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The 10 Principles Of Being Rich
Conclusion: The Happy End
Financial plans in action: decisions and consequences; sunny futures

Retirement signals the end of an investor's accumulation mode and typically triggers a series of estate-planning maneuvers aimed at preserving investment capital; minimizing estate, capital-gains and other taxes; and taking care of wills and business- succession matters. Incorporate possible changes in residency into the mix and the exercise becomes a daunting challenge. Clive, the wily veteran investor, is up to the task. Now, it's time to wrap up...

 

We now revisit our three friends Kate, Jack and Clive at a time one year into the future. Kate, surprising even herself, got closer to her boyfriend Murray after his fall down the mountain and is now engaged. But the love bug has not diminished her zest for the world of sales, and in fact she has been promoted to regional sales manager for the Greater Toronto Area. She and her financial advisor had set up regular scheduled contributions to a diversified portfolio of mutual funds as part of her financial plan, and with the extra salary from the promotion she can now augment her deposits. Not many 26-year-olds are as well prepared for their future as Kate is.

Jack works Saturdays on that side project at work and is investing the extra income as part of his new financial blueprint. His son took the year off after graduating from high school in order to earn money for college and has been taken on at the plant. He has promised his dad he will save everything he makes for school - except for a little spending money that he puts aside for the odd golf game. Jack's daughter, meanwhile, will benefit from the monthly payments Jack is able to make into an RESP. Jack still stays up late playing darts and poker on Thursdays, but the rest of the week he sleeps a lot better, thanks to the efforts he has made to get a handle on his retirement finances.

As for our retirees, Clive and lda now spend five months a year at a bright new seniors condominium in Scottdale, Arizona and the other seven at a new townhouse condo located not far from their grandchildren in Mississauga. The family home had been sold quickly and the business has also been sold, to their son-in-law, who values Clive's input as a part-time consultant and hands-on craftsman during the period he is up in Canada. The place in Arizona has two extra bedrooms and the children and grandchildren and the ladies from the club have an open invitation to visit. lda loves the e-mail she gets from the grandchildren every day while down south, and overall, with a solid estate plan in place and that warm Arizona sun splashing into their condo living room every morning, both Clive and lda are able to breath easily as they settle into a secure retirement.

CONCLUSION: In real life, there are not always happy endings. But you can take steps to ensure that you are prepared for the future with a well-thought-out financial plan in place. You have taken the first step by reading this booklet. Now make the next logical move and give Fiscal Agents a call at (905) 844-7700.

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