Financial health, clarity and wellness for your family.
You may think that financial advisors are only for people who are nearly retired or incredibly wealthy. But everyone can benefit from a financial advisor – they just have to find an advisor that suits their needs!
At Plumtree Wealth Strategies, we specialize in working with young professionals and young families. We understand that our clients have unique needs and objectives that traditional financial advisors won’t address.
Most traditional financial advisors prefer to work with clients who have accumulated significant wealth. But that’s not our ideal client! We’re different – we understand your financial journey, and we want to help you with all your life changes and transitions.
Making sure your most valuable asset (you!), your loved ones and your financial future are adequately protected to provide an income stream in case of life’s unexpected interruptions such as accidents, sickness or death.
The 4 areas of personal insurance a young family should take care of are:
• Critical Illness
• Life Insurance
We are so fortunate to live in Canada, where the healthcare system pays for basic healthcare services for Canadian citizens and permanent residents. However, not everything healthcare related is covered, in reality, 30% of our health costs* are paid for out of pocket or through private insurance such as prescription medication, dental, prescription glasses, physiotherapy, etc.. Moreover, if you travel outside of Canada, medical emergencies can be extremely expensive.
Most people spend money on protecting their home and car, but many overlook protecting their greatest asset: their ability to earn income. Unfortunately, one in three people on average will be disabled for 90 days or more at least once before age 65. Disability insurance can provide you with a portion of your income if you were to become disabled and unable to earn an income.
Our clients are at the beginning of many life stages:
• They are early in their career.
• They have young children or are planning to start a family soon. One of the biggest financial hurdles we help clients with is crunching the numbers to compare the financial benefits and drawbacks of having a stay-at-home parent versus two working parents.
• They need help setting up specific goals to achieve financial success in life.
We understand that there’s no formula or calculator to tell you what the correct answer is when it comes to caring for your children or planning for the future. We’ll work with you to learn your priorities and aspirations and use that information to help set up short-term and long-term financial goals.
Getting your financial house in order
One of the first things we work with our clients on is getting their financial house in order. We focus on:
• Asset consolidation. Consolidating retirement, investments and savings accounts enables us to manage our client’s wealth more efficiently.
• Budgeting and managing debt. We provide our clients with the tools and resources they need to properly track their income, spend wisely, and manage their debt. Paying off debt is one of the most important steps to obtaining financial freedom!
Tax Free Savings Account (TFSA)
Registered Disability Savings Plan (RDSP)
RDSPs are the best kept secret in Canada! It is a registered plan to help individuals with disabilities achieve long-term financial security. Qualified individuals may be eligible for government-free bonds and matching grants up to $90,000 until age 49.
Savings grow tax-free and withdrawals at age 60 are taxable on bond and grant growth. Contributions are not tax-deductible.
Registered Retirement Savings Plan (RRSP)
The purpose of an RRSP is to save for retirement. Contributions are tax-deductible and savings grow tax-free.
When you retire, your RRSP will convert into a RRIF, RRIF payments are taxable.
You can also borrow from your RRSP to buy your first home or pay for education.
Non Registered Investments
Non-Registered investments are subject to tax.
The contributions are not tax-deductible and any interest or dividend earned is taxed. Capital gains are taxed when they are realized. Investment income is taxed as it is earned but withdrawals are not.
You can invest in mutual funds, exchange-traded funds, stocks, bonds, GICs, segregated funds and other products.
Registered Education Savings Plan (RESP)
RESPs are dedicated registered plans to save for your child’s post-secondary education. Contributions, while not tax deductible, are matched by the government to a yearly maximum.
Savings grow tax-free and educational withdrawals are taxed at the child’s tax rate at the time of withdrawal.
Other investments can include real estate such as rental property or vacation homes, gold, silver, cryptocurrency, art, collectibles, your own business and other businesses.
Although we don't provide advice on other types of investments, we think that's important to be aware of these options in case they fit your overall financial strategy.
How We Work Together
1. LET'S TALK
Let’s talk about what matters most to you. Your dreams and goals.
2. GET A PLAN
We craft a customized plan for you.
3. FINANCIAL WELLNESS
Enjoy the benefits of financial wellness.
My husband and I had never embarked on working with a financial advisor prior to working with Nancy. We had a lot of hesitation and reservations about what the whole process might look like. Upon meeting Nancy- she made us feel super comfortable and at ease.
Since working with her, our finances have shifted dramatically and, still, we feel totally at ease being upfront about whatever our current situation is and she continues to deliver appropriate helpful advice no matter the income level.
She has transformed our approach to our finances and opened our eyes to what possibilities are available to us now and in the future and helped us plan to make those possibilities a reality.
Family Finance Guide
The Plumtree financial guide is an excellent way to start making robust financial decisions. We outline how to put together a solid financial plan and help you get on track to financial health and wellness.
Financial Health & Wellness.