Many Canadians arrive at a financial crossroads in the middle of their career. A stable income and a successful practice make it possible to pay off your mortgage faster. It seems like a straight forward financial decision but it’s anything but …
Canadians have skipped the dishes, sure. But we’ve also skipped vacations, and haircuts, and dry-cleaning, and fill-ups and more — and it’s all added up to the highest household savings rate in history. How will you use this rare opportunity to fast-track your financial plan?
If you've used GPS, you’ve probably driven down roads you wouldn’t have chosen and through towns you’ve never heard of. That’s a little like a financial plan.
The day when you achieve complete financial freedom may come years before you decide to retire. In fact, highly motivated people who enjoy the challenges and rewards of a successful legal practice often choose to work long after the income is necessary.
Less than half of Canadians have pension coverage and most of those are defined contribution pensions, which are subject to the whims of the market. The numbers for law firms are even bleaker — most have no pension arrangement at all.
The quick answer to the question, “Can you save too much for retirement?” might seem like an obvious, “No. You can never have too much money.” But another way to ask the question might be, “What are you giving up by saving too much for retirement?”