Now the new year is finally here, many now have New Year’s Resolutions. Could be joining the gym, eating differently, spending more time with family & friends. One resolution that should be on your list, is to be more aware of your financial health. Seeking a Certified Financial Planner (CFP) to help with investing, managing taxes, and protecting your family would certainly be worth your time. A Financial Planner can help prevent you from being blindsided by risks, avoid making big mistakes, help you understand your options and confront realities about your financial situation.
Below you will find three ways a Financial Planner can add
value:
1.
Investment guidance
Seems like the markets are constantly in the news. The decision to invest becomes easy when the
headlines scream of record highs. However,
the majority of investors underperform the stock market’s performance, largely because
of poor timing. When markets are high,
greed kicks in and investors tend to go “all in” sometimes taking risks they
would not normally take. Alternatively,
when markets turn volatile, fear kicks in resulting in investors selling their
investments. Having an experienced Financial
Planner will not only help you place your money in investments that match your
objectives and risk tolerance, but also helps keep you focused during market
volatility.
Today more then ever, there seems to be so many Financial
Acronyms; RSP, RIF, LIRA, LIF, TFSA, RDSP, RESP just to name a few. Each of these accounts have different
objectives, and are subject to different tax rules and regulations. A Financial Planner can help navigate you
through this alphabet soup, and give you direction on which of these account
types would best suit your individual situation. Having a strategy to invest your money and
how to manage the withdrawals can potentially reduce the taxes you have to pay
overall.
3.
Financial Planning for life
Having a Financial Planner can not only create a plan to
look at your investments, but also to ensure that you and your family are
protected against unexpected events.
Health issues are a common cause of disability and/or early retirement. Not having protection can derail any plans you
have in place, and could cause financial devastation. According to the Canadian Life & Health
Insurance Association Inc. (CLHIA), 1 in 3 employees on average will be
disabled for 90 days or more at least once before age 65. Making
sure the appropriate measures are in place for whatever curveball life throws
at you will help protect you and your loved ones from financial uncertainty.
Remember, you are responsible for your and your family’s
financial well-being. Do not
procrastinate! The important thing is to
take that first step, and before you know it you’ll be on your way to financial
freedom.Gilda Saunders is a CFP with Credential Financial Strategies Inc. She can be located at:
2 Herald Ave. Millbrook
Mall
Corner Brook, NL A2H 4B5
709-634-0405
709-632-9427
gsaunders@credential.com
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