An emergency fund is the least sexy of all the financial planning topics. However, knowing that your financial obligations will be covered for a period of time—no matter what happens to your job, health, or personal circumstances—is critical. This is true whether you’re just starting out or already have substantial savings.
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I have taken countless exams over the course of many years of study. Frequently, they use multiple-choice questions. Yet, I’ve never seen the option, “It Depends”—which is often the most accurate response in financial planning. Here are some issues to consider and discuss with your financial planner and/or accountant.
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In the coming weeks, we’ll be busy collecting receipts, following up on t-slips that have been misplaced and wishing that we could have done a better job of our tax planning. Unfortunately, by the time we’re in the middle of tax reporting, it may be too late to do much tax planning.
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For the past 17 years, I’ve been a certified financial planning professional (CFP). During all that time, I’ve been explaining to people what I do because they’re confused. I blame industry jargon on this problem, so let me straighten things out a little…
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Have you ever stuck to a New Year’s resolution? Me neither. It doesn’t take long for the best of intentions to get side-tracked by something more urgent, tempting or simply more comfortable and familiar. In many ways, our resolutions fail because they take time and repetitive effort when there is a myriad of opportunities to change our minds. This year take 30 minutes to set yourself up for success.
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Ah, retirement! Finally, we can live exactly the way we want to. In my case, that’s learning to cook international cuisines, dancing with Javier Bardem on a beach in Bali, and relaxing in a Muskoka chair surrounded by our beautiful, multicultural grandchildren.
I encourage my clients to dream of their ideal retirement as well as planning for what is inevitably an unsettling experience— going from a steady pay-cheque to drawing upon savings to cover expenses. Few people have reliable and inflation-adjusted employer pensions any more. Fewer still, have sufficient investment portfolios to produce enough income to live on. The reality is we’re all concerned about outliving our money and this can— and often does—prevent us from fulfilling our retirement dreams.
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Through their annual “Grow a Moustache” campaign, Movember has raised awareness of men’s health issues. Paying homage to it, I created a campaign I call “No-Spender”—a month-long initiative to promote an awareness of our spending habits in advance of the most difficult time of the year: December holidays.
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I help clients achieve their financial goals. Sounds simple, right? Well it can be, when they identify what they are. I mean, how can you reach a goal if that goal hasn’t been articulated? How will you know when you get there? And, what happens if your spouse’s goals conflict with your own?
Okay, I’ll just admit it: financial planning is my super-power. I can project your financial future on all sorts of metrics: net wealth, future income levels, vulnerability to inflation or investment return fluctuations, and tax liabilities. What I can’t do is choose what’s important to you.
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I never trusted commercials that claimed that a snack “tastes good and is good for you”. That just didn’t match my own experience. I feel the same way about finances: what is good for my pocketbook doesn’t usually match my appetite to spend now.
Savings doesn’t just happen: you have to plan for it. But if you are anything like me, there’s almost always something more pressing. A colleague just offers you concert tickets. There’s a leak in your basement. Your kids’ or grandkids’ birthdays are coming up.
That’s why everyone needs an easy savings strategy.
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In the 70s, in my “home ‘ec” class we learned rudimentary cooking skills and how to thread a sewing machine. In other words, lots of “home”, not much “‘ec”. It’s no wonder that so many of us have little-or-no financial literacy.
When it comes to getting financial advice, it’s hard to understand the differences between the various professionals willing to offer it to us. For example, what’s the difference between a “financial planner” and a “financial advisor”?
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