She was in her early 50s, and her whole life had managed to attain large chunks of money every couple years or so. Starting a business then selling it. Buying real estate and flipping it. But she had nothing to show for it. Deeply compassionate towards her family, friends, and people she’d met in volunteer work in developing countries, her money flowed out to others in need as swiftly as she could bring it in. One time her mom became close to death from an illness – the client’s money bought her the best care possible (and yes, the mother lived). Another time a dear friend was left stranded, with kids, by her partner – the client helped her get on her feet. You get the idea.
The client has left a beautiful legacy of people who’s lives stood a fighting chance thanks to her generosity.
But her bank account is nearly empty, she rents a small apartment in Burnaby, and she has no RRSPs to speak of.
How would you suggest she balance her care for others, with her own financial safety net?