Financial Planning

Financial Planning Calgary

Financial Planning for All

Financial Planning is a step by step process of evaluating a person’s present money situation and his long term monetary goals and then constructing a strategy to achieve these goals. The importance of financial planning can never be ignored at any point in life. However, our financial priorities do vary according to what phase of life we are in.

Financial Planning: A Pressing Priority

The importance of financial planning can never be ignored at any point in life. It creates a roadmap for your money. Everybody needs a financial plan to

  • Focus on their future goals and have a bigger picture in mind
  • Goal priority
  • Increase your savings and prepare you for any emergencies
  • Attain peace of mind by worrying less about money and gain control
  • Helps in organizing finances

What your Financial Plan should cover?

A Financial Plan includes every aspect of your finances. It should cover saving and investing, paying debts, insurance, taxes, retirement planning and estate planning.  It addresses 2 sides:

  • Accumulation through Cash Management, Tax Planning and Investments and
  • Protection through Insurance Planning, Health Insurance and Estate Planning.

It is always advisable to take help of a Financial Planner while creating a financial plan. He/she can help you in realizing and setting a specific plan by giving attention to your priorities. However, our financial priorities do vary according to our stage in life and thus our financial plan is defined differently.

Just Starting Your Career

At the age group of 21-30 years when a person is young in his/her career and the income is usually low, setting and adhering to established financial goals will create a big impact in one’s life. The main priority at this point of life is to pay off debts or to achieve a higher standard of living.

After looking at the cash flow and making a budget, one can start a regular savings plan as a disciplined investor, putting money in growth-oriented funds like equity, balanced funds will make a great foundation for the future.

Growth Stage

Young families include people (30-44 years) who are starting to have a stabilized career or are recently married (may have children). For most these are prime spending years and the main priorities are to pay off the mortgages, saving for child’s education, establishing an emergency fund & to initiate savings for the retirement.

The best one can do is to never stop saving and reviewing the responsibilities one has and getting a picture of whether one has enough funds for his plans or not.

Mature Family

At this stage, the focus shifts from spending to saving. The people in this age group of 45 to 54 years are already established in careers and may have older children. The expenses are reduced and paying off home mortgages becomes manageable. Here, people start making a will, considering the power of attorneys, taking all mishaps into consideration or planning for their retirement and start accumulating their wealth.

Planning for Retirement

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The age bracket is usually between 55 to 64 years of age where a person is at the peak of his/her career and retirement is in the sight. The priorities also change where staying in budget, making a will, reducing income tax become the major issues. Investing in guaranteed returns rather than growth funds is a major transition observed

Retired and Estate Preservation

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People here are no longer working and are over 65 years of age. The financial planning done in the earlier stages of life now pays off. Considering the power of attorneys, reviewing health insurance and estate planning becomes a priority now. One can put his/her savings/pension in a plan where monthly withdrawals can be made. The saying, ‘If you fail to plan, you are planning to fail’ is apt in the case of financial planning. Everyone has their own life goals and to achieve them a proper financial plan is necessary.

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