Building Your Financial Plan Part 3 – Budgets and Cash Flows

This is the 3rd post in building out a proper personalized financial plan. Budgets and cash flows are one of the most important determinants to a sound plan since your spending determines a number of the inputs we will calculate around retirement needs, insurance and savings requirements. Tracking Your Spending and Creating A Budget The first step to saving is to understand where your money goes. The bad news is that if you have never done a budget, the first

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Building Your Financial Plan Part 2 – Understanding Your Financial Personality, Values and Goal Setting

This is our second post in the steps to building your comprehensive financial plan. See Part 1 here. Identifying how you feel about money and the role it plays in your life is an important first step to then evaluate what your financial goals are. Emotions and personality type can have a significant effect on your relationship with money and how it works for you. A few common behavioural categories have been identified when it comes to relationships with money and

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Building Your Financial Plan Part 1 – Assets/Liabilities,Debt Consolidation and Net Worth

The core tenets of a proper financial plan should cover the following topics and we will discuss them over a few individual posts to chunk the whole topic into manageable portions. For those of you with financial planners, hopefully they have gone over all these topics and these posts are just a refresher. Unfortunately, it isn’t uncommon to have many of these areas skimmed over and not given the appropriate due diligence. 1.Current Financial Position or Net Worth 2. List

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Financial Traps Awaiting the Professional and How to Overcome Them –Part 4

  Now for our final post related to our Financial Traps series. These final two traps are generally less harmful than the previous three, but occasionally they can cause dramatic harm to a professional’s financial health. Blind Faith In Other Professionals Many professionals spent a good portion of time in post-secondary education gaining specialized knowledge to enhance their ability to be an “expert” in their field. The more advanced the specialization, the more respected that individual becomes. There are numerous

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Investing Basics – The Power of Compound Interest

  The prior post about inflation discussed why savings alone can’t allow you to enjoy a comfortable retirement. The next set of posts will dive into different asset classes, but the first real question to ask is “How does investing combat inflation?” For those paying attention in the last post, it will likely come down to the power of compound interest. I mentioned that investing with a long time frame is essential and everything else will fall into place. If

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