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I 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! \u2026compliments of your \u2018financial caddie\u2019 …ME!<\/p>\nTen questions to get the money planning discussion started!<\/p>\n
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.<\/p>\n
What happens next\u2026you doing nothing! \u00a0I have heard comments such as, \u201cIf I don\u2019t look at the numbers then I don\u2019t have to deal with them!\u201d or \u201cI like to keep my numbers fuzzy\u2026.\u201d This may seem easier \u2013 for the short term anyway \u2013 but I guarantee it will bite you in the proverbial butt eventually.<\/p>\n
Planning for your future is critical to living your dreams! If you don\u2019t have a map to get you where you are going \u2013 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!<\/p>\n
I 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! \u2026compliments of your \u2018financial caddie\u2019 …ME!<\/p>\n
1. Do I have an overall money plan that addresses my unique life goals and needs, including retirement?<\/p>\n
2. How can I balance saving for the future (be it retirement or starting your own business) without sacrificing my current priorities and goals?<\/p>\n
3. When do I plan to retire (or do you have other dreams), and what will that lifestyle look like?<\/p>\n
4. Where will I live? Will I make changes in my primary residence? What about vacation properties?<\/p>\n
5. What are my expected sources of income in my future? IE: retirement pensions, savings, inheritances, other sources?<\/p>\n
6. What do I want to leave to my loved ones or favourite charities?<\/p>\n
7. How will I handle unanticipated health risks and\/or other situations?<\/p>\n
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?<\/p>\n
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?<\/p>\n
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?<\/p>\n
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