How to plan a B.Y.O.P. retirement, as in build your own pension

Everyone is talking about inflation and its effect on every-day life but few are changing their every-day behaviour. This article makes an interesting connection between the recent long-term bull market coupled with low interest rates and the “wealthy-ness” effect – the comfort that Canadians have felt in increasing their personal spending. History shows that it takes some time before the opposite is true. It often takes 12 – 18 months for downturns in markets to translate into tightening household spending. All too often, these downturns are coupled by unemployment and other stressful circumstances. In the meantime, many Canadians are continuing to spend as they had when markets cooperated rather than reading the writing on the wall. If you had a financial plan and knew the standard of living that your income and wealth can support, your lifestyle wouldn’t have to change dramatically with market turbulence…..just sayin’.

Read the full article on Financial Post

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