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What is Financial Planning?

If you’re reading this right now, the odds are you have some goals in life that require cash. If so, then financial planning is for you. Now if your situation is simple, you may be able to do this financial planning on your own. However, most of the time a financial planner is required. Why would you need a financial planner you ask? Simple! A financial planner is professionally trained to do this for a living, and therefore will be able to do a better job than most individuals. Seeing as how you work to earn your living, and create your future, it only makes sense to hire a professional to take care of your finances for you. After all, a person spends about a third of their life at work, it makes sense to ensure that all that hard work doesn’t go to waste!

What is Financial Planning?

Anything that involves money can fit under the financial planning umbrella. Financial planning is basically the financial blueprint of your future. People work in life in order to create a future and stability for their family, therefore there has to be a game plan setup in order to have a proper path to the finish line. This game plan, should have short term, medium term, and long term goals in mind. It should also have a solution to take care of these goals in case you are no longer around, so that your family can be protected. The main things that you’d like to have a plan setup for is, your children’s education, as well as their upbringing. Savings and investment strategies should be put in place as well in order to grow your wealth. Game plans should be setup as well for a major purchase such as a home, or even major purchases on your wish list such a a chalet or boat. Of course, the long term goal is retirement, it’s a must to setup a path to retirement.

What’s involved?

So basically you’ve figured out what you’d like to do, but how do you get there? Once you’ve established your short, medium and long term goals, it’s time to write everything down on paper. Make a list of your assets as well as your liabilities. Figure out which goals you’d like to achieve and how close you actually are to doing so, as well as what it will take to achieve these goals.

Once you’ve written all this down, it’s time to implement your plan and then review it regularly. As life changes and evolves, your financial plan needs to adapt along with it.

Products involved:

Once the blueprints to your future are setup, you’ll need to setup an array of products, such as life insurance, critical illness insurance, segregated funds, RESP’s, RRSP’s, TFSA’s. There are so many different companies and so many different products. Setting this up right can be the difference between a successful game plan and a failed one. It is imperative that this gets done properly, and that’s where a financial planner comes into play. Give Team Levine a call today, and start your path to financial freedom!


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