Q: hey im going to school right now for finance my goal is to become a financial planner can u help me? maybe an internship
marviless - atlanta, 17 Oct 2007

A: Hi there. I sure can. Why don't you come by my office for a coffee. I can help point you in the right direction with respect to courses, internships, etc.
pabate - 13 Nov 2007

Q: Hey Paolo, how come you never refer people that are in financial difficulity to one of those non profit credit counselling places?
Carl Bondi - Atlanta, 19 Sep 2007

A: Hi Carl, I have never been asked specifically about credit counselling services on this forum before, and hence, have never reffered anyone on this forum to them. I am not a credit conselling specialist, and granted this, have certainly reffered my personal clients to such agencies when such services are required. However, I do have particular expertise in money/expense management and cash flow budgeting both at the personal and commercial level. Being proactive and discussing your personal cash flow situation if you feel you may have a problem, with a financial advisor can, in most cases, prevent you from having to visit a credit counselling agency. If credit counselling can be avoided through the use and execution of a proper cash flow management program put together by you and your financial advisor, take action now before its too late and you are forced into bankruptcy. If you feel you need credit counselling, you can feel free to give me a call or for an overview of credit counselling services, visit the website below: http://www.creditcounsellingcanada.ca/ Hope this helps, Paolo
pabate - 30 Sep 2007

Q: How bad will a foreclosure affect me?
nick - Atlanta, 04 Aug 2007

A: A foreclosure will affect you financially. It is a serious financial event in anyone's life and will affect your credit rating. It should be avoided at all costs. Debt consolidation is key. You need to advice of a financial advisor to help you. Considering coming to see me ASAP as we may be able to avoid such an event. Regards, Paolo
pabate - 10 Aug 2007

Q: Hi Paolo, can you tell me about mortgage life insurance and where is the best place to purchase it?
Jessica - Atlanta, 19 Jul 2007

A: Hi Jessica, The one critical thing you must remember before you do anything with respect to insurance, especially if it has to do with mortgage life insurance is to NEVER, EVER purchase it from your bank. You always want to deal with an independent financial advisor that is well versed in how mortgage life/disability/critical illness arrangements work. Banks aren't trained, nor licensed at the branch level to provide and structure such arrangements. They will usually try to sell you a product you believe will protect you when you buy your home and arrange a mortgage through them. Be advised, you DO NOT have to purchase such insurance from them, and for a variety of reasons, you wouldn't want to purchase it from them. Aside from the many I can share, the one very important reason you never buy such coverage from the bank is that their products are designed to protect them, the bank, and not you. You or your family get no say on how any resulting money is spent, and you never get back any of the premiums you pay. In addition, everytime you refinance your home coverage gets more expensive as you have to redo it. Getting a standalone product is the best way to go. You can structure stand alone products in a variety of ways, some in which you can also invest through without paying tax on gains and some where you can get back all the premiums you have paid. Email me for more information. Paolo
pabate - 26 Aug 2007

Q: What are the benefits of working with an independent financial organization instead of a bank?
Steven - Atlanta, 19 Jul 2007

A: The main benefits essentially revolve around the term 'Independence'. Using an independent advisor means you truly obtain advice that is free of compensation bias. Independence ensures that the product or service that has been recommended has been recommeneded because it is the best course of action and not because it will pay the person who recommended it more than others. Banks only tell you about their own 'in-house' products that help their bottom line more than they help yours. Have you ever visited your bank and have been advised to invest in anything other than their funds? The answer is a resounding NO. This is just one example and goes to show you that you do have options, however, the bank isn't going to tell you about those options because they want your business to stay in the bank. see the following link for a better overview: http://fcfg.firstcanadiancapital.com/our_advisors/ Also, beware of companies claiming to be independent who are not. Ask for disclosure letters from advisors that stipulate who they can do business with and if they have any special deals with mutual fund companies or insurance companies that will influence their advice to you. At the end of the day, there are hundreds of different investment options for your money or insurance needs, why wouldn't you shop around outside the bank? Going straight to a bank to invest your money without looking for other sources of advice is like buying the first house you see for sale.
pabate - 10 Aug 2007

Q: Hi Paolo, I am looking into a mortgage, can you tell me more about mortgage brokers and where the best place is to get a mortgage these days?
John M. - Atlanta, 19 Jul 2007

A: Mortgage Brokers are normally independent providers of great mortgage advice. Most brokers have access to the over 50 lenders that lend money out for your mortgage. The majority of Canadian's still visit their bank first when shopping for a mortgage, however, this is quickly starting to change when they discover their bank can't always offer them the best rate or perhaps help them at all depending on their credit score. An independent morgage broker, and there are many, can shop the entire market for you and 100% of the time, offer a cost-effective solution. They are a one stop shop and your credit is only checked once as opposed to each time you visit a big bank. Visit www.mortgage-cents.com for an idea of how independent mortgages brokerage works. You can also see other companies like Invis or Mortgage Intelligence. Look for a firm that does not just specialize in mortgages but whose brokers or mortgage specialists are versed in financial planning. Mortgage Cents, as noted above, does just this. They can get you a mortgage and also provide you with advice on how to save taxes and pay down your mortgage faster. Cheers, Paolo FC Financial 416-742-5600
pabate - 23 Jul 2007

Q: I would like to know if you have any tips on best ways to save in order to buy a new home. What are the best options etc? Thank you
Anastasia - Atlanta, 30 May 2007

A: There are a variety of ways to save for a home. At the most basic level, you have to ensure you have a savings plan; so you can save enough for a downpayment. Although nowadays you can access a mortgage with little money down, if at all, the more you have saved, the better the interest rate you are able to access. A mortgage broker can help you here by shopping the market for the best rates applicable to your situation. Your savings plan should incorporate RRSP's, especially if you are a first time home buyer as you can access up to $20,000 from your RRSP to purchase a new home without incurring any tax on your withdrawal. If you already have $20,000 saved up in an RRSP, and are looking to purchase a home, you should consider stopping your contributions to the RRSP and allocating them to another investment program in an effort to generate the most amount of cash you can for a downpayment. Once you savings plan is in place, stick with it. Decide on a home and source a mortgage. Using a mortgage broker is a great idea to shop for the best rates. Beyond that, when you actually do purchase, NEVER EVER EVER takes the banks mortage life or disability insurance plan that they try to sell you at the time you close the deal. The insurance is a great idea, however, the banks products are terrible and don't protect you the way you think they will. ALWAYS seek the advice of an independent insurance advisor or financial planner. They can get you a plan that will actually protect you, usually at the same or for less than the bank. They can even create a plan that protects you and your family while also helping you build tax sheltered wealth. For more information on the insurance aspect, write me back. Cheers, Paolo www.firstcanadiancapital.com 416-742-5600
pabate - 06 Jun 2007

Q: I had a question with regards to tax shelters. What is a tax-shelter? And how do I set one up? Thank you
Mike M - Atlanta, 29 May 2007

A: Tax shelters are just that, shelters. Essentially, a tax shelter allows you to grow money in a environment that is free of tax. So, taxes will not erode whatever money is inside the shelter. However, at some point taxes may have to be paid, but there are ways around this as well using properly structured insurance contracts. At the end of the day, people use tax shelters to grow their money faster by eliminating taxes payable on gains they make with it. There aren't too many legitimate tax shelters left in Canada, but here are some examples of tax shelters you, through an invesment and tax planner, can access: 1. Your RRSP - acts as a tax-shelter while your funds remain inside, however, you will have to pay tax at some future date. The key is to pay less tax in retirement than you would now on those same funds. 2. Trusts - can be used as tax shelters, however they are more complicated than RRSP's to set and you need to ensure you get the right advice; however, they can be a very powerful wealth building tool. There are however legal fees that must be incurred and other considerations. 3. Permanent Insurance Policies - certain policies like this, can be structured as tax shelters. They are extremely powerful tools are inexpensive to setup. The average Canadian can access them and use them successfully. Aside from your RRSP, every Canadian should examine the possibility of setting up a tax shelter like this; especially if you are already spending money on inferior term or mortgage insurance products. A good investment and tax planner can find a way to consolidate your existing insurance and create a plan like this for you, likely without an increase in cost. Getting the right advice is key.
pabate - 06 Jun 2007

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