I talk about how to set up an RESP,  what happens when you deposit money, what does the (federal) government grant look like, what are the tax implications of your deposits.  I also talk about investment considerations, when joint ownership of the account makes sense and when it doesn't and the planning considerations that I talk to clients about as they are making deposits to their RESP.

Next episode- How to withdraw money from an RESP

Useful links: 

information on the government grant (Canada): https://www.canada.ca/en/services/benefits/education/education-savings/savings-grant.html    

information on U.S. citizens, tax treatment of RESP plans (parents and children): https://www.bdo.ca/BDO/media/Misc-Documents/Tax-Consequences-for-US-Citizens-and-Other-US-Persons-Living-in-Canada.pdf

information about 529 accounts (U.S.): https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan#:~:text=A%20529%20plan%20is%20an,programs%20and%20student%20loan%20repayments.

information about costs of post-secondary education in the European Union: https://education.ec.europa.eu/news/tuition-fees-at-european-universities 

Worried about how to manage your day-to-day money with a baby on the way?  Trying to figure out how to figure it out now that baby is here?

This episode of Sara makes Sense covers what facts to pay attention to, how to sort out how much money you've already spent and how much you have left to make choices on.

Have a question that you'd like Sara to answer in a future episode?  Email ask@saramakessense.ca

Additional resources:

Maternity/Paternity leave benefits  in Canada: https://www.canada.ca/en/financial-consumer-agency/services/starting-family/maternity-parental-leave-benefits.html 

Maternity leave Europe: https://www.europarl.europa.eu/RegData/etudes/ATAG/2019/635586/EPRS_ATA(2019)635586_EN.pdf 

Child care costs by province, Canada:https://arrivein.com/daily-life-in-canada/child-care-in-canada-types-cost-and-tips-for-newcomers/

Child care costs United States: https://www.verywellfamily.com/affording-child-care-4157342#:~:text=The%20average%20cost%20of%20center-based%20daycare%20in%20the,%241%2C740%20monthly%29%2C%20according%20to%20ChildCare%20Aware%20of%20America.

Child care costs across Europe:  https://www.irishexaminer.com/news/spotlight/arid-40727262.html  

What Sara loves about this article about child care costs- it works with the percentage of family income that is spent on child care, not just the dollars to the care provider.  As we have discussions about how to change child care, increase women's participation in the work force and balance family and work, we need to look at different angles.  Even though it was written in 2018, there's useful information for planning your life: https://www.cnn.com/2018/04/25/health/child-care-parenting-explainer-intl/index.html 

This encore episode of Sara makes Sense originally ran in Feb 2021, when the working from home deduction was new.  
The working from home deduction is back for another tax return.
My guest is James Rhodes,  tax lawyer.  He talks you through everything you need to know about how to choose how to correctly deduct the working from home expenses that you have.

Guest: James Rhodes
james@taxationlawyers.ca 

Sara Makes Sense Show notes Episode #21
 Finances are personal. When it’s your money, financial plans are very personal. What if you took some of the emotion out of your financial equation by looking at your portfolio through the lens of a project manager? In this episode of Sara Makes Sense, host Sara McCullough talks to expert project manager Gabriele Maussner. She talks about tackling big plans one step at a time.   

Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode

Sara's website is https://www.wddevelopment.ca/

Gabriele can be reached at:
Gabriele Maussner-Schouten, MBA, PMP, BCAP
Redefining how People and Projects Succeed
416-809-4723
gmaussner@outlook.com