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Here’s the last principle in our series on how your finances are like your lingerie. BIG HINT: it’s the most important one! Read on for the goods.

Principle 4: You deserve a personalized fit.

You really do. Maybe you picked out that first “grown-up” bra on your own, peeked over your shoulder in the fitting room, decided it was a “good enough” fit, then plunked it down on the counter and paid. But every woman I have ever known who has been through the professional bra-fitting experience comes out a changed woman. Their clothes fit better. They stand up straighter. Their…assets are optimized.

How well your investments fit your life and how well they perform for you deserves at least the same level of care and attention as the fit and feel of your bra. And here is secret number four: getting that fit right can make a whole heckuva difference in how well you are set up to handle what life throws at you.

If you aren’t confident about how to judge how well your investments fit, consider working with someone who knows - someone who can cast a professional eye over your assets, help you understand your options, and suggest alternatives to empower you in achieving your own individual goals.

In future posts, we will explore how to find and work with a financial advisor, how various kinds of investments work, and more. But for now, pull up a chair, grab your glass of wine, and breathe: you’ve got four new secrets to share.

A version of this article was originally published at The Best Kept Secret: Toronto’s Resource for Women 40+.

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whats-your-number-300pxwhats-your-numberThis is the question that has been floating around me, in the air, over the last few months. People ask me this question, they tell me they lie awake contemplating it, and they want to know if I know the answer: how much money do they need to save for retirement?

What is the exact number of dollars they need to have socked away in retirement savings accounts to fund a post-work life that works?

A life that includes some luxuries, some long-hoped-for travel or the freedom to immerse themselves in a favourite hobby, while ensuring the kids (if there are kids) are fed and educated and Read the rest of this entry »

This week, the following questions have come into my virtual mailbag:

  • I split up with my common-law husband, and so I filed my tax return as “single.” I noticed this changed the amount of Canada Child Tax Benefit I receive. Is what I did right?
  • My husband and I have a lot of debt. But we haven’t taken a family vacation in a few years, and now that we have started budgeting, I’d like to include an allocation for a modest vacation once a year. Is it OK for us to budget for a family vacation even though we have outstanding debt to pay off?
  • What is a business number and do I need to register one? When do I need a GST number?
  • What do others do with the Child Tax benefit? Are there any advantages or disadvantages to putting it into an account in the child’s name? Would it be better to have the CCTB deposited into an RESP, tax-free savings account or something different? I’m looking for a way to save for her future that will maximize her options, in terms of how she can spend the money. What do others do?

We will get to each of those questions in turn. But in the meantime, this is my announcement that your questions about any aspect of your financial life are welcome here. What’s on your mind? What do you need to know?

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