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financial planning

Your Road to Retirement: Let’s Chat about Financial Planning

February 15, 2017 By Lena

I know, I know. The subject makes you want to turn and run, right? You’re not alone – I can think of very few people who actually enjoy the process of dissecting their spending and saving habits. But you know what? It’s truly not as painful as it seems, and today I’m here to show you (nay, convince you) why it’s the perfect time to sit down with a financial advisor. At Scotiabank, they offer this service for free with no minimum balance – so what do you have to lose?

First, let’s look at the calendar. March is creeping up on us! And in advance of the March 1st RRSP contribution deadline, it’s important to uncover where you are with your retirement savings, and where you want to be. Last week, I wasn’t all that certain.

You’ll remember from a previous post, Your Road to Retirement: What are Your Savings Goals for 2017? – I was once a smug saver. Today, I’m not as comfortable – with a brand new home (and brand new mortgage) on the horizon, I’ve been under mild stress (read: panic attacks) trying to figure out if I can afford to save. Rather than trying to crunch the numbers myself, last week, I visited my local Scotiabank branch and sat down with Simpreet Sivia, Senior Financial Advisor.
IMG_4206 (2)Here’s what I learned from my visit.

1. Overcome your fear of financial judgement. I get it. It’s hard to be so transparent with a stranger – even one who’s trying to help you sort through your finances. No one likes to have their spending habits judged; we’re all just trying to do what’s right for ourselves and our families. But the logical first step in the financial planning process is admitting that there’s room for improvement, and then, being open to advice. …

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Filed Under: Family Tagged With: #scotiasavings, financial planning, scotiabank

Spoiler Alert: Life’s Milestones Typically Happen Out of Order

August 23, 2015 By Lena

First comes love…. then comes marriage…. then comes Lena with a baby carriage.

Okay, so I managed to stick to the script. But for a large percentage of the Canadian population, life’s milestones typically happen out of order. Think about it: the once traditional sequence of life events used to read like a “to-do” list – finish school, get married, buy a house and have kids. However, this sequence is far less common now than it was for past generations. In fact, a recent TD survey found nearly six in 10 (58 per cent) Canadians have completed or are on track to complete their life’s milestones in a different order than they originally expected.
kissMore specifically, Gen X Canadians are more likely to complete or be on track to complete them in a different order (64 per cent) than Millennials (52 per cent).

I can attest to this. I have girlfriends who have purchased their own home, returned to school, and had a baby – all before getting married. And to tell the truth, I am in awe! I took great pains to plan, budget and save accordingly based on my life’s own milestones, and for the most part, they followed a predictable timeline that I was equipped to handle. Therefore, I salute those who are able to swim against the current to achieve their own life goals, especially they happen out of the typical order.

Of course, while the order of life’s milestones may vary, thinking ahead about your goals and putting a financial plan in place can help manage the financial impact of these significant life moments, whenever they occur. We know that preparing for life’s big moments requires planning and saving, and regardless of your age, it’s never too early to build a financial plan and set goals for your future. …

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Filed Under: Lifestyle Tagged With: financial planning, Savings and retirement, TD Canada

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Lena Almeida

Toronto Blogger, Social Media Strategist for Listen to Lena Inc. Television & Radio Personality, Columnist and Speaker. Family Travel Expert. Star Wars Fanatic. Perfecting the Art of Conversuasion. Read More…

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