Quick Financial Tips You Can Take To The Bank
Print This Page

 

Don’t worry ladies, we read you like an open purse. Our experts threw a lot of financial know-how at you at Purse Strings, and now you want a quick and easy refresher before you pass GO!, or invest in that posh little condo you’ve been eyeing at the corner of Boardwalk and Park Place.

Fret no more! We’ve pooled our resources together into a simple one-pager to help you balance your money management. Best yet, it’s free of charge! “Ka-ching!”

 
 


 

The Confidence Booster Juice

 

1.  Start early, plan ahead.

Rifka taught us that “wealth is not a simple thing that’s good or bad.” Your credit card won’t magically run amuck through Yorkdale, and your savings account won’t turn you into Ebenezer Scrooge over night. So like any good relationship, the sooner you and your money get better acquainted and set expectations, the better.

 

2.  You don’t have to be an expert. Ask for help.

Guys have the same problem with asking for directions. Seriously! Learn from their mistakes, and the countless hours you’ve wasted on the freeway because Jake knows better than the GPS.

“Remember, women who rely on advice from an advisor have higher levels of financial knowledge.” — Perri Maxwell, Assante Wealth Management

 

3.  Be involved in your finances.

Better not hand this one off to someone else completely. If you do end up working with an advisor (or a trusted friend or parent), maybe set up check-in times once in a while to re-asses your situation — especially before big life changes. And don’t be shy about asking all the questions you need in order to feel assured in your choices!

“Nine out of ten women will be solely responsible for their finances at some point in their lives.” — Marissa Barnartt, Assante Wealth Management

 
 

Outline Your Money Mantra

 

1.  Know where you stand.

Try and lay it all out on the line. Things to keep in mind:

Don’t forget what Fran from Jewish Family & Child Services said: hovering above the poverty line doesn’t mean you don’t need, or qualify for assistance. You can contact JF&CS for more guidance tailored to your circumstances.
 
 

2.  Set your goals.

Where do you want to see yourself in 1 year? 10 years? (And don’t forget to dream beyond the wallet for this one; identifying major life goals will help you start thinking about the financial commitments they incur.)

 

3.  Establish a plan.

Ask yourself the probing questions that connect with your goals:

 
Keep Rifka’s point in mind, that there’s “a difference between the cost of living, and living Jewishly.” Many Jewish lifestyle choices involve extra costs or expenses (keeping Kosher, living in a Jewish neighbourhood, sending your kids to Jewish school), so do your research beforehand to factor as much in as possible.

 
 

What to Look for in an Advisor

 
Heads up: it’s way easier than finding a husband.

Do they:

Other key questions to ask:

 
 

The Keener’s Reading List

 
Recommended sources to improve your financial literacy:

Learn about an RRSP (Registered Retirement Savings Plan).

Learn about a TFSA (Tax-Free Savings Account).

Learn about taxes and how to file your own return.

 
 

Other Options

 

Meet with an Advisor directly! To contact Perri Maxwell and her Assante Capital Management Ltd. team, send her an email: pmaxwell@assante.com

Don’t shoulder the hard stuff alone. Explore the various resources JF&CS can provide.

 
 


 
TheHouse_Yolk_BodyANDBrain_Instagram
 

This is some sound advice that you can pass on to your own daughter one day. Is that day coming sooner than later? You might also want to check out Yolk 2: Body & Brain.

 
 
 


 
Cover photo credit: “Engagement Ring Luxury Tax Monopoly” by PT Money. ptmoney.com