- Spend less than you earn. Income – savings = achievable financial goals
- Invest automatically. Your advisor can coordinate your investment contributions directly from your bank account on your paydays. The earlier you start, the more time your money has to grow.
- Avoid bad debt. Track where your money is going. Maintain an emergency fund (3-6 months’ income) to pay for unexpected expenses so you don’t have to rely on credit cards
- Make informed financial choices:
- RESPs provide 20% free match on up to the first $2500/per child you contribute each year
- TFSA – investment growth in your tax-free accounts is not taxed
- RRSPs provide income in retirement and a tax deduction against your current earnings
- Protect against the unexpected – is your family financially protected if you get sick, can’t work, or pass away?
- Work with an advisor. He/she should work with you to reach your financial goals (i.e. retirement, children’s education, real estate, etc.); maximize government and tax benefits; ensure investments are reaching their full potential; and help protect you when you need it (debt, medical risks).
We can offer much more than simple tips. If you’d like to learn how comprehensive financial planning can jump start your financial world, contact Yan-Min at email@example.com. Yan-Min Xu, Investment Funds Advisor, Life Insurance Advisor, Manulife Securities Investment Services Inc., Exceptional Wealth Management Canada. In collaboration with Barb Finnerty, Investment Funds Advisor, Life Insurance Advisor, Manulife Securities Investment Services Inc., Exceptional Wealth Management Canada.