WHY WORK WITH A FINANCIAL ADVISOR?
People who work with a Financial Advisor are more likely to stay the course of their plan and reach their goals while surviving any financial hurdles along the way. An advisor will put together a plan that is not only unique to your needs but is flexible and able to grow and change with you as your life and needs change. They will keep you on track and moving forward.
HOW MUCH MONEY SHOULD WE SAVE?
This is your own preference that determines the amount or percentage saved. Most people can set aside 5 to 10 percent easily enough. Generally, the bigger your needs and shorter your time horizon, the larger the savings amount should be. As you save, the amount saved should increase over time. Finding your comfortable amount and gradually increasing it over time will help to reach your financial goals.
EVERYONE IS TELLING ME TO GET LIFE INSURANCE, WHAT IS IT EXACTLY?
HOW DO I KNOW IF I AM ELIGIBLE FOR INSURANCE AT ALL?
Take a short eligibility survey that we’ve compiled for you and we will let you know personally with contact from our team!
HOW CAN I TIME THE MARKETS TO GET THE BIGGEST RETURN ON MY INVESTMENT?
There is no best way to predict the best trade day or weeks in the market. We really don’t know when the best 10 weeks will be until the year is done. Being consistent with a monthly contribution through dollar-cost averaging will help to catch the lows to purchase more and ride out the highs as the value increases.
Keep in mind that “timing” the market is only part of growing your return on investment. Diversifying your holding helps to weather the markets as well.
IS THERE MORE TO A TFSA THAN A SAVINGS ACCOUNT?
A TFSA (Tax Free Savings Account) is a tax vehicle. It determines the way your money is taxed as it grows and as you take it out to spend it.
A TFSA lets your money grow tax-free while it is inside and it also allows the money to be taken out tax-free regardless of the type of investment the money is in.
Any type of investment can be held inside from a Savings Account to GIC’s, Bonds, Mutual Funds, or Segregated Funds. Your investment will depend on your time horizon, risk tolerance, and the volatility of the markets.
WHAT DO I HAVE TO DO TO GET STARTED?
Your Advisor will sit and be present with you as we gather your personal and financial information. What that means is that you need to understand your current spending habits and what you spend your money on, while evaluating your current debt (loans, lines of credit, credit cards etc.), your regular monthly payments, and interest rates.
Knowing your monthly expenses and how you pay them helps your Advisor in suggesting strategies and services that would work best for you.
In short: gather your bills, investment statements, and debt invoices.
Be honest with yourself and your Advisor, as they can only work with what you give them!