The Money Blog

Be in the know.
News, videos and articles to increase your financial knowledge.

Money Mastery Made Easy | 5 Part Plan to Financial Freedom

education financial planning financial strategies investing for beginners Aug 03, 2023


Are you just starting your path to financial independence?

Are you tired of living paycheck to paycheck?

What does retirement look like?

How do you make sure your loved ones are taken care of?


To assist you in making improved financial choices, we have developed a comprehensive five-part video series covering income, savings, spending, investing, and protection. By equipping yourself with a solid understanding of financial basics, you can make informed choices, build wealth, and attain greater financial autonomy.


#1 Income

It is important to have a clear understanding of the various deductions on your paychecks, which encompass taxes and items like CPP, EI, as well as health and dental plans. These deductions gradually diminish net income and can have an impact on retirement savings, debt repayment, and other financial objectives. It is crucial to grasp the intricacies of pay stubs and take-home pay in order to make well-informed financial choices.


#2 Saving

Due to inflation, saving money has become increasingly challenging, as the cost of everything has risen. This video presents strategies and advice aimed at addressing this situation. Saving money is crucial, regardless of your age, as everyone will eventually need to retire. By adhering to the suggestions in the video below, it is possible to transform your mindset and behaviors related to saving money, ultimately making it easier to achieve long-term financial objectives.


#3 Spending

In this video, Adam discusses the significance of managing expenses and establishing a budget to prevent long-term financial difficulties. Spending habits play a pivotal role in personal finance, as it directly impacts your ability to save and invest in your future. We recommend a comprehensive understanding and diligent tracking of all expenditures by creating a budget. Watch the video below for some great tips on how to change and control your spending habits so that you can reach your financial goals effectively and efficiently.

Download the Free Parallel Wealth Budget Template Excel Sheet Here.


#4 Investing

The next video in our series delves into the fundamentals of investing, various investment types, and the accounts accessible to Canadian investors. The discussion covers stocks, bonds, mutual funds, and ETFs, shedding light on potential risks, and rewards. We explore different account options available to investors, including non-registered accounts, TFSA, RRSP, and RESP accounts.

Investor education is very important due to the multitude of options available, each with its own set of advantages and disadvantages so be sure to conduct thorough research and seek guidance from a financial advisor prior to making any investment decisions.


#5 Protection

Personal insurance serves as a vital financial tool, safeguarding loved ones in the event of an unexpected death or your income due to illness or injury. Three types of insurance merit consideration: life insurance, critical illness insurance, and disability insurance. Life insurance grants a beneficiary a specified sum upon the policyholder's passing. Watch the video for more valuable information on protecting your wealth and loved ones with insurance. 


Be sure to subscribe to our YouTube Channel: Money Mastery, and check back regularly for informative videos on how to become the master of your financial wellbeing. 


Parallel Wealth Financial Group offers financial planning and investment management to Canadians. Based in Langley, BC we effectively service clients across all of Canada.


Want Helpful Finance Tips in Your Inbox?


You're safe with me. I'll never spam you or sell your contact info.