You are more experienced now, your bank account is larger, and it is easier to think further ahead. Paying next month’s bills is not as stressful as it used to be. However, while paying the mortgage might not keep you up at night, planning for the next few years might cause some tossing and turning.
How will you pay for your son’s school? Your daughter’s lessons are getting expensive too. What about your aging mother who may need to move in with you? And your spouse just told you they might lose their job.
At this stage in life, you may feel crunched between the responsibility of taking care of your children and your aging parents.
You are not alone.
A financial advisor can help you prioritize your goals and create a path for you to achieve them. As your financial position becomes more advanced, more possibilities open up – some you may have never even considered. Whether it is refinancing your mortgage, consolidating consumer debt, adjusting your retirement plan, or tax planning, an advisor can be there for you to make sure you are maximizing your potential.
When you feel like you are cornered, it can be difficult to think objectively. A financial advisor is someone who is on your side, someone who knows what options are available and can think of creative solutions to problems you may have thought were unsolvable. An advisor can help you live the life you want to live.
Your major financial obligations may include
- Reduced or eliminated mortgage payments
- A vacation or retirement property
- Repaying home equity loans
- Costs associated with a more affluent lifestyle (such as golf, sailing, and travel)
- Financial care of aging parents
- Income taxes
Your financial priorities may include
- Reducing income taxes
- RRSP contributions
- Planning your retirement
- Reducing investment risk so you won’t jeopardize your retirement savings
- Estate planning
- Downsizing in the housing market to free up capital
- Income splitting
The magic ingredient to their success is the power of compound growth on savings...The other key ingredient is time to allow compound growth to work its magic. And it is never too late to put compound growth to work for you. Whether you are in your early 20's or even in your late 50's time and compound growth on your savings can work for you.
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