The popularity of DIY (“do it yourself”) projects has grown in recent years. The combination of doing it yourself to save money with the availability of home improvement centres and video sharing sites, such as Pinterest give us the impression that we can create the lifestyle we all dream of. However, DIY is not as easy as it seems. What begins as a well-intentioned renovation or home decoration project often ends up costing more money in repairing mistakes due to lack of expertise.
The same is true when you try to manage your personal finances on your own. There are many competing interests: home ownership, renovations, vacations, education, and retirement. How to balance your needs today, while planning for tomorrow? How much to save and where to save and where can you find more money to save?
Everyone needs sound financial advice – advice that goes deeper than a headline on a Facebook news feed. Seek out a professional financial advisor in order to make the right decisions that will help you achieve the life you want to live now while planning for your future.
Think a personal financial advisor is just for the mega-rich or famous? Not so. In fact, those of us who are struggling to make ends meet are the very people who need financial planning advice. When you are in the trenches, you need a sound strategy more than ever.
If you put together a piecemeal approach, addressing the most pressing financial pressures as they happen, this could cost you more in the end. A typical family today has to think about:
• Monthly expenses (groceries, clothing, gas)
• Vacation and travel plans
• Children’s education
• Assisted living for a loved one or themselves
When life is busy many of these important elements are forgotten or put on the back-burner to be addressed later, often never getting addressed at all – or when it’s too late.
Similarly, you cannot manage your finances following a rule or general guideline. Everyone has their own values and goals they want to achieve and trying to meet those goals through something such as “the 70% rule” (needing 70 percent of your working income when you reach retirement) may still not get you to where you want to go, or might make you miss out living the life you want to live. Your financial planner will look at the compete picture and develop a plan that fits your lifestyle.
Phone 905-277-7924 | 1-833-ASSANTE (277-2683)