Investing for Low Income Canadians

FPAC Pro Bono Planning

I am a member of the Financial Planning Association of Canada™ (FPAC). Our mission is to build the practice of financial planning into a principled and client-centred profession. Among FPAC’s activities, such as advocacy before governments and regulators (I am a member of the Regulatory Advocacy Committee), is Pro Bono Financial Planning. If you think you need financial planning advice but feel that the usual costs of a planning engagement are beyond your financial capacity, consider reaching out to FPAC for pro bono (“for the public good”) support.

 

YouTube Video Series

 

 

Mark Walhout an FPAC member and financial planner at Walhout Financial, has recently begun to host a video series on the FPAC Pro Bono YouTube channel. In late April of this year, I sat down with Mark via Zoom to have a conversation about investing for low-income Canadians.

 

We covered five questions in relation to investing on a low income:

 

0:14 – Why is it important to save for retirement, even for Canadians who have a low income?

3:12 – Can you explain the difference between saving and investing?

5:58 – Can you explain the difference between risk tolerance and risk capacity, and why they are important for someone on a low income?

9:59 – Can you explain what Tax-Free Savings Accounts are, and why someone on a low income might favour using one for their long-term savings?

14:03 – The world of investing can seem complicated. What suggestions can you offer to someone looking to get started?

 

You can find these timestamps in the video below.

 

 

 

In addition to the video interview with me, currently also posted to FPAC’s Pro Bono channel are videos on the following themes:

 

• Introduction to FPAC Pro-Bono with Letitia Fluit,
• Protecting Your Income with Drew Adamick,
• Budgeting and Cash Flow if You Have Low Income with Mitchell Shields
• Planning for Infrequent or Unexpected Expenses with Allan Buckingham.

 

 

To wrap up, the point of these videos is to highlight the commitment of the Financial Planning Association of Canada (FPAC) to making financial planning accessible to all Canadians, regardless of income. Through the FPAC Pro Bono program, we offer resources that address key topics such as major life changes, debt and cash flow, retiring on a low income, and the challenges and opportunities when experiencing major transitions, including immigrating to Canada. We believe that everyone deserves the opportunity to achieve financial stability and success. Whether you’re just starting out or looking to enhance your financial knowledge, FPAC’s members are available to offer support (check out my “FinPlan30” offer of a free 3o-minute consultation in one of the links below). It’s never too early or too late to start planning for your financial future.

 

 

This is the 247th blog post for Russ Writes, first published on 2024-05-13

 

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Disclaimer: This blog post is intended for general information and discussion purposes only. It should not be relied upon for investment, insurance, tax, or legal decisions.