The plan laid out that my spouse needed $1,569,000 to retire at the age of 65.  Her current shortfall was $1,548,000.  Things appeared to be bleak. This prompted checking over the financial plan more carefully.

1.  It was estimated that she needed 89% of her current income in retirement.  I believe the conventional standard is 70%.  I am of the opinion that 70% may be a little on the high side as well.

2.  Having 89% of her income in retirement means her tax rate pre and post retirement stays the same.  This defeats the purpose of contributing to RRSPs.  The goal is to be taxed less in your retirement, not the same.

3.  The plan also estimated annual returns of 10% pre and post retirement.  Although this would be very nice, it is not realistic pre retirement and I would consider even attempting for this type of return in post retirement to be reckless.

4. Calculations of CPP and OAS were totally left out of the equation.  Perhaps the planner has the view that they may not be around in 25 years.

5.  The biggest "oversight" was the omission of my spouse's defined benefit pension plan.  If she chooses to work until she is 65 this plan will ensure she does not have any financial challenges when she retires.

After looking over the entire document I think it is fair to say that this Financial Planner was looking after himself by wanting my spouse to start making large purchases of mutual funds.  These contributions would need to be approximately $15,000 a year to build the nest egg of over $1.5 million.  This is not including any tax consequences.

The moral of this post is you should always get a second opinion on financial matters.  Anyone can produce a good looking financial plan with nice color graphs, pie charts, and estimates, but the planner must consider all the factors and make reasonable assumptions.  Unfortunately, this planner fell short in his goal of helping my spouse plan for retirement.

When I started my own business I realized that I needed access to my email when I was away from my computer. I invested in a BlackBerry and it has enabled me to better service my clients and get things done without being tied down to my computer. With the aid of other technology I also receive faxes, navigate around the universe with the GPS, and surf the internet.

The last couple of times I have been in a restaurant or a pub I have noticed that BlackBerries are everywhere. They are no longer just for business people, and it is not uncommon for junior high school students to be seen using them. I remember counting 18 out of 20 people having one on the patio of a pub last week.

Often referred to as a CrackBerry . People can become highly dependent on their Blackberries and the information they can provide.

To say Research in Motion has a hold on the market share of PDAs is an understatement. How can you profit from this? Invest in the company! RIM is still down 33% from it's high of $125 last year. As the economy improves I believe that RIM will be a winning stock.

Although tempting, I will not be investing in anything until my mortgage has been paid off. Do you hold RIM in your portfolio?

Disclaimer: My opinion is based only on what I see as I do not have the knowledge to properly evaluate this stock. Always get professional advice when making financial decisions.