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MIKE GRENBY’ Ss MONEY TOON

WHAT BRINGS YOU TO
“WE CARIBBEAN?

CAROL EDWARDS. ‘spent
three weeks in the Grand
Cayman Islands last fall,
and her, trip typified the’.
ideal balance between’ ‘{a);

spending and enjoying life.

today, and (b) saving/invest-

ing to have enough money
to: spend ‘and enjoy life i in,
the future

“Twas. ‘doing research on Set:
ting up ‘my own business advising
people about offshore banking’ and -

havens’ —‘a project which has
now turned inte. a.book,” said the -
West Vancouver freelance finan-.

al. teacher and writer. “As well, I:
was looking at offshore banking.
for: my, own finance
“T must have. eee 301 to

So while Edwards spent money *
on her trip to the Caribbean, she.”

saved ‘tax by deducting much of ©
Cost because, she.was on busi

ness. She was: -building up her:

elf-employment ‘ career to pro- .

duce income both: ‘now ‘and i in the’ “

ways’ to protect her money, by.
banking and investing offshore.
And at the same time she
enjoyed.a holiday.” a
Her approach reflects a grow- :
ing, similar approach among other,

’ A‘recent poll ‘of big- ticket.
spending plans, conducted by
Environics Research for the Royal
Bank; showed 58% of the 2,006
Canadians’ questioned plan to put

major bucks into a trip or vacation. .

over the next year, while 51% will:
‘contribute to an RRSP, Another
29% said they. will make other
rge’ investments... :
A balance between spending ~
and. Saving should be the key part
of any fi financial plan. Sol ‘m

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ACTUALLY 4'M HERE ON
BUSINESS! ~~

tear?

imei wearin
aN file TA, gee

pen

to save taxes

"pleased to see many Canadians
are moving in this direction —
even if they might not have as
deliberate a strategy as Edwards

. does;

. What are your spending and’.
saving plans? If you have no for-

_ mal strategy, take five minutes to

jot down your priorities.
At the beginning of this year, |
pledged to review simple financial

planning strategies like -getting out

of debt, buying a home with rev-
enue potential, putting money. ‘
monthly into an RRSP and/or
other investment program and
using uncomplicated yet effective .
ways to Save income tax. ;
When you write'down your .

-own spending and saving priori-:

ties, you have the basis of a sim-
ple financial plan.
“. If you do nothing more, at least

‘ you have “verbalized” the finan-

cial reasons for your work, invest-

ment and/or pension income,

If you want to proceed to the |
next planning step, jot down the
steps you will take toward those

‘ spending/saving priorities. This
helps you get more out of your

Money, -
For example, combining busi-

“ness-and pleasure on a trip can

also produce benefits like those

Edwards realized. Starting a -

monthly RRSP contribution pro-
gram now can add up to more’
money in your plan than waiting ©

‘until the deadline next Feb. 29, | -
. Financial planning really can

be that simple.

Mike Grenby is a North Shore- fo

based columnist and independent
Jinancial adviser who works with
individuals; he will answer your
questions in this column as space |
allows — write to him c/o 2444
Haywood Avenue, West Vancouver,
B.C. vv iv.

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