Globe and Mail – Financial Facelift  by Dianne Maley

web_kc “Her career established, Elspeth is starting to save a little money and wants help devising a financial plan. Most of all, she wants a home of her own. ‘The biggest question is when can or should I go from renting to buying, particularly in Vancouver’s real estate market,’ Elspeth writes in an e-mail. She is 26, single and earning $68,000 a year. To pay for the condo she envisages – a small one-bedroom in the city’s core – she could draw on her savings, including borrowing from her registered retirement savings plan, and perhaps even tap her parents for a loan. Elspeth is careful with money and a good saver…For someone her age, she takes a long view. She wants to know how much she should be saving for retirement, and she wants to build a rainy day fund to help her parents and grandparents with medical expenses if necessary. ‘I’d like my savings to grow but would also like to leave enough liquid for one-off expenses that may come up, such as furniture and a laptop upgrade in the next year or two, and vacation expenses,’ Elspeth writes. We asked Keith Copping, a fee-only financial planner with Macdonald Shymko & Co. Ltd. in Vancouver, to look at Elspeth’s situation.”  Click here to read the rest of the article

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