T: 416 822 0347
Located in Toronto & Oakville
Serving Canada and the United States
What is a Renovation?
A SO! Financial Renovation is an activity schedule for your money with a one-year timeframe designed to help you be better off at the end of the year than you were at the beginning.
How is a Renovation different from a budget?
A budget helps you allocate money for day-to-day and month-to-month spending. The premise of a budget is to limit spending in certain categories.
A Renovation fits within your budget – it’s about addressing your financial worries (or fears, or niggles at the back of your head) and actively directing funds to address those things - usually from money you already have.
Budgets often focus on the dull things and restrictions.
A Renovation is about freedom, control, relief and ultimately feeling better because a worry no longer is a big unknown.
But isn't a budget all I need?
It might be, yes.
But most of us have ‘money leaks’ from our pockets. A Renovation identifies the leaks and re-directs the money to good use!
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What kind of things do you look at in a Renovation?
We look at your money coming in and your money going out then assess if you’re getting the most for your money.
One client was afraid we were going to say she had to give up her manicures. Not a chance! When we looked at the situation, part of the problem was her huge heating bills. So we had her install a programmable thermostat and she started saving almost $40 per month! Enough to cover her manicures.
Another client told us he was confused that a substantial pay increase hadn’t made him feel he could spend more money. We did the math – the amount on the pay stub didn’t match the salary increase he ‘d been promised! It got corrected and now things ‘feel’ much better.
So, we take a look at a lot of factors affecting money coming in and money going out.
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A Renovation is only good if I do what you say...what if I forget?
Not to worry.
First, one of the services of the Renovation is to provide you with e-mail reminders for the dates that are relevant - not RSP deadlines, but when to place money where (sending extra funds to your investment advisor, for example) – getting money out of your hands before you spend it elsewhere!
The other thing is that life is bound to throw us a curveball or two – don’t fret. Call us – we’ll help you navigate through the situation.
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How are you different from my financial planner?
Your financial planner is primarily looking at longer-term concerns relating to your wealth and security. On a very simple level, your favourite planner will help you with assessing the amount and type of insurance you should have, the savings you need for your children’s education and your retirement. They’ll invest your money for you within your profile to help you get to your long-term wealth goals.
At SO! we focus on the day to day and how you allocate/use your hard earned money to do all that a planner suggests and to LIVE!
In many ways, we’re a vital team member for achieving the plan your financial planner has laid out for you.
You say you do mortgages too, why is that?
Most of everyone we meet has an opportunity to reduce the cost of his or her debt and that includes the mortgage. So we believe that since we’re the most familiar with your debt picture and what you can afford or not – it’s necessary to provide a variety of solutions – including mortgage options – just like your financial planner provides a variety of investment solutions.
We’re also a mortgage agent with Mortgage Alliance (you may have come across their advertising on the radio or tv).
But what about all this stuff about latte's?
Well there’s a lot to be said for David Bach’s mantra – the Latte Factor. Questioning a $5 a day coffee for every working day – less holiday and vacations – or $1,175 a year on coffee. Does that cause you to pause? Wouldn’t you prefer to use that money for a vacation? Even trading in the latte for a regular coffee – could save you $875 a year.
The real point of the Latte Factor is about making 'purchases with purpose' – what you need is what you want! How many black suits are really necessary (unless you’re working in the funeral business)
How do you make money?
There’s no charge for the first meeting. It is important for you (and us) to understand if we can work together.
Why would we hire you vs doing it ourselves?
If you currently go out to dinner – because you just don’t want to cook or clean up, or you hire someone to mow your lawn, clean your house, shovel your snow etc… tasks that you’re able to do but choose not to or just don’t have the time to address, why not pay someone to review opportunities and get the most of your hard earned dollars?
Let’s look at some comparisons:
- If you go out for dinner once a month – just because – that’s about $1,200 per year you’re spending on giving yourself a break from cooking and cleaning.
- If you wash your car every 2 weeks – at $10 a shot that’s $260 a year. (Not to mention the cost of detailing if you indulge in that sort of thing!)
- If you have your house cleaned once per month for $100 – that’s $1,200 per year.
Do we have to be making a certain amount of money a month to benefit? $3000 sounds like a lot of money for us.
Not at all. Almost all of us have expenses that can be better managed.
What about Bankcruptcies or Consumer proposals?
The short answer is – no. But we do help you understand these options and can refer you to a reliable sensitive expert, if needed.
Tell me what you have done for some of your clients.
CASE STUDY #1
CLIENT: 45 years old
PRIMARY CONCERN: Investment advisor told him to be out of debt -mortgage included – by the time he retires.
NO RENOVATION
- Loans would be paid out in 10 years
- Mortgage would be paid out in 19 years
WITH RENOVATION
- Loans paid out in 24 months
- Mortgage paid out in 10 years
CASE STUDY #2
CLIENT: 46 years old
PRIMARY CONCERN: Eating cat food in retirement
NO RENOVATION
- RSP expected value at retirement $750,000
WITH RENOVATION
- RSP expected value at retirement $1,500,000
CASE STUDY #3
CLIENT: 50 years old
PRIMARY CONCERN: Declared bankruptcy 9 mos ago – and still do not have a grip! – And have fluctuating income.
NO RENOVATION
- Always in the hole – can’t pay bills for 2-3 mos in the year
- Creditors constantly harrassing
WITH RENOVATION
- Actually saving money
- Confident to get through the tight times
- No more creditor calls!
CASE STUDY #4
CLIENT: Family of 3
PRIMARY CONCERN: Spiraling debt taking away everything they have worked for
NO RENOVATION
- Will need to declare bankruptcy – or have it thrust upon them within 12 mos
WITH RENOVATION
- Adjusted lifestyle to a more manageable cost without having to give up key ‘treats’
- Reduced debt 15% in the first year
- Debt reduction in the 2nd year targeted for 35%
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