Top 10 Checklist for your financial
health
Here is a list of things for you to do this month to
position yourself well for the rest of the year!
1.
Going in to the year deep in debt? Meet with an
advisor to lay it all out on the table and develop a plan of action to get off
the treadmill once and for all!
2.
Update, review or get a will and power of
attorney for finance and health care.
3.
Review your year-end company pension plan
statements. Is it all in order? If you get to choose the investments yourself,
how have they done? Where should they be invested?
4.
Same as #3 for your personal savings, RRSP’s and
RESP’s.
5.
Catalogue what is renewing this year. When does
your home and auto insurance come due? Maturing GIC’s and term deposits?
Mortgage renewing this year? Start shopping now.
6.
How much life insurance do you have? How much
are you paying for it? Your life insurance portfolio should be reviewed every 3
years or as life changes happen.
7.
Between the ages 21 and 50? Have you talked to
your advisor about critical illness insurance and disability income
replacement?
8.
Between the ages 50 and 70? Want the insurance
company to pay for your log-term care down the road? Now is the time to price
it out and consider a 20-year paid-up plan.
9.
Save more, spend less. The national savings rate
is now less than 1%. Your goal should be to allocate 10%+ of each pay towards
savings and RRSP’s. A take-home $1000 means $100 per pay period should be saved
– allowing you to live on the other 90% guilt-free.
10.
Forget product, you need a strategy. If your
finances are like most, your insurance, savings, RRSP and RESP investments have
been spread over five to six policies/accounts in three to four different
institutions over the years. A good advisor can help quarterback and pull the
whole strategy together to make sure everything is working in your best
interests.
Make this the year that you get a
good handle on where you stand today. Take this financial snapshot now. Then,
if you need a hand from there, give me a call. I can help.
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