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Financial Advisor-Alphonse Destro BA, BEd

Home
Canada
Stoney Creek, ON
Financial Advisor-Alphonse Destro BA, BEd

Mutual Funds offered through Monarch Wealth Corporation. I strive to provide holistic and individualized financial plans for my clients.

04/11/2024

The New Bach Pad is completed ✔️
Freedom and Independence finally!
Never been so excited in my life for paying all these new bills! 🤣

04/09/2024

Should you use the RRSP, FHSA or TFSA?

Well…it depends!

➡️How much do you make?
➡️What are your investing goals?
➡️When do you need the money?

If you want to learn more about this, leave a money emoji in the comments!💰💰💰

02/21/2024

2024 TFSA contribution alert:🚨

The 2024 TFSA contribution limit is $7,000.

If you have never contributed to a TFSA and were 18 years of age in 2009 or earlier, you have $95,000 of TFSA contribution room available. If not, you take the year you turned 18 and add up the cumulative room from that year and each year onwards. Between you and your spouse/partner you could have up to $190,000 worth of TFSA room that could be growing and compounding in the market TAX-FREE! That can be a very powerful part of a financial plan!

All growth, capital gains, dividends, income earned within the TFSA is tax-free. TFSA contribution room does not disappear if you fail to contribute in any given year; it rolls over into the next year. The biggest gift the Canadian government can give to its taxpayers, the ability to save money 100% tax-free. Put this money to work and take advantage of it!

02/13/2024

Friendly Reminder

*RRSP Contribution Deadline is February 29, 2024 for the 2023 taxation year.*

The RRSP contribution limit is 18% of your earned income from the previous year, up to a maximum of $30,780.

You can carry forward the RRSP contribution room that you are unable to use in any particular year.

When you put money into an RRSP, it can help you save for retirement, reduce your taxable income for the year, and may produce a tax refund.

Any investment income earned within the RRSP can grow tax-deferred as long as the money remains within the RRSP, until it's withdrawn.

If you have any questions about your RRSP or would like to make a contribution before the deadline, feel free to reach out today!

05/25/2023

Making money is a bad investment goal. You saying, "I just want to make as much money as possible" is a BAD INVESTMENT GOAL! Making money is part of investing, but all great financial plans and investment strategies begin with the end in mind. You have to be laser clear on what you're trying to accomplish!

05/11/2023

Any interest, dividends, or capital gains earned on investments in a TFSA are NOT TAXABLE either while held in the account or when withdrawn.

To put that in perspective, if your $100,000 TFSA grew to be $1,000,000…that would be $900,000 worth of tax free gains!!

Use the account to its fullest potential by actually investing it in the market and putting your hard earned money to work!

Reach out today, I’m here to help!

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04/26/2023

Most COMMON and COSTLY investing mistakes by novice/beginner investors: 🤕

1. Not following a real financial plan
2. Using wrong type of investment accts
3. Treating investment accts like back up bank accts
4. Not understanding risk
5. Jumping in and out of the market
6. Thinking 12 months is a long-term time horizon
7. Not having a system in place to pay themselves first
8. Chasing returns instead of the consistency of returns
9. Investing in things they don’t understand

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04/11/2023

3 things that all investors (MUST DO) if they want a shot at getting wealthy:

1. Delay Gratification- take a pass on that desired purchase and invest the money for your future instead.

2. Structure with Contributions- set up an automated PAC on all of your investment accounts.

3. Taking a Suitable Amount of Risk- You have to be willing to take some risk with your longer-term investments.

Disclosure: *As long as the above aligns with your investment objective, risk tolerance, time horizon and overall financial goals/needs.*

03/31/2023

Paying off high interest debt vs. investing.

Which should you do? 🤔

03/22/2023

The Debt Snowball Method. Have you heard of it?

The debt snowball method is a debt reduction strategy where you pay off your debt in order of smallest to largest, gaining momentum as you knock out each remaining balance.

Here’s how it works:

Step 1: List your debts from smallest to largest regardless of interest rate.

Step 2: Make minimum payments on all your debts except the smallest.

Step 3: Pay as much as possible on your smallest debt.

Step 4: Repeat until each debt is paid in full.

Now, before you start arguing about the interest rates, hear me out. If your largest debt has the largest interest rate, it’s going to be a long time before you start to see a dent in that crazy balance of yours. But when you stick to the plan (without worrying about interest rates), you’re going to be jumping up and down when you pay off that smallest debt super quick! That excitement is what’s going to motivate you to keep working hard...all the way to that debt-free finish line.

Just like the snowball gaining speed on its way down the hill, you can power through paying off debt. Watch your momentum and success grow as you go, one debt at a time!

02/17/2023

Your 2023 TFSA dollar limit is $6,500. 🚨

If you have never contributed to a TFSA and were 18 years of age in 2009 or earlier, you have $88,000 of TFSA contribution room available. If not, you take the year you turned 18 and add up the cumulative room from that year and each year after.

All growth, capital gains, dividends, income earned within the TFSA is tax-free. TFSA contribution room does not disappear if you fail to contribute in any given year; it rolls over into the next year.

The biggest gift the Canadian government can give to its taxpayers, the ability to save money 100% tax-free. Put this money to work and take advantage of it‼️

02/09/2023

You don’t buy life insurance because YOU are going to die, but because those you LOVE are going to LIVE!

Please INSURE YOURSELF. Never think that life insurance is an additional expense, rather treat it as a protection and savings for YOU and FOR YOUR FAMILY.

With over 20 insurance companies to choose from, let’s find the right insurance solution for you.

Address

237 Barton Street Unit 201
Stoney Creek, ON
L8E2K4

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm
Saturday	9am - 5pm
Sunday	9am - 5pm

Website

http://www.monarchwealth.ca/

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