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Do you know the importance of having a good financial plan?
To build a tailored financial strategy, it’s best to start with a solid plan based on an analysis of your financial situation. There are many questions you should ask yourself. Here are a few examples:
Life insurance
- How do I determine my life insurance needs?
- What’s the difference between personal life insurance and group life insurance?
Disability and health insurance
- What kind of disability coverage can I expect?
- How long will my disability insurance cover me?
Will/Mandate in case of incapacity
- Have I made out my will and mandate in case of incapacity?
- What are the consequences of a death for a married/unmarried couple if there is no will?
Emergency funds
- How much should I have in my account to handle unexpected events?
Personal savings
- What are my strategies for obtaining savings to buy essential and luxury items?
Debt reduction
- What are my strategies for reducing my debts and interest charges?
Retirement savings
- Will my pension plan be enough to meet my goals?
Is it necessary to take out an RRSP if I have a pension plan?
Home
- What are my strategies for purchasing a home? Which mortgage term is the most advantageous?
Education savings
- Why is it beneficial to contribute to an RESP?
Investments subject to market fluctuations
- What is my risk tolerance?
- What are the various types of investments?
The last question you should ask yourself is:
DOES MY FINANCIAL PLAN HAVE A SOLID FOUNDATION?
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