Client Solutions

Young Singles & Families

I’d like to get started investing when I’m young. Where do I start? (20’s and 30’s)

By getting a head start on investing in your 20s or 30s, you have one major asset that your parents don’t: time. Time, plus the habits you start now will take you far on the road to making your dreams come true.

So, let’s get the conversation started!
What are your dreams? Do you want to own a house? Have a family? Build a business? Ensure you’re able to travel the world? All of those things?

If you’re already a family, your priorities might be a bit different in that you might need to take protective steps to ensure your income against illness, disability, or premature death. With little ones underfoot, you might be wondering about creating the opportunity for further education.

A winning financial game plan is not glamorous, it’s just common sense. For more information or to set up an appointment to discuss an appropriate game plan for your dreams, please feel free to contact our office.

Case Studies

Fred and Wilma – Simplifying the Complex:

Fred and Wilma started working with us over 25 years ago. They were young and making very good money, with both being physicians. They loved to travel but recognized that they also needed to save while things were going so well for them. When we met, they were frustrated that it was difficult each year to come up with the funds to maximize their RRSP contributions.

One very simple solution made a massive impact on their ability to save: the concept of paying oneself first. We set up an automatic payment each month into their respective RRSPs from their bank account so that at the end of the year, they were fully contributed.

John and Yoko – Spending Less than You Earn:

We met Yoko when she was in her mid 20’s and when we started working together as part of a group RRSP her employer had with us. She wasn’t making a lot of money at the time, but she had learned the good habit of spending less than you earn, early on from her parents. Being young meant she had time on her side and saving a lot relative to her income gave us the option of putting that time to great use. After detailed discussions about risk and reward, she decided to be willing to accept a little more volatility than others might.

Since then we’ve been there for her (and later, her husband) each step of the way as she got married, bought a home, had kids, quit work to raise the kids, went back to work as they got older, and ultimately moved out of province for John’s work.

We still regularly update and analyse their financial plan taking into account his employer-sponsored RRSP, Deferred Profit-Sharing Plan, and Share Purchase Plan alongside the assets we manage for them. Technology makes it easy for us to hold regular review meetings and give them updates by voice, video, and screen sharing.

Today, she and John have a well-funded Education Savings Plan for their children, significant long-term savings in RRSPs (regular and spousal), and additional shorter-term savings in TFSA accounts. We’re still helping them navigate through life’s ever-changing times and while we never know with certainty what the future holds, they are set up for a successful early retirement.

Conan – Maximizing Government Benefits through the Use of an RDSP:

When we first started to work with Conan, he was 30 and he wasn’t able to work so he had virtually no disposable income. What he had thought, was a loving and generous extended family. When we showed them the wonder of the Registered Disability Savings Plan (RDSP) program a light switch went on. Each year, instead of buying a bunch of gifts that people don’t really need, they contribute to Conan’s RDSP. Their $1,500 contribution becomes $6,000 after matching grants and bonds. Today, he has a significant amount in the plan. With a few more years of contributions, grants, bonds, and some growth he’ll be in a solid financial position even when his parents won’t be there to help out anymore.

NOTE: The case studies above are based on true events. Names have been changed to protect privacy.