Invest a Lump Sum or Bit by Bit, Which is Better?

Investing in a lump sum or bit by bit – which is actually better? Let’s say you have a lump sum of cash and the market is pretty turbulent, do you invest all at once or little by little?

Maybe you got a bonus, or you have an RRSP contribution to make – should you put it in all at once, or should you spread it out?

What you’ll learn today is what method is better.

Dollar Cost Averaging – the official term for investing bit by bit.

There is a bit of beauty here. Say you’re investing $1,000 per month, your advisor might say you’re guaranteed to outperform your investment because you buy more units when it’s down and fewer when it’s up. Your average cost will be lower than the average price of the investment.

That isn’t 100 per cent true. What really happens is you are guaranteed to outperform your investment if you invested the same amounts at the average price of the investment. But it’s actually quite a cool thing. If you invest every month and that investment makes 10 per cent, you are guaranteed to outperform it. There is something to this strategy.

Dollar Cost Averaging protects you on the downside. This is the main reason why people don’t want to invest. You may have $100,000 or $500,000 to invest but may be afraid of what will happen if you invest and the market crashes the next day and you take a 20-30 per cent drop. Now, that’s quite unlikely, but it’s possible. Dollar Cost Averaging may protect you from this.

However, it doesn’t completely protect you. If the market crashes right away, most of your money is not invested yet and you invest at a lower price. However, you could still invest your lump sum bit-by-bit and the market crashes right after the last amount goes in.

The real risk from this strategy is risking missing out on potential growth, such as putting money in and seeing it skyrocket. If you’re putting only a little bit in, you could miss the upside.

Growth-focused investing – or lump sum investing

Growth-focused investors are the kind of people who want to make the biggest difference in their lives. They learn how to develop that risk tolerance and become more comfortable and successful. They also tend to prefer a lump sum. The sooner you get your money invested, the sooner it can start growing for you.

There are two kinds of risk: the wrong risk and the right risk. The wrong risk is trying to avoid all market declines. For example, if the market crashes but goes back up again, there wasn’t really risk. We know historically that the market has recovered from all declines and will probably continue to do so.

The right risk is all about your long-term growth and achieving your life goals. If you have a financial plan, you’re setting a goal and you’re trying to achieve it. The only way to retire comfortably is to have a good rate of return between 8-10% per year. When you choose an investment, how can you be confident you’re going to get an 8% return? You have to focus on the long game. Learn how to tolerate risk and have more equities. The lump is probably the best choice for growth. Do you want to learn more about this subject? You’ll be happy to know that I go into much greater depth on the subject over on my YouTube channel. I invite you to join me over there to learn more about which investment strategy is better for you.

Small Print “Gotcha” in Credit Card Interest

The small print “gotcha” in credit card interest. You probably think your credit card interest is pretty high, but trust me, it can be higher. If you or someone you know is struggling with credit card debt, or if your kids are learning about finances, this is the blog (and video) you need to read. 

Credit card debt is usually the place Canadians get stuck on the most and they can’t seem to get out of it. It’s even harder to get out of it slowly, so you have to do something quickly. It’s a big issue, so I recommend you don’t get caught up in it in the first place if you can help it. 

I’m going to tell you a quick story about Charlotte. Charlotte only had a ten-dollar balance on her credit card and she was about to go on vacation. She figured: “It’s only ten bucks. How much can the interest possibly be?” So, she went on that vacation and didn’t bother to pay the bill.

A month later when she got her statement, do you know how much she owed thanks to interest? $170! Naturally, she figured that this has to be wrong. There’s no way a ten-dollar bill amassed that much in interest. She called the credit card company and they confirmed that was in fact her bill. To be sure, she called me to see if this was legitimate, and sure enough, that was the correct amount of interest. 

When you get a credit card statement, you’re going to be reading a lot of garbage until you eventually find “interest and other calculations.” It’ll usually state that you have a 21-day interest-free grace period on new purchases, but it’s actually probably closer to six weeks. Let me explain. 

It’s from the date of purchase until the statement date and then three weeks from receiving the statement date. You can avoid interest entirely by paying that balance before the due date. 

However, if you owe anything at all, even $1,you lose the 21-day grace period on all your new purchases. They’ll charge you interest from the date of purchase, not the statement date, and continue to charge you interest until you pay the full amount. That’s why credit card debt can be so astronomical. 

How to eliminate credit card interest fully is to always pay your credit card in full every month. The trick is this: set up automatic payments. You can call them up or set it up online and always set it to pay the full amount by the due date. That way you never miss a payment and completely avoid credit card interest. 

However, sometimes you don’t have all of the money to pay those expenses. Even if you have to borrow from a credit line or set up an emergency fund, that’s a better option than paying that inflated interest rate. 

If you’re stuck on credit cards, don’t think about paying them off slowly. Find a way to pay it off right away, such as getting a loan or credit line. Get rid of all the credit cards and make a vow that you won’t pay credit card interest ever again. All credit cards are convenient ways to make payments. Only use credit cards on things you can pay off right away. They are meant for convenient purchasing. They aren’t meant to be used for financing. 

Paying off your credit card is very worthwhile. It doesn’t make sense for you to start investing if you have outstanding credit card debt. Credit cards have to go so you can eliminate that 20% (or much higher) interest rate. 

How To Own a New Car For Less

If you’re trying to save money, cars are an easy way to save a lot of money. Of course, we all may consider how a car makes you look. Let me tell you, there is zero connection between net worth and the type of car you drive. Having a super nice car can just be a sign of a spender, not necessarily a wealthy person.

Most wealthy people live in regular neighborhoods and drive regular cars. They’re regular people. Driving a regular, older car is often an easy way to save money.

Cars don’t grow in value, they decrease in value over time. How do you decide how much you can afford in terms of a car?

My general rule of thumb is I want to buy a car for half of what it would cost if it was new. Then I want to own it for about 8-10 years. To buy it for half price, you usually have to buy it 3-4 years old. That’s a great way to save money.

However, I do sometimes get the question: I’ve had my car for a few years, when is it cheaper to buy a new one? The answer to that is typically never. If you’re using whatever is cheapest, it’s better to just keep fixing it up than it is to buy something new. Even replacing the engine costs less than the depreciation in your car’s value from driving it home from the dealer.

Now, there is a point where you can afford a new car and you want one, which is fine, but it isn’t the cheapest option.

The #1 Secret to car ownership

One of the best things you’ll ever do in terms of car ownership is finding a good mechanic. Find one who is good, honest, and who you can trust. Try to avoid big garages if you can to avoid being up-charged. It’s better to go to a private, honest mechanic than it is to rely on a warranty where you could potentially be having to pay inflated labour costs.

Half the value

When you go to buy a car, let’s say it’s retail price is about $25,000. How many years old does it need to be to get it for $12-13,000 with low mileage? You own it for about 8 years, and it costs about $1,500 per year. As your wealth grows, you can spend more, but aim for half price. That can help you save a lot of money.

Leasing vs. owning a car

Should we lease or own a car? A lease is just a form of financing. The problem with a lease is that there are a lot of hidden costs involved. The other problem is that leases come with mainly new cars and if you want to save money, the way to do it is to go with a used car. I generally recommend not leasing, it’s cheaper to buy for half price & own. With a lot of clients, we add it to their mortgage to finance the car at a low interest rate.

Electric cars

Electric cars are becoming very trendy. But the problem is that we frugal people usually don’t want to pay the price. The benefit of them is that they cost less to charge and typically require less maintenance due to having fewer mechanical moving parts. But the disadvantage is that replacing the electric car battery usually costs quite a bit. 

The main issue with electric cars for now is it’s difficult to find a used model for half the price. There isn’t really a used market – yet.

Owning a nice car doesn’t have to cost an arm and a leg. 

Check out my YouTube video here to hear me expand more on the subject.

Your Corporation, What You Need to Know

I find that when business owners start a corporation, they don’t understand the accounting side of the equation. But there are a few basic concepts you should understand before you start a corporation and we’ll explore them today. 

It’s very hard to start a business, after all, only about 5% of businesses survive their first year. A corporation provides limited liability and could be a potential way to grow your money for the future. Corporations really encourage us to build businesses and prosperity. 

Here’s what we’re going to be learning today:

Corporations – Exploring the basic questions

–   Should you incorporate or not?

–   Should you have a holding company?

–   Should you pay yourself a salary or dividend?

–   Once you have profit, should you Invest in RRSP, TFSA, or inside a corporation?

This topic will cover: 

–   General rules of thumb, especially for growth-focused people.

–   Simple language. Most of the technical details were left out.

–   Many exceptions. You need a tax accountant to verify.

When should you incorporate?

There are three main reasons why you would want to incorporate

1) If you have a risk of being sued. You don’t want to be sued personally; you have more reasonable protection if your customers work with the corporation.

2) Your business can be sold. You have to build the business to the point where you can sell the business to someone else for a profit.

a. Potential for tax-free capital gain on shares of a small business corporation of $914,000 per person. You and your spouse together could have almost 2 million tax-free dollars.

3) You have cash left to invest in your future.

a. More than enough to maximize your RRSP.

Get advice before you incorporate

Before you do incorporate, you need to get advice. You can technically incorporate yourself, but you have to consider multiple things. However, I personally advise you to work with an accountant and a lawyer before you incorporate. Get some advice and do it properly.

Cost: $1-2000 plus $1-2000/year, including corporate tax return.

You need advice:

–   Will you have shares for a spouse or adult kids?

–   What classes of shares do you have?

–   What year-end did you choose for your corporation?

Consider these options before incorporating.

Common Mistakes by Business Owners

Everybody makes mistakes. However, when we’re talking about the world of business ownership, you need to mitigate mistakes wherever possible. Not doing so could lead to trouble down the road. Here are some of the most common mistakes I see business owners make:

1) “My Business is my retirement”

a. This approach may or may not work. After all, selling a business is hard and it takes time.

b. You still need to save. Having that confidence from having a separate retirement investment is a good idea.

2) Investing conservatively

a. You worked hard for your money, so you don’t want to lose it. But that doesn’t truly make sense: you worked hard so your money needs to work hard for you too.

b. It’s important to remember that more than half of your retirement income is investment growth after retirement.

Now, there’s a lot to this subject that we could get into. However, I do a much deeper dive over on my YouTube channel where I provide a comprehensive guide to the subject. For more about everything you need to know about incorporating your business, see my video on the subject here. 

Optimism is the Only Realism – How a Positive Outlook Makes For More Effective Investing

Optimism is compelling to talk about. As a financial planner, I help people plan for their futures. You need to feel and be confident that the future is going to be better. You need to buy investments that will grow over time confidently, which requires you to be optimistic.

When I talk to or read about the perspectives of young people, there’s a lot of pessimism out there that the world is bad and unfair. They’re hesitating to have children or advance their careers because they feel there’s no point because the world is in decline. But in my experience, every decade is better than the last. The world is getting better all the time. We’re healthier, wealthier, and developing new technologies. We can’t allow our young people to have this pessimism. Things aren’t that bad. Optimism is the only realism.

Capitalism is a beautiful, elegant thing. Capitalism brings a better quality of life to everyone. The idea that millions of people act in their own self-interest trading in a free, competitive market creates exceptionally good social and economic outcomes for everyone. It’s profound and it solves a lot of human problems. We’re seeing inequality reducing as poverty decreases around the world. Capitalism is improving the lives of many people. While it isn’t perfect, it provides a better way of life for the majority of people than other systems. 

See The invisible hand by Adam Smith.

There are many other reasons why capitalism is beneficial to society: 

1. The invisible hand of the market ensures resources are being efficiently distributed according to consumers. No one benefits from producing goods the people don’t want.
2. It encourages innovation, as the need to compete remains a profitable venture. Businesses will continue to invest in research and development to create better products, while employees focus on improving their practices. 
3. Capitalism promotes equality by providing opportunities for everyone to find success. There is almost always an opportunity out there at some level. 
4. Capitalism embraces people with amazing skill sets in the developing world. Global capitalism allows businesses to tap into these resources. These innovations allow for the developing world to continue improving conditions for their local populations.

There’s also a lot of talk about the stock market and how it goes up and down, but it is reliable long term. People ask what happens if major catastrophes happen and how it will impact your stocks. Whatever happens in the world, the companies you invest in will adapt to these challenges. 

I read a great book called “It’s getting better all the time”. It compares different statistics from 1900 to current times, providing a snapshot of how things have improved over time. Our lives are dramatically better than 100 years ago in every important way. 

While we have a carbon issue, we’re seeing a reduction in other pollutants over time. Climate change is a big concern for many, but there is improvement happening across the world, especially with the implementation of green technologies and further advancements. 

It may be easy to get down in the dumps, but finding financial success isn’t a game of luck. It’s a game of optimism and believing things can always get better. 

Millionaires in Poverty – A Seemingly Ridiculous Yet Stark Reality for High Net Worth Seniors

Hearing the phrase “millionaires in poverty” may almost come as a slap in the face for some. In fact, it probably sounds like a completely dumb topic. Why (and how) would a millionaire live in poverty?

However, we see it all the time. People living in a paid-off home worth more than $1 million yet living on an income of $20,000 per year BEFORE TAX. How is such a thing possible?

It’s simple, really: the issue seems to stem from the belief that your home is your retirement. It’s difficult. Millionaires who end up in poverty have 5 options, all of which are… well, stupid:

• Continue what you’re doing: they’re home every day, they don’t go anywhere, they don’t have any money! Yet, their children will inherit their million-dollar home. Living this way is clearly stupid.

• Downsize: The problem here in Toronto is you clear little or nothing. You sell a 3,000-square-foot home and downsize to a 1,500-square-foot bungalow and you clear just about nothing. If you sell your home for $1.5 million and buy for $1.3 million, you aren’t getting much in return. Your only option is to leave the city and sell your home with plenty of money. However, many of these people want to stay close to the city. This is also a stupid idea.

• You can sell and rent: Of course, seniors think this could be dumb, as going from owning to renting might seem silly. They believe their home is their best investment. Rent always goes up after all. Many of these seniors are low-risk investors who likely invest in things like GICs and haven’t really learned to invest. However, if you sell and rent and invest in equities, this tactic is likely to work out better for you over time.

• You borrow to spend: you get a big credit line on your home and just start spending from it. But you don’t know how long you’re going to live, and that interest is going to compound. It could be irresponsible knowing you’ll never be able to pay it off and may be forced to sell your house. 

• Borrow to invest: the thing about this is it’s considered too risky for seniors, especially those who don’t know much about investing. However, there are some significant advantages to this. If you invest effectively, it can be beneficial in the long term. This is clearly the best of the five options because you can get a comfortable income from this. But, you have to be the right person for this approach.

While all of these seem stupid, you have to pick one. That’s where a financial plan comes in handy. You have to consider your lifestyle, what you want to leave for your kids, what your risk tolerance is, etc. There’s clearly no perfect option here and that’s why you have to think it through.

One product out there is the reverse mortgage. The thing is, compared to a regular mortgage it’s pretty expensive. There are big upfront fees, and the interest rates are quite a bit higher than a regular mortgage. Guarantees are often very expensive. You can stay in the house as long as you want, but you lose a lot of your equity. If you’re a low-risk senior in poverty, this may be better for you as an option. But if you don’t want to or can’t, you may have to develop a higher risk tolerance. Risk tolerance is a learned skill.

A far more effective way to approach this is to set up a credit line and invest against your home. There are no upfront fees, and the interest is all tax-deductible. The investments can provide a reliable long-term income. If you invest in equities with a 4% Rule, you can reliably withdraw 4% per year and increase it by inflation every year. If you manage your investments and withdrawal rate effectively, you can take 5-6 per cent. This could be a reliable source for a more comfortable retirement. 

Another potential option exists in self-made dividends, which help you avoid a lot of risks. “Self-made dividends” means you just sell some of your investments every month to give you cash flow. They are better than ordinary dividends in every way.  Self-made dividend investors can invest properly based on risk and return, quality, and diversification. But why are self-made dividends better than ordinary dividends? Glad you asked.

Self-made dividends are taxed at lower rates, for one. As well, dividends have two major risks: over-valuation and lack of diversification. Self-made dividends avoid these risks and have a lot of major advantages. See more on self-made dividends here. 

Living in poverty doesn’t have to be the reality of your retirement. Be smart, educate yourself, and consider working with a pro to get your financial plan on track.

Debt Is Still A Struggle. Here’s How to Face It.

The pandemic may still be a part of our lives, but as the workforce and economy slowly returns to something resembling pre-pandemic normalcy, the problem of debt is rearing its ugly head yet again. 

In Canada, the average household owes an average of $1.71 for every dollar of disposable income, Statistics Canada reported in December 2020. 

As a percentage of disposable income, household debt in Canada rose to about 170% in the third quarter of 2020. It was about 163% in the second quarter of 2020. However, the newer numbers are still below the $1.81 that was seen in the fourth quarter of 2019.

Canada also has a mortgage borrowing problem. 

New mortgage borrowing rose 41% in the first quarter of 2021 compared to the same period in 2020, when the pandemic began, according to The Financial Post, which reported the latest numbers from Equifax Inc., a consumer credit reporting firm. 

The story also showed that the average limit on new mortgages — the amount for which borrowers were approved — jumped more than 20% to $326,930.

According to a release from Equifax, the increase in the number and size of mortgages Canadians are taking out drove the country’s outstanding consumer debts to nearly $2.1 trillion, despite a drop in credit card balances to their lowest point in six years.

Debt has very real repercussions on our lives. 

Too many Canadians have too much debt, and we need to raise our national awareness about how to deal with this problem. 

It starts with more Canadians getting serious about their financial planning. Here’s a few suggestions on how you can get started. 

Put More Money In an Emergency Fund

Although paying off your debts is important, the first thing you want is a safety net to avoid incurring even more debt. 

There’s no denying it: life throws curve balls and we need to be prepared. Maybe you lose your job, or you suddenly face a big medical bill, or a tree falls on your car. Whatever the surprise, you want to make sure you have some money stashed away to deal with it. That way, you avoid building up even more debt paying for something non-negotiable. 

Pay Off Debts With Higher-Interest Rates First

Some debts, like student loans or mortgages, don’t have high interest rates and don’t lose much value over time. You can put those debts off longer than something with a high interest rate. The longer you postpone those debts, the bigger they get — and they can get big fast. 

Focus on paying off those debts first, as knocking those off your list means you’re saving more money in the long run. 

Find A Tool for Debt Management

While an old Chinese abacus might look cool, it’s not the best choice when looking for ways to help you crunch the numbers and make a plan. 

Luckily, there are many wonderful tools now available, especially ones that help you consolidate debt, often through a personal loan. This is a smart option for someone with a lot of credit card debt. 

This is helpful in two ways. One, the personal loan will likely have a lower interest rate, so you’re paying less long-term. Second, the terms of debt consolidation loans have shorter terms than credit cards, so you actually know when your last payment will be. 

Make A Long-Term Plan

If you succeed in paying off your debts, congratulations! Now you have to stay vigilant and create a plan that will allow you to stay out of debt. You will want a budget management plan that lists detailed savings goals and how you plan on meeting them. 

As always, remember that you don’t have to do this alone. 

A financial planner can help!

Financial Planning Post-Pandemic

As of June 5, about 61 percent of Canadian adults, or more than 23 million people, have received at least one vaccine shot against Covid-19, according to the U.S. Centers for Disease Control and Prevention.

The pandemic and Covid-19 will certainly be part of life for years to come, including the need for social distancing and masks when indoors or among large gatherings of people. 

But these restrictions are in decline, and a fully vaccinated Canada is now within sight, allowing many of us to have a little peace of mind and a lot of socialization and travel to look forward to. 

For financial planners, this means we can start returning to in-person meetings again. 

It also means trying to understand the needs of our clients, and what the “new normal” means for investing and long-term financial management. 

I think financial advisors should account for a few changes that will linger far beyond the worst of the pandemic. 

How to See Your Clients Again

After a year and half of isolation, a simple meetup for a cup of coffee or even just signing a piece of paper in person feels like a massive achievement for many of us. 

But it will take time for people to feel safe again in those situations, even if they’re eager to return to them. That means financial planners must make sure to provide a meeting place where clients can feel comfortable. There will be different clients with different needs. Some will be vaccinated. Some will refuse to ever take the vaccine. 

Ultimately, it’s just about creating trust, which has always been part of the financial planner’s job description. It’s just a little more complicated now. But done correctly, I think there’s a real opportunity here to build trust with clients like never before. 

Capital Ready to Play

The world stock market experienced a 14% gain during 2020. The stock market is still as hungry as ever, with more people than ever interested and willing to invest. 

This is one of those key moments when investors also need financial planners more than ever, mainly to help them take advantage of this long-term growth in the stock market. 

Whether that’s diversifying their portfolios or managing wealth in the face of impending legislation from the Canadian government, investors need to hear good financial advice that takes into account the many economic and political changes happening in Canada and around the world. 

At the same time, business owners and startups are looking for opportunities to pitch their products and services to investors. That’s when in-person meetings are most important, especially for unknown business owners and entrepreneurs. They may need help sorting out sales pitches from real advice, and financial planners can help provide it. 

Embrace the Enthusiasm

North America has seen a virtually unprecedented trend of market growth, helped by low interest rates and flexible capital. If a client had a well-managed portfolio with a savvy financial planner, they likely saw big improvements over the last two years. 

The resilience of the stock market to the pandemic, combined with the spare time of unemployed Canadians receiving government assistance, means that the spike of interest in investing and financial planning will likely have staying power. 

Financial planners can and should take advantage of this moment, focusing on strategies that take into account this period of market growth. At the same time, we must always remain vigilant about sudden changes. 

As most of us know, these are more likely to happen in uncertain times. The pandemic isn’t over, but there’s good reason to feel optimistic about the future.

Business News: How to Read and Understand It

In a world where “fake news” is the new buzzword, it’s safe to assume that some business news stories probably fall into the same category. If you’ve ever picked up the business section and wondered exactly what you should or shouldn’t believe, then this blog post may be useful to you. 

First, have you taken note that at almost any point in history there is always a serious event predicted by news outlets that never occurs.  Think Y2K. The internet was supposed to cease and desist at midnight.  Didn’t happen. 

More recently, we had fears of a market crash due to COVID-19. While the uncertainty of the pandemic did affect the market in the beginning, it quickly bounced back and is doing quite well. 

So, why are forecasts in the business news so often wrong?  Here’s what you need to know.

News rarely affects markets

Why?  Because investors have already heard the story and included it in the price they are willing to pay for stocks. If the news then happens in the way it is projected to, it should have little or no further effect. 

News indicates mood of the market

Ever notice that when a news story predicts a market crash, the market drops immediately? This causes investor pessimism.  Don’t worry too much, instead, read the story based on what it tells you about the mood of investors. Overly pessimistic markets tend to rise while overly optimistic markets tend to fall but both tend to normalize over time. 

Let’s rewind to 2012.  A good example.  During the fall, the news was saturated with stories about fears of a U.S. recession because U.S. debt was too high.  The Fed was going to reduce or stop “quantitative easing”. This created a pessimistic mood for investors, which actually told me it was a good time to invest.  Turns out, the fear was exaggerated.

What is the mood today?

During this COVID age, it’s hard to keep up.  Right now, there’s an ominous new outbreak of coronavirus in the UK, however, the U.S passed a new stimulus bill, so the mood is mixed.  All in all, 2020 was a great year for stocks, which further proves: the news media is good at telling you the general mood of investors, but it is nearly hopeless for predictions.

Your financial plan is your roadmap for life

I often meet with potential clients who want to plan their finances but don’t have a solid plan. Sometimes I ask them, well, what have you been using to manage your finances up until now? And they show me a slick brochure that another financial advisor put together for them. It usually looks really slick on the outside, but all too often the actual information is generic or speculative. To me, it appears to be virtually the same information they’re very likely giving to other clients.

Here’s the deal: Money impacts so many aspects of your life. How you handle it, save it, and spend it can say a lot about you. And when I ask these people what’s important about money to each of them, there’s always a different answer. Always. That’s because everyone is a unique person with specific financial needs, goals and objectives.

The thing is, to properly and professionally serve your needs, I need to have an acute understanding about how YOU feel about money. That’s always my first step in developing an effective financial plan that helps you create the life you want.

So, what are your goals? And what does money mean to you?

Once you know that we can collaboratively create a plan based on your needs and my quarter-century of experience and hard-won expertise in the fee-for-service financial industry.

Maybe you’re looking to have peace of mind.

Many women I speak with cite it as a high priority. Perhaps you’d like to accumulate a large security nest egg, own a portfolio of safe investments, and have the security of knowing that your future is secure in terms of financial matters. In other words, your needs are met, your lifestyle is relatively comfortable and you can focus on your life.

Others associate money with fun and happiness.

Maybe there’s a vacation you’d like to take, property you’d like to buy, a car you’ve always dreamed about, or experiences to which you’d like to treat yourself or your loved ones. Your goal is to enjoy life and make memories that require spending a bit of money, while not overspending. The more money you can save for your long-term goals the more you’ll be able to enjoy these things.

Or maybe to you, money means freedom.

Who wouldn’t love to enjoy financial freedom and be able to do things they enjoy or are meaningful? Many people who plan their finances in this way may think about money more than others because they want to be sure to have enough of it to cover the basics, while also having some degree of financial freedom and spending flexibility in spending.

There are many reasons why people want to save, and goals are established to be met through diligent work discipline and dedication. This is why we, as financial planners, can greatly help you. By knowing what you want or need and when you think you’ll use it, we can work with you to develop a realistic saving and investment plan that’s targeted at the goals and objective you want to accomplish. From that point, it’s a matter of doing it — which requires no small degree of responsibility on your part.

A solid financial plan looks much different for someone who’s earning a huge salary and wants to invest aggressively in higher-risk products than for someone who has a more moderate income and wishes to invest in opportunities that are as risk-free as possible.

The bottom line, though, is that investment plans are fully customized to each person’s specific situation. That’s where I can help you: to gain a complete understanding of your needs, goals and objectives, then create a plan that directly addresses your needs and serves as a roadmap to guide your savings and take you from where you are now to where you want to be.