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Posts Tagged ‘Financial Plan’

Bypassing the natural euphoria last week of December and the new year, life begins to return to normal. Gradually we all go back to our daily activities, but with the feeling that things will go better this year, as often happens on these dates. The problem is when time passes and we realize that we did nothing to ensure that things get better.

One of the areas where we most hope is the improvement of our financial situation. We want the future bring more income or some kind of solution to our financial problems, without thinking that in reality it is something that will get as a result of ordering our personal finances . So I think we’d better use of our energies defining some concrete actions for 2011, instead of waiting for the improvements we fall from the sky. We will not see results immediately, but the consequences are likely to be better than we might expect.

To follow the pattern of New Year’s resolutions , usually into fashion at this time, I share with you some strategies that could help them take those first steps:
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Some time ago I wrote a guest post entitled My Retirement Plan (Plan Your Finances in) where I told my story and how the 34 years I have left to reach retirement age in Peru playing in my favor. I no longer think of retirement as a distant event for which you should not plan, but rather as an inevitable event for which fortunately I have time to work. This post addresses the issue more broadly.

Retirement is one of those events that we see too far to pay attention. When we are young do not even think about it … and as we grow we focus on other significant changes that are happening to us and building for our family to have the life we ​​have dreamed for her. But eventually comes that time when we joined the ranks of retirees and a person reaches this point without being prepared.

Being prepared is not just about having enough savings to pay for our lifestyle and spending habits without the need to generate income. Be prepared to take a step further: have the budget to deal with medical expenses that stage themselves, not carrying any debt, build passive income to enable us to continue to receive cash flows without affecting the stability of our heritage, have our investments and assets in financial instruments in the level of risk and liquidity necessary to our profile, and other important pillars that will enable us to sustain our finances for the duration of this phase.
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Quebecers are Canadian investors less likely to have a financial plan with only 44% of them have one, as against 51% on average across Canada, according to a recent survey commissioned by BMO Nesbitt Burns.

The survey also revealed that 67% of Quebecers have investments and 85% believe managing their investments. By cons, only 57% of Quebecers know the contents of their investment portfolio.

In Canada, 72% of respondents said they have investments and 83% felt well managed. These are the Albertans who top the list with 84% of them hold investments and 68% of respondents know the contents of their portfolio.
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Last year, only 34% of Canadians had a financial plan. In 2011, this proportion rose to 56%, according to a recent survey by the Bank of Montreal (BMO).

“It is encouraging that people are beginning to recognize the importance of a financial plan, says Caroline Dabu, Vice President, Retirement and Financial Planning Strategy, BMO Financial Group. However, it is important to understand that having a financial plan does not limit itself to contribute regularly to an RRSP or deposit money in a TFSA each year. ”

The survey, conducted by Harris / Decima also tells us that 90% of respondents who have a financial plan have sought professional help to develop it. Moreover, in 73% of cases, the person consulted was a financial planner.

More good news for the advisor: the people who have a financial plan are more likely to contribute to their RRSPs (58%) than those who have no plan (35%). In addition, more men, 61% women, 52% report having a financial plan.

Sixty-two percent of respondents have a clear idea of what they invest and save. A large majority of those who had a financial plan, 91% consider that it helped or will help them achieve their financial goals.

Canadians who have no financial support be prevented by lack of money (63%), the fact that this is not a priority (35%) and the fact they do not know where to start to prepare a plan (29%).

The online survey was conducted by Harris / Decima with 1002 Canadian adults between 15 and 24 November 2010.

Advisor’s investment knowledge seen as primary benefit

Among those who work with an advisor and those who do not the most frequently cited primary benefit of working with an advisor is access to the advisor’s knowledge, rated as a primary benefit by 73% and 48% of each group, respectively. The advisor’s knowledge is more widely viewed as a primary benefit than even the chance for better investment performance.

• Those over age 65 are less interested in the potential to tap into an advisor’s knowledge than those under age sixty-five.

45-64
65+

Access to an advisor’s knowledge 65% 63% 45% is a primary benefit

Not surprisingly, those who work with a financial adviser are far more likely to associate a host of specific benefits to an advisory relationship than those who have no such relationship.
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Everyone should have a financial plan. For most of us, it is cash my paycheck pay my bills and then have a good time! And even if we want to be doing better than that sometimes we just don’t know where to start. But it is possible to create your individual financial plan without too much headache.
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Making a financial plan for security can often be half the battle in a long term struggle. Once you know where you are going, the first steps become alot easier to make! Getting organized and deciding on your goals should be the first two steps in your plan. Looking at how much cash is coming in and figuring out your net worth are also important. Finally, anicipating the changes ahead and finalizing your strategy for finances are important. Lets look at a general way that people can go from rags to riches.
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You wouldn’t take a trip without knowing where you’re going, so why spend money without a plan? A financial plan outlines your financial goals and provides you with the road map to achieve those goals. Without planning, you might not have enough cash in reserve to meet unexpected expenses as the result of job loss or death. You might not be able to pay for your child’s college education, put a down payment on a house or save enough money for retirement. No matter what point you are at in your life, it is never too late to create a financial plan. There are several steps to creating a financial plan:
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