Life is not as complicated as most would have you believe – and it’s the same thing with financial planning, where it all boils down to about six or seven considerations. The three at the top are: don’t spend more than you make, pay yourself first, and protect what you cherish from disaster. Take care of these rules and your life will be less complicated.
Consider these thoughts on how we can help, and beyond these we anticipate you’ll have questions not covered on our website. So, once you’re ready, call for a confidential, no-obligations chat – reach us at 905-844-7700.
Estate planning: It’s not the end of the process, it’s more like a beginning. That’s because all our hopes, dreams and aspirations encompass living and planning life to the fullest. Knowing where you’re headed establishes the direction today for those desired tomorrows. It doesn’t matter how old you are – it’s a matter of being mindful of financial and family milestones and how we get there. We can help you realize and plan for those. Saving for education, a home purchase or supporting children are just some of those milestones.
Questions that require answers: Having a family and children has many rewards but if you happen to pass away soon, who will provide for them and ensure your hopes and dreams for them are fulfilled? Unless your family is a big lottery winner, you’re the one with the opportunity and responsibility to provide for your family’s security. If the bread winner in your family dies, how will the survivors be provided for? Having resources available in those circumstances will help your beneficiaries recognize the value you’ve been to their lives. Are you prepared? We can help provide you with peace of mind – it’s as simple as insurance, a small payment each month that secures the future financial security of your loved ones.
If you do you have life insurance: Will the proceeds meet the future needs of your dependents? Will it provide for the loss of your income? Even if you have bank mortgage insurance, consider that it’s for their protection, not necessarily yours.
Do you or your spouse have a current will? Most people feel invincible – until a relative or close friend passes away. Then we’re reminded that we’re not here forever and life is short. A will is an essential tool to make sure your wishes for the dispersal of your assets are fully respected.
Debt reduction is a process of elimination: Being young, with your whole life ahead of you, is great, but eventually we all get older and have to determine what we’ll need to live on in our retirement years. This means allocating portions of your income to provide for priority wants and needs – for vacations, or educational funds for children or grandchildren, all sorts of targets. Sometimes you’ll have to pick and choose, but having a rough outline of what is going to be needed is best. That’s what Fiscal Agents Cornerstone Planning is about – starting with a simple budget that incorporates any debt reduction required and provides for asset growth is the prudent approach. We can help in those situations.
Do you have assets that don’t fit any more? Or do you have so many it’s hard to keep track? Our Cornerstone Planning process takes into consideration the way your asset mix interacts with time horizons that change over time. Our best advice is that the percentage of secure investment vehicles should reflect your age – if you are 70, then 70 per cent of your assets should be invested to provide secure income, with the balance towards growth. This means that as you age, the percentage of secure, fixed-income investments should increase. As part of a review process we’ll help you re-evaluate your asset mix and recommend possible realignments. While the 70 per cent notion has its place, other investments may have better tax advantages, or there may be other conservative benchmark investments worthy of consideration.
Convert RRSPs to income receipts: This sounds easier than it is in practice. Experience has proven that over time, managing those conversion transitions takes time and planning. The last thing you need is to have to convert investments that are non-transferable prior to maturity – financial penalties and processing delays can mean heavy loses. The assumption is you’ve purchased those that are convertible or transferable prior to the government deadlines. We help conservative investors prepare investment portfolios sometimes years in advance of retirement, thus ensuring a smoother transition and maximized retirement income. We have a number of simple solutions.
As we say:
“The Cornerstone of financial Independence is not a privilege of the rich … it’s a plan of the wise.”
Come in for your own personal private consultation with no obligations. We’re eager to help you define what’s best for you and your loved ones.
