budgeting

Improve Your Life By Spending With Intention

/ Jesse Ogloff

One of the most powerful financial concepts has nothing to do with stock picking, market timing, or complex strategies. It’s simply understanding what today’s spending could become if it were invested and allowed to compound and grow over time.

This isn’t about guilt or deprivation, it’s about awareness and intentionality. You should choose to spend money on things that truly improve your own life, while minimizing spending on things that don’t. Everyone is going to have a different answer to what truly brings them joy. It may be the daily coffee, the game on their phone, or spending quality time with the people that we care about. The point of the exercise is to determine what it is for you.

Small amounts may not feel meaningful in the moment, but over long periods of time, they can grow into surprisingly large numbers. At a 10% annual rate of return, money roughly doubles every 7–8 years. To illustrate this, let’s look at what common everyday expenses might be worth 30 years from now, assuming a 10% annual compound rate of return.

A $10 coffee doesn’t feel significant and for many people, it’s a daily ritual they genuinely enjoy. Invested instead, that same $10 could grow to approximately $175 over 30 years. This isn’t a suggestion to give up coffee. It’s simply a reminder that even small, recurring expenses have an opportunity cost and it’s worth understanding what that cost is. Would you still buy the coffee every day if you thought of it like you were spending $175 when you got to the counter?

A $100 dinner with friends or family can be money very well spent if it creates memories and enjoyment. From a purely financial perspective, that $100 could grow to about $1,745 over 30 years if invested. Sometimes the experience is worth far more than the future value and that’s perfectly okay.

A $1,000 purchase may feel like a one-time, justified expense. Left invested for 30 years at 10%, that same $1,000 could grow to roughly $17,449. Larger discretionary purchases naturally carry larger opportunity costs, which is why being intentional matters most when spending more.

One-time purchases are easy to evaluate. Habits are where the real impact occurs — because repetition plus time is where compounding truly shines. Here are two examples, using the same expenses above for a daily coffee during the work week and a weekly restaurant bill.

For our first example, let’s assume that you purchase a $10 coffee, 5 days per week, every week of the year. Let’s assume that you do this over the course of your 30-year career. This would work out to $2,600 per year that you’ve spent on coffee. If that $2,600 were invested annually instead, over 30 years it could grow to approximately $427,000. That number surprises many people, not because coffee is “bad,” but because consistency matters far more than size. If your daily coffee is something you genuinely enjoy and look forward to, it may be money well spent. If it’s simply a default habit, this is where awareness can make a meaningful difference.

Our second example assumes that you treat yourself to a once per week restaurant dinner, where you spend $100. That equals $5,200 per year spent on restaurant meals. Invested instead, over the course of 30 years, that annual amount could grow to roughly $855,000 over 30 years. Dining out can be about connection, convenience, and enjoyment — all valid reasons to spend money. The key question isn’t “Should I spend this?” It’s “Is this spending aligned with how much value it adds to my life?”

This exercise is not about cutting all enjoyment from your life or optimizing every dollar. It’s about recognizing that small amounts add up over time, understanding the opportunity cost of habits, and making conscious decisions about where your money goes. If something brings real joy, meaning, or convenience then spend confidently.

The goal is to reduce spending on things that don’t actually improve your quality of life, and redirect those dollars toward long-term investing or things in your life that personally bring you joy. We rarely regret spending money on things we truly enjoy. We often regret the money that disappeared without meaning. Understanding what today’s spending could become tomorrow gives you clarity, not restriction. Awareness leads to control, control leads to better choices and better choices compound, just like investments do.

Jesse Ogloff, B.Comm, PFP, CFP, CIM, CFDS

Associate Wealth Advisor / Associate Portfolio Manager

CIBC Wood Gundy

Appendix :

Assumes a 10% annual compound rate of return over 30 years

Amount Spent TodayFuture Value in 30 Years
$10~$175
$100~$1,745
$1,000~$17,449

Habit-Based Examples (Annual Investing):

  • $2,600 per year (daily coffee): ~$427,000
  • $5,200 per year (weekly restaurant): ~$855,000

Returns are illustrative only and not guaranteed.

Guiding Through Life’s Transitions: Announcing My CFDS Designation

/ Jesse Ogloff

Divorce is one of life’s most difficult transitions — emotionally, personally, and financially. Having guided families through life’s many milestones, I’ve often seen how uncertainty about the financial impact of separation can add an extra layer of stress during an already challenging time.

That’s why I’m proud to share that I’ve earned the Chartered Financial Divorce Specialist (CFDS) designation through the Academy of Financial Divorce Specialists — a certification that deepens my ability to help individuals and families navigate the financial complexities of divorce with clarity, fairness, and empathy.

What Is a CFDS?

A Chartered Financial Divorce Specialist is a financial professional — often a planner or accountant — who has specialized training in divorce-related financial analysis. CFDS professionals work with clients (and often their legal teams) to evaluate the short- and long-term implications of proposed settlements, including:

•           Division of property, pensions, and investments

•           Tax implications and income planning

•           Household budgeting and lifestyle sustainability

•           Child and spousal support scenarios

•           Retirement and long-term financial projections

By using specialized software and forecasting tools, a CFDS can model different scenarios to help clients see not just what a settlement looks like today, but how it may affect their future 5, 10, or 20 years from now.

Why This Matters

Divorce can feel like standing at a crossroads — uncertain which path leads to stability and peace of mind. The right financial guidance can make all the difference. My goal, as both a Certified Financial Planner (CFP) and now a Chartered Financial Divorce Specialist (CFDS), is to bring understanding and balance to these complex moments, ensuring decisions are made with both logic and compassion.

Whether it’s protecting future retirement goals, maintaining a home, or rebuilding financial confidence after separation, my role is to help clients see the full picture — and make decisions that support their long-term wellbeing.

Integrating CFDS Into My Practice

My philosophy has always been about treating financial planning like wellness — caring for your financial health through every stage of life. With the CFDS designation, I can now extend that same philosophy to clients navigating divorce, providing the same trusted, goals-based advice — but through a lens of fairness, foresight, and emotional understanding.

If you or someone you know is going through a separation and feels uncertain about the financial implications, know that there are compassionate, specialized professionals who can help.

Life doesn’t move in straight lines. Relationships evolve, families change, and financial plans must adapt. My commitment remains the same: to provide clarity, empathy, and expertise — no matter where you are in life’s journey.

Jesse Ogloff, B.Comm, PFP, CFP, CIM, CFDS

Associate Wealth Advisor / Associate Portfolio Manager

CIBC Wood Gundy

Your Role as a River Keeper : Responsible Stewardship of Your Family’s Wealth

/ Jesse Ogloff

How do you think of your wealth? Do you see it as a dollar value on a screen or something alive and evolving over time.

I encourage clients to think of their wealth as a river – flowing, dynamic, and shaped by generations. Your river may have begun long before you were born, fed by the work and values of those who came before you, or perhaps it began as a small spring during your own lifetime.

Either way, this river – your river – can continue far beyond where we stand today, if it is cared for and tended with intention.  

Headwaters : The Source of Your Wealth

Every river begins with a spring. For many families, that spring was created by the grit and discipline of earlier generations – parents, grandparents, or even great-grandparents who laid the foundation for everything that flows downstream.

Today’s river, carries not only your financial capital but also the beliefs, habits, and stewardship from your family story. Recognizing these headwaters helps guide your financial decisions with gratitude and perspective.

Tending the River in Your Stewardship Today

Being a river keeper is an immense responsibility. It means acting with purposeful intent to keep the waters clear, balanced, and flowing.

Here’s how :

Remove debris – Protecting your wealth from hidden risks : excessive fees, unmanaged taxes, and unnecessary expenses.

Strengthen the banks – Build safeguards like insurance, wills, and trusts to protect the structure of your financial ecosystem as it moves downstream.

Test the waters – Monitor your financial health, income streams, and spending patterns to ensure your river remains sustainable and high quality.

Being a river keeper isn’t about control – it’s about balance. Your job is to protect the river’s strength while allowing it to nourish the present.

Thinking Downstream : Planning Ahead

The best river keepers stay mindful of today’s conditions but always think downstream. They don’t just react to problems – they anticipate them.

Proactive tax planning, smart estate structures, and thoughtful investment strategies are the tools that will prevent blockages long before they appear.

In Indigenous Culture, the Seventh Generations Principle teaches that the choices we make today affect those seven generations after us. In the same way, you stand as the bridge between your ancestors’ resilience and your descendants’ future.

The Future of Your River

Eventually, your stretch of the river will end – and what happens next is up to you.

Some people choose for their river to flow outward into the ocean, supporting communities and causes through philanthropy. Other’s pass the current on to their children – perhaps as one simple, powerful stream, or one that splits into multiple branches to nourish several new paths.

Whatever form it takes, your river’s future depends on how you guide it today.

Becoming a Responsible River Keeper

Your role as a river keeper isn’t just to manage the flow – it’s to teach others how to do the same.

Just as a carpenter must apprentice before becoming a journeyman, the next generation must learn how to tend to the river : how to prevent blockages, strengthen the banks, and prepare for unseen bends ahead.

If you only focus on growing your wealth but neglect to pass on the wisdom of stewardship, the river’s current may one day run dry.

I make sure that I work with the younger generations of my clients, no matter what stage of life that they may be in, to ensure that they are learning and are equipped with all of the necessary tools for their situation today and for their future.

So remember the Seventh Generation Principle – your river began before you and, with care, will flow long after you. The question isn’t how much can you take from it – it’s how will you tend to it for those who will come next.

Raising Financially Literate Children: A Lifelong Journey

/ Jesse Ogloff

As parents, one of our most impactful roles is preparing our children for the realities of adulthood, and financial literacy is a cornerstone of that preparation. Understanding how to manage money is a skill that can help children achieve their goals, avoid financial pitfalls, and develop independence. However, teaching these concepts often raises questions about how much to share—and when.

Here’s a roadmap to help you introduce financial lessons at different stages of your child’s life, from simple early concepts to adult responsibilities, ensuring they are ready to manage their own financial futures.

Early Childhood: Building Blocks of Money Awareness

When children are young, the goal is to familiarize them with basic financial concepts in ways they can easily understand and relate to their daily lives.

  • Where Does Money Come From? : Explain the concept of earning money by working. For instance, share what you do for a living in simple terms, emphasizing how work provides the resources to pay for food, clothes, and activities. Use play to reinforce this—children’s chores or pretend shops can be excellent teaching tools.
  • The Value of Choices : Engage them in simple decision-making. For example, let them choose between two snacks at the store or pick a family activity within a small budget. This helps them grasp that money is finite and choices are necessary.
  • Saving for Something Special : Introduce saving by using a clear jar or piggy bank. If your child wants a toy, help them save birthday money or small earnings to buy it themselves. This makes the reward more meaningful and connects effort to results.
  • Generosity Counts : Introduce the idea of helping others. If your family donates to a cause or participates in charitable activities, involve your child. Even contributing a small portion of their allowance can help them understand the importance of giving back.

Pre-Teens: Exploring Financial Responsibility

As children grow, their understanding of money matures, and they often compare themselves to their peers. This is an ideal time to teach values and begin involving them in family financial decisions.

  • Allowances and Earning Power : Transition from a fixed allowance to an earned system. Assign age-appropriate tasks and reward completed work. This builds the connection between effort and reward and introduces the responsibility of managing their earnings.
  • Spending and Saving Goals : Help them balance saving, spending, and giving. For example, encourage saving for a larger purchase, like a gadget or a camp fee. They’ll learn to prioritize and delay gratification.
  • Discuss Priorities : Be open about why your family spends money in certain ways. For example, if you prioritize experiences like vacations over material items, explain that choice and its benefits. This sets the stage for understanding financial trade-offs.
  • Introduce Budgeting Games : Use fun methods, like board games or apps, to teach basic budgeting and investing concepts. These tools can make learning about money enjoyable and interactive.

Teenagers: Preparing for Independence

Teenage years bring more financial autonomy, making it a pivotal time to introduce practical skills and financial planning for the future.

  • Managing Bank Accounts : Open a bank account for your teenager and teach them how to use it. Guide them through using a debit card, monitoring their balance, and understanding bank fees.
  • Planning for College or Career Goals : Begin discussing how education or career plans will be financed. Be honest about what the family can contribute and encourage them to explore scholarships, grants, or part-time work. This clarity helps them set realistic expectations.
  • Real-Life Budgeting Practice : If they have a job, involve them in budgeting their income. Teach them to allocate funds for spending, saving, and long-term goals like buying a car or funding extracurricular activities.
  • Basic Investing Concepts : Introduce the idea of investing early, explaining how compound interest works. Even if they’re not ready to invest, understanding the potential benefits can inspire long-term thinking.

Young Adults: Becoming Financially Independent

As your children step into adulthood, the financial lessons become more nuanced and directly applicable to their lives.

  • Understanding Credit and Debt : Explain how credit works, emphasizing the importance of maintaining a good credit score. Discuss the dangers of high-interest debt and share strategies for using credit cards responsibly.
  • Involving Them in Family Financial Discussions : Share general insights about household expenses, savings strategies, and long-term financial planning. This prepares them to manage their own households one day and fosters transparency.
  • Retirement and Future Planning : Encourage them to start thinking about their financial futures. Help them open an account for retirement savings, such as a TFSA or RRSP or FHSA, and explain the value of starting early.

Adult Children: Transparency and Legacy Planning

When your children are grown, financial conversations shift to estate planning and long-term family goals.

  • Share Your Financial Plan : Be open about your estate plan, life insurance, and retirement savings. Let them know how you’ve prepared for the future and any role they may play.
  • Teach Collaborative Financial Management : If your children will be involved in managing your estate or caregiving, make sure they understand the steps they might need to take. Provide access to essential documents and contacts, like financial advisors or estate attorneys.
  • Encourage Financial Growth : Even as adults, your children can benefit from ongoing financial advice. Recommend books, podcasts, or professional financial planners to deepen their knowledge and help them refine their own financial strategies.

Financial literacy is a gift that evolves over a lifetime. By tailoring lessons to your child’s developmental stage and gradually introducing more complex concepts, you equip them to make informed decisions and thrive financially. These conversations not only prepare your children for the future but also foster trust and strengthen family bonds.

With patience and the right approach, you can instill lifelong financial confidence in your children—ensuring they’re ready for any financial challenge that comes their way.

Email me at info@financerx.ca.