“Financial independence, retire early” (FIRE) and “you only live once” (YOLO) are essentially opposite approaches, but they share a common goal—to seek happiness and achieve financial freedom. They’re just focused on different stages of life.

The day when you no longer need to work to cover your current and future cost of living, including realizing your retirement dreams—that’s your financial independence day.

To identify it, some people try using one of the many online retirement calculators that ask you to input information so you can find out if you can retire at a specific age.

Retirement is often viewed as a new chapter in your life, but it’s typically not just one chapter. These years are often divided into three very different phases. A great many retirees—though not all—go through the active, slowdown and inactive phases, sometimes called the go-go, slow-go and no-go phases.

AI is already making inroads into wealth planning and can be a valuable tool for advisors. For example, AI can be used to present potential outcomes of different strategies to achieve a specific financial goal. But can AI take over the advisor’s role? Here are a few reasons why AI can be a helpful aid but not a replacement for wealth planning from an advisor.

Are you a pet parent – whether to a furry friend, feathered companion or another beloved animal?  No matter if your companion is a cat, dog, bird, horse or exotic animal, it is important to have a plan in place to ensure they are cared for in the event you are no longer able to do so or upon your death.

Anyone who owns a vacation property will eventually face a tax bill when the property is sold or transferred, assuming its value has increased. You or your estate will owe tax on 50% of the capital gain, payable in the year of the sale or transfer.

It’s an age-old question. If you have surplus cash flow or receive a lump sum, such as a tax refund or annual bonus, are you better off making extra mortgage payments or investing the money?

Life sometimes has its uncertainties. Major economic events, such as a deep recession, or personal challenges, such as job loss or divorce, can shake our financial stability.

The term “elder abuse,” so commonly used today, evokes images of caregivers physically mistreating the elderly. However, there is much more to elder abuse than physical mistreatment.

The Government of Canada has defined elder abuse as “any action by someone in a relationship of trust that results in harm or distress to an older person.

Whether markets are trending up or down, investors can benefit psychologically and financially by focusing on their time horizon.

Psychologically, it’s helpful to focus on the long-term objective and recognize that, historically, markets have tended to trend upward over time. Financially, a down market is a buying opportunity.