Financial planning in your early years
You are done school and you have embarked on your career. You want to put yourself on the right track for success. You may be asking yourself these questions:
- I seem to have too much month at the end of my money…How am I supposed to save?
- What should my first goal be?
- Should I be paying down debt or investing?
- Saving for my first home? Wedding? Children?
- How much should I be saving? Where should I be saving? RRSP? TFSA? RESP?
- What is Infinite Banking? Smith Maneuver?
Why should you work with a Financial Planner early on?
Your finances are a puzzle with many different, moveable, interchangeable parts. Add to this the fact that we are inundated by so many opinions and options of what to do– from our parents, bankers, mortgage brokers, the traditional media, celebrities, Instagram, Tic Tok etc. It can be very overwhelming!
By starting to put your Money Puzzle together early, we will start cutting through the chatter and answering your questions and concerns one by one. We also bring to your attention puzzle pieces you may not have even considered yet. We will discuss the pros and cons of the different options available to you and how they affect your plans, both now and in the future.
By starting to put your Money Puzzle together early, we will start cutting through the chatter and answering your questions and concerns one by one.
Here are some common questions I’m asked:
Should I invest in a TFSA or an RRSP?
Unfortunately, the answer to this question is ‘That Depends’. Both TFSA’s and RRSP’s have their pros and cons. Part of the process is to explain each registered account and help you make the right decision for you right now.
How much and where should I be saving for my wedding or my first home versus putting away for retirement.
There is a prevalent belief that you should silo your money. For example, this $X here is for my short-term goals of wedding and first home purchase and the $Y there is earmarked for retirement. If it is right for you, we explain concepts and structures so that each dollar you save can be used for BOTH a short-term goal AND for Retirement.
There are no one right answers for everyone, but there is a right answer for you. We help you find it, and once we do find the right answer for you, we incorporate it into a personalized, written document that you can refer to anytime you need to.
Building Financial Confidence
The goal is to give you confidence financially and put you in control of your financial destiny, and it does not end there. As we move forward together, we will meet periodically (annually or more frequent if life gets in the way) to adjust the puzzle pieces as you grow through life.
