Starting Out
Age 18-35
Navigating personal finances can be challenging, especially when you're just starting out. While missing a school deadline might result in a late grade, neglecting bill payments can lead to more serious consequences, such as late fees and a negative impact on your credit score.
As you transition into adulthood, new responsibilities emerge—signing contracts, voting, and managing credit card offers. Credit cards can be useful tools, but it's essential to understand their terms. Minimum payments might seem manageable, but relying solely on them can lead to prolonged debt due to accumulating interest.
Credit card debt can be particularly challenging. High-interest rates mean that a significant portion of your payments may go toward interest rather than reducing the principal balance. This cycle can make it difficult to pay off the debt, especially if only minimum payments are made. It's crucial to manage credit wisely and seek guidance if needed.
Instead of falling into debt traps, consider the benefits of early investing. Starting with modest contributions, such as $50 per month, can yield substantial returns over time due to compound interest. For instance, investing $50 monthly at a 5% annual return could grow to over $9,000 in 10 years. Bankrate
The key takeaway is to start early and remain consistent. Even small, regular investments can lead to significant financial growth over time.
Your major financial obligations may include
🧾 1. Student Loans & Education Costs
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Post-secondary tuition and related costs (books, housing, transportation).
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Repayment of student loans (e.g., Canada Student Loans, provincial loans).
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Interest accumulation begins 6 months after graduation (for federal loans, interest is currently paused indefinitely as of 2023, but subject to policy change).
🏡 2. Housing
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Rent payments, especially in major cities with high costs (e.g., Toronto, Vancouver).
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Utilities and internet bills.
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Saving for a down payment for a home (first-time home buyers often begin saving during this period).
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Mortgage payments, property taxes, and home maintenance if they purchase a home.
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Tenant or homeowner insurance.
🚗 3. Transportation
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Car payments (loan or lease).
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Auto insurance, which is typically higher for younger drivers.
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Fuel, maintenance, and registration fees.
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Alternatively, public transit passes or ride-sharing costs.
🏥 4. Health & Insurance
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Health insurance (if not fully covered by a provincial plan or employer).
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Dental and vision care (often not included in provincial coverage).
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Life insurance and disability insurance, particularly as dependents, debt, or assets grow.
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Critical illness insurance may also be considered.
💳 5. Debt Repayment
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Credit card debt and associated interest payments.
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Personal loans or lines of credit used for lifestyle or emergency expenses.
🍼 6. Family & Child-Related Expenses (for those starting families)
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Childcare or daycare (a major expense, especially in urban areas).
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Diapers, formula, clothing, and medical costs.
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Education savings (e.g., RESP contributions for children).
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Parental leave income gap planning.
Financial planning helps you make informed decisions about your money, so you can reach your goals with confidence. Whether you're saving for a home, planning for retirement, or just trying to make smarter financial choices, a well-structured plan gives you clarity and direction.
Investment Planning
Investment planning helps you grow and protect your wealth by aligning your investments with your goals, timeline, and risk comfort. Whether you're saving for a home, retirement, or future milestones, a personalized investment strategy ensures your money is working for you in a smart, tax-efficient way.
Financial and Tax Planning
Legacy Planning
Legacy planning helps you shape the future by organizing your estate, supporting loved ones, and making meaningful contributions to causes you care about. It’s about more than money — it’s about passing on values, ensuring your wishes are honored, and creating lasting impact for generations to come.
Risk Management Planning
Risk management planning helps identify, assess, and mitigate potential financial threats. By understanding your unique risks—whether personal, business, or health-related—you can implement strategies to protect assets, reduce liabilities, and ensure stability. Through careful analysis and tailored solutions, we help you navigate uncertainty with confidence, safeguarding your financial future.