Author: Bloom Investment Counsel, Inc.

TFSA vs. RRSP: What’s The Difference?

When you first start earning an income, you often wonder what to do with your “newfound” money. You may want to put aside some money for the long-term (i.e. retirement) and also invest a portion of the money in the hopes of growing your savings for more immediate use. , The two most common savings/investment accounts you hear about are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). Two very common questions about these are, “What’s the difference between a TFSA and an RRSP?” and, “Which account is right for me?”.

There are various factors that you should consider when deciding which account is best for you. You need to consider your reasons for saving if you plan to make withdrawals from the account, and your planned contribution amounts.

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What to Consider When Receiving an Inheritance

Receiving an inheritance can be both exciting and overwhelming. It can bring with it a lot of questions and decisions that need to be made. It is important to consider the implications of receiving a large sum of money, as it could significantly impact your financial situation.

This article will discuss what you should consider when receiving an inheritance, from taxes and legal issues to investment opportunities and charitable giving.

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Fee Transparency: Know What You Are Paying For

Historically, the lack of fee transparency in the wealth management industry has been one of the greatest causes of investor discontent.

Investment fees may include any number of costs associated with the use of financial products. They may include costs of an online investment platform, brokerage commissions, transaction fees, administration fees, account fees, and custodian fees.

In the past, these fees were mostly lumped together as one item, possibly labeled simply “investment fee”. With the greater regulatory requirements for fee transparency, investment fees must now be itemized.

It is important that you know what is included in your total investment fee to determine if you are getting value for what you are paying.

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Common Obstacles to Investing and How to Overcome Them

Obstacles to investing or even planning for retirement are mostly self-imposed. Anyone can be an investor. The first step is to identify and acknowledge the obstacles holding you back from investing.

If you don’t invest, it is very likely that you may outlive your money.

The following will explore five common obstacles people face when it comes to investing, and how you can overcome them.

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The Changing Role of Women in Philanthropy

Women have long been involved in philanthropy, but their role has changed significantly over the years. As more women become educated, empowered, and financially independent, they are increasingly taking on leadership roles in philanthropy and making a greater impact.

A 2021 study conducted by the Lilly Family School of Philanthropy at IUPUI Women’s Philanthropy Institute (WPI) found that 61.5% of U.S. households make charitable giving decisions jointly. However, when one partner makes decisions for the household, women are more likely to make these decisions than men. The same study found that in 2005 only 6.5% of women made the household decision about charitable giving, but this figure more than doubled to 15.3% in 2020.

Women increasingly have the opportunity to make their voices heard and contribute to important causes. This shift is changing the landscape of philanthropy as women become more involved in decision-making and fundraising activities.

As a result, we are seeing a rise in female-led initiatives that are making a real difference in our society. With their increased involvement comes greater visibility and recognition for the work they do—and a greater ability to create positive change through their actions.

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