March 7, 2022

I also cover this in a YouTube video. Click here to watch!

STUDIES HAVE SHOWN that Canadians who actively work with a Financial Planner retire with at least 30% more money. Now, are you interested in being in the top 10% financially in Canada? Well, by the end of my blog – having presented a couple of ideas for you to consider – you’ll be one step closer to retiring more comfortably and belonging to the Top 10% Club.

Now, If you were building a house from scratch, what would you need to get started? Blueprints, building permits, contractors… and a written plan. 

So why is it that over 90% of the people that I meet with do not have a comprehensive written financial and retirement plan? It’s true: successful business owners, doctors, dentists, pharmacists – some of the most educated members of our society – do not have a written financial plan. 

So now I ask you: do you have a written financial and retirement plan?

It is shocking to me that eight to 10 million Canadians will be entering into retirement in the coming years and do not have a clue if their money will outlive them. Worse yet, they don’t know if they will outlive their money and need to turn to the Government for assistance in order to survive. That is why I decided to write a book in 2016 to help my fellow Canadians and I became a best-selling author. My book, linked here, is called “Heal Thy Wealth” – How Doctors Are Misdiagnosing Their Own Financial Health And What They Can Do About It… but really, it’s essential for every Canadian.

One of the keys to growing your wealth is only spending what you actually need in order to enjoy your current lifestyle. 

My team will take you through a cash flow exercise in order to minimize taxes in how you pay yourself from your corporation, thereby building up a bigger cash reserve for when you want to retire.

Everyday life throws us a lot of curveballs, just look at what has been happening with Covid-19… And so you need to make sure that when you do hit a speed bump, that you have your seatbelt on tight, because your life could change in an instant. In other words, you need to have the necessary bumper guards in place, otherwise panic will set it.

Smart money has all of the necessary bumper guards in place. Some examples: Disability Insurance to protect your current paycheque; Critical Illness Insurance to protect against cancer, heart attack, and stroke (plus so much more). Becoming more popular now is Living Care Insurance – that’s right, the industry calls it Long-Term Care Insurance, but the way we design policies for our clients, you can turn Living Care Insurance on and off during your lifetime so that you won’t become a burden to your family.

Do you think the rich get richer using their own money or Other People’s Money? The correct answer is Other People’s Money or OPM for short.

We have a bulletproof strategy that allows you to get the protection you need for you and your family, but instead of it costing you one dollar for a one dollar of coverage, we can give you one dollar’s worth of coverage for pennies… It’s designed to grow your wealth by using Other People’s Money.

So how do you qualify for the 10% Club?

First off, you need to work with a qualified Financial Planner who does not have any conflicts of interest, and who will take you through a proven and repeatable methodology; a good Financial Planner will also help you develop a comprehensive, written financial and retirement plan.

From there, we can map out both your current paycheque, as well as your future retirement paycheque, to minimize taxes. Then we need to make sure you have the necessary risk management in place in case life throws you a curveball.

The next step is to build a pension plan that is 100% funded by your corporation. Depending on how you are currently paying yourself, there are a number of choices to make regarding how we build that pension plan. Ideally, one of the options we prefer is to make sure that we design your pension as 100% tax-free in retirement. Finally, we build an estate plan to make sure that Revenue Canada does not become the biggest beneficiary of your estate.

If you would like to learn more about how you can incorporate these strategies into your own financial plan, contact me at the coordinates below to apply to become my client. Thanks for reading and always remember: when we design financial plans for our clients, we make sure that your money outlives you in retirement.

For the best life insurance advice and information, subscribe to my YouTube Channel and hit the notifications bell to be notified when we post new videos.  The channel allows me to share my passion for personal financial planning and I produce content that I would want to watch – and because of that, I promise to give you 110% effort in every video that I make.

By John Moakler, BMath, CFP, CLU

President and Senior Executive Financial Planner

Moakler Wealth Management

1 416 840 8544