Spend, Save, Give

Rethinking Retirement, Family and the Money In Between

The financial world is evolving quickly. Thirty years ago, there was a lack of information. Today, it’s the opposite. We’re surrounded by noise—ETFs, crypto, market updates, social media and endless opinions.

There are now over 5,000 mutual funds and ETFs in Canada and tax legislation that spans thousands of pages. For many, the time you hoped to “buy back” through investing is now being spent trying to make sense of it all.

My early affinity toward money started when I opened my first savings account and was updating my deposit book each month. I was 13 years-old, working at the Mighty Peace Golf Course making $8.75 an hour and watching that account slowly grow. It was simple, tangible and just common sense—and that still resonates in my practice today.

From there, I pursued my CPA and interned at InVision in Peace River, where I first saw how tax and financial statements connect. Today, thanks to a more digital world, I have the pleasure of working with families in the Peace Country and across Canada.

I tell folks, there are really only three things you can do with money: spend it, save/invest it or give it away. Everything else is just a variation of those three choices.

Before building a portfolio or calculating RRSP meltdown, here is a framework I use, and you can use at home, to help visualize the next 10-, 20- and 30-years: Foundation, Family and Philanthropy.

Foundation is you. When do you want to retire, and what does that look like? Whether it’s sitting on the beach at 60 or running a business into your 70s, we start by planning the income for your home—your oxygen mask.

Family is often where plans become more meaningful. Helping with a down payment, supporting grandkids or passing on a business—there are thoughtful, tax-efficient ways to make an impact while you’re here to see it.

Philanthropy doesn’t need to be large-scale. It can be as simple as supporting causes that matter to you in a way that fits alongside your retirement. Giving can complement your retirement spending in a very tax-efficient way.

At the end of the day, a good plan isn’t about doing more—it’s about being clear on what matters. Once you have a vision, the rest is just math, systems and a dynamic tax strategy.

If you have a specific question or want to build a roadmap, visit upfinancial.ca or find me on social media: @MurphOnMoney

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Column by Brandon Murphy, CPA