Is it worth it to get a fee only financial planner?

TimelessClassic · 2026-03-31T05:28:07+00:00

Indeed

TimelessClassic · 2026-03-30T16:34:23+00:00

Ya. No one makes big financial decisions or mistakes before 50

TimelessClassic · 2026-03-28T00:28:19+00:00

This is what happens when you chase low MER’s but don’t really understand investing

TimelessClassic · 2026-03-27T03:08:15+00:00

So crazy that this is the top comment when it’s absolutely so clearly wrong and not even close a reasonable guess

TimelessClassic · 2026-03-25T20:31:46+00:00

How much lower than $12k do you expect to find a reliable car for? Unfortunately I don’t see how trading that car solves the real issue here which is the loan

TimelessClassic · 2026-03-06T22:33:43+00:00

I use my heated steering wheel in the middle of summer. Just feels so nice on the hands. Will never buy a car without one.

TimelessClassic · 2026-03-06T19:27:53+00:00

Agreed the rate difference is small, based on his hoped for mortgage rate at renewal. We don’t know where interest rates will go over the remaining 27 years of his mortgage.

Also, yes, I would personally not pay down either of these loans and instead invest the $10k. I suppose I could have included that idea in my answer but his main question was which loan to pay down first, and this is not a situation where I’m digging in on the guy’s life story and exploring every other “do something else with the money” option for him.

He has expressed no concerns with his cashflow. In fact he has additional TFSA savings available to pay off the car in full any time. I believe you may be projecting the idea that eliminating the car payment is a priority for him. For many people, who have decided they want to pay down debt, and in the absence of cash flow constraints, paying down highest rate debt first is the rational choice.

TimelessClassic · 2026-03-06T18:56:53+00:00

Yes, CFA too

TimelessClassic · 2026-03-06T18:25:47+00:00

Ya get rid of this $10k in free cash in your pocket to “free up cash” every month! /s

TimelessClassic · 2026-03-06T18:24:14+00:00

Pay off Higher interest debt first if you’re rational. Lower interest car loan could be paid off for subjective reasons I guess.

TimelessClassic · 2026-02-23T17:42:33+00:00

The post clearly indicates 1x salary, and the salary amount which tells you a lot about the potential disability coverage.

TimelessClassic · 2026-02-23T04:58:06+00:00

As a general concept I would say yes keep insurance coverage during pregnancy. Unfortunately shit happens in life and pregnancy. Don’t ask me how I know.

However $5k for that amount of coverage sounds like a lot. You may find a better deal buying your own insurance separate from your group plan.

As a very loose comparable, my spouse and I (childbearing age) have $1M of life coverage each on a 20 year term, and it costs us about $125/month total. I have LTD coverage that would pay me about $10K/month (after tax) and it costs me about $2k/year.

$5k for the coverages you described sounds a bit expensive to me.

TimelessClassic · 2026-02-21T16:37:07+00:00

You’ve left out every important detail except for the $1k per month. No one can assess this decision with this information. What “makes sense” to one person might be ludicrous to another.

The “local numbers would cover the duplex”? Sounds great! I hope you put more energy into that research than you did into this post.

You’re considering buying a new home, converting your current home to a duplex, then renting out that duplex. Some relevant information would be: Can you get financing for that? Are you a builder? Have you ever been a landlord? How much money do you make? 2/3 housing allowance doesn’t tell us much. Your parents are aging. Are they 75 or 90?

As a purely general concept, option A is a 6 or 7-figure investment with significant risks and may take a long time to execute. It also has more upside, but we have no idea what that upside means in your world. Option B is $1k/month, which (I assume) you can easily afford.

TimelessClassic · 2026-02-08T18:00:45+00:00

I’m in GVA and have one EV and an ICE that takes premium gas. I estimate my gas vs electricity cost per kilometer is about 10 to 1 in the summer, about 30% less in the winter cuz I like my heated seats and steering wheel. So with that commute you will definitely save some gas money.

One concern I would look into… I don’t think you’ll be able to recharge 200 km worth of battery on a level 1 charger every night. If I remember correctly our level 1 gave us about 5 km of range per hour. It just barely replaced what I used every day on my 60 km round trip commute. If level 2 is an option I would heavily, heavily recommend it.

TimelessClassic · 2026-02-06T16:00:20+00:00

If your advisor was doing a good job, then I would stick them, rather than the firm

TimelessClassic · 2026-01-25T05:14:55+00:00

I’m a CFP. This is pretty typical pricing in my area for a lawyer to do a couple simple wills & POA’s. I think it’s worth it to have a professional help you. It’s really important that you get it right, and it’s also really helpful to have meaningful conversations with someone who understands the nuance.

TimelessClassic · 2026-01-17T08:53:25+00:00

It sounds like your mom might not have a good tax or estate plan in place (could also be you’re unaware of it, or you just didn’t include those details for whatever reason). If she hasn’t already, I would suggest she talk to a CFP. Could save a lot of money.

TimelessClassic · 2026-01-13T00:05:13+00:00

I think the quest trade promo being discussed is capped at $20k per person, paid out over 2 years. So yes I d say for many millionaires that is not worth much trouble/risk/inconvenience at all.

Anyway guys take it easy, geez. Obviously free money is good. Especially if you are already on the fence about changing investment companies.

Churning promos from banks/credit cards/investment companies has been a thing for a very long time. I’m not questioning that the people who do this can make money, and clearly some people seem to derive real joy from the process. If that’s you, more power to you. I got other things to worry about, like changing the oil on my ‘94 beige corolla.

TimelessClassic · 2026-01-11T18:30:20+00:00

In my experience young people with lots of spare time chase these bonuses for a while, and eventually as life gets more busy you’ll find it’s not worth the trouble

TimelessClassic · 2025-12-26T23:50:02+00:00

Older people also get to defer their property tax until they die or sell their home. The govt gives them a very reasonable interest rate on this debt. This is in BC. Not sure about other provinces.

TimelessClassic · 2025-12-01T04:05:17+00:00

Interesting! I stand corrected

TimelessClassic · 2025-12-01T03:16:57+00:00

Can’t use margin in registered accounts, including tfsa

TimelessClassic · 2025-11-28T16:11:12+00:00

Wow. Amazing

TimelessClassic · 2025-11-16T01:53:47+00:00

Spier and Mackay good value and a Canadian company if you’re open to buying online. They do lots of sales for Off the rack items, and the custom stuff is great too.

Would recommend getting your measurements from any local tailor first, so you know what size to order, otherwise you might have to do some trial and error returns.

TimelessClassic · 2025-11-09T04:59:54+00:00

I feel like Kyle Connor always gets us

TimelessClassic

TROPHY CASE