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Monday, January 22, 2018

Welcome to 2018

Happy New Year!

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. 

 source: Fidelity Investments

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.

 2.       Navigating the tax rules

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

 
The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal advice. Please speak to your Credential Financial Strategies Representative or personal financial representative before making any financial planning decision or implementing any strategy. Credential Financial Strategies Inc. offers financial planning, life insurance and investments to members of credit unions and their communities

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