How Patricia renovated her home and transformed her financial future

Transcript for the Ambition Stories video Patricia’s Journey to Financial Confidence. Opens a new window.

When I first met Richard, I was unsure about the future. But after sitting down together, my mindset started to change. We instantly connected over our love for music, food and travelling. He made me feel comfortable and treated me like a human, not just “another client.” 

Richard didn’t just help me with my most pressing financial questions — he took the time to educate me about my finances entirely. Before I met him, I struggled because I didn't understand how to make my money work for me. Richard helped me see that I could take control of my financial situation.

He taught me about saving, investing and the importance of having a clear investment plan. With his advice, I learned how to use tools like a TFSA (Tax-Free Savings Account) and a GIC (Guaranteed Investment Certificate) — this really boosted my confidence in making informed decisions and set me on the right track toward my goals.  

One of my long-term ambitions has always been to renovate my home into a more creative and warm space. It was a dream I held onto for years, but I didn’t know how to bring it to life. Richard and I spent two years planning this renovation, and I can’t express how excited I am that I finally started last November! 

Like any goal, it didn’t happen overnight. Once I decided to pursue the renovation, it took some time to get started, but Richard’s targeted approach to my savings helped me speed up the process. It felt like a very big risk, but it’s ultimately paying off. 

What I appreciate most about my relationship with Richard is that it goes beyond just financial advice. Richard has always been there to cheer me on and help me navigate the ups and downs of my financial journey. He also gave me with the confidence to take risks, like my home renovation, and I think that's the key — that was a big milestone for myself.

He told me that his goal is to help people and get them to where they want to be, and that’s exactly what he’s done for me. I’m so grateful for Richard’s support and encouragement along the way, it’s really made all the difference. 

With the renovations finished, Richard is helping me work towards early retirement. On top of that, I have a plan in place to build up my savings, take on more creative projects and travel. After I started working with Richard, I introduced him to my daughter, Jahnoah, when she was a teenager. He’s been a huge help in her financial journey, and with his advice, she just moved into her first home with her partner. The journey has taught me that with the right support, I can achieve my dreams and create the life I’m imagining for myself and my family.

If you’re on a similar journey, here are a few tips from CIBC to get you started. 

Define your goals and ambitions

Whether you’re dreaming of a new home, planning for a family or considering retirement, having clear goals helps your advisor build a tailored plan with actionable steps to get you there. Patricia’s story shows how defining ambitions can lead to actionable steps toward achieving them.

Take advantage of tax-saving tools

Understanding how tools like TFSAs and RRSPs (Registered Retirement Savings Plans) can work for you is essential for building a solid financial foundation. By setting up a regular investment plan, Patricia was able to leverage compound interest, which helped accelerate her savings. Through her discussions with Richard, she gained valuable insights into the importance of these tools, setting her on the path to achieve her financial goals.

Understand your risk tolerance

Check in with your ability and willingness to accept investment risks. This will help guide you in making informed decisions that align with your financial goals. Patricia’s experience with Richard helped her gain the confidence to take calculated risks, ultimately leading her to achieve her renovation dream.