Myth #1: You Don’t Need One
Whether you have a lot of money or very little a sound financial plan will help point you in the right direction – towards your long term goals. Whether they are to minimize taxes, eliminate debt, pass wealth to the next generation, retire comfortably or travel the world. Everyone needs a financial road map based on their lifestyle and how they relate to money.
Myth #2: It is a One-Time Report
Implementation is the most important part of any plan. Once you have the strategies to get your financial house in order, you will need someone to prioritize the steps and coordinate all the moving parts. Reviewing and updating your plan every 3-5 years will ensure you stay on track and adjustments can be made as your life changes and evolves.
Myth #3: You Can Do it Yourself
You wouldn’t want to prescribe your own medication; or represent yourself in a court of law. As with Financial Planning you will want to seek out the best, most qualified advice you could find, this means using a Certified Financial Planner. The stakes are too high; your situation is unique, even if there are on-line tools out there; do you really know how to integrate all the different elements of your plan?
Myth #4: Planning Should Be Free
We are all use to getting information for free off the internet, so why shouldn’t the financial planning tools be free? Like many services on-line you can find some planning tools, however they will only take you so far, giving you an oversimplified version of what you need. A similar example would be a newspaper site; allowing you to view a current story – but if you want to dig deeper into the issue, you have to buy the paper.
Myth #5: Planning Takes too Much Time
Everyone is busy, but the hour you spend pulling together statements and information will be well worth the effort. Many planners (like me) have questionnaires that you can fill out on-line and email back, making the process simple and convenient.
Myth #6: The Plan Will Deliver Bad News
No one’s life is perfect; we all have something we need to pay attention to, besides your problems may not be as bad as you fear. Do you go to the doctor when you are sick and want to get better? It is easier to identify problems and implement solutions the earlier they are found.
Myth #7: It Is Too Late For Me
It is never too late to start; everyone has financial goals; they just don’t have a road map. Most people need help getting to where they want to go, their financial file is disorganized and their money is invested all over the place. Wouldn’t it be nice to have everything all together in one single report?
As you file away your tax assessment and dive into summer activities, don’t close the file on your financial affairs. It’s a great time to review your current situation and ensure you are on track to live the life you dream of. Contact me to get started or to update your plan today.
Have a great week,
Tracey
Source: Original article written by Bryce Sanders, posted on Advisor.ca 02-23-15, MT 02-25-2015,06-04-2021
Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp. 4665 Yonge Street, Suite 309, Toronto, ON M2N 0B4 t 416.964.0440