Tag Archives: Tom Feigs

The Real Secret to Making Smart Investment Decisions

By Tom Feigs, CFP®, CET

As a fee-for-service financial planner it’s not unusual to be approached for a “quick” portfolio review. “Can you just look over my investments?” or “Can you tell me if I’m saving enough?” As much as it’s in my nature to want to help people, it would be unethical and unprofessional to advise someone without a comprehensive look at their finances and a clear understanding of their goals.

The idea that investments are priority one is a by-product of how traditional financial advisors are paid – commission on investment sales. In fact, where and how to allocate your funds are decisions that should only be made after reviewing your personal situation and needs.

Imagine your financial journey. The destination is your retirement. Your personal framework (income, obligations, health, family commitments, risk tolerance, age) represents your vehicle and the road map is your various goals. Your investments and savings are the fuel to get your vehicle to your destination.  You wouldn’t be looking for fuel before having a car and directions.

I work with individuals and couples that earn upwards of $150,000 a year, and because of the possibilities their income allows, they will all have their own set of priorities and cash flow needs for retirement. They also have various personal situations (for example, some people may have family in distant locations, others have no children, others have health concerns and still others have various complexities in their personal and business lives.)  All this information is vital to the financial plan we create together. Continue reading →

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Meet our Money Coach: Tom Feigs

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Tom Feigs, CFP®, CET

Financial planner and money coach Tom Feigs was born and raised in Calgary, Alberta, but his favourite piece of advice for Canadians concerned that they aren’t prepared for retirement, comes from the East, not the West. It’s a Chinese Proverb: The best time to plant a tree was 20 years ago. The second best time is now.

And now is when Tom can help. Tom’s ideal clients are in their 40’s or 50’s and are really motivated to create a retirement plan that they can be excited about.

“One of my favourite moments as a coach, is helping people realize their dreams faster than they anticipated,” he says. “It’s great to be able to tell someone who hopes to retire within five years that in fact they can retire now.”

“There is no single road to personal or financial fulfillment,” says Tom, “and the journey is as important as the destination.”

Tom’s own journey began in the Energy Industry after he earned a diploma in Engineering Science Technology. But outside of work he was studying investing, and reading books on finance. Then, seven years ago, inspired by watching his children follow their unique paths; his daughter is an actor and artist, and his son is a correctional officer, Tom decided to follow a new path of his own.

He started by committing nine months to completing the Certified Financial Planning Curriculum, because it was very important to him to have the CFP® designation and the standard of excellence it represents.

Tom had only one dilemma; he wanted to be a planner, coach and educator, not a salesperson.

“I believe there is an inherent conflict for planners who also sell products” he says. “I want clients to know that my advice has only their needs at its core.”

A solution appeared in the June 2010 edition of Forum Magazine, a trade publication for financial advisors. The cover featured an image of Sheila Walkington, co-founder of Money Coaches Canada and the Women’s Financial Learning Centre. Tom found Sheila’s goal of creating a network of money coaches across Canada appealing and was soon on board.

“I like to get to know my clients, and get them excited about their possibilities,” Tom says. “Once we crystallize their retirement goals we can plant the seeds to achieve them.”

Contact Tom today for a free consultation.

 

 

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Your Child is Off to University. Will Your Savings Last?

by Tom Feigs

The acceptance letter has come in from a far-flung University!  It’s a proud moment.  Then immediately, you wonder if you and your scholar-to-be are ready to tackle the costs that lie ahead.

Dangers lurk if you avoid doing your “homework”.  Unexpected costs – difficulty distributing funds among children – running out of funds too early – endless demands on the “bank of Mom and Dad” – overspending goes unchecked – scholarship/grant application deadlines are missed – frustration!

Post-secondary education is an investment of time, energy and money that pays dividends down the road.  It’s best to carefully manage this investment to encourage a positive learning experience while making efficient use of funding.  Involve your children in the education funding planning process right from the start.  Sheltering them from the money realities won’t serve in anyone’s best interests.  You may well face a “deer in the headlights” reaction initially but start early and be persistent.

First, create a year-by-year forecast of education funding vs student costs for all children aspiring to attend university.  Do this in one comprehensive table, using our Education Funding Worksheet to get you started.

  • Identify all current and future income sources available such as Registered Education Savings Plan (RESP), scholarships/bursaries, provincial/territorial assistance, student’s summer employment, student loan, grandparents, etc.  http://www.canlearn.ca/eng/planning/after.shtml
  • Expect the first year to be the most expensive as you learn the ropes and cover some initial setup and moving expenses.

Next, formulate a semester-by-semester income and spending plan using a simple table of monthly income and expenses.  Keep it up-to-date and ensure everyone involved is engaged.  Use this Education Month-to-Month Worksheet to stay on track.

  • Establish a reasonable cost-sharing arrangement with your university bound children and communicate clear expectations upfront.  An informed and involved student is more likely to make good spending choices and even complete their studies on schedule!
  • Offer to help apply for scholarships and bursaries
  • Explain the danger of using credit cards and the ugly consequences of debt
  • Most importantly, always offer guidance with open communication and positive reinforcement

Creating clarity in an educational funding plan mitigates the pressures of financing education and helps develop financial savvy young adults.  Remember to update the plan as things change and evolve throughout your child’s educational years.

Academic and financial growth are priceless; now is the time to learn and grow with your scholar-to-be!

Related Resources:

Podcast – Young People and Money

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