Kids & Wealth: To Shirtsleeves in Three Generations?

There is a saying, “from shirtsleeves to shirtsleeves in three generations,” which suggests that wealth gained by a family can easily be lost in just three generations. As such, many wealthy families are now focusing on teaching children how to manage money to try and encourage its longevity.   
Instilling sound financial values at a young age can be relevant for any family to improve financial success. Here are some ideas to get children started on the right path:  
1. Start with your Money […]

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Ron Hickey Wealth Advisor Parksville

Welcoming Ron Hickey to Our Advisor Team

We are growing to serve you better! Precision Wealth Management is delighted to welcome Ron Hickey, the newest Wealth Advisor to join our firm.
Ron brings a depth of valuable experience in the financial industry. He is looking forward to working with our Wealth Advisors to bring our clients the very best financial solutions available.
Why did he choose us? One important reason he says, “is the desire to move forward with an independent firm—one that focuses on the […]

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Investing while in a Coma

As advisors we can get frustrated with our clients when we know that they are making the wrong decisions at the wrong times. Sometimes the most important part of my job is saving people from themselves.
I would like to demonstrate my point with a story of fiction, based on actual data:
Many years ago there were 3 friends named Chris, Bob and Alfred. They decided to each invest $100,000 with me at Precision Wealth Management. They all had similar risk […]

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Whole Life Insurance: Part of a Balanced Portfolio

Did you know that life insurance may offer the potential to improve returns and reduce risk as part of a balanced portfolio? If you have excess funds not needed in retirement, “participating whole life insurance,” known as a “par policy” can provide a compelling case to achieve exposure to certain fixed income products in today’s low-yield environment.
In general, a par policy requires the policy owner to deposit premiums, either for a set duration or for life, funded with after-tax […]

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Fact or Fantasy: What’s Your Retirement Plan?

Last fall, the U.S. Mega Millions lottery made history when it became the largest jackpot of all time at a whopping US$1.6 billion. Reportedly, at one point before the draw, lottery tickets were selling at a rate of 550 tickets per second!
The odds are that you won’t win the lottery, yet surprisingly surveys continue to show that some Canadians plan on funding their retirement with a lottery jackpot.1 Yet, the average Canadian has a much better chance of being […]

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5 Reasons to Open an RRSP

A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you use to save for retirement. There are a number of benefits to saving in an RRSP.
1. Contributions are tax deductible
You claim your RRSP contribution as a deduction on your tax return. And if your income is lower in a year, you can carry forward the deduction for your contribution to a future year when your income may be higher. That way, your tax savings are greater when you’re in […]

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