Page 32 - Cornwall Sports Energy News Issue No 96, Mike Piquette

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Issue #96 January 2021
32 Issue #96 January 2021 www.sportsenergynews.com.com
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it can be an intimidating task to handle alone. Being of the family, focusing specifically on retirement
Max Ming overwhelmed can create a tendency to push things off planning, college savings planning, and other larger
TALENT
Investment Advisor and not do much at all. expenses in the foreseeable future. The household
If this sounds familiar, we challenge you to take CFO will be required to balance check books, file T ALENT
2021 – Take Steps Towards Financial Freedom steps in 2021 to view this important role as a job in tax returns, create financial plans, create estate plans,
Heading into the New Year, we urge you to do two your household. In a great book entitled The Next research investments, monitor investments, and 1397 Brookdale Ave., Cornwall
things: focus on your physical health and take steps Millionaire Next Door (by Thomas Stanley and Sarah generally run all financial matters for the household...
towards becoming financially fit. The first goes Stanley), they argued that households should see their or may outsource to a trusted advisor.
without saying; health is one of the most important finances, budgeting, and planning as a job position. Does your candidate have the time, energy,
things we have. Without our health, our finances (and As written in the book, the posting would read as knowledge, and most importantly, self-discipline to
almost anything else) are meaningless. However, as follows: excel at the role? If so, we commend you for taking
financial advisors, we agree it’s more appropriate to WANTED: Household Chief Financial Officer action. If not, we challenge you to take action. Many Collectors Edition
leave health to the experts and let us help you focus Description: The role of household CFO is to households need a helping hand, and having a trusted
on the second piece. ensure his/her household is building wealth in financial advisor relationship allows your family to
What do we mean by being financially fit? Perhaps the terms financial freedom or order to ultimately achieve financial independence. have more time available for a better quality of life
financial independence are more relative. To most of us, financial independence The household CFO will oversee the household’s and enjoy the little things that are important to them.
means that you have the ability to make life decisions without feeling overly stressed budgeting and financial planning. He/She will be That is our real value! If you are interested in more
about the resulting financial implications. This concept refers to more than just your required to create, manage, explain, defend, and insights each month you can follow along at our Ming
savings. It encompasses your investments, retirement plans, estate plans, insurance, negotiate household budgets annually. He/She will be & Associates Facebook page. Happy New Year and
and more. Considering most of us are not taught these skills through basic schooling, required to plan for the financial security and longevity we wish you all the best in 2021!

By Michael VanderMeer problem or delay. I would also recommend nobody has the right to sell the home. Even if
Real Estate Agent a clause permitting the closing date to be ex- you were Power of Attorney, you cannot sell
tended should there be a delay in closing due the home as your powers to act on behalf of
ESTATE SALES to the probate of the will. the owner ceases when the person dies. Emma
Many people think that you have to wait un- If, on the other hand, the will is not precise It should be noted that when listing an estate
til probate is over before selling an estate. and there are parties contesting the will, it sale, you should list the property “AS IS” and
This is partially right, but for the most part would be wise to consult a lawyer about list- make sure that you have a clause stating this
is incorrect. If an estate has a clear-cut will, ing before the will is settled. A lawyer will in the offer. This does not release you from
the probate is generally around 60 days, so have a better idea of the validity of the will your duty to disclose known facts about the
the property can be listed at any time as long and if it can be enforced as written allowing house, but because you do not reside at the Jamieson
as the closing date is set past the end of the you to proceed with the sale. property, there may be defects that you are
probate period. You should also have a clause If the owner of the property dies intestate unaware of and so you want to protect your-
in the offer stating that the offer is subject to (without a will), this becomes a lengthy pro- self from possible litigation.
probate on the small chance that there is a cess and until the government makes a ruling, Thanks, and Happy New Year!

Thus, the private lending space has seen a rise their income, which jobs they are taking on,
By Brian Johnston in demand. It was a trend we at Upper Cana- and how much they want to work. More and
Mortgage Specialist da Mortgage noticed prior to COVID-19, but more young people entering the job market
COVID-19 has definitely accelerated it. today are likely to be business-for-self, or
MORTGAGE BROKERS CAN HELP
THE SELF-EMPLOYED GET HOMES The pandemic has been particularly difficult their compensation is success-based, which
for the self-employed, many of whom saw
OF THEIR OWN is not always recognized by an institutional
The nature of work is changing. Putting in their incomes plummet once the pandemic lender. Although they’re meeting their pay- United Counties
kicked into high gear in April and May, 2020.
30 years at a single company and then eas- Those whose revenue streams haven’t recov- ment obligations and they have really good
ing into retirement with a golden handshake ered will have their work cut out for them in credit, a traditional lending institution can’t
is, for many Canadians, an old-fashioned no- trying to justify their earnings for GDS/TDS approve them because of their GDS/TDS Weightlifting Club
tion that may have applied to their parents or ratio to traditional lenders. Rather than quali- requirements. That’s definitely driving them
grandparents, but not to themselves. With a toward private lending options.
fying based on net income, many self-em-
growing number of companies unwilling to offer full-time work, at- ployed borrowers are evaluated using proven For the growing number of self-employed
tractive benefits packages, or private pension plans, more and more cash flow that considers gross income. Rev- workers with dreams of home ownership,
Canadians are choosing to go into business for themselves, exploring enue generated by jobs in the gig economy uncertainty will remain the norm long after
the gig economy, or attempting to turn a passion into a side hustle. are also looked on favourably. A lot of bor- COVID-19 passes into memory. With their
Few professionals understand the struggles of the self-employed as rowers aren’t aware that they can use the side 2020 incomes decimated by the pandemic,
mortgage brokers do. They often have to unleash a combination of income that they’re earning to qualify with many of them will need assistance if they are
magic and financial gymnastics for their clients to appear creditwor- an alternative lender. ever to attend their first real estate closing,
thy in the eyes of their lender partners. But with lenders pushing their Once the economy gets back on its feet, we’re and there’s a good chance that those who do
own flexibilities to the limit because of the COVID-19 pandemic, few going to find more and more borrowers who will have brokers like Upper Canada Mort-
have a desire for providing funds to self-employed borrowers whose are seeking opportunities where their income gage with access to private capital standing
fiscal futures are far from guaranteed. is success-based, where they are in control of next to them.