Small changes can lead to significant results. When something feels out of place physically or financially, it may be time to bring in the experts. Trust me, I have been there. I am a certified financial planner, yet we have a financial advisor who manages our money. Getting started can be overwhelming, and procrastination can be the one thing in both arenas that can derail you. If you are embarking on a new physical or financial journey, here are a few steps to help you.
Cyberattacks and fraud are escalating. In 2023, Canadians lost $554M due to fraud, with financial loss expected to cost almost $10.8 trillion globally this year. However, there has been a long-standing belief Boomers are more likely to fall prey than any other generation. But when it comes to falling for scams, every age group is equal. Baby boomers are no more likely than any other generation to fall for a scam. Here are a few basics to ensure you stay cyber-safe and avoid potential scams and scammers. These scammers have upped their game. And finally, if you feel you have released too much personal information, don’t be embarrassed or ashamed because it happens to smart and tech-savvy people all the time.
For the fourth consecutive rate announcement, the Bank of Canada did exactly what we expected it to do and left the bank rate unchanged at 5%. Inflation is tamer and has decelerated but has not yet hit the desired 2% target. The job market has proven more resilient than anyone initially thought. Yet, the private sector has been scaling back on hiring for the past three months. We don’t know with certainty if our economy is headed toward a soft landing or a mild recession. A far more sensible approach is to set yourself up for success and control what you can in an environment where you feel you have no control. Explore all of your funding options to free up some cash.