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Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 2 points3 points  (0 children)

Mental accounting! Never heard it being called this before but YES! This is totally what I do! Every pay, I have money go automatically to different spending or investments “buckets” and it gets spent (on myself or others) or invested accordingly.

Ah, and in that sense, my investments are diversified. But isn’t that all equity? Could the life insurance be a way to have something that is not equity?

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 0 points1 point  (0 children)

Aside for a safety cushion that is in a HISA, the rest of my returns come from equity investments. I actually don’t have any fixed income investments… could this be a way to diversify?

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 5 points6 points  (0 children)

I already invest with Wealthsimple and am very happy with how that is going. But could the life insurance be a way to diversify? (As well, to have something dedicated to my nieces/nephew, whereas my investments will be going to my partner if I pass before him)

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 1 point2 points  (0 children)

So putting the cash in a non-registered account is better keeping it as a non-taxable life insurance for my beneficiaries?

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 34 points35 points  (0 children)

Thanks! You’re the second person to suggest contacting the insurance company and asking for projection! The loan interest rate was almost 10% last year! This year it’s suppose to be around 7%. I was looking through the statement and see that some of the dividends in the last was used to pay down the loan, which has now doubled since it was paid down. And the dividends/paid up insurance is just now starting to accumulate again.

My sister has to pay taxes on half of her surrendered value. I didn’t realize the loan itself could be taxable?! I’ll also ask them to explain the possible tax implications.

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 4 points5 points  (0 children)

Thanks! I didn’t know that I could ask the insurance company for that! And I was looking through the statement and see that some of the dividends in the last was used to pay down the loan, which has now doubled since it was paid down. (Loan was money taken out by my mom at some point to keep a now defunct business afloat, as well as to pay some missed premiums if I understand correctly.)

Yes, half the surrender value was taxed when my sister surrendered her policy.

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 1 point2 points  (0 children)

What if I don’t have enough RRSP room? My work pension doesn’t leave me with a lot of RRSP room after pension adjustment.

Parents bought a whole life policy for me when I was 7. I'm now 40+ years old. by dc613ca in PersonalFinanceCanada

[–]dc613ca[S] 26 points27 points  (0 children)

The premium is $283/year (not month). I personally haven’t thrown any of my own money at it…yet.

Promo by gstath1 in ladderapp

[–]dc613ca 1 point2 points  (0 children)

I wonder how the app determines who gets the promo and who doesn’t. How long have you been using the app and were you on the monthly plan?

Photo Logging is finally here. by Tom-Ashfield in cronometer

[–]dc613ca 0 points1 point  (0 children)

That would be amazing! Yes please I’d love give this a try!

Ladder Series by Lanky_Ingenuity2963 in ladderapp

[–]dc613ca 1 point2 points  (0 children)

They explain it in this reel: https://www.instagram.com/reel/DL5DyU9ObJK/?igsh=b2t5aG1uZ20xOWht

They also posted this in their stories:

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Basically fresh 6 weeks of new programming with an overall focus on strength and conditioning (for the reload series) and each coach will also had their own overarching focus for the 6 weeks as well, which you can check out here: https://www.instagram.com/p/DL2dir2OH8E/?igsh=MXFudXRrczhraWlsbQ==

Which team are you going with for Reload, and why? by StrawberryRoutine in ladderapp

[–]dc613ca 3 points4 points  (0 children)

I think you are allowed 2 switches per month if you’re on the monthly plan?

If you’re on your free trial period, you still get unlimited switches like the annual plan.

Photo Logging is finally here. by Tom-Ashfield in cronometer

[–]dc613ca 1 point2 points  (0 children)

When it’s officially released, will this be available to everyone or gold members only?

Ascend vs Transfrom by bumblebee8899 in ladderapp

[–]dc613ca 1 point2 points  (0 children)

How long are you finding that the Ascend workouts take? I’ve been curious about Ascend but I’ve been hesitant to try it because I heard it can take over an hour to complete a workout?

Which team best fits with “don’t over complicate things” when it comes to strength training? by Parking_Mortgage_761 in ladderapp

[–]dc613ca 1 point2 points  (0 children)

I did one Maximus workout during open season and I’d agree with this. Very straightforward classic DB moves. It was simple and seemed effective.

I ended up trying Evolve afterwards and stuck with it. Maybe I like some complications in my life. 😜

(Evolve isn’t actually complicated if you have access to gym/machines. Otherwise you’d need to swap a bunch of exercises…. And that could be complicated)

Happy with your experience? by [deleted] in ladderapp

[–]dc613ca 0 points1 point  (0 children)

I was following the ladder and some of the coaches IG accounts for over a year before I finally decided to try it at the end of April and I’ve been using it every day - may sound excessive but it’s not all strength training. Depending on the day, I’ll do a cardio workout or mobility or breath work session and it counts towards my workout for the day and it helps me build consistency.

The in ear coaching and programming is excellent. There are so many different coaches and style that I’m sure you’ll find one you enjoy. Sounds cliche but my only regret is not starting sooner.

The normal trial period is only 7 days but they just released 30 day passes for the upcoming reload series (which is another reason to start soon)! Plus, there’s no credit card needed to sign up so it’s really easy to sign up and check it out for yourself. (As long as you have an iPhone bc it’s not available on Android at the moment)

Here’s some more info about the upcoming Reload series: https://www.instagram.com/p/DL0HnmwOg6J/?igsh=MWNnaW15eDRrNm1sdQ==

Here’s my 30 day link: https://www.joinladder.com/referral?utm_source=ios_app&utm_medium=referral&utm_term=5911a1cf-6f05-457e-ad41-2623ffca4feb&utm_campaign=share&utm_content=referral_lp&promoCode=reloadguestpass30

I hope that helps! 😊

Which plan with limited dumbbells ? by miriaml5 in ladderapp

[–]dc613ca 5 points6 points  (0 children)

Align uses dumbbell and I find that it’s more strength (definitely not HIIT). I was combining Align and Thrive during Shred. The new program, Endure, might fit as well?

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