30 — Wednesday, February 6, 1991 - North Shore News SHOW A BANKING I1S_ big business. Bankers constantly try to woo the big customers, to attract com- panies and other organizations with all their banking needs, especially their borrowing. The banks (trust companies, credit unions) also try to attract ordinary individuals’ business. You've seen the ads offering special accourts, high (or low) in- terest rates, or no-fee services. ‘This competitive approach provides the opportunity for both businesses and ordinary individu- als to do some shopping around and even bargaining,’’ said a Cer- tified General Accountant who often helps clients arrange suitable banking packages. “But remember, you have to ask. And you have to offer some- thing. If you are always bouncing a cheques, don’! expect much posi- tive response.”’ If you have one or more sav- ings/chequing accounts, perhaps some term deposits, an RRSP and, best of all, a loan or mor- tgage — or the promise of any of this business — then you certainly have something to use in the bargaining. “Be businesslike,"’ CGA. ‘‘That’s what bankers.”” On the top half of a sheet of paper, write or type out your assets (what you own), your liabilities (what you owe), your income and approximate outgo. On the bottom half, tist the business you do now with the fi- nancial institution and how long you have been a customer. If you have had mortgages or other said the impresses MONEY LYING: loans, show how much you bor- rowed and, ideally, how much in- terest you paid. Include any business you do at other places — which you might consider moving over — and any potential business in the near future: perhaps a car loan, mor- tgage, RRSP contribution, deposits or other investments from an inheritance, for example, and so on. Make an appointment to meet the manager. This could simply be a ‘*getting to know you and subtle reminder that my business is worth something to you’’ meeting. Or, if you want something — perhaps a line of credit at the most competitive rate, one or more special services available to seniors even though you aren’t quite a senior, or removal of cer- A Guaranteed Higher Retirement _ Income! 7% Rather than being bouse-rich and cash- poor, seniors can now benefit front their home equity, enjoying the things they've always wanted to do, and having them affordable. J are ~ Call Zlotnik Lamb. 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V6C 2X8 Telephone (604) 688-7208 Toll free 1-800-663-3171 MATTERS SS TAX ON YOUR 1990 INCOME — Make banks work for you tain service charges — use your existing business plus the promise of additional business to try to get what you want. Also approach the place across the street, or another competing financial institution. Set one place against the other. Sometimes, one branch of the same institution will offer you a better deal than another. Remember, it is a game. And you have to play aggressively if you hope to win. This article was prepared by the Certified General Accountants Association of British Columbia, the province’s largest professional accounting body. For further in- formation the Association can be reached at 1555 West 8tl: Ave., Vancouver, B.C. V6J 1T5, or by telephone at 732-1211. Hear Mike Grenby in person From page 28 constantly review their personal and financial priorities. “In the summer of 1985,” he said, ‘‘we spent $14,000 on a 10- week working holiday in Europe with our son Matt, who was 14 then, and Mandy’s mom, who was 79. “It was more important for us to take that family trip than to invest those funds, for example, which could easily have doubled or tripled in value since then. **Mandy’s mom died the fol- lowing year. We’ve always been grateful we took that trip when we did.”’ The Grenbys bought their first house in 1971, when Matt was born. ‘‘We paid off the mortgage as quickly as possible, then moved up to a larger place. Again, we paid off the mortgage quickly.’’ Grenby started his own business in 1986 — as an independent, fee-for-service financial adviser to both individuals and employee groups — and considers that one of his major investments. “In addition, we make the max- imum RRSP contributions at the beginning of each year for that year, do careful tax planning, and, for the next few years, we are investing in Matt’s education. We’ve been in the stock market and real estate and will probably diversify into those areas again.’* Grenby admits that sometimes “Vd be happier to put my feet up and read a good book than.to read yet another tax planning report.’? And like everybody else, he also gets fed up at having to deal with all the paperwork. “*But as long as the botiom line is a good quality of life for all of us, both now and in the future, then we’re satisfied,’* he said. 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