The Clear Money Mindset Ben Davies

“Nothing is Certain but Death & Taxes”- Benjamin Franklin   
A Will is a great start to an Estate Plan and sometimes a properly done Will is enough, but sometimes a Will is not the best option when it comes to our final planning needs, and it can fall short - leading to a costly and stressful settlement after our death. In today's podcast we have Ashley Harmon, a Lawyer, and Partner with Hogarth Hermiston Severs LLP. Ashley specializes in Estate Planning. Ben and Ashley shine some light on a topic that is not always openly discussed but is important to understand, having a proper plan in place is essential and it can help relieve some of the burdens on your family after you pass away.  
Some of the topics include:   
➡️The difference between a Will and an Estate.  
➡️The scope of a Will.  
➡️The various components of Estate Plans.  
➡️How and when an Estate plan may be more advantageous than a Will. 
➡️The legal considerations of both Wills & Estates.  
 

Life insurance as part of your overall investment strategy.   
Many people think of life insurance as a product that protects your loved ones in case of your death.  We don't always think of using it as an overall investment strategy, but there are some interesting ways you can use life insurance to build and transfer wealth. In this latest episode Ben spills some creative ways that you can use life insurance. Some highlights include using insurance in retirement to optimize your income, using life insurance to offset inheritance taxes on a property, topping off retirement savings and, using life insurance to receive tax deduction or lower taxes on your estate through charitable donations.

When it comes to finances, the bad decision is often the easiest to make. It is important we become mindful of those decisions and take steps to correct them. In a world where spending can happen in seconds and technology powers our lives, it’s easy to lose track of where our spending happens. In this edition of Savings Snippets, Ben outlines 5 common mistakes that many of us are making with our money and hands out some advice on ways to avoid them or tips to save you money.  

What do you get when you cross a TFSA with an RRSP and use it to save for your first home? 
The First Home Savings Account – A unique new investment account that we are excited to share with you. This is the multitool of savings vessels and offers the non-taxable withdraw of a TFSA with the Tax deduction of an RRSP. You can contribute up to $8,000 a year with a lifetime maximum of $40,000. This plan is designed to be used as a down payment on your first home. If for some reason you decide against buying a home with it, it rolls into a RRSP or RRIF. Ben talks about this product on the podcast today, where he gets into the nitty-gritty details that you should know.  

In the financial world there are so many ways to approach a singular issue - how to make the most money with the resources you have, so you can live the life you want to. Most plans would have a similar focus and that is to make sure that you are paying down debt, budgeting and saving money. On Today's Podcast we are objectively presenting you with another way of approaching your goals. We have invited Phil Medler, a certified coach with Ramsey Solutions Inc. onto the podcast to discuss Ramsey’s “Baby Steps Plan,” this is a plan that focuses on 7 steps to build towards your financial goals. It was great to have Phil on the podcast, his enthusiasm and knowledge made this an enjoyable podcast to create (and hopefully for you to listen to).  

Life Insurance. 
You have heard of it, you may have some, or at least know that you should have it.  
Life insurance is something you, yourself, will not use but could mean everything to your family. In a world of ever-increasing costs and expectations, peace of mind in knowing that your loved ones will be taken care of in the event of your death is important (this is especially true in single-income homes with dependents). 
The life insurance industry does not have to be scary or intimidating, in this episode of The Clear Money Mindset Savings Snippets Ben demystifies the life insurance industry by quickly talking about some of the questions our listeners have about life insurance.  Unfortunately, we know first-hand how having this type of insurance in place can help someone, at least financially, through one of the most challenging times in their lives. From funerals to mortgage payments to supplemental income, life insurance can help though a broad array of final expenses and beyond.  
Be sure to watch Davies Financial –Sterling Mutuals on Facebook and Instagram for more information on life insurance, facts about it and how to make sure that you are covered.