A banker, broker and financial planner walk into a bar.
They are approached by a fairly inebriated customer who laments the huge tax bill they just learned about from their accountant. He asks the financial experts what he should do. (true story, except the bar part). 🙂
You can learn about the various professions via their answers to his question.
The banker suggests that the fellow simply refinance his mortgage by adding the CRA bill to his existing debt. With interest rates so low and a long amortization, he will barely notice the increase in his monthly payment!
The broker tells him that the banker’s advice was good and then asks to see his investment portfolio. Certainly he can help there.
When hearing about the unexpected tax bill, the fee-based financial planner says, “how the heck did that happen”? And proceeds to develop a cash flow and tax minimization plan to ensure that the debt is paid off quickly, and a tax surprise like that doesn’t occur again.
Which approach would you prefer?
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