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IMMEDIATE FINANCING ARRANGEMENT (IFA)

FOR CANADIAN CORPORATIONS

An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan.


How the IFA works to help you get more tax deductions?

IS ‘PERMANENT LIFE INSURANCE’ A NEED OR A WANT?

Most Canadians are confused about choosing life insurance that caters to their needs. You must be fed up with many advisors, agents, brokers pitching a rosy life insurance product.

6 Reasons Why Retirement Planning

Should Be Your Priority

Retirement management has several benefits that range from both personal and psychological

to financial. Here are several advantages and common reasons for effectively planning your

retirement. As popular saying


“If you fail to plan, you are planning to fail!”

Important financial decisions that

everyone should make

Some timely decisions that we make have a great impact on our life either immediately or for the years that are yet to come. Taking a right financial decision is the best example of making a timely decision.

How to prepare yourself to face life- threatening situations and make the right financial decisions?

Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.

Welcome to Our Canadian Financial & Retirement Planning Blogs

At Hexavision, we offer valuable insights to help Canadians achieve financial freedom and prepare for a stress-free retirement. Our blog section is designed to educate you on the best strategies for managing your wealth, reducing taxes, protecting your investments, and leaving a meaningful legacy.

Whether you're just starting your financial journey or nearing retirement, our expertly crafted blogs will guide you through every step of the process.

Empowering Women Through Financial Knowledge

Empowering Women Through Financial Knowledge

June 30, 20244 min read

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“Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world," Linda Davis Taylor

Introduction:

Empowering Women Through Financial Knowledge

Women tend to view money not as a means to an end, but as a tool to improve lives, build communities, and create the life they want to live.

Empowering women through financial knowledge

Money can be a source of empowerment, but for many women, it also brings emotional challenges. Whether you are a single mother, navigating a divorce, or managing your finances alone for the first time, understanding and overcoming these emotional "money blocks" is crucial for financial independence and early retirement. Here are the five most common emotional money blocks and how to release them:

In this guide, you will learn about the 5 emotional “Money Blocks” women face and how to release them to achieve financial freedom and empowerment.! 👊

1. Fear of Financial Insecurity

 Women often face a deep-seated fear of not having enough money, which can be paralyzing. This fear is particularly prevalent among single mothers and women going through a separation.

Overcoming Fear:

  • Build an Emergency Fund: Start by saving a small amount each month. Aim for 3-6 months' worth of expenses.

  • Create a Budget: Track your income and expenses to gain control over your finances. Use budgeting tools to simplify the process.

  • Seek Professional Advice: Consider working with a financial advisor who understands your unique situation.

2. Guilt and Shame Around Money

Many women feel guilty about their spending habits or ashamed of their financial situation, especially if they've experienced financial hardship.

Releasing Guilt and Shame:

  • Embrace Financial Literacy: Educate yourself about money management through books, online courses, and webinars.

  • Join a Support Group: Connect with other women who are on a similar financial journey. Sharing experiences can be incredibly liberating.

  • Practice Self-Compassion: Understand that everyone makes financial mistakes. What matters is learning from them and moving forward.

3. Lack of Confidence in Financial Decisions

Women often doubt their ability to make sound financial decisions, leading to reliance on others or avoiding financial planning altogether.

Boosting Confidence:

  • Set Financial Goals: Define clear, achievable financial goals for short-term and long-term planning.

  • Educate Yourself: Take advantage of resources such as webinars, workshops, and mentorship programs focused on women’s financial empowerment.

  • Small Wins: Start with small financial decisions and gradually take on more complex ones as your confidence grows.

4. Overwhelm with Financial Responsibilities

Managing finances can be overwhelming, especially for single mothers and those going through significant life changes.

Managing Overwhelm:

  • Simplify Your Finances: Automate savings and bill payments to reduce the mental load.

  • Break It Down: Tackle financial tasks in small, manageable steps.

  • Delegate When Possible: If feasible, delegate financial tasks to a trusted advisor or family member.

5. Emotional Spending

Many women use shopping as a coping mechanism for stress or emotional distress, leading to unplanned expenses and financial strain.

Controlling Emotional Spending:

  • Identify Triggers: Recognize the emotions that lead to impulsive spending.

  • Create a Spending Plan: Allocate a specific budget for discretionary spending and stick to it.

  • Find Alternatives: Seek healthier ways to manage stress, such as exercise, hobbies, or connecting with friends.

Conclusion

Empowering yourself financially is not just about numbers; it’s about transforming your relationship with money. By understanding and overcoming these emotional money blocks, you can take control of your financial future and pave the way for early retirement.

At HexaVision, we are committed to mentoring women to maximize the efficiency of their money. Our approach combines practical financial strategies with emotional support, helping you achieve total financial freedom.


Other resources to help you get started:

Start your own Retirement Planning checklist:

Here is a quick checklist to get you started with your retirement planning and management blow. Remember imperfect action beats inaction, get started and keep tracking the progress today.

  • Know your Marginal Tax Rate (MTR) to decide if RRSP (saving tax now) make sense for you. Use our Financial Calculator click here.

  • Ensure you have eliminated bad debt and embrace good debt by earning uninterrupted compounding interest on your savings and paying simple interest on your loans including mortgage interest, where ever possible make your interest payments tax deductible to keep more of your money.

  • Ensure you will not deplete your savings in the rare event of serious illness and injury by protecting your income ability to continue saving for your retirement and paying the bills.

  • Create a simple Will and Health Care Directive to outline your medical treatment and asset distribution preferences, preventing government intervention in major life decisions due to incapacity or illness, even if you feel it is not important right now.

  • Only after above checkboxes are done, start investing for long term growth and harvest your investment every 6 months to take advantage of changing economic conditions.

Click Here to Schedule a Free Break Through Meeting with Sunny Kochar

blog author image

Kanwaljit (Sunny) Kochar

Creator of Total Financial Freedom Mentorship Program, wiht over 30 years of experience in various industries helping people grow with time. As a Personal Financial Coach specializing in retirement planning and management for Canadians, my self and my team work with executives and entrepreneurs to build their wealth 3X faster, so they can not only get out of bad debt, but also achieve total financial freedom, retire early (and wealthy,) and do so without strict budgeting, so they can still take vacations, treat their kids, and enjoy quality time together as a family. CEO & Founder of Team Hexavision

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IMMEDIATE FINANCING ARRANGEMENT (IFA)

FOR CANADIAN CORPORATIONS

An IFA is a practice whereby you take out a premium life insurance policy that has a cash building component, such as an exempt whole or universal life insurance policy, and then directly use the policy as collateral to obtain a loan. In this way, you gain the full benefit from the insurance policy, yet you are still able to use your money to build your business or to invest in other income-generating avenues.


How the IFA works to help you get more tax deductions?

IS ‘PERMANENT LIFE INSURANCE’ A NEED OR A WANT?

Most Canadians are confused about choosing life insurance that caters to their needs. You must be fed up with many advisors, agents, brokers pitching a rosy life insurance product.

6 Reasons Why Retirement Planning Should Be Your Priority

Retirement management has several benefits that range from both personal and psychological to financial. Here are several advantages and common reasons for effectively planning your retirement. As popular saying


“If you fail to plan, you are planning to fail!”

Important financial decisions that

everyone should make

Some timely decisions that we make have a great impact on our life either immediately or for the years that are yet to come. Taking a right financial decision is the best example of making a timely decision.

How to prepare yourself to face life- threatening situations and make the right financial decisions?

Each one of us begins a new day praying to God for the future of our family and ourselves. We step out of our home for work or any reason without knowing what is going to happen. Many personal unexpected situations might affect your family at large.

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Kanwaljit (Sunny) Kochar DBA Hexavision Enterprise is licensed to sell Segregated Funds investments, Life and A&S Insurance products in Ontario, Alberta, QC, NB, SK, NS and British Columbia. Not available in other provinces.

License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC). Insurance and segregated funds provided by Carte Risk Management Inc.

@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure

© 2024 Hexavision Enterprise. All rights reserved

Our Service Area

Ontario | Quebec

Alberta | Nova Scotia

British Columbia | Saskatchewan

New Brunswick

Working Hours

🟢 Monday to Friday : 9:30 - 6:30 EST

🔴 Saturday and Sunday : Closed

Join Our Blogs/Newsletter

Kanwaljit (Sunny) Kochar DBA Hexavision Enterprise is licensed to sell Segregated Funds investments, Life and A&S Insurance products in Ontario, Alberta, QC, NB, SK, NS and British Columbia. Not available in other provinces. License #s: FSCO LIC#17161321 (ON), AIC LIC # M-3493167-1763384-2020 (AL), BC LIC#LIC-2020-0022136-R01 (BC), AMF LIC# 2023-CI-1016414(QC), LIC # 087345 (SK), FCSC LIC# 220039066 (NB) Insurance and segregated funds provided by Carte Risk Management Inc.

@ 2024 Hexavision Enterprise| Terms And Condition| Privacy Policy | Advisor Disclosure

© 2024 Hexavision Enterprise. All rights reserved