What does money mean for you?

David and Donna Jenkins were a retired couple in their sixties with a beautiful home and a healthy nest egg.

David was an engineer who worked for the government for 35 years. Donna taught elementary school for 30 years. They lived off a great pension.

They had two adult daughters. Sarah was independent and worked at a local college. Jenna, a single mom on social assistance for most of her adult life, had three sons — ages 8 to 12.

Not only was she unable to hold a steady job, but she also moved every other year, with those three boys in tow.

It bothered Mrs. Jenkins to see her grandchildren live with so much instability. She and her husband decided to buy a house for Jenna and the boys to live in.

More than numbers

Most of their money was in registered retirement accounts. It was saved for their retirement. Withdrawing large amounts from it all at once would have resulted in a massive tax liability.

The only way to buy the house was to get a mortgage. This was a compromise for them. Especially after having been debt-free for twenty years.