It’s not as easy as advertised. Some traditional financial industry marketing may have you feeling like your retirement will be a failure if you don’t spend it sunning yourself on a beach or sailing around the Caribbean. Possibly your retirement will be spent working part-time in a new and interesting career, taking care of your grandkids, traveling the world, or staying closer to home and pursuing your hobbies. Planning ahead to figure out what you want to do once “9 to 5” is a thing of your past is an exciting undertaking. Once you know what it is you want to do in retirement, we can help you figure out how to make it happen.
You can’t manage what you don’t measure. This is true for any metric you have control over: in business, the weight on the scale, and of course in your personal finances. If you don’t know how much those $6 lattes or $9 pints add up to on a monthly basis you have no idea, and no sense of control, over how much of your income is being spent on these small expenditures. Tracking is easy with a budgeting app, and you may find yourself enjoying one of these beverages even more once you know it’s not throwing off your financial plan.
The basis of a strong relationship is trust. This is true personally, and in business. Of course, this is also the case with your financial planner. If you’re honest with us about your spending and saving habits, we can be honest with you on what you need to do to get where you want to go (financially speaking).
Well, Jake, we agree the appeal and lure of Montreal is real, but wow we are glad you found your way back to Regina and Saskatoon. In honour of all those who are back hitting the books this month we wanted to feature a student.
Jake, like many students, lives in a world where money goes out but does not come in. It can be a tenuous time and also a great time to start some good money habits.
However, Jake is also unlike many students. Read on and find out about the breakdance program he started for people with disabilities. We think Jake is jiving to all the right things in life and we couldn’t be happier to call him our client hero.
What is your occupation?
I am a medical student at the University of Saskatchewan.
Where do you live?
I live in Saskatoon, Saskatchewan.
Where are you from originally?
Originally from Kitchener, Ontario, although the latter half of my life has been spent mostly in Regina, Saskatchewan. So, I usually just say I’m from Regina, and then elaborate more about Kitchener if people are actually curious.
What might someone be surprised to know about you?
I developed and taught a series of breakdance courses for people with disabilities for a couple of years in Regina. I unfortunately haven’t been able to keep up with teaching since starting med school, but hopefully will be able to pick it up again one day.
What is your favourite quote?
It may come from an odd source, but a quote that stuck with me came years ago when Michael “Pinball” Clemons was just about to retire from the CFL, and people were chatting about how good a guy he is. He was interviewed about some of his community development initiatives, and at one point in the interview he said: “When you put other people first, you always win.”
My proudest money moment:
I’m honestly still a student, so I don’t have a ton to say to this question. What I can say is that I do what I can to make sure not to leave any payments late. Because of this, my credit rating is pretty good, and I was able to get the maximum line of credit allowance. That has been extremely helpful when paying for medical school, while still allowing me to splurge on meals and trips once in a while.
What is your top money frustration?
I can’t say at this point that I have any particular money frustrations. Mostly, I just get a bit stressed about how I’m only spending right now while I’m still a student. Watching that line of credit number go up and up is not the most fun thing to see.
Money and I get along like:
Financial security to me means . . .
Being able to order pizza any day of the week and not needing to be concerned about the cost.
What is your favourite splurge?
I go to cafes A LOT. Give me a spare 1-2 hours, and you’ll see me sitting at Museo with a latte and cinnamon bun almost every time.
If you had a chance for one do-over in life, what would you do differently?
I honestly don’t know if I have anything in particular that I would like to “do-over.” I suppose one thing I do think about from time to time is: after finishing my degree in software engineering at McGill, I came straight back to Regina for family and work. I love love love Montreal, and I do wonder how drastically different my life would be if I had just taken the plunge and stuck around there.
What is the best piece of financial advice that you have ever been given?
Stay on top of your bills as best as you can. Don’t go after things you can’t afford. Hopefully, with time, you’ll get there.
Thanks Jake for your participation. Best of luck to you and all of the students who are back to it this month!
We help our clients make financial decisions looking at all aspects of their financial lives.