Life Insurance for Astronauts

The other day I watched Apollo 13 for the 20th time. I really like the movie.

The story is amazing one, building a CO2 scubber from spare parts and just making back alive.

Then it got me thinking ... what would have happened to the families of the astronauts if they did not make it back.

I doubt any life insurance company at the time would be willing to cover the risk.

Then I found this article and pod cast on the NPR blog "What the Apollo Astronauts did for Life Insurance". All I can say is very inventive!

Life Insurance Needs DIME

How much Insurance do you really need?

If you buy too much, you will overpay for years, if you have too little, your beneficiaries will be left with liabilities. So getting the right amount is important.

How Men Die

Life insurance is the foundation of total needs planning. Premature death can ruin a families chance for financial success. 


We have all heard the statistic men die earlier than women, but have you ever wondered why? 


Yes some men are bigger risk takers, more men enlist in fighting roles in military, and some take dangerous jobs like deep sea diving, or below ground mining. 


But these differences play a small role in this difference. So if men die younger ... what is it that men die from?

Save by Going Green

The real estate market has slowed in the Okanagan and many are asking what can be done to find more buyers.  


Government has come up with a program that encourages home sellers  to improve the energy efficiency of their homes with rebates and at the same time give a rebate on CMHC fees to the purchaser of the home.


For more details on how this program works here is details from Kelly Wolfe Mortgage Broker from Lending Max ...

New Retirement

In Kelowna I meet at least 2 people a week that have relocated to the valley to prepare for an early retirement. 


They have left the high paying jobs in Vancouver, Calgary or Edmonton sold the family home and moved to the Okanagan Valley to be closer to aging parents.


Their plan is to work another 5-7 years, and with out a mortgage they hope to top up their retirement accounts and be well in position for a comfortable retirement. 


The world of retirement is changing in Okanagan.

Shrinking Food Size

Financial pressures are every where and food prices are starting to rise. Coffee is up 30-40 percent, flour is almost twice the price, even potatoes have increase 50 cents a bag.

So you can imagine how excited I was to find my favourite ice cream had not gone up. That was until I got home I realized why.

The serving was smaller. That container was the same in size, but the serving size was 15 percent smaller and price was the same.

Financial Feedback Interest Rates

Locking in the interest rate on your mortgage can bring some comfort, but it comes with a price.  Some are of a mind to float the rate to get best possible deal today while others are prepared to pay more now with the security of future cash flow.


This months Financial Feedback Questions is "How would rising interest rates effect your next mortgage renewal or home purchase?" (Make sure to check other responses after you complete the questions.)

Canada's Pension Benefits Changing

The financial turmoil of current economic events has effected the possibility of early retirement for many baby boomers. 


Investments are down, company pension plans are coming under pressure and now government benefits are changing to adapt to less revenue.

Governments in France are pushing retirement age ahead from 60 to 62 1 to save money, the United Kingdom has scraped the mandatory retirement age of 65 to allowing for longer working years to collect premiums 2 , now Canada has announced a plan to increase contributions, to drop benefits for early retirees and to allow contributions after 65 to support the Canada Pension Plan.

All I Want for Christmas is a Big Tax Refund

The end of year is coming and if you are like me now is the time to hit the mall and the stores in downtown Kelowna to buy Christmas gifts. 


Wouldn't it be nice to wake up on Christmas morning and find a nice gift from the Canadian Revenue Agency, like a nice big tax refund?


This week Gary Schlenker from Grant Thornton Chartered Accountants forwarded on a few ideas on how maximize your tax savings this tax year, and I thought I would share them.

Retirement Reality Time to Downsize

The retirement reality is hitting baby boomers much harder than expected. For many the family home (or should I say the equity in your home)  has become the hope of retirees, and downsizing is the buzz word in the financial community.

The idea is a good one. Sell your large 2,000 - 3,000 square foot home to buy a less expensive smaller home, town home or condominium and invest the difference to create income at retirement. 

Add to this many baby boomers are dealing with downsizing their parents, downsizing is an issue that many families will be dealing with for next 10 to 15 years. So the question is downsizing sounds is such an easy solution ... why is so hard to do?

How Credit Cards Make Money

Credit Card Companies make billions of dollars every year. We all know this and except this reality when we choose to use plastic. 


But just how is all this money made? 


You maybe surprised to find out that a credit card company makes money in four ways. (Make sure to check the diagram below for a complete illustration)

Life Insurance for Baby Boomers

One thing I really enjoy about living in Kelowna is the great out doors. In our own back yard you can participate in kayaking in Okanagan Lake, cross country skiing near Crystal Mountain and even mountain climbing at Skaha Bluffs. 


The life style of the modern baby boomer is much different than their parents.


Can you imagine your grandmother sky diving, or driving a race car?  Many are ... and of course the cost of buying life insurance goes up accordingly.

How high is too high?

Interest rates are starting to rise ... how will you deal with increase on your cost of living?

For many with substantial size mortgages and balances on credit cards an small increase can mean the difference between dinner out and paying the hydro bill. 


The impact of increasing interest rates is one of the most overlooked risks when borrowing money. 


Why do we overlook or ignore something so obvious? Usually it comes down to two things ....

Inflation is Knocking

I had a great discussion with my daughters about the increasing cost of everything when talking about the monthly bills. The stark financial reality of price increases become more apparent as you move out, but it is even more of an issue in retirement.


Inflation is just a nuisance when you are working because the solution is easy ... just work longer hours, or get a second job. When your are retired, inflation effects on your income is critical when you are on a fixed income.


Staying ahead of inflation is a losing battle over a life time. As with taxes, inflation has a way of catching up with you.


I got my hands on an issue of Reminisce Magazine the other day and it had a list of the prices of many staples from 1937. Check these prices out

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Spies on Facebook

Are you on Facebook? Maybe you prefer Linkin or Twitter? Social Networking  is replacing  the phone as the preferred form of comunication today.

Now you can update your family on your son's graduation, show off your new born baby or share your pictures from  your family vacation. If you are like me things like Facebook LinkedIn and Twitter have become away of like for me.

Let me ask you, and be honest. Have you ever added a friend to Facebook, LinkedIn or Twitter you don't really know.  


In the age of Social Networking this could cost you.

Downsizing in 3 Easy Steps

As a financial professional most of time I only get calls when someone is in a financial transition (that is financial speak for a change that has not been planned for).


The loss of a job, forced retirement, dealing with aging parents and the dreaded sale of family home or now referred to as "downsizing".


The idea of downsizing is a good one. Your new smaller home is cheaper, easier to maintain and if properly located can save money on transportation. More money in your pocket the better your retirement ... but is it worth the pain of change?

Tax Refund? 5 Things to do with it

Over the next couple of weeks the Kelowna economy will receive a boost as many receive their tax refunds.

For many the plans are being made right now to, go on vacation, buy new living room furniture or treat the family to nice dinner out.

But before you cash that cheque you may want to consider these 5 financial suggestions that could make your financial life better today and in future.

Retire in Style 3 Unique Home Designs

There has been much discussion about Kelowna's downtown community plan. The big issues are the same as always density, where the building should be done, how high the buildings should be in downtown core.

The retiring baby boomers are looking to their future retirement and the impact of their lifestyle will have on the environment, and many are looking for change.

Too much Mortgage too Little Money

I have seen it so many times. Kelowna real estate prices have climbed in last 5 years so much that many are buying more house than they can afford. When most purchasers are done once you do the math they are behind $200, $300 even $500 every month.

The the bottom line is their new mortgage payment is just too much!

How can someone make what seems like an obviously bad decision with the help of some one trained in the mortgage business?