Business TheReview Wednesday, March 14,1990 — B9 Any financial repairs needed ? Why wait til spring? Do it now — g0 over your personal finances, that is, and get to work on what- ever needs fixing up. Finance Minister Michael Wil- son brought down his latest budget to try to put Canada’s financial house in order. That should > prompt you to review all aspects of living within your means, too. To help, here are some key points to review, taken from (he said modestly) The Best of Mike Grenby - A Year-Round Guide to Managing Your Money (Self- Counsel, $7.95). After all, I often quote from other money books so it’s only fair I do the same with my own. Highlight or underline the points that relate to your (family) situation. Note the steps you should take or people/companies to contact. Set deadline dates. (1) The personal side of per- sonal financial planning. Decide what you want from your money. Talk to any family members involved in your finances. Write down objectives in order of prior- ity. Decide how to achieve those objectives. Balance spending now against saving to spend in the future. Be guided by your feelings — but only after you have reviewed all your options. (2) Staying in control of your money. Know how much money comes in and, more important, how much goes out — and how it goes out. New way ~ Enjoying the beauty southem Vancouver Island has to offer from the secure deck of a B.C. Ferry is one thing. But sitting below the | water line in a kayak is quite | another. Now, the purchase price of over $2,000 for a single kayak can be avoided by renting the same kayak for day or week-long excursions from a retail outlet about to open on Fifth Street — Sea-Trek Sports Ltd. It opens Saturday and co-owner Gord Hutchings is excited about becoming part of the local busi- ness community: “We're getting in touch with lots of people,” Hutchings said. Already, with the store not open for regular business, two kayaks have been sold and a few have been rented for day excursions in waters off the Peninsula. Sea-Trek deals exclusively with Necky kayaks, which are built in Abbotsford for retailers all over Canada and the United States. They are made with a different manufacturing process than those _ made with the Current Designs ® trademark at a McDonald Park Road shop. Hutchings said there’s plenty of room in the market for both types of kayaks, although Current Designs kayaks are not retailed locally. “It’s going to go no where but up,” Hutchings said. Sea-Trek will offer introductory courses to kayaking, will sell maps and charts of local waters and plans are being made with a local hotel to offer tourists a package deal for kayak tours. y “It’s great for Sidney really,” ___ Hutchings said. A Necky-brand Tofino double was used by a California kayaker who took 63 days paddling from the California coast to the Hawai- ian Islands, Hutchings said. SSNS If you are starting, in the middle of or ending a relationship, talk to each other about your personal/ financial objectives, and about your earning, saving, spending, borrowing and investing habits. (3) Money saved is worth more than money earned (you pay tax on the money you earn). Find ways to save the most money with the least time and effort. For example, have your banking institution automatically transfer a fixed amount each pay- day or every month to a special savings account or investment pro- gram. (4) Deliver me from debt. How much interest are you paying on your loan(s)? Can you earn that rate — after tax — anywhere else? If not, pay down the debt(s) with any extra cash. When a debt is repaid, add that automatic monthly payment to the next most expensive debt, or to your invest- ment plan. (5) Investing: make your money work as hard for you as you worked for it. Decide how much expertise and time you can devote to your investments, and how. much risk you can take. Then apportion your money accordingly to the four main categories: guar- anteed instruments, the stock mar- ket, revenue property, a business. (5) Use insurance to protect what you have. When was the last time you reviewed whether you have the appropriate life, disability, accident, health, car, home and ' possessions coverages? Have an unbiased agent shop around for the best value for your premium dol- lar. : (7) Choosing and dealing with financial advisers. Make sure you choose people and companies with the expertise you require and the ability to explain everything in plain English — people and com- panies more interested in your well-being than their commissions or fees, (8) Planning for and enjoying your retirement. What part do — or should — RRSPs and pensions play in your retirement planning? Understand the rules so you take full advantage of the best options and have no regrets later Do you have an up-to-date will? Have you written down a list of the steps to be taken following death? (9) How to pay as little income tax as legally possible. At 30 pages, this is the longest chapter in my book, with more than four dozen ways to save tax. Here are a few samples: Look at income-splitting (shift- ing present or future income to the person(s) in the lowest tax brack- ets). Invest in and withdraw from RRSPs to save the most and pay back the least tax. Claim every. == ABOUT STRAIGHT TALK YOUR MONEY. : 1 2 % ONE YEAR RATE Getting the most for your investment dollar is as easy as talking to the right people. For seen a nee rate of return and straight talk call Gurney Smith & (Eo SoS at [e=rteo ve bor sssociates today. 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