March 2020 Update

We hope this newsletter finds you as well as you can possibly be. It’s only been a month since our last regular newsletter, and so much has changed. Things are changing on a daily basis now, and there’s a great deal of uncertainty in the air.

At Spring Plans, we have always worked well with ambiguity. We have never known what’s going to happen next, and have helped you create useful plans, focused on your own personal version of success. 

Your plans have always been ones that can be adjusted to manage:

1. The many changes you can control, such as how you behave in times of stress, as well as in times of joy, and the decisions you make. 
2. The many changes no one can control, like nearly everything happening around us right now, in March 2020. 

For many of us at Spring, we thought the 2008/2009 financial crisis was going to be THE economic event of our careers. Then 2020 showed up and told us to hold the phone. 

We know that this is a time of great stress for everyone, regardless of where you came from or where you’ve been. We know that you need, now more than ever, the tools to create success on your own terms, and your life, well spent. 

We also know that what “success” looks like may have changed since the last time we talked. It may change again, by the next time we talk. We’ll keep on talking, and we’ll keep on helping you navigate the world around you, using all the tools we have, and sharing our knowledge with you, even as we add to it in real time. 

As we continue to help you make the best possible decisions you can, using what we know now (and yes, what we know now is changing a lot), please remember that we are definitely here for you. We’ve got some tools, tips, and information to share with you, and will be sharing more and more on our website as it becomes available.

Spring Conversations

Recently, Darryl, our Director of Portfolio Strategies, held a webinar for Spring clients, discussing recent market shifts. You can access the recording to that March 5th event here (and do remember how much has changed since March 5th!). 

You may want to have a conversation about your own portfolio right now. We definitely invite you to reach out to us to book a time to speak with Darryl. Darryl joined our team last fall, at just the right time to help you with a second set of eyes on your portfolio or an investment policy statement. We are extra delighted to have him on our team during this pandemic, as we know you have A LOT of questions. 

We also held a cash flow clinic March 25 with our fabulous cash flow planning team, Kathryn and Karen. We will have the recording available on our website as soon as possible.

 We know that day-to-day and month-to-month money may be top of mind for you and wanted to get as much help to you as soon as possible. If you need to discuss your own cash flow plan in detail, please do contact us for an appointment.

 We plan to hold more webinars with all of our team members and will update you as these become available. Of course, if you’re concerned about your plan, whether you don’t have one yet, or it is currently in progress, or maybe a few years old, get in touch. Let’s talk.

 Spring Reading

 You know how much we love reading and writing. We’ve added a resources page on to our website, specifically around information you might need to navigate this pandemic, and will continue to update this as more information becomes available.

 Of course, Sandi has her curated Top Three Reads for you to look through. This summary was definitely created before Covid-19 shook us to our cores, but the reads remain relevant and interesting. She also wrote a review of Living Your Dream by Larry Wilson. Living Your Dream is an all-purpose, broad, and practical Personal Finance 101 book that covers a great deal of ground for many Canadians (though, not all, as Sandi points out). Find out not only what she thought of this book, but also her recommendations for five other books that zero in on specific aspects of personal finance, here.

 If you’re a regular reader, then you know that our follow up to last year’s theme of Design Thinking is a months-long dive into real stories about real people (well, mash-ups of real people because privacy is a thing we respect and zealously protect). Last month, we told you all about Troy and Annie, who struggled with debt, children, and expensive housing in Vancouver. This month, we want to introduce you to Zoe, who suddenly became a widow at the age of 55. Zoe didn’t know what retirement could really look like for her, from both cost and lifestyle perspectives. We know you’ll love getting to know her just as much as we have.

Hopefully, our conversations provide you with some clarity, and our reads provide you with information as well as a little distraction. Your Spring Plans team has always worked remotely with Canadians from coast to coast, and our mission – to treat you as the unique person you are by listening, understanding what is important, and working together to create your life, well spent – remains unchanged and stronger than ever. We will, by working together, find our way through this incredibly difficult time.

Practice Notes:

Spring offices across the country will be closed on Good Friday, April 10, and Easter Monday, April 13.

“Free” Fridays remain booked permanently in our calendars (even though Sandi’s are on Wednesdays!). These days are free to us at Spring in the sense that 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.

Spring In the News:

In a recent Globe and Mail article, Sandi discussed the role financial advisors have been playing by helping clients prioritize and budget expenses to ride out the impact of the pandemic.

In the weekly Money123 Newsletter by Global News, Karen was asked to answer a reader’s question about the best way to tackle their unsecured debt.

MoneySense magazine asked Julia to weigh in on a topic that is near and dear to her heart: single parenting and financial life after divorce. As a single mother herself, she was delighted to share some advice with real parents who are facing some difficult decisions. Read all about it here.

Got a question about your cash flow or financial plan? Email us at [email protected].

Our news, updates, and practice notes are in our newsletter, which you can sign up to receive once a month at the link below.

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