There are a lot of misconceptions out there.
And I suspect that you’d probably be surprised to learn just how many people believe that having a plan, an RRSP, a portfolio of investments, a Will and even an advisor means that their financial houses are in order.
A good start, perhaps. But definitely not enough to ensure your future financial well being; or that of the loved ones you leave behind.
Important as it is to accumulate as much wealth as possible your main objective should be
to take care of yourself and your heirs in every way — from seeing to it that your assets and rights are protected in times of tragedy, to making sure that all your documents reflect your current wishes and circumstances; from taking advantage of each and every tax saving opportunity available, to having the necessary cash to fund long term care, and even more.
At the end of this post I’ve added an 18-point Financial To-Do List (ranked in order of timing and importance). Print out a copy and get started today. Of course it goes without saying that I’d be delighted to provide any additional information or guidance you may need now, or in the future.
As for the Scouts and their motto, here’s a really interesting bit of trivia for you. When the British author, Hilary Saint George Saunders wrote his book, “The Left Handshake: The Boy Scout Movement during the War, 1939-1945” he had the first letter of each chapter spell out the Scout motto: Bravery, Enterprise, Purpose, Resolution, Endurance, Partnership, Assurance, Reformation, Enthusiasm and Devotion.
I can’t think of a better explanation of what it takes to be a successful investor.
Friedman Investment Group
Financial To-Do List
[ ] Power of Attorney — Health
[ ] Power of Attorney — Financial
[ ] Valid Wills — up to date
[ ] Appoint an Executor
[ ] RESP funded
[ ] TFSAs funded
[ ] RSPs funded (spousal to split income)
[ ] Financial Plan updated
[ ] Disability Insurance top-up
[ ] Critical Illness Insurance
[ ] Life Insurance — term to offset liabilities
[ ] Life Insurance — whole life or UL for tax shelter
[ ] Long Term Care Insurance (if appropriate)
[ ] Estate Plan
[ ] Spousal Trusts
[ ] Child Trusts
[ ] Annuities (if appropriate)
[ ] Organize documents/safe box