{"id":3254,"date":"2013-05-21T08:32:54","date_gmt":"2013-05-21T15:32:54","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=3254"},"modified":"2024-05-31T04:05:48","modified_gmt":"2024-05-31T11:05:48","slug":"guest-blog-keys-to-good-financial-planning","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/guest-blog-keys-to-good-financial-planning\/","title":{"rendered":"Guest Blog: Keys to Good Financial Planning"},"content":{"rendered":"

A financial plan is like a roadmap.\u00a0 When you move to a new city, or travel to an area that you\u2019re unfamiliar with, you need to chart the way to your next destination.\u00a0 It\u2019s the same with financial planning.\u00a0 Here to help you navigate, with some pointers on how to set your course, is financial planner and guest blogger Christine Conway.<\/p>\n

Why might you need a financial planner?\u00a0 Well, they\u2019ll start by taking a look at where you are now, where you want to go and will identify obstacles that may be in your way.\u00a0 If you\u2019re heading off course, your financial planner will know where the road you\u2019re currently on will lead.<\/p>\n

When selecting your financial planner, the first thing that you\u2019ll what to look for is a professional designation.\u00a0 In Canada, anyone can call themselves a financial planner, without necessarily having gone through adequate training. The Certified Financial Planner designation (CFP) is internationally recognized and viewed as the standard for financial planning.\u00a0 To be awarded this designation, the planner must pass standardized tests, have work experience in the field and abide by a code of conduct that puts the client\u2019s best interest ahead of their own.\u00a0 The planner must also stay up to date on changes in the industry through continuing education in order to maintain use of the designation.<\/p>\n

It\u2019s also helpful to look for a financial planner who works with an independently owned firm.\u00a0 They are able to provide an objective opinion and offer a wide range of products.\u00a0 If the planner seems more interested in making a sale than getting to know you and your financial situation, you may want to seek assistance elsewhere!<\/p>\n

In marriage or common-law relationships, it\u2019s important to be aware of the different attitudes that you and your partner have towards money.\u00a0\u00a0 Does your partner always need to have the latest new toy or are they continually updating their wardrobe?\u00a0\u00a0 If so, they may be someone who enjoys the immediate benefits of spending money now, over long-term benefits.\u00a0 Have a discussion and set short-, medium- and long-term goals together, making sure that you both value what you will be working towards.\u00a0 As an example, short-term goals may involve paying off debt, which might seem like more of a pain than pleasure, but would free up cash flow to save to buy a new car or home.<\/p>\n

In addition to savings, good financial planning is about protecting your income and assets.\u00a0 For example, making sure that you would still have money coming in if you were unable to work due to illness or injury, your planner could help you identify and implement an appropriate disability or critical illness plan.<\/p>\n

You may want to contact a designated financial planner if you:<\/p>\n