If you asked a professional financial planner to make a plan for you, it would typically cost several thousand dollars. So how does Planswell give away the world’s best financial plans for free?
Feel Better Blog
“Through 20 years of effort, we’ve successfully trained
everyone to use passwords that are hard for humans to remember,
but easy for computers to guess.”
– Randall Munroe
It’s 2017. All of your personal information is probably stored somewhere online, across multiple platforms, and with multiple companies. You probably expect that data to be secure. But how can you be sure? Continue Reading
“Follow the money.”
Most of the time, it’s easy to understand the economics behind the products and services we buy each day. For example, when you buy a sweater, you know that the store has added a profit margin to the price. When you eat out, you get that the server receives an hourly wage plus tip.
But when it comes to your financial advisors – the people who give you advice on investments, insurance and mortgages – it’s not always clear what you’re paying and how the person across the table from you makes their money.
The main reason for this is that almost everyone in the financial industry is a commission-based salesperson. No one likes to advertise this fact because, if you follow the money, you might start to wonder whether their financial goals are really aligned with yours.
“Do I watch The Devil Wears Prada again or do I finally get around to seeing Sophie’s Choice? It is what you would call a classic difficult decision.”
-Michael Scott, The Office
Ask a dozen financial advisors whether you should invest in a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), and you’re likely to get a dozen different answers. While this is not very helpful, you might decide to forgive these advisors because this is a classic difficult decision.
Beyonce’s vegan pregnancy. Self-driving strollers. Swaddling techniques that can turn your baby into a living burrito. There are a lot of controversial ideas about parenting, but one idea remains pretty universal: the desire to give your child the best possible educational opportunities.
If you’re pregnant or have a young child, you’ve probably already been told about a Registered Education Savings Plan, or RESP. An RESP is a type of investment account that allows you to earn tax-sheltered investment returns plus Education Savings Grants (ESGs) to be used for a child’s post-secondary education at just about any college or university.
The government grants are what make RESPs a brilliant idea. For every dollar you contribute, the government contributes 20 cents up to a maximum of $500 per year and $7,200 over the life of your plan. That’s like earning a government-guaranteed 20% return. Add that to the growth of your investments, and you can end up with a lot of money put away by the time junior turns 18.
1. Create your free plan
Spend a few minutes answering questions and we’ll create a free financial plan for you. You’ll see how your mortgage fits with your investments, insurance, and most importantly, your goals, such as sending a child to university or setting yourself up for a great retirement.
2. Find your best rate
The Internet is full of misleading mortgage ads. We’ll learn about your situation, and through our collaboration with Canada’s top lenders, we’ll sift through the noise to find the lowest rate that you can qualify for. Our mortgage agents are on salary, not commission, so you always get the best rate and loan terms with no nonsense.
3. Choose your scenario
When possible, we’ll show you two mortgage scenarios: one with just enough for your immediate needs, and one with extra money that you can apply to your financial plan for extra investment growth and tax benefits. We’ll help you assess both options and choose the one that’s right for you.
With Planswell, you’ll have an amazing financial plan, a mortgage with a great rate, and advice from friendly people who work only for you (instead of for commission cheques). No one else can offer you all of this… so get started today!