Avoid a financial planing fail

The way to reach your financial goals is to have a plan and follow it.

“People with a better sense of their overall financial picture have the ability to make the best short and long-term decisions,” says Danielle Spierenburg of Richardson GMP.

But “just making a budget is not enough. Learning how to live within your means is equally important. Being realistic about wants vs. needs and the importance of paying down debt.”

All that is part of having a financial plan.

An advisor can help you:

  • Plan your daily and monthly expenses
  • Plan your charitable giving
  • Plan to deal with an inheritance
  • Plan for retirement
  • Plan for business succession
  • Plan for big purchases
  • Plan to pay for your education
  • Plan to pay for your child’s education

Give yourself a head start by practising a few good financial habits now:

  • Pay down your debt (always at least the minimum payment)
  • Don’t overspend on your credit cards
  • Save at least 10% of your paycheck

Keep detailed records:

CLHIA has developed a very cool tool called “Your Virtual Shoebox Guide” which helps you keep track of your important personal and family documents. Check it out.

As Dr. Frank Murtha and Bob Schmidt write:

“A trusted advisor is like an investing GPS system”, helping you in three critical areas of your journey:

  1. Establishing your destination(s)
  2. mapping your route and
  3. keeping you on the path.”

Plan ahead to get ahead!