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Winning the lottery - a dream for all; a nightmare for some

Posted on March 22, 2010 by David Lloyd

I was given a lottery ticket as birthday gift at a dinner with friends on the weekend. The condition was that we would all share the pot. It was great value to dream for even a few hours of how life could change with $41 million.

Sudden wealth via the lottery, inheritance or selling a business can be life changing. In our business we see this first hand nearly every day. Unfortunately, for some people, the dream of financial freedom can actually turn into a nightmare.

Search the internet and you’ll find story after story of cash windfalls turning into personal downfalls, with some estimates that one third of all lottery winners are in serious financial difficulty or bankruptcy within just five years of winning!

Tags: Investing, Lottery Winners, Retirement Planning, Tax Planning, Wealth & Happiness

Does wealth bring happiness?

Posted on March 2, 2010 by David Lloyd

Only if you stop to smell the roses.

An interesting study by the University of British Columbia, reported in Wency Leung's Globe & Mail article, "If that chocolate tastes 'meh,' you may be too rich", found that wealth can alter one’s ability to savour the little things in life. Things like enjoying a waterfall while on holiday, spending a romantic weekend with a partner, etc.

“Hedonistic adaption – the idea that people get used to whatever they have” is an obstacle to happiness, Leung writes.

Tags: Goal Setting, Selling Your Business, Wealth & Happiness

No shortcuts to building wealth

Posted on February 24, 2010 by David Lloyd

For almost thirty years of my career, I’ve gained immense satisfaction from helping our clients develop sound tax and wealth management strategies. And I’ve been blessed to watch them enjoy the rewards of their disciplined habits through greater wealth, health and happiness.

So I was struck when I read the Globe & Mail piece on ‘the nine milestones of a financially sound life’ according to Moshe Milevsky, a university finance professor. While a good deal of what Milevsky has to offer is sound, I would caution against adopting some of the recommendations in the article. Two subjects in particular caught my attention: income taxes and saving:

Tags: CRA, Retirement Planning, Saving for Retirement, Wealth & Happiness