Hello World! I'm Lisa Elle, Financial Coach of Ellements Group

Coach.

Lovely Ladies – It’s time to meet Lisa! :)

Meet Financial Coach, Lisa Elle

I need you to know why you need to meet me (because I’m fun and naturally awesome) and why you need a financial coach!

You need a financial coach (holistic financial planner or advisor) the same way you also need a lawyer, and a dentist, and an OBGYN. Don’t ever try to be a do-it-yourself investor without the proper training. Even athletes have coaches. And for some reason we will hire a fitness coach before we hire an amazing financial coach. (We also spend more time planning shopping for shoes than we do our finances… ok- I’m even in that camp!) It’s soooo important you have your team of people in place and a great team at that – you want to be on the winning team – right? Guess what! You pick this team – so make sure it’s a damn good winning team. These people help form your master mind, or people you can talk to and gain wisdom, advice and encouragement from. Financial Coaches are there to save you from your hard wired brains that make bad financial decisions (from time to time) for yourself and to help steer you in the right direction.

I’m going to say it one more time. YOU NEED TO HAVE A GREAT FINANCIAL COACH ON YOUR TEAM (did it sink in yet?!?!) I’m not talking just a service for your insurance or investments, typical of most banks (yes I’m totally not opposed to throwing big banks under the bus, it’s a love/hate relationship most of the time), I’m talking someone that you can genuinely talk to about your ENTIRE financial picture. If this is all you get out of this post and you hire a financial coach – it will be worth THOUSANDS, if not millions to you throughout your life – for your family, your estate, whatever you life’s purpose and passions may be. Good advice is worth its weight in GOLD – literally (or your favorite shoes x 1000 😉 )

And I will eat ice cream with you, and won’t make you run laps……..

Financial.

Up/Down Simple Planning Page

Before we can make any financial decisions, and start the financial planning process we need to get a snapshot of where we are financially so we can make a plan to get to where we want to go. In just a couple minutes, after completing the UP/DOWN Simple Planning Page, you will know which direction you are heading in. It’s black or white! There is no guessing here – like everything in life – you are either moving forward or backwards, up or down. It’s okay either way – the big point of this planning page is so you can start your ‘UP’ and stop the ‘DOWN’ward spiral. If you are ‘UP’, whether you knew that or had no clue – now you can plan your next financial milestone.

This is the first worksheet in my simple planning package that I give to clients, because honestly, most of my amazing brilliant clients may have a small clue, but on average most people don’t really know where they are at or by how much they are growing each month. It doesn’t matter if you are a bagillionaire or a dollaraire or if you are in an accumulation phase or a distribution phase. You need to take this first step and show your money who’s boss.

It doesn’t matter if you are headed up or down (yes, I say things twice!) It does matter that you know which way you are heading and to what degree so you can make financial choices and decisions based on that information going forward. Your financial coach is here to help you accomplish your next milestone (and drink wine with you!) And most importantly, whatever direction you are heading doesn’t mean anything about you! You are great no matter which way you are going!

TO ACCESS YOUR FREE PDF UP/DOWN SIMPLE PLANNING PAGE and AUDIO SIMPLY SIGN UP BELOW TO GET STARTED!

Have your completed your UP/DOWN SIMPLE PLANNING PAGE? Then please leave a comment below – because I want to hear from you! I want to know if this helped you, or gave you a new perspective – good or bad! Were you shocked? Pleasantly surprised? Or was is exactly where you thought you’d be? Does it make you want to create a new financial possibility for your life?

Invest.

Transparency is Always Good

INVESTMENT FEES & CRM2

I’m a huge fan of transparency…..always good to know all pertinent information upfront to make an informed decision. 😉

No one likes being kept in the dark (although I’m a huge fan of dim lighting and its effect on the aging process)!

And now you won’t be kept in the dark when it comes to the fees you are paying in your investment account.

Here’s the deal: As of next year, July 2016, every statement you receive will disclose all your management investment fees, administration costs, commissions paid front and center on all statements. In the industry we are calling it CRM2 (Client Relationship Model Phase 2 amendments to NI 21-103) and the Canadian Securities Administrators (CSA) to enforce it among all investment dealers across Canada.

This most likely includes you, considering 4.6 Million households as of 2010 (or over 10 Million Canadians) hold mutual funds or equities in one form or another.

Trust me when I say, this is a good thing for you, the client. Transparency is always a good thing.

However, you may be surprised by the ‘sticker shock’ of this – warning: investment fees listed on your statements may appear higher than my 7-year-old on laughing gas at the dentist this week.

What you need to know is that the investment fees are not changing. However, the way in which they are presented to you is. It may appear that fees have increased or are changing simply changing because they will be bold and in your face, whereas before they were simply dealt with behind the scenes, talked about once and for the most part forgotten about.

It’s also important to note that investment fees have always been disclosed in the prospectus given to you when you purchased the mutual funds or other investments originally.

Also, it’s essential to know that your advisor doesn’t keep all that money. The pie gets split by many different hands; similar to realtor fees.

I think the more I live, I learn first hand; you always get what you pay for. Same goes for the value of investment advice. Even if it ‘feels’ you aren’t getting any value, there is lots going on everyday behind the scenes to bring you your investment. And at the end of the day, there’s no free lunch when it comes to our capital markets.

In the end, you may be shocked to find out what’s behind the sheets (…of paper), just be glad you now get all information upfront and can go forward and make informed decisions.

Insurance.

Bite the Bullet

INSURABILITY

Ever been to Costco and said you were going to ‘grab it later’ although to realize later it wasn’t there – like I’ve done 100 times.

Enter: The World of Insurability.

Insurability, in Lisa terms, is an insurance company’s opinion of you, your health, lifestyle and family history at a certain point in time, typically when applying for insurance.

Here’s the thing. When applying for Individual Health, Critical Illness, Disability or Life Insurance you NEED to get it while you are healthy. It’s this crazy thing where insurance companies don’t want to take on your smoking, drinking, diabetic deep fried Oreo habits (all the things that make for a great, GREAT stampede week!)……I think it has something to do with their business model emphasizing profits.

I had a client call me yesterday. He told me he just had a stroke and in the next breath mentioned how glad he was to have purchased his life insurance last year (and I have hundreds of stories like this). It’s so important because you just don’t know what tomorrow brings, and you have the power to take simple planning steps today. The only thing any of my clients who have had living benefits claims say the same thing; they wished they had more insurance.

So, what do you do? Get your insurance while you are young and healthy and apply preferably before Stampede.

If you are uninsurable, there are policies available, however premiums are higher.

Find an insurance broker/agent/advisor who specializes in traditional underwriting (the kind where you have to take medical tests and have a nurse come over – preferable if you are in good health) or non-traditional underwriting (policies that only ask you healthy questions and base underwriting decisions instantly on your answers). The non-traditional insurance market offers insurance products for EVERYONE…although again higher premiums and smaller payouts, however most people don’t even know that’s an option AND most insurance brokers don’t either!

Lucky for you I specialize in both. I can answer any of your ‘boring’ insurance questions. Leave a comment below or email me. I slept with an insurance textbook under my pillow for 15 years.

You never know what tomorrow holds for you and your family. I still laugh when people say, ‘well my parents lived to 100 kicking and healthy’. If that’s the story that keeps you warm at night, then I wish you sweet dreams. Reality is this….

49. That is the AVERAGE age of all Critical Illness claims in Canada (yes, average meaning half younger and half older)

56. That is the AVERAGE age of widowhood in Canada (meaning your man should not be your retirement plan).

So, do yourself a solid and get a few million dollars of life insurance on good ol’ hubby, because that story will keep you warm at night. When God takes hubby he will leave behind a Golden Gucci Purse to cuddle with.

I poke fun, but bear with me and forgive my lame-lisa-humour; I sell life insurance for a living.

What I mean to say is this. You may not die tomorrow but your insurability might, so get the proper coverage today while you are healthy.

So why not bite the bullet, before it bites you (or your husband and secure your Golden Gucci today!)

Estate.

Get the Last Word

WILLS & ESTATE PLANNING

Truth be told, I’m partial to my romantic comedies although every now and then I’ve always liked a little gun fight, the odd car chase, or even the Terminator. He always did threaten he’d be back….. (this week in a movie theater near you)

Well, here’s the thing (spoiler alert!), unlike the Terminator, in real life when we die, we are dead. We are not coming back (GASP!)…….yet, it keeps taking thousands by surprise every year.

What’s even more shocking is how many Canadian die without a will, or die intestate.

56% of Canadians do not have a will according to a 2012 survey by LAWPRO.

A will is the foundation of a good financial plan. Not only because you get to direct how your assets are distributed, but if forces self-reflection and one of my favorite planning principles Stephen Covey made famous, ‘begin with the end in mind’. Knowing what we are building, getting clear and painting that picture also helps propel us towards our goals. There are intestacy provisions which vary from province to province, however they probably won’t reflect the true wishes of most individuals and especially if you fall into any of these categories:

– if you wish your spouse to receive your entire estate
– in your second marriage
– in common-law relationship
– in same-sex relationship
– you have children from a previous marriage or born outside of marriage
– you have a child with special or circumstances
– you do not want a public trustee or government managing assets for your minor children
– you don’t want your kids to get their hands on all that money at age 18 or 19
– if you wish to do any tax planning whatsoever
– if you wish to leave any money to charity
– if you wish to appoint guardians for your minor children (and you def don’t want crazy Auntie B doing that!)
– if you wish to grant extended powers to your executor
– if you wish to establish trusts for your loved ones (so Johnny Jr. doesn’t get a $100K sports car at age 18)
– if you wish to leave money to your favorite financial coach …. (PM me for my banking details 😉 )

and finally

you need to have a will…

because who doesn’t want to have the last word.

Tax.

Bad 80’s Music, Cheap Champagne and Taxes

TAXES

I think it’s time to put some perspective on my least favourite subject. Oh, no wait, that would be Justin Bieber. However, taxes do run a close second.

Ever had a GQ-Harvard-type-guy fall in love with you that kept pursuing you, giving you flowers and chocolates, spoiling you, buying you designer purses, Louboutins, delivering cup cakes to your office, flying you to exotic places, fancy dinners, randomly depositing thousands in your bank account, leaving love notes on your car, opening the car door for you, writing you love texts throughout your day to say how much he loves you and romancing your skirt off?

Neither have I.

Taxes are the opposite of a good lover. They are like when you have a headache and just aren’t that into it (come on’ like you’ve never had a ‘headache’ before?!) But it’s way worse than just having a headache for one night. It’s like having a headache for the rest of your life coupled with a bad 80’s mix tape, cheap champagne and topped off with an awful awkward kisser. And then it just goes on and on and on (and downhill) for years. In fact, it happens so much, you don’t even know it’s happening to you because we women have the skills to block out anything!

And I’m not dissing our system at all, taxes do provide so many amazing social services and jobs and we are truly blessed to live in such a great country!

However, you do need to know how you are getting taxed, because unless you are aware, you will have no idea how to minimize its impact on your financial situation. Although, you can’t do much about most of these forms of tax (tariffs, duties, royalties, mandatory fees), it’s just good to realize that you are indeed paying your fair share.

Here are all the ways we get ‘headaches’ in Canada for now:
-income tax (federal and provincial)
-property tax (even if you rent someone is paying them)
-Goods and services tax (GST)
-provincial sales tax
-capital gains tax
-import tax
-export tax
-payroll tax
-mineral royalties
-land transfer tax
-highway toll fees
-gas tax
-tabacco tax
-employer health tax
-dog license
-hunting and game license
-automobile license
-hotel tax
-airport tax
-probate fees/inheritance tax
-marriage licence tax
-utilities tax
-hospital tax
-parking ticket tax (ok – I consider that a tax!)
-liquor tax (where’s my drink now!)

Honestly, there are too many types of taxes and I’m sure I didn’t even list them all. There is no way to accurately figure out how much of every dollar goes to taxes, however intuitively you know it’s higher than Bob Marley’s last joint.

Now, the moral of my story is this: Bad kissers you can avoid. Taxes (and 80’s music) you can’t. You just need to know how to minimize the headache. So make sure you are getting the right tax prescription and the best financial pharmacist out there!

Invest.

Creating Change

I will never promote traditional “formal” budgeting cause I think it’s boring. Yup, you heard me – I think creating a big detailed budget is for the birds and rarely works for most people (although, I will say a good “excel” spreadsheet is a total turn on for me – just not when it comes to this.) I realize that if you aren’t a spreadsheet-loving-penny-watching-crazy-er-I-mean-meticulous-money-manager then you ain’t ever gonna be one (and if you are one – GOOD ON YOU!) I also know that tracking where every penny goes is a full time job – something we don’t have time for! I’m not gonna make old dogs (or in this case my-shopping-friends) learn new tricks.

It’s probably gonna work for like a day, maybe an hour, and after you’ve written down your morning Starbucks on your budgeting log or entered in your new shiny budgeting app, you’ll be feeling proud and patting yourself on the back. Then miraculously, after the new pair of shoes you just bought hours later, you can’t seem to find a pen to write down that purchase on your budgeting log, nor in your phone app cause your battery is about to die, and we must save the battery for the important “emergency texts” we are waiting for. There’s always 3 sets of financial statements anyways…. “What Really Happened” Book, “What Hubby Can See” Book and “How Much Wine Did I Have That Night When I Bought All Those Shoes Online” Financial Hangover Book. (Wine meets Shopping – The True Danger of Online Shopping – join our support group today – sign up for my blog below! 😉 )

Before you do the dance of joy because your new financial coach said you don’t have to budget, you need to know this. The only way to create change is by action. Action in your life will create glorious transformation. If you truly want to “create change” in your financial life, then start with this easy tip – Start a PAC. Yes, I want you to start a PAC (Pre-Authorized Cheque or Pre-Authorized Debit) with me! (Literally!) I want you to call up your financial coach, and start saving what you can every month. Everyone who works can do this! PAC’s or PAD’s (whatev) start at $50 a month with most financial institutions. So if you are working you can find $50 a month to save. Then whatever amount you feel comfortable with – say it’s $200 or $500 a month, then I want you to add another $50 or $100 to that number to make it kinda feel like it’s going to hurt or pinch a bit. This is because providence moves with you once you commit and take action!

I’m not going to tell you how or where to invest it or what type of account (your financial coach will) – just to start now. And yes, this is over and above whatever your employer is doing for you right now in terms of savings and over and above whatever you are doing for ‘retirement’ savings.

This will combat the effects of any future online financial hangover and to put into effect the golden rule of “paying yourself first.”

This isn’t a marriage proposal, you can always cancel a PAC at any time. This is YOUR money going into savings and going to work for you. And what this does for you is miraculous. You are forced to save everymonth (cause if you start a PAC and you are like me – we are too lazy to stop it!) and you don’t have to think about it and typically you can go on your way living the lifestyle that you want and yes, I will guarantee you that your lifestyle will not suffer. Infact, the opposite will happen. You will begin to attract financial abundance into your life.

THIS WILL MAKE YOU FEEL BETTER THAN 80% OFF SALE AT YOUR FAVORITE DESIGNER STORE! (and calorie free!)

So trust me, call and set up a coffee with your coach now. It takes a few minutes to get your PAC set up, and then you can kiss budgeting goodbye without guilt. You can say your financial coach said so!

Insurance.

Protecting Your Babies

Have you ever thought about getting Critical Illness Insurance or Life Insurance on your babies?!

Well, truth be told, as horrible as it seems to “profit” off your child’s illness, or worse, death (yes, I’ve had this talk with many parents, many times!) – it’s something to consider for this simple reason:

If your child had to be at the hospital everyday or needed plenty of care for the foreseeable future, and you couldn’t work (remember, disability is only if you can’t work, not if your kids can’t), how would that affect your family financially? If you are a single parent, it’s probably even more important, or if you are in a partnership that requires both of you to pay the bills every month. And if the worst case scenario happens, then do you want the option to go back to work right away or not. Don’t think of it as insuring your children, think of it more as insuring your job if you can’t work.

Well I found a way to make the “uneasiness” of buying critical illness and life insurance on your children less terrible!

There is an insurance company that I use that offers a 3-In-1 policy – it’s the best I have found, and yes, I have these on my girls (I hunted for the best when I had my babies – so naturally I share that with you! I’m quite passionate about these policies.)

For whatever your selected face value, say $50,000 or $100,000 (very typical face amounts), if your child is diagnosed with a critical illness (the policy will pay out for a number of critical illnesses), or if your child dies prematurely, then it pays out the face amount upon death. So you get one or the other. However, if you are like me and you pray, hope and expect your children to grow up healthy and happy, then guess what – 20 years later you get all the premiums back! This is a lovely little lump sum of money you can gift to your child for university, perhaps a wedding, or a new home or just keep it for your next shopping trip after all you just spent 20 years having to raise that child – well deserved shopping money! Also, important to note, after 20 years, the policy becomes ‘paid up’ meaning you don’t need to make any more payments every month, and then your child has a critical illness/life insurance policy for life, just in case he/she is uninsurable at the policies 20 year mark – so you don’t have to cash it in for refund of premium. That’s like a 4-in-1 policy.

By the way, this is a great policy for grandparents to buy on their grandchildren who want to help, so if you can’t afford the premiums, ask OMA or BABA or NANA to help.

So ask me for a quote – it’s free and I will email it to you. EASY PEASY and ZERO obligation! I want to arm you with the best information to make an informed decision for your financial situation. Oh, and on that note…maybe it’s time you look at your own critical illness policy!

lisa@ellementsgroup.com

Create.

Financial Freedom

“Financial Freedom is when you never do anything that you don’t want to do for money and

you never omit doing something you want to do because of lack of money.”

∼ Phil Laut, Money is My Friend ∼