2023 October Update

Happy October!

We’re well and truly into fall now, speeding towards deadlines like the holidays, and of course the calendar year-end.

Apparently, the use of the word “deadline” in this way is relatively new, and its origins are incredibly dark. Maybe that’s part of the reason why deadlines can induce so much anxiety. Let’s start this fall and winter season by alleviating as much of that anxiety as we can.

How? Here are a few ideas:

Don’t Know What You Don’t Know? Let’s try: Education

Money, Interest Rates & Change: On November 8th, we will be hosting a webinar with deep experts to talk about day-to-day money management, interest rate changes, and the related complexity of personal insurance. You can register for this free event right here.

Incapacity & All Those Documents: If you missed the September webinar with Julia, Rose Shawlee of Boughton Law, and Sue Talbot of Genus Capital, not to worry! You can catch the replay where questions were answered live, right here.

Estate Planning: It’s a really, really large area of expertise. Here’s a 1 hour video with tips from Julia, Lucy Main of WeirFoulds LLP, and David Toyne of Steadyhand, plus 13 minute videos on probate, legacy, and trusts.

It’s Technical But It’s Not…. Let’s try: Decision-Making

Design Thinking: If you’ve been reading with Spring for a while, you already know that we love, love, love this approach to decision making. Design thinking is about recognizing there isn’t one, fixed right answer for everyone, but there is a unique design that’s just right for you. You can find our endless articles on this subject, applied to all kinds of knotty financial issues, by following this link.

Is There Better than Better? Check out this article in Harvard Magazine featuring the always amazing Ellen Langer discussing a project called “Better than Better” where she studied choice amidst uncertainty. “You’ll never be able to have all the information potentially necessary, and deciding when to stop collecting and analyzing information is a decision in itself,” she says. “Rather than struggle to make the right decision, what we should do is make the decision right, whatever the decision is.”

How about… WOOP?: Angela Duckworth at Wharton breaks down a four step process with a fun name that is the most scientifically established or evidence-based way of setting goals and making plans. Yep. WOOP.

Finally… Time isn’t real

That’s right. When Julia was young and struggling with time management – which is among the many reasons why Ashlee is such a vital member of our team – her nerdy, academic family members told her a truth proven by physics:

Time is a construct.
Everything is, actually, happening all at once.
(Or, as Dr Who says, “it’s a big ball of wibbly-wobbly, timey-wimey stuff.”)

If that’s the case, then time is a construct you can make work for you. Is the calendar year end coming too quickly? Maybe your year end is another day, like your birthday, your wedding anniversary, or that time you ate the best meal that you’ll remember for the rest of your life. Maybe your “have to” is a “want to” or a “should” that you don’t even “want to” … at all.

This is your life. Within reason and as long as you don’t hurt anyone else, you make the rules. Let’s design your life around making it one you love.

Your Spring Planning Team

Practice Notes:

We will be closed on Friday November 10th, in honour of Remembrance Day, and will return on Monday, November 13th. Julia will be away from Friday November 17th through Monday November 20th, to attend a wedding in California… and soak up some sunbeams!

“Free” Fridays remain booked permanently in our calendars. These days are free to us at Spring because they are our opportunity to work on becoming better planners, whether through collaboration and discussion, education, research, or even a little down time. It’s been a regular practice since the summer of 2017, and we will continue to set aside the time to become better versions of ourselves every week. Even 1% better is solidly worth it, because we know that will be reflected in the work we do for you.

Events:

On Wednesday November 8th, Julia will be sharing the virtual stage with Kathryn Mandelcorn, Shannon Mayhew, and Carla Zanotto. These deep experts in cash flow management, mortgages, and insurance are going to share their key insights on how to navigate the current environment of high inflation, high interest, and managing risk. Register (for free) right here.

Globe Advisor reporter Deanne Gage will be hosting Julia on a LinkedIn Live event coming up on Wednesday, November 15th to chat about how Financial Planning has evolved in the last five years and the tangible advice needed to make a difference in a client’s life. Register (for free) right here.

Spring in the News:

Watch for Julia on Empowered TV, on December 6th at 6:30 ET / 3:30 PT. She will be talking about how to prepare children for inheritances, lifetime inheritances, estate inheritances, and more.

How much do you really need to retire in Canada? No one pins Julia to a numerical answer, and Yahoo Finance is no different. Read the full article here.

Did you miss the recent webinar on Power of Attorney? That’s okay – there’s a recording. Watch Julia, Rose Shawlee of Boughton Law, and Sue Talbot of Genus Capital answer questions direct from the audience.

The housing crisis isn’t just for kids. Globe Advisor asked Julia for some ideas on how to manage this wild accommodation environment and she got to share her favourite ideas around multi-generational housing and the Golden Girls dream. It is behind a paywall, unfortunately… but you may be able to read it here.

Some seniors are tapping home equity to make ends meet. Julia recommends multi-generational housing once again, on top of government support and a full review of lifestyle expenses. Are you putting your money towards a life you really love? Read the full article here.

Please check out our media page here for videos, podcasts, interviews and more.

Planning News Digest:

• Sweating your choice of when to start CPP or OAS? You can change your mind post-retirement. – The logistics of government pensions can be confusing. The Globe & Mail’s Rob Carrick speaks to CPP expert Doug Runchey about the mechanisms, and how to reverse your application if you hit the start button a little early. Read the full article here.
• Changes to the Alternative Minimum Tax (AMT) – Rules might impact donations of securities and cash. It’s a bit complex, of course, but if you’re interested there’s a great summary from Grant Thornton here.
• Own a business that you want your children, grandchildren, or younger team members to take over – are they prepared? – It’s one of the largest concerns of founding business owners as we face massive demographic change. This article provides some clear steps to get talking and working towards supporting younger family members in their development. Read the full article here.

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