You are more experienced now, your bank account is larger, and it is easier to think further ahead.
Now that summer has officially arrived, many of us start to think about home renovations, garden projects and summer vacations. But while we often know what we want to accomplish, sometimes we are not sure where the money will come from. If you're planning for a large expense this year, consider some of the following issues:
Budget management
Create a household budget that will help you establish control over your finances. This will help you determine what current expenditures need to be eliminated or adjusted so you can achieve your short-term goals.
Debt management
With your budget in place, we can help you come up with a strategy for eliminating debt. For example, are you paying too much on your credit cards and loans? Instead of paying 18% to 20% interest for consumer debt, it may make sense to consolidate your loans for a much lower rate - perhaps as little as 6%, depending on your credit history and current financial situation. If you think a move like this could help free up money you need for other things, we would be happy to explain all your options and refer you to a loan officer or mortgage specialist who can be of assistance.
Short-term savings vehicles
Most day-to-day bank accounts pay little or no interest. If you'd like to set aside funds for an upcoming expense, we can recommend a number of specialized, higher-interest savings vehicles that may suit your needs. By investing in a high-yield savings account you could be earning significantly higher returns.
GICs, money market, or T-bill accounts could be other alternatives. And for next year's savings strategy, we'll have the new Tax-Free Savings Account, which will allow you to contribute $5,000 annually and have investment income, including capital gains, accumulate tax-free. Withdrawals will also be tax-free.
Copyright © 2011 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.
You are more experienced now, your bank account is larger, and it is easier to think further ahead.
Without barely a moment’s thought, you would protect your family from an immediate threat.
Do you ever feel like life is too automated? Maybe you’re suspicious of the cruise control feature on your car.
You have worked all your life and saved for retirement. What other planning work could possibly be left?
B. &C. W.
It has truly been a pleasure working with you; sincerely, thank you for everything. Coming into this experience, I knew we had things to improve and work on to get in better financial shape, but getting started seemed like a daunting task and quite frankly, it overwhelmed us. You really took the time to understand our financial picture and helped make sense of our 'chaos' and provided a clear path forward. Not only that, you were also kind enough to share some useful tips and tricks that we will put into practice and be 10X better for it, down the road as we work toward our financial goals. I cannot thank you enough for your efforts!
Alliston, ON
M.O.
We are approaching our retirement and I had been feeling for some time we needed to simplify our complicated financial picture. I also wanted to get a clear handle on whether we would be able to fund our retirement goals and still provide a legacy for our children.
Our financial picture is complex as we owned 3 properties, holding companies, a trust, exotic investment products, several separate investment accounts, run our own business and had some debt. I sensed our financial planning process would be time-consuming and would likely veer into areas beyond ‘just money’. I was looking for someone both I and my husband could feel comfortable opening up to as a trusted partner for us. Of course I was also looking for someone wicked smart who knows a lot about tax, corporate structures and investment and retirement planning.
We did a thorough search of advice-only financial planners and interviewed several before choosing to partner with Jacquie. She had come highly recommended.
Jacquie has been a godsend. She did a deep dive into our financial position and created an initial bespoke plan to help clarify our financial position. She then helped facilitate conversations with us as we made some tough decisions. As we shifted our assumptions about what we wanted and expected for the decades to come, Jacquie ran several fresh scenarios for us.
In the end, we felt comfortable with the final version of our plan and understood the guidelines we need to be aware of to stay on track. Jacquie then introduced us to some very smart, experienced professionals in the investment industry who we are considering partnering with to manage our portfolios.
It’s a relief to have completed this process. I sleep much better at night, literally. It is also reassuring to know Jacquie is a call away to help us think through any changes to our financial picture in the years ahead. M.O., Toronto, ON
Toronto, ON
