June 2014
A relaxing summer.




Now that we are moving in to the next season, we can start to look forward to the many things that Summer can offer us, the main one being 'relaxation.' With that in mind, this month's collection of articles will help you keep an eye on your finances while still enjoying the full benefits of the slower season.


Feel free to give us a call to discuss your portfolio.


Be well.



Peter, Claudio and Joanna

The Three-Step Mid-Year Check-Up

by Sarah Milton - June 2014, retirehappy.ca


"Don't lower your expectations to meet your performance. Raise your level of performance to meet your expectations." - Ralph Marston


As the weather starts to warm up and the kids start counting down the days until the school year ends, you can almost feel the laid back energy of summer building. For me, the time between school ending in June and starting up again in September always feels like the fastest 10 weeks of the year which is why this year I'm making sure I do a mid-year check-up on my goals so that I don't lose momentum or get off track over the summer.  It's a simple three step process: Review. Refine. Refocus.



In order to be effective, all goals need to be S.M.A.R.T.  When you have a clearly defined goal with a plan, it's easy to gauge whether or not you're on track. This year I set goals related to all areas of life: finances, relationships, career, health, community, family, spirituality etc. Some of my goals are short-term and some are longer term so some will be completely finished by the end of the year and others will be partially complete.


This year I've been especially focused on my financial goals; I set specific targets for how much debt I wanted to pay off and how much I wanted to save by the end of the year and so, far, I'm doing well. Reviewing your goals on a regular basis allows you to keep track of how you're doing and increases the chances that you'll accomplish your goals. It's a good idea to write your goals down and to post them somewhere that you can see them so that you have a daily reminder of what it is that you're working towards. I've always written my goals down but making sure that I keep them visible has made a huge difference to the success of my goal setting over the past few years.



Life is constantly in motion. Circumstances change, priorities shift and so, in order to be effective, our action plan for reaching our goals has to be flexible enough to evolve if our situation changes. Taking the time to review your goals every few months not only reminds you of what it is that you're working towards but also allows you to amend your goals or your plan if necessary. I've made some small changes to my action plans over the past few months but my goals have essentially stayed the same. For example: I started the year with a goal to visit my family in England at the end of May and then modified it to the end of August so that I had more time to save and could make it a longer trip.


I've also changed the time-frames on some of my debt repayment and savings goals as a result of creating a new income stream that will help me get where I want to go a little faster.



Our success in achieving our goals is rooted in psychology. In order to be successful we must have a strong motivator that drives us and keeps us on track towards our goals as well as a strong belief in our own ability to achieve them and the fact that we deserve to have the rewards associated with achieving them. Reviewing and refining our goals allows us to celebrate how much we've accomplished since the beginning of the year and to re-ignite our desire to keep moving towards our goals.


I believe that the biggest obstacles we have to overcome in reaching our goals are the ones we create ourselves through the reasons we use to justify why we can't achieve the goal, why we should start tomorrow, why it's ok to set our sights lower or to stay just where we are. Reviewing your goals on a regular basis helps you detect any issues that might affect your plan and helps you stay excited about your progress.


View original article here.

10 Ways to Save Money on Vacation

by Tom Drake - June 2014, canadianfinanceblog.com


One of the great traditions many of us enjoy is the summer vacation. As school draws to a close, it's time to start thinking about what you want to do this summer.


Unfortunately, a summer vacation can get expensive if you aren't careful. If you want to make sure that you don't break your budget with your vacation, you need to have a good plan for saving money. As you look ahead to your summer fun, here are 10 ways to save money on your vacation.

  1. Save for your vacation. Like anything else, saving in advance instead of relying credit will save you money by earning interest instead of paying interest. Look ahead and estimate how much your vacation will cost. Divide that cost by how much time you have (in weeks or months) and set aside money in a high-yield account. This strategy doesn't mean that you can't use credit cards, though. A savvy way to save is to set money aside, and then use your credit card (earn those points). When you get back from vacation, use the money you saved up to pay off the entire credit card balance. You'll have earned interest, and cash back.
  2. Check out websites such as Expedia and Sell Off Vacations for deals on hotels, attractions and cruises. In many cases, you can do even better if you bundle your vacation services. These sites aggregrate the best deals, and you can even find discounts on entertainment and attractions when you use these sites to book a vacation bundle.
  3. Before committing to any offers on the sites above, compare to what you can get direct from the airlines and hotels to confirm it's a better price. As with any purchase, you want to shop around. Find out what you can get buying direct, and what you can do bundling through a third party. Then make your reservations in the way that costs you the least.
  4. Use Trip Advisor to compare hotels. This site has many reviews for each hotel and you can find out which is the best for your spending budget. Sometimes, it's worth it to pay a little extra for a better experience. You want to make sure that your hotel is truly a good deal for the money, since sometimes you get what you pay for.
  5. Look for coupons on the websites of attractions or restaurants you plan to visit. Almost every zoo, museum or amusement park has discount coupons on it's web site. You can also bbuy a book full of local coupons on Entertainment.com. If you plan to stay in one place for awhile, bring grocery coupons to save on food when you shop at local stores.
  6. Are you a member of the CAA or AAA? These memberships can get your further discounts on hotels and rental cars. Stop in your local branch before you go and get free maps and travel brochures.
  7. Pack efficiently. Don't bring more clothes than you really need and roll your clothes so they fit into fewer bags. With many airlines charging for extra bags, this can be an easy way to save money. At the same time though, don't over stuff a large bag as it will put you over the airline's weight limits and they'll charge extra for that as well. Efficient packing can also save you money on gas when you go on a road trip vacation.
  8. If going to a beach destination, have a look at all inclusive resorts. With food, drinks and the many activities included, this will save you from constantly pulling out your wallet throughout your vacation. It's a good way to find peace of mind. Cruises can also be all-inclusive and cost-efficient. You can visit multiple destinations without re-packing every time you move on.
  9. Going to an amusement park? You might want to bring some snacks and bottled drinks in a backpack or purse. The prices at the parks are amazingly expensive. Bringing your own is a good way to save money for buying souvenirs.
  10. Travel in the off season. Not only can this save you money on airfare and hotels, but the crowds will be smaller at most places you visit. It might mean going during a fall break, and having staycations during the summer, but it can be just as fun, and much better on your budget.
 View original article here.

Retirement is about your quality of life

by Donna McCaw - June 2014, retirehappy.ca


"There has to be something other than keeping busy that gives human life value because our society so often functions as if 'productivity' and/or 'usefulness' are the measures of human value-" - Tasha Gordon


The Organization for Economic Cooperation (OECD) ranks countries on quality of life and Canada does very well in most categories.  What constitutes that desired quality of life in retirement?


According to Dan Kadlec and Ken Dychwald's book,  A New Purpose: Redefining Money, Family, Work, Retirement, and Success, some of the basics contributors to a good quality of life include:

  • financial freedom as money is not the meaning of life but it does settle the nerves
  • A sense of purpose is also key.  Reinventing your life can be both thrilling and scary but decide what you want and go for it.
  • Preparing for the journey and then going with the flow.

Here are some of the other best case tenets.



Many of us take good health for granted until a health crisis confronts those assumptions.  That is why gyms, tracks, trails, and indoor mall walks are full of Boomers doing what it takes to stay active and fit.   I read in Lyndsay Green's book, You Could Live a Long Time: Are You Ready?, that smokers are 70% more likely to suffer dementia, 60% more likely to have hypertension, and 50% more likely to have diabetes than non-smokers. That is a stunning argument to quit!


The OECD shows that we have good quality water, air, and access to good food and, comparatively speaking, good housing.  With that, we have a good foundation to build on. So if we get moving, particularly in nature, and make positive lifestyle choices, we can keep that quality of life high.  An improved level of fitness brings better balance, strength, energy, and quality of sleep. Exercise is the best way to improve and maintain our quality of life in terms of health.


The other aspect is good mental health and positive outlook.  Exercise also improves attitude, self-image, and good mental health.  Engagement, positive social  connections and networks, and meaningful activity do so as well.  Pick those 5 key positive people in your life and be there for them too.  Review your reasons for gratitude regularly and keep your sense of humour.


Peace of mind can also come from covering risk with proper insurance.  Health, dental, disability, travel medical, critical illness or long term care are types of insurance to consider.  Most folks do not think about coverage if travelling in Canada but health is  a provincial matter and so take a look at your coverage. It may protect both your assets and peace of mind.



We are social animals. Partners, friends, neighbours, buddies, and our various communities all contribute to  quality of life.  The recent ZOOMER magazine had this from Statistics Canada, "...12 per cent of couples 65-plus split up, compared to four per cent 30 years ago."  This may account for Marion Korn and Eva Sachs' new book called, When Harry Left Sally.  It turns out that a happy marriage can improve the quality of your life but a bad one can make you sick, especially if you are female.


Around retirement, it is also a good idea to have a 'transition team' that can provide the support, mentorship and comradeship to help make the switch easily.   Retirement is better...with a little help from friends and family.


Think about what is going to give those intrinsic rewards, personal satisfaction or sense of meaning.  It could be volunteering or charitable giving to causes or groups that need support.  It could be political or community activism, a worthwhile project, or your own way of leaving a better world, country, community or family.  This could tie in with that sense of purpose that is so important to quality of life.


My son once asked when he was younger, "What are we doing for good?  What are we doing to beat the bad guys?"  Good questions that I return to pondering. You may want to ponder that too.


View original article here.
Issue: 43
Financial Markets
In This Issue
The Three-Step Mid-Year Check-Up
10 Ways to Save Money on Vacation
Retirement is about your quality of life

Join Our Mailing List

Follow Peter on Twitter

Peter Bailey
Wealth Advisor
Worldsource Financial Management Inc.
272 Lawrence Avenue West, Suite 203
Toronto, Ontario M5M 4M1 

The information provided is for general information purposes only and is based on the perspectives and opinions of the owners and writers. The information is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. Some of the information provided has been obtained from sources, which we believe to be reliable, however,  we cannot guarantee its accuracy or completeness. Worldsource Financial Management Inc. does not assume any liability for any inaccuracies in the information provided.Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Other products and services are offered through Peter Bailey.