In Build Your Own Financial Plan you get six intensive classes to define what financial success means to you and to build a personalized plan that will ensure you achieve it. We all define financial success differently, but no matter who you are, what you do, or what you want to do, the following 6 steps will put you on
your path to success.
Where are you on the path?
Step 1: Set Personal and Financial Goals Your goals will be your motivation, the engine that kick starts your plan. If you don't know why you are working so hard or what you want to achieve, it makes it hard to get anywhere. Set clear, measurable goals to keep you focused and motivated to move forward with your plan.
Step 2: Know Your Financial Reality Are you in debt? Can you afford the lifestyle you want? Are you saving without and clear strategy? Face the reality of your finances. It is a big, and for some, a scary step. But believe me, once you do it, everything else becomes a little bit easier.
Seeing on paper that you are spending $200 more per month than you earn, or that you are spending more on your lattés than your RSP, can be a real wake up call to take control of your finances.
Are you are putting your money where your goals are?
Step 3: Get Out and Stay Out of Debt Debt has become way of life - a deceptively expensive way of life. Make getting out of debt a #1 priority. Only a lucky few hit the jackpot. The rest of us need a systematic plan. Knowing how you will get out of debt will make the process more manageable and knowing when you will get out of debt will give you something to look forward to. Old habits die hard and it can be tough to curb your spending, but each day that you get closer to being debt-free, you will have more and more incentive to stick to the plan.
Email Sheila to learn how you can Get Out and Stay Out of Debt.
Step 4: Set Your Eyes on the Future Many people have trouble seeing the future. They say, "I'd rather live for today, you never know what might happen." In Canada the average life expectancy for men is 75 years of age, 81 for women. Which means most of us can expect to spend 10 -15 years, or more in retirement - so we'd better start planning for it! It's never too late. Talk to your bank or financial planner about setting up an automatic monthly contribution to your RSP.
Step 5: Create an Investment Plan Saving is one thing. Investing is another. Did you know that If you had invested $100 in a GIC in 1950 it would have grown to $4,811 by 2003, but if you had invested that same $100 in the Canadian stock market it would have turned into $17,520 by 2003, almost 4 times more!. Don't take investing lightly. For many of us our retirement lifestyle is determined by our investment choices and how well they perform. Educate yourself - read some books, ask questions, surf the web, or sign up for a one day seminar about Investing with Confidence.
Step 6: Take Action Once people get the financial basics and they are clear on their goals, they tend to make sound financial decisions. Putting your money where your goals are affects everything from deciding to make coffee at home in the morning, to traveling on a budget rather than on a whim. If you want to take action but don't know where to begin, start simple.
Start by talking to people about money; and they will start talking to you! Talking to people signals to your community that you are doing something positive for yourself and starting to take control of your finances. If you aren't sure how to start the conversation, drop in on a Coffee Talk. It's free and friendly and best of all, we are all there to learn and talk about money.
In the Build Your Own Financial Plan seminar we walk through all six of these steps. At the end, you come out with a plan that you know is achievable because you built it yourself.
For those of you who have started down the path on your own, I would be happy to help you stay motivated and learn more about creating the life you want with the money you have in one-on-one coaching sessions.
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