You might think this will never happen to you but our experience working with people that transition from a working career to retirement suggests this happens more often than not. You talk about retirement for a long time. You go from the stage in life where you’ve planned everything out and been in total control to what does the future hold. It doesn’t matter how much time and energy you’ve put into this phase of your life. It’s perfectly normal to be confused, excited and a bit overwhelmed all at the same time. After all you are entering a phase where you have zero experience.
An Estate is the property that a person owns or has a legal interest in. The term is often used to describe the assets and liabilities left by a person after death. Estate Planning involves the transfer of someone's assets (e.g. property, money) when they die, as well as a variety of other personal matters.
We are not all born with an incredible financial skillset.
Learning how to create a budget and live your lifestyle according to that budget doesn’t happen overnight. Just like driving a car or washing the dishes, these skills must be learned. It can take some time before you master them, and that’s okay. All that matters is that you’re taking the necessary steps to live a more financially-conscious lifestyle.
Let’s look at some of the most important steps to creating a perfect household budget!
Discretionary portfolio management is a form of investment management where all investment decisions are made by a Portfolio Manager or Investment Counselor for the client's account. The term "discretionary" refers to the fact that investment decisions are made at the Portfolio Manager's discretion.
Do you have an upcoming meeting with your financial planner?
Regardless if it’s your first meeting or an annual visit with your financial planner, it’s important that you arrive prepared. You should have a general idea of what to keep track of, so that you can make changes to your plan necessary, to better fit your goals. When you arrive prepared with the right questions and documents, you can expect to get the most out of your meeting.
Read on and explore the top five questions that you should ask your financial planner.
MoneySense recently chatted with James P. Gunn, a Certified Financial Planner and Registered Retirement Consultant with Halton Wealth Management Inc., an independent wealth management firm. We asked Gunn about how Canadians can expand their search and find the money manager that’s best suited to their long-term goals.
Are you worried about your financial future?
Stress regarding your finances can truly affect your quality of life. You deserve to feel confident and at peace with your long-term financial plan. That’s where assistance from a wealth management firm comes into play. The experts at a wealth management firm can help you create long-term goals, plan for retirement, monitor your assets, and more. There are so many benefits to working with a wealth management firm, let’s take a look at a few of them.
Risk tolerance comes down to how much risk you are willing and able to stomach. You should have a realistic understanding of your ability and willingness to stomach large swings in the value of his investments; if you take on too much risk, you might panic and sell at the wrong time.
When it comes to deciding which financial advisor to work with, consider the advisor’s registration and designations, as they change everything.
When it comes to investing, trust is crucial. You’re not inclined to give someone control of your life savings if they haven’t proven themselves trustworthy.
Financial considerations will change after retirement. Many retirees have to make changes to their budgets because their savings will now have to last for an indefinite period of time.
It’s easy to access information nowadays. If we’re looking to purchase a product, we can shop around for the best price, read reviews on product quality, and make decisions based on mass opinion.
People often approach retirement with a sense of uncertainty. This is understandable – it’s hard to predict exactly what life will look like, especially when you’re living off of a fixed income. We can give some hint to the changes you’ll discover along the way.
Imagine setting up a meeting with your financial advisor to discuss your investment portfolio. Imagine that, in this meeting, your advisor hands you documents outlining someone else’s portfolio.
Generally, people appreciate their independence. Having the freedom to make decisions with minimal limitation is important – that’s why we choose to work as an independent financial planning firm.