F508 Posted April 12, 2018 Report Share Posted April 12, 2018 Does anyone have recommendations for financial planning/advice company? Is it better to go with CMA or a private company? What factors should I consider when picking a company? Any recommendations particularly for the Montreal area? Thanks! Link to comment Share on other sites More sharing options...
Mithril Posted April 20, 2018 Report Share Posted April 20, 2018 Private company or CMA it doesn't really matter. By CMA I assume you mean MD Management. You should choose whomever you feel more comfortable with. MD Management has given me good financial tips and I don't need to pay anything extra for advice as my dues cover those expenses. In terms of investment fees however you may find better rates outside MD Management. Link to comment Share on other sites More sharing options...
Bambi Posted April 20, 2018 Report Share Posted April 20, 2018 Isn't it too early in the game? As a third yr resident, I am burdened with debt, have no investments and realize that in about 3 years, I will start to pay off my LOC. Until then, I do the best I can. Yes, you can buy a condo or home if your life is settled and you are sure that you will remain in the city and that you will drive no more than 20 minutes in each direction to and from work. And you may consider using your LOC for the down payment. Mortgage will be higher than rental costs and you may not be able to sell when you want to. So, be careful what you wish for, if its to buy. Eventually, I will find an investment advisor but it is way too early for me and is certainly not a priority at this stage. Link to comment Share on other sites More sharing options...
ploughboy Posted April 20, 2018 Report Share Posted April 20, 2018 5 hours ago, Bambi said: Isn't it too early in the game? As a third yr resident, I am burdened with debt, have no investments and realize that in about 3 years, I will start to pay off my LOC. Until then, I do the best I can. Yes, you can buy a condo or home if your life is settled and you are sure that you will remain in the city and that you will drive no more than 20 minutes in each direction to and from work. And you may consider using your LOC for the down payment. Mortgage will be higher than rental costs and you may not be able to sell when you want to. So, be careful what you wish for, if its to buy. Eventually, I will find an investment advisor but it is way too early for me and is certainly not a priority at this stage. Financial planning is much more than investment. Never to soon to think about, even if most of the actionable items will be deferred. Link to comment Share on other sites More sharing options...
F508 Posted April 20, 2018 Author Report Share Posted April 20, 2018 I'm looking for a company that can guide me on how to responsibly/effectively manage my money, even if the impact will be small now. I figure better to start earlier than later. MD Management seems to have bad comments about their investments services. The fact that they aren't commission based, is that a good thing or bad thing? Anyone have experience with MNP (or know of friends' experiences with MNP)? Link to comment Share on other sites More sharing options...
LittleDaisy Posted April 29, 2018 Report Share Posted April 29, 2018 On 4/20/2018 at 2:29 PM, F508 said: I'm looking for a company that can guide me on how to responsibly/effectively manage my money, even if the impact will be small now. I figure better to start earlier than later. MD Management seems to have bad comments about their investments services. The fact that they aren't commission based, is that a good thing or bad thing? Anyone have experience with MNP (or know of friends' experiences with MNP)? If you are just thinking of how to manage your money frugally, and save your residency salary to pay off your LOC, I would recommend to go see a MD financial advisor. They would do a personalized budget with you and tell you how to save money (in my case, the advisor told me to get a roommate + cut off my unlimited wifi + cable tv lol). You don't pay for those services, and they do offer good insurance advise (disability+ life+ critical illness). Also, as a CMA & OMA member, you get your taxes done for free by MD financials accountant ( I personally used it, and not bad!) For investments, I would recommend that you go outside of MD financials, the best investor is DIY, no financial advisor would put your interest at forefront beside yourself (conflict of interest, commission-based, and 1-2% of MER). If you successfully get through medical school, I have no doubt that you will understand the basic principles of investing in a few hours. All you need is to read a few financials books + websites, and invest as a couch potato! Physicians are notoriously bad for managing our own finances, because we always have the excuse of finding a <<finance person in an over-dressed suit who promise you that they will make you rich>> to manage our investment portofolio for us, and regret when you realize that they don't your interests at forefront and are buying risky active stocks to suck commissions & bonuses out of you. p.s: Unless you have no debt from medical school, it might be hard to put aside money to invest during residency, . I have been living a very frugal life in residency, but still find it hard to save money as the cost of living is so high in Toronto. You do have to think about the costs of LMCC II (3000$) and CFPC or Royal College Exam (> 3000 +). Also it's also wise to keep an extra grand in your bank account in case emergency happens. Some people are using their LOC to invest in stocks & ETFs, it might be a good idea given the annual growth of the stock market (usually 6%), but you are using your debt to invest in an uncertain market nowadays, just my two cents?! Link to comment Share on other sites More sharing options...
Mithril Posted May 2, 2018 Report Share Posted May 2, 2018 On 4/20/2018 at 4:08 AM, Bambi said: And you may consider using your LOC for the down payment. Very risky thing to do to use debt to create bigger debt and pay interest on both. Like already mentioned, it's never too early to learn about finances and investing. You'll be better off financially than your peers and you definitely want to pay off your school debt as soon as possible with the rising cost of living in many urban centres. Link to comment Share on other sites More sharing options...
JohnGrisham Posted May 2, 2018 Report Share Posted May 2, 2018 9 hours ago, Mithril said: Very risky thing to do to use debt to create bigger debt and pay interest on both. Like already mentioned, it's never too early to learn about finances and investing. You'll be better off financially than your peers and you definitely want to pay off your school debt as soon as possible with the rising cost of living in many urban centres. Depends on the situation, in some situations the flexibility of using the LOC can mean you can pay it off on a whim(more so speaking to use LOC for more than just a down payment, obviously regional specific). Some mortgages have penalties or higher rates for the priveleges of doing pre-payments. After all, the goal is to get as much interest off of you over the life of the mortgage. Link to comment Share on other sites More sharing options...
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