It’s no secret that credit cards can make it easier to overspend. Combine the ability to spend more money than we actually have with FOMO and you have a recipe for disaster (or at least a panic inducing credit card balance).
When you spend money or make investment decisions, you might actually be repeating the actions of your parents and family members without considering if those actions work for you. In fact, you might be imitating behaviours that you don’t even agree with.
Lending a helping hand and a few well-placed dollars to a family member during challenging times is an all too Canadian thing to do. However, there may be emotional and financial pitfalls attached to your largesse.
Get more exercise. Cut out trans fats. Floss daily. Spend more time with family. We all know what we need to do to create more wellness in our lives. We’ve all got a mental list of “shoulds” and “one days” – all the things we know are good for us, but we don’t always do.
It is recommended that financial planners follow a six-step process with clients to help ensure that financial plans meet specific objectives and are relevant to an individual’s needs, says Anthony Williams, vice president of academic affairs for the Canadian Institute of Financial Planning.
Those of us who have lost a loved one know that it is one of the most stressful times in a person’s life. The death of a loved one brings an emotional roller-coaster ride full of shock, fear, confusion and uncertainty. Added to the emotional impact, it’s often a time when serious decisions need to be made, especially where finances are concerned.
Many people think about investments or retirement when they think about financial planning – but the reality is that it is a process that impacts every aspect of life, from health and home to vacations and emotional well-being. Put simply, it’s the single most effective way to plan for the life you want.
For many investors, the relationship with your financial advisor may be one of your longest partnerships. That’s why it’s essential to find a good partner – someone you can trust and who understands your specific financial needs and goals.