Ue mE nL eS mt tea DIMOY ETAT Lt mee, = gH "took us ‘on a tour. -($78-$150. Canadian a night — Sapien 38 :Wdiiaday, Sepiombs 7, 1909 - - North Shore News fiom to. ‘manage your , JEAN AND GERRY Heron-Connick are not your ‘everyday _ innkeepers. ‘Sure; they serve up hospitality at their guesthouse here. But they. ‘might"also pass out a financial tip’ or two over, breakfast.in the kitch- enor. during: happy. hour on the veranda.” : Jean? ‘46, is a certified financial planner. Gerry, 45, worked for yearg- aS an executive at General ’ Elecisic.. Married in 1985 Gean’s first: marriage, Gerry’s second), the put half their assets that ear. into The Century * Hous: uilt in, 1333 as a sea cap- tain’s* 16-room. mansion here on the island of. Nantucket $0 km south of Capé Cod. « The Heron-Connicks have also invested considerable sweat equity as they. renovated. the guesthouse, -turning it ‘into the bed-and- breakfast operation they run to- day. : ‘es our retirement invest- ment,’? said Jean. ‘“‘I’d made real estate: investments in the past and this place just felt right.” “The approach’ the Heron-Con- “ nicks have. taken to this project and their finances in general can give all of us clues on how to manage our money more effective-: eo —_ ‘and suit enjoy ‘life along the . ihe day we arrived. for the ia- terview, Jean was nowhere to. be found. ‘‘Two of our: siaids didn’t show up today ‘so Jean’s doing the rooms while I check k guests in and out,’? Gerry explain . .~/When you oeeg in your own business, it’s important to be as self-sufficient 2s possible. You have. to be able to fix. things yourself and keep them fixed. “When we bought The Century : House, we cross-traizied. ourselves so-each of us can now do the- ’ other’s jobs. As long as we have . our health, we can- both manage .the place if-we have to.”” = Jean eventually showed up and The rooms tates: comparable . to other bed- and-breakfasts in the area) are decorated with English country an- tiques and’ fabrics reminiscent of vintage Laura Ashley. “The continental breakfast is substantial: a keep-coming-back buffet of orange and cranberry juice (a giant cranberry bog is one of Nantucket’s claims to fame), granola, fruit, muffins, coffee, tea and «Whatever goods or services you provide, give people value for — their money —- because that’s what you'd like,”’ Jean said. Jean loves working with money — “I had my first business picking and selling blueberries wnen I was five’ —- but Gerry doesn’t: “I always made plenty of money but I spent it all,’’ he said. Jean ‘said she is very conser- vative atid used to pay cash for everything, including her invest- ments. “Now, I consider borrowing if the investment produces more than the cost of the loan, whether that’s mutual funds or revenue proper- ty,” she said. “I'l speculate only if. I sealiy have an inside track on what’s developing.”’ Jean’s key: money tips: have a plan, save before you spend, don’t - exceed your debt toierance, stay - healthy, do some estate planning and cnjoy life as you go along. ‘@ MAKE A PLAN. On your own or with professional help, find out where you stand now finan- cially. Make sure the basics of in- surance, emergency fund, housing and retirement savings are in place before you add more risky invest- ments. Then set reasonable objec- tives — where you want to go. _ SAVE: “FIRST: *Have''a’ per- a centage of your incoxie set aside at least. monthly toward your goals. ~ If you say, “I'll psy my bills and then save,”? you'll probably never get to save. “dollars — and sense - Michael Grenby ak. : a : . . " ¢KEEP DEBT FRIENDLY. .-Too many people find-debt repre- sents'70 to 30 per cent of their in- vestments. Keep it closer to 50 per cent, and lower as you get older — -unless leveraging (investing with borrowed money) is your game. © HEALTH IS WEALTH. Your physical and mental health is your most important asset. Don’t let the “| CAN HELP greed/anxiety factor — “I want more, more, more’? — get toc °MATTER OF ESTATE. “Humans don’t want to confront their own mortaiity,”’ said Gerry. “If a company knew it was going to die after 25 years, it would do so much planning ‘Yor what would . happen after that 25th year.” Ad- ded Jean: ‘‘We have no children, which cbviously affects our in- surance needs and philosophy about enjoying our money now vs. . leaving it behind.”’ © QUALITY COUNTS. Make sure you aim for the highest quali- ty of life as you go along. Don’t wait until you retire, or are too in- firm to enjoy what your money can provide. Always balance the present and the future. When you plan your finances, “consider the facts and figures of all the key factors: your needs, risk . tolerance, age, health, children’s * education, insurance, retirement — and then go for what feels right, ‘ what your stomach feels good about,’’ Jean said. : Based - locally, Mike Grenby writes a money column which ap- pears in newspapers . across .Canada. Although he also works ‘as an independent financial ad- viser, Mike will respond to readers’ questions through the paper. Write to Mike Grenby, Money Columnist,..North Shore News, 1139 ‘Lonsdale, North’: Vancouver V7M 2H4, Mike.cannot reply in- * dividually but will answer as many ‘of your letters as possible in his column. : rm an ‘Investors professional financial planner. tt’s my job to help you create _ and follow a persona! financial plan. - I can help with: @ Investment Funds e Guaranteed Investment Certifi cates #RRS.P.s e Estate Planning e Life and Disability tasurance ; IT's A JUNGLE OUT THERE ... IF YOUR BUSINESS IS DRIVING YOU WILD YOU CAN 1. Take 2 ‘Painkillers’ and call Dr. Voodoo OR 2. Hide in your hut all day OR 3. Call the North Shore Enterprise Development Centre and find out about their NEW — CHARIS VO — program “A unique new pragram offering practical & tactical business survival training led by Jungle Experis to help your business get results." There are only 15 places avaifable. Fees may be reimbursed up to 66% for qualifying North Shore businesses. "Catch the C.A.T. today — éall 984-2004 GENSEDC 148 Eau i qMciKiay _e Business Cards ‘omne — (PPIDINAIDS -scroen peme ‘McKim Printing (1988) Lid. “e Flyers - . 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