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Your
Money Matters
November 2007 Issue
According
to a survey by investorED.ca, nearly half of all adults in Ontario –
46% - have not drawn up any kind of financial plan to save for
retirement. The survey also found that 58% of parents have no plan
for funding their children’s education, and a staggering 88% have
never had a financial plan to save for a home. According to Tom
Hamza, president of the Investor Education Fund, which developed the
investorED.ca website, “without a financial plan, people run the
risk of spending too much today, while failing to consider their
future needs.” The survey also found that many investors do not ask
questions and do not talk about their investment performance with
their advisors, largely out of a lack of confidence or knowledge.
A
financial plan will help you make the most of your money. Before you
can build one, you need to know where you stand. Here’s how to get
started. Take a look at your finances today. Write down:
-
What you own
(big items like your home, car, boat, savings and investments)
-
What you owe
(loans, mortgages, credit cards, other bills)
-
What you make
(your pay and other income)
-
What you spend
(include basics like food, clothing, utilities, car costs, and don’t
forget the extra expenses like eating out, going out, insurance,
health and dental bills and donations)
-
What you hope to
achieve (your goals)
To
list what you own, look for your bank and investment statements,
retirement savings and pension statements and your will.
To
list what you owe, look for your mortgage and loan papers and your
credit card bills.
To
list what you make, look for your pay stubs and your tax returns.
To
list what you spend, look for your bills, receipts and bank account
statements.
If
you would like to get a hard copy of an investment planning
worksheet, please give us a call and we will be more than happy to
send one to you. You can also get a copy online by clicking
here.
Theresa Wever and the Money
Concepts Team. |
