Wealth Builder – Fall 2021 – Take financial stock to make change happen

Whether brought on by the pandemic, a financial milestone or just a new life stage, many of us are looking at major changes like early retirement, moving to a new province, changing careers, or starting a business. If you’ve done the hard work of deciding what change is right for you, how do you go about understanding the financial changes that are required? Here are three things you can do now to understand the numbers behind any change:

1. Determine where you stand today. Your current financial status is the foundation on which you’ll build your next life stage. Creating a net worth statement is a great place to start. A personal net worth statement is a snapshot of an individual’s financial health. It is a summary of what is owned (assets), minus what is owed to others (liabilities). Another example: if you are considering early retirement, request a pension statement from the Government of Canada or Retraite Québec to see an estimate of your likely benefits.

2. Get a realistic view of the financial costs of your new life. The next step is to put some hard figures to your thoughts and dreams. Start with some research. Whether you’re looking for house prices in another province, tuition fees for a degree or a training program, or costs of running a small business, a little online digging will bring up the information you’re looking for. Put that newfound knowledge to work by creating a blueprint such as a moving budget, a business plan, or a regular savings program, if you need to build some capital for your plans.

3. Seek professional financial advice for all scenarios. There is seldom just one way to reach a goal and professional advisors can help you explore the options. Professional accountants, for instance, can run multiple financial scenarios evaluating alternative approaches. Experts, such as business advisors, can also help with knowledge you may not be aware of such as funding sources, grants and tax breaks.
And don’t forget to speak to us about savings and investment plans to help you reach your goals.
Your investment plan should always reflect your goals so if they have changed, let’s talk soon. We can help you align your assets to
your aspirations.

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