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5 legal ways to save money for the future

Here are some ways to be financial secure:
1.     Personal insurances:
·        Life insurance: This tool helps your spouse, your dependent kids or even your parents when you will be not there to take care of them, to help your family to pay of loans and debts like mortgage, auto loans, education loans for kids etc. so that they can have the life you dreamed for them.
·        Disability insurance: With this powerful tool, someone can protect his or her income in case of any disability. This plan gives you a monthly income (according to your plan) so that you can cover your expenses and help your family to live financial worry free.

·        Critical illness insurance: C.I. is a recommended and very useful tool to cover someone’s income and family expenses in case of any life threatening illness. With this tool someone can have a lump-sum payment (according to the plan chosen by individuals) in case of a life threatening disease like cancer, heart attack etc.
·        Health insurance: there are some other health insurances with which you can cover your prescribed drugs, medical equipment, dental treatment costs etc.
2.     RRSP: Registered Retirement Savings Plan (RRSP) helps you to maintain life style that you have today. When you can’t work like you can today, RRSP will play its role to help you on your terms.  
3.     RESP: Registered Education Savings Plan (RESP) is a tool to save money for the education of your kids. With this tool you can contribute a portion of your income to save for the future of your kids and on top of that you can have Government portion as an education grant. As we know education costs more every day, you must have some plan for the future of your kids.
4.     RDSP: Registered Disability Savings Plan (RDSP) is a very powerful tool to secure the future of a physically disabled person. Someone can use this tool to save a portion of his or her money if they have any child with any physical challenge. If someone wants to contribute in this plan, government also contributes to help the family and disabled person.
5.     TFSA: Tax Free Savings Account (TFSA) is a very useful tool to save and grow your money Tax free.

----S.Gill

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