Susan Daley

CFA, CFP, Portfolio Manager

Susan Daley is an Associate Portfolio Manager at PWL Capital Inc. She is passionate about simplifying complex financial ideas to help clients achieve their financial aspirations. She runs a YouTube Channel with the same mandate, called Your Money, Your Choices.
Susan Daley is an Associate Portfolio Manager at PWL Capital Inc. She is passionate about simplifying complex financial ideas to help clients achieve their financial aspirations. She runs a YouTube Channel with the same mandate, called Your Money, Your Choices.
Personal Wealth

4 Steps to Calculate Your Disability Coverage

For millennials, long-term disability insurance might be the most important decision in their life. The average 25-year-old has $1.75 million in human capital to protect. Those that earn more than an average income of $43,700, have more human capital at risk. I outline the various sources of income you can receive if you become disabled and how to protect yourself by getting an appropriate amount of disability insurance coverage.

Personal Wealth
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Disability Insurance for Millennials 101

The average millennial office worker would lose $300,000 without disability insurance. Those that earn more than the average 25- to 34-year-old would be even worse off. We protect our homes and our cars without a second thought, but very few young professionals I talk to have thought about protecting their biggest asset, their ability to earn an income. I outline how disability works and why it is important in this Your Money, Your Choices episode.

Personal Wealth
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Year End Financial Tips

Another year is essentially over, but there is still time to get a couple financial items off your to do list before the year end. While there are lots of things to do when it comes to personal finance, there are a few that are time sensitive and have annual deadlines. Here are some items you’ll want to check off your list before December 31st.

Personal Wealth
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RESP Grants (Canada Education Savings Grants)

The RESP is a powerful tool to save for your child’s post-secondary education. The power comes from the Canadian Education Savings Grant (CESG), which boosts your child’s education savings substantially. I outline how the CESG works and how you can maximize the grants your child receives.

Personal Wealth
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Everything You Need to Know About RESPs

Your child’s post-secondary education might be decades away, but planning ahead can make that expensive time in your lives much less stressful. One of the major ways to do that is through the Registered Education Savings Plan (RESP), which offers up to $7,200 in incentives for you to save for your child’s education over the long term.

Starting Out
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5 Ways to Pay for Post-Secondary Education

If you’re looking to fund your own or your child’s education but haven’t regularly saved for several years towards those expenses, there are a number of options for paying for expensive tuition, housing and textbook costs. In today’s post, I’ll outline the 5 ways you can pay for education costs or put away short-term savings for it.

Starting Out
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Student Loan Debt Repayment Case

In this episode of Your Money, Your Choices, Susan uses a concrete example of a new graduate paying off student and car loans to show how small differences in your debt repayment strategy can add up over time and save you interest costs and reduce the time it takes to pay off debts.

Starting Out
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How to Build an Emergency Fund

Financial planners and advisors across Canada suggest you should save 3 to 6 months worth of expenses in an emergency fund. You’ve figured out how much you are aiming for, using some of the guidelines from my last video perhaps.

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Index Mutual Funds vs. ETFs

Index mutual funds and their corresponding ETF’s are very similar in terms of their holdings. So how do you which one is best? Like most things in personal finance, the decision will ultimately come down to your personal situation and preferences.

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What You Need To Know About Debt

Debt is an everyday fact of life for many. Whether it’s student loans, car loans, or mortgage debt, most of us have experienced it at some point in our life. One of the key things to reduce debt’s hold over you is to understand how it works so you can develop a plan to pay it off over time.

Starting Out
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Implicit Fees in Investing

I’ve come across many Canadians who don’t think they pay any fees to invest their money. Fortunately, the number of people that are under this impression is falling due to increase exposure. While you might not be swiping your credit card, there are a number of fees that get paid when you invest your money.

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Explicit Investment Fees

Even if you’re the most cost-conscious DIY investor, there are fees to pay when investing your money. Some are straightforward and transparent, others are less so. Today’s episode of Your Money, Your Choices focuses on the transparent and explicit fees you may pay to invest your money.

Starting Out
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What are ETF’s?

ETF’s. It’s one of those common acronyms in the financial industry that gets thrown around a lot, but is rarely explained. ETF stands for an Exchange Traded Fund. It’s a single product that holds a basket of securities depending on the ETF’s investment mandate.

Personal Wealth
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What I Learned from a Year Long Shopping Ban

Back in September of 2015, I completed a year-long shopping ban. I had been reading Carl Richard’s articles talking about values-based budgeting and completed his suggested exercise, where I sifted through my spending line-by-line to determine whether that was aligned with my values.

Personal Wealth
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How to Read a Fund Facts Document

Canadians are getting ripped off! We pay some of the highest mutual fund fees in the world! The more you pay in fees on an ongoing basis, the less money you keep in your pocket and therefore the less you have available to fund your retirement or other financial goals.

Personal Wealth
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Switching Employers

There are lots of moving parts in your finances if you choose, or are forced, to change employers. It can also be a stressful time worrying about finding a new job, making ends meet, and handling all of life’s other activities.

Personal Wealth
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Spousal RRSP’s

I have to say, Spousal RRSP’s are probably the least understood investment account. With today’s post, I hope to change that. I’ll be discussing what the Spousal RRSP is, how contributions and withdrawals work, and the various uses for this type of account over a regular RRSP.

Personal Wealth
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The Taxation of Investment Returns

Taxation of your investments plays an important role in personal finance. In order to earn the highest return you can, you should reduce controllable costs, which includes taxes. In today’s episode, I’ll outline how various investments are taxed, and how you can use this information to make important investment decisions.

Personal Wealth
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Mutual Fund Fees

Canadians are getting ripped off! Thanks to increased exposure, investors are waking up to the fact that we pay some of the highest mutual fund fees in the world (see page 20 in attached report)!

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How are Mutual Funds Invested?

In my first video of a many part series, I outlined what mutual funds are, discussed why they are popular, and give you an idea of how a portfolio manager decides what to invest in. Today’s video outlines in more detail how mutual funds are invested.

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What is a Mutual Fund?

A mutual fund is an investment vehicle that pools contributions from investors and invests that money into a variety of securities. So what does that mean to you and why might you want to use, or stay away from mutual funds when you’re investing your money?

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10 Tax Tips for Millennials

There are many advantages to getting ahead start, your tax preparation included. Planning ahead, keeping receipts, and having some money available at the end of the year can allow you to take advantage of a number of tax savings opportunities.

Personal Wealth

Diversification – The Only Free Lunch in Investing

In economics, there is a saying that there’s no such thing as a free lunch. This means that while you might not be paying for your lunch on any given day, it’s not truly free. Someone, somewhere is paying for that lunch. In the investment world though, they say diversification is deemed the only free lunch in investing.

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The Investment Process

There are a number of items I believe you should look at before considering investing, which I outline in this post: What Stock Should I Buy? But once you’ve mastered those personal finance items, you might be ready to invest your savings. Most individuals think that this is where they need to go out and find the next Google and invest in it.

Starting Out
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Investing is Risky – A Primer on (Some) Risks Associated with Investing

Investing is all about managing risks. While I talk about how not investing is a risky proposition in a previous video, today I outline some of the risks associated with investing your money in the stock and bond market. While there are risks associated with investing, knowing what those risks are and how to manage or mitigate some of the losses associated with those risks will allow you to be a smart, successful investor.

Personal Wealth

Investing in Bonds: How Do I Make Money Buying Bonds?

f you’ve seen my previous videos, you’ll know that individual investors can earn a return on their money by making it available for companies and other organizations to use to provide products and services. Investors expect companies to earn a profit with this cash, which enables the companies to provide an investment return investor’s money.

Personal Wealth
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Isn’t Investing Just Gambling

According to a study produced in 2015 by Blackrock Canada, 51% of Canadians agree that investing is like gambling. I explain what investing really is, and outline the two things necessary to be an investor rather than a gambler in this video.

Personal Wealth
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RRSP Deduction Limit vs. Contribution Room

Now that the dust has settled around tax season, you can start strategically planning your RRSP contributions for next year! As a result of those tax returns you recently completed, you can find out your available RRSP Contribution Room, an important piece of information if you’re looking to maximize your savings.

Starting Out
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What to Do with your Tax Refund

You’ve likely already deposited any tax refund you received for your 2016 income taxes by now. Don’t buy that big screen TV just yet!
In a previous post, I outlined that any contributions to your RRSP should also incorporate any tax breaks you receive as a result of your contribution.

Starting Out
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Are you Spending More on Coffee than your Retirement?

A recent study by the company Acorns, suggested that 40% of millennials are spending more money on coffee than they are on their retirement savings. CTV wanted to get my take on the matter as a millennial who can relate (sort of – I don’t really drink coffee), but also whose job it is to encourage my clients to save for their big and sometime very distant goals, like retirement.

Personal Wealth
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Applying the Pareto Principle to Investing

Analysis paralysis occurs when you over-analyze a situation with many options that no decision or action is taken. This was summed up nicely by a famous study on jam. Psychologists Sheena Iyengar and Mark Lepper conducted a study where they displayed an array of jams to sample. If you sampled a jam, you got a coupon that could be used on any of the jams.

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The Basics of the Canadian Tax System

Welcome to tax season! Every year we have to complete our tax returns which calculates how much federal and provincial tax we have to pay. Some years we might have paid too much through employer deductions and withholding taxes, so we receive a tax refund; other years we might owe tax come April.

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Where should my Investments Go: RRSP or TFSA?

Now that we know the basics of how RRSP’s (Registered Retirement Savings Plans) and TFSA’s (Tax Free Savings Accounts) work from a tax and investment standpoint, there is an important decision to make prior to selecting any investments. Should you contribute to an RRSP or TFSA?

Personal Wealth
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What is a TFSA?

The Tax Free Savings Account (TFSA) is a gift that was given to us by the government in 2009. You can contribute after-tax dollars (i.e. your take-home pay after you’ve had taxes taken off by your employer) up to your contribution limit, which carries forward each year.

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How Much Should I Save?

If you find yourself with no money left over to save at the end of each month, even after making attempts to set up a budget, this video is for you. In 2016, there were a few notable stories of people saving aggressively to meet their goals. The first was Sean Cooper, who paid off his mortgage in 3 years by the age of 30!

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What Should I Spend Each Month?

Do you find yourself having too much month at the end of the money? It’s all too common, believe me. Perhaps you’ve just finished school, you’re starting to earn a decent income, maybe you’ve moved out of your parents’ house, or you’ve been at this for a while but your monthly finances are just not working.

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Improving Your Credit Score with Existing Debt

Do you know your credit score?  When it comes to adulting, a good credit score is the key to entering the grown-up kingdom.It can affect all sorts of things like landing a job, getting an apartment, home insurance premiums,rates for mortgages, car loans,lines of credit, and even getting a cell phone plan.

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You’ve Started Saving Money, Now What?

Continuing with my guide for young professionals, the next step is to determine where to put your money. You’ve figured out your budget (or not), and are starting to accumulate savings. Often many young professionals start accumulating cash in their bank accounts, but don’t know what to do with it, especially as it gets larger.

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The Importance of Planning

The Importance of Planning

We all have an idea about what our future looks like. Planning is the exercise of making those ideas a reality. It’s about avoiding the regret of “why did I spend so much money on X rather than saving it for something that truly matters to me”. The first step of planning is determining your values.

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Fundamentals of Debt

People borrow to bring forward expenditure. Conversely, people save to defer expenditure. Bringing forward expenditure comes at a cost, interest, while saving is rewarded by investment returns. How much debt costs depends on the risk that the borrower may default (i.e. not pay the loan back), which is called credit risk, and the borrowing period (also known as term risk).

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Saving and Budgeting

Saving and budgeting can often be overwhelming and scary topics. But if you don’t know where you are spending your money and find you don’t have any money left over to save, you won’t be able to achieve your goals. Keeping it simple and easy to follow will help you stick with it.

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Why save?

I have no idea what’s in store for me, I don’t know when or if I’ll get married or have kids. Right now, I want an awesome kitchen, so that’s my present motivation to save.

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Basic Financial Terminology Explained

Like many industries, the finance industry has its own vocabulary. All the acronyms and jargon can get confusing for investors, especially if you’re just starting out. In my last post, I outlined my intent to create a series of blogs that address financial issues facing young professionals. The following gives a very brief overview of some of the basic terms I will refer to in future posts in this series.

PWL News & Events
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Introducing NBIN MyPortfolio+

One key benefit of MyPortfolio+ is the ability to access trade confirmation slips and prospectuses online, in addition to regular monthly statements. This is a bonus for clients who want to be able to access all their information online in one place at any time.

Personal Wealth
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Tax Tip: Do I Need to File a T1135?

New reporting requirements and a commitment to heavier enforcement of penalties have brought the T1135 form into the light. Do you need to be filing one? The T1135, or Foreign Income Verification Statement, is a form to disclose all “specified foreign property” held by Canadians in non-registered accounts.

Personal Wealth
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How Much Do You Need to Retire?

Have you ever opened your RRSP account statement and thought “Great, I have more money than last month, but what does that mean for my retirement?” or “My account value has gone down, should I be worried that I can’t retire when I want to”? Like any ship, most of us know where our destination is: a comfortable retirement. The water might be choppy and momentarily steer you off course, but as long as you have a map that can show where you are compared to where you want to be, you should reach your destination.