WHEN IT COMES TO YOUR MORTGAGE . .
Buying a home can be a challenge with a lot of numbers, so much paperwork, and a long range of questions. The biggest challenge of all is to purchase within your means to keep your payments affordable. If you can afford it, simple strategies like increasing the amount of your mortgage payments, or making bi-weekly payments will automatically reduce how much you owe, helping to pay off your mortgage sooner. For the most part rates can and do increase. When buying your home, it’s important to see if you can afford your mortgage payments should this occur when it’s time to renew. Shifts happen and they can create a real hardship for you and your family. Make sure you don’t overextend yourself. Be aware that if you have an illness or accident preventing you from working for a few weeks, that the impact of no pay check isn’t going to put you in real financial jeopardy. It’s important to read the fine print when shopping for a mortgage. Sometimes, there’s more to an amazing rate than meets the eye. A mortgage specialist can help make the process smoother. They can answer any questions and ensure your home purchase and mortgage fit with your future financial plans.
WHEN IT COMES TO INVESTMENTS . . .
Use a process that will fit your needs. Consider your financial goals and decide on a path to get you there. A TFSA (Tax Free Savings Account) can be set up to save for short-term goals like a vacation. It’s great for long-terms goals too, such as retirement. Now you’re serious about your future! While it would be great to invest a lump-sum contribution, it not only makes sense to make automated regularly scheduled investments, its just plain easier that way. Even a small amount deducted from your pay check and automatically deposited into a savings vehcile can make much easier for you. If you’re used to the type of investments such as RRSP’s it’s no biggie then because, TFSA-eligible investments also qualify for the same type of investments such as mutual funds, GICs, traded securities and bonds. Talk with one of our Professionals in our Financial Health Collaboration, they can help you determine your investment profile and recommend a portfolio that matches your comfort level and risk tolerance, so you can reach your goals and decrease your stress. So go ahead and LIVE WELL TODAY!
WHEN IT COMES TO RETIREMENT . . .
Forty percent of respondents in a 2011 survey by the Canadian Payroll Association, said they’ll likely retire later than they originally planned. The main reason being they haven’t saved enough. Visualize how you want your retirement to look like. Develop a plan for what you’ll need once you get there. Research the various income options so you have an income from the first day you retire. RRSP’s are tax-free compounding investments (until you start to withdraw them) that allow your savings to grow faster. Other options at retirement include annuities and unsheltered savings, in addition to a TFSA. Your retirement financial plan should ensure a steady, predictable cash flow that will cover all your expenses. Staying focused on the plan you put in place will help avoid costly money mistakes. Try not to jump around as the various experts tout new products and their take on which stocks will do well. No one has a crystal ball or we would all be rich, rich, rich. But, you can have a steady retirement income if and only if you make your plan and work your plan. Why not talk to one of our professionals in our collaboration under Financial Health and let them show you how they can help you build a customized plan that can turn your retirement dreams into a reality.