Saving is tough, even for NBA players

Helping people plan their investments is a rewarding practice in many ways. The greatest takeaway we can get receive from a client is when they call to say they've successfully achieved or undertaken some type of activity that they've been planning for years. Buying a car for their son, sending their daughter to university, purchasing a warm retirement home.

The financial planning aspect of our business at Madison Financial looks to guide people through the right hoops in order to achieve certain objectives. Creating a solid financial plan takes a good deal of diligence and whether you make $50,000 a year or $5 million, adapting your lifestyle to your budget in a way that will ensure you save money responsibly is difficult.

A recent move by the NBA is a sure testament to the reality that managing finances, big or small, is an important and necessary task. Many of us would have a tough time imagining struggling through retirement based on a $5 million salary, but it continues to happen all the time. See an excerpt from the article below.

* * * * *

NBA Players Forced To Save Toward Retirement For First Time

By Scott Soshnick

National Basketball Association players, who were paid an average of about $5 million last season, will be forced for the first time to save money for retirement.

Beginning next season, players also will surrender 5 percent to 10 percent of their salary for retirement. They automatically will be enrolled in the program and would have to opt-out to keep from participating in the plan, Klempner said.

To visit the full article from Bloomberg, click here.

Pricey at the Pump?

Heading into the summer season, Winnipeggers are again set to engage in one of their favourite summer past times: Jumping into the car and getting out of town! For the majority of the city, this clearly means heading out to the lake, while for others, this simply means packing up some gear and heading out on an adventure. Road trips, camping trips, canoe trips, trips to Steinbach... We're an adventurous bunch, and we rely on our vehicles to get us to our destination.

We stop off at the gas station to.. Whaaat? - Is that the price of gas?! Winnipeg pumps continue to spend time up in the 120's, and while we're still a few cents short of the national average of 125.6, the hit to the wallet still hurts! Regardless, we're a resilient bunch and will gladly continue about our summer lifestyles, enjoying the sun and good times with the family. Here's some simple methods and tactics you might be interested in to help reduce fuel consumption and save some gas.

Become a Carpool Champion - Six people in two vehicles? Get all your friends together and take the mini-van!

Find Lower Gas Prices - Don't be afraid to tap into your inner "Bargain Buyer", the website listed below is great for tracking city prices at the pump.

Purchase a New Car - Counter-intuitive yes, but maybe it's time. Think smaller car, diesel engine, manual transmission, fuel efficiency.

Drive Less - Going somewhere close by? Consider walking or taking the bike.

Check Tire Pressure - Over/under-inflated tires aren't good to drive on, and low tires cause fuel-consuming drag. Maintain correct pressure!

Don't Idle - If you're going to idle for more than a minute, then it saves to turn off your vehicle and restart when you're ready.

www.winnipeggasprices.com

Drive Slow and Steady - Driving slower uses less gas.

Easy on the A/C - Using A/C only when necessary will help save fuel.

Windows Up - Especially at higher speeds, windows-down causes lots of extra drag.

Be a Shady Parker - Parking in the shade will reduce gasoline evaporation from your tank.

Easy Acceleration - If you can spare the Days of Thunder rush from 0 - 50km/h, you'll save gas.

Going to/from work - Leaving earlier/later will avoid traffic saving 10-15 mins and all that gas.

Becomes friends with Inertia - Good drivers brake far less than ones who are constantly accelerating and braking. Roll up to stop signs, anticipate lights and rely less on constant braking.

Regular Service - Maintain your car regularly including scheduled oil changes, correct oil grade, changing air filter, rotating tires.

When in doubt, just get over to WinnipegGasPrices.com

Enjoy your summer!