Page 10 - Best Magazine Summer Edition 2017

PAY AFinancial Plan is a written document done by a professional where you
have your financial goals and the steps to reach them.
The plan answers the following questions:
ATTENTION
TO YOUR
1. HowmuchInsurancedoIneed?Whattypeofinsuranceis the most appropriate?
2. HowmuchmoneydoIneedformychildreneducation? 3. WhencanIretire?Withhowmuch?
PENSION !
4. HowmuchdoIneedtosavetodaytoreachmyretirementgoal? 5. HowshouldIinvestmymoney?
6. What type of investments do I need? RRSP, TFSA, RESP, Open?
7. HowcanItransfermywealthtothenextgenerationinatax efficient way?
BY DIEGO F. GONZALEZ
SIX STEPS TO FINANCIAL SUCCESS
1. Determinewhereyouarefinancially.
2. Determinewhereyouwanttobe.
3. Payyourselffirst.Use10%ofyourincometomeetyourgoals. 4. Liveontheother90%ofyourincome.
5. Buildyourplanfromthebottomup.
6. Startnow!
Growth opportunities
Controllable priorities
Non-controllable events
10 THE BEST MAGAZINE WINTER 2016 - 2017
ECONOMY AND FINANCE
Dying prematurely
Will/Power of Attorney
Emergency cash
savings
reduction
Becoming dependent
Maximizing wealth
Estate preservation
Education Home Retirement
savings
savings Personal Debt
Financial Plan
Becoming disabled