The more money you make, the more money you spend. That may seem perfectly sensible, but what if you spend all of the extra money you make? Now you’ve enhanced your lifestyle, but you’re no further ahead in achieving your financial goals.

If an individual loses the ability to manage their financial affairs, some people believe the spouse can simply take over. However, that’s only permitted if the spouse was named in a power of attorney document (mandate in Quebec).

If you receive a lump sum of any amount, whether an annual bonus or an inheritance, are you better off investing it all at once or gradually?

The answer isn’t the same for everyone because personal factors matter as much as analyzing the markets.

When it comes to giving an allowance—or not giving an allowance—there are no hard-and-fast rules to follow. Different parents have different approaches, and the only right way is what’s right for you.

November is “Make a Will” month in Canada, so it’s an appropriate time to discuss not only the importance of having a valid will in place, but how critical it is to have a will prepared by a legal professional with the necessary expertise in estate planning.

As a retiree with a Registered Retirement Income Fund (RRIF), you have a minimum amount you must withdraw each year, starting no later than the year after you opened the RRIF.

“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.