Ten questions to get the money planning discussion started!

One of the hardest steps but the most important when it comes to planning your future and your money is knowing your numbers. I know from my own experience and working with hundreds of people that the fear of the unknown (or what you do know!) can stop you dead in your tracks.

What happens next…you doing nothing!  I have heard comments such as, “If I don’t look at the numbers then I don’t have to deal with them!” or “I like to keep my numbers fuzzy….” This may seem easier – for the short term anyway – but I guarantee it will bite you in the proverbial butt eventually.

Planning for your future is critical to living your dreams! If you don’t have a map to get you where you are going – you may end up there eventually, but wouldn’t it be less stressful if you had a direct route that was easier and faster? Of course it would!

piggy-bank-glassesI have compiled a list of questions for you to think about (discuss with your partner too!) to help you get your money planning discussion in full swing! …compliments of your ‘financial caddie’ …ME!

1. Do I have an overall money plan that addresses my unique life goals and needs, including retirement?

2. How can I balance saving for the future (be it retirement or starting your own business) without sacrificing my current priorities and goals?

3. When do I plan to retire (or do you have other dreams), and what will that lifestyle look like?

4. Where will I live? Will I make changes in my primary residence? What about vacation properties?

5. What are my expected sources of income in my future? IE: retirement pensions, savings, inheritances, other sources?

6. What do I want to leave to my loved ones or favourite charities?

7. How will I handle unanticipated health risks and/or other situations?

8. What about the tax considerations of all my financial choices? How do I take advantage of government tax breaks and ensure my hard-earned savings don’t get eaten up by too much tax?

9. Given all of the above, should I be investing in RRSPs, TFSAs, and /or non-registered investments? What should the proportions be, and what kinds of investments in each? How does my investment strategy fit in with my overall money plan?

10. Do I have the right money planning professional to help me with all my unique money planning needs? What questions should I be asking?

I’m here to help you! If you want to book a complimentary session with me please email me at shari@sharimolchan.com or call me at 250-755-4004.

Shari Molchan


You must be logged in to post a comment.
Menu

Password Reset

Please enter your e-mail address. You will receive a new password via e-mail.