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why do i need a financial plan?

Whether you know it or not, you do have a financial plan. The point to consider is that every one of us wants to achieve certain financial goals, such as a comfortable retirement, being debt free, or building an estate. Having a financial plan is like having a map - it lets you know where to turn and when to do it, so that you use the most optimal route while minimizing wrong turns.


A good financial plan would consider laws, taxes, insurances, and investments - and this is where an independent financial planner is most valuable. The value of a financial plan is often overlooked despite it being one of the most beneficial tools to anyones life goals. ​

How can i get the most return on my investment?

For the day-to-day investor or regular market investor, the best and easiest investments are Index Funds and Daily Cost Averaging. Having said that, there is no one size fits all solution in to this question and every financial situation has its own unique answer. 

Should i have an RESP?

Generally speaking, an RESP is one of the greatest ways to invest for future education whether it is for yourself or your child. There are alternative ways to invest for future education however there is widespread agreement among professionals that an RESP should be used before other saving methods such as insurance products or other saving products. 


Contact us to figure out where you should invest your RESP's!

how much life insurance should i have?

This is a great question - and one of the most difficult to ask oneself. The amount of life insurance depends on your current net worth, assets, liabilities, and potential for future income. From a legal point of view if you're between the ages of 18-55 you cannot purchase more than 20 times more than your income in life insurance. 


what insurances do i need for my business?

Every business is different. Based on whether your business is a sole proprietorship, partnership or corporation, the answer can change. Just as important to consider is the stage that your business is at and the number of employees you employ.


Generally speaking, the first and foremost insurance you can have is General Liability Coverage. From there you can set up an array of life insurances, critical insurances, and many different types of health insurances based on the type of business. At different stages of your business your needs will vary significantly which again takes us back to the Goldilocks Principle - that there is no once size fits all solution.


Knowing what kind of insurances and coverages you need for different aspects of your business can sometimes be overwhelming. Please contact us to help you determine what coverages you may need. 

If I have life insurance at work, do I still need to purchase my own?

In my experience, I have seen people who have more than adequate life insurance through their benefits package. But more often than not, we are not adequately covered with the employer benefits package. In some cases I have seen families with needs of over $1 million in life insurance while the employer only covered twice their salary in life insurance. 

This is something that once again depends on each unique situation. You can use this calculator to estimate how much insurance you need and then compare your need to the coverage you currently have.

What if I am just starting out - without a lot of money?

Saving has to start somewhere. Many of my younger clients say the anxiety in their life has decreased significantly when they have saved a few thousand dollars. Knowing that you have savings makes one feel more at ease. But the answer to this question has to be based on several different criteria: how much debt do you have? What interest rate are you paying for your current debt? What is your income? Do you have a RESP contribution room? Do you have a TFSA? What are your saving goals? What is your personality, are you a risk avoider or risk taker?


All these questions factor in your tailored financial plan. You may consider starting out with a 5-year plan, and gradually move toward long-term financial goals.

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