Road to financial freedom ii
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The document outlines 10 common mistakes people make with their personal finances and provides 10 strategies for financial success. The top mistakes include failing to have a life plan, unrealistic retirement planning, living beyond one's means, and not taking advantage of tax deferral programs. The strategies include living within your means, paying yourself first through savings, reducing high-interest debts, understanding retirement needs, and estate planning. The document promotes developing a full financial plan with goals, projections, advice, and ongoing review.
Road to financial freedom ii
- 1. Tim Weichel, MBA Tim Weichel & Associates 416-230-2703 tim@timweichel.ca www.retireonyourterms.ca
- 2. Financial Success Otherwise successful people often neglect their personal finances
- 3. Why? They lack one or more pieces of the financial success KIT Knowledge Interest Time
- 4. Agenda The 10 biggest mistakes that people make with their personal finances 10 Wealth Success Strategies
- 5. Mistake #1 Starting without a life plan If you dont know where you are going, any road will take you there - Lewis Carroll
- 6. Mistake #2 Not having a realistic retirement plan Planning for your retirement when you are retired!
- 7. Mistake #3 Living beyond your means Taking on too much debt Not paying yourself first (saving) Spending money frivolously
- 8. Mistake #4 Not taking full advantage of Government Programs to defer or avoid taxes RRSP, RESP, TFSA, RRIF, RDSP, DPSP Home buyers plan, Life long learning plan
- 9. Mistake #5 Proceeding with unrealistic expectations How much money will I need? What rate of return am I likely to achieve? What is the downside risk?
- 10. Mistake #6 Trying to beat the market I can time the market Its different this time This stock is going to $100!
- 11. Mistake #7 Failure to do tax planning Not understanding the tax consequences of different types of investments
- 12. Mistake #8 Not having an estate plan Not preparing for the unexpected Not having an up-to-date will and powers of attorney Not structuring your affairs to avoid the probate process, taxes, and to pay for final expenses
- 13. Mistake #9 Listening to the wrong people You Accountant Financial Advisor Personal Partner Lawyer Insurance Professional
- 14. Mistake #10 Not having a Financial Plan
- 15. 10 Wealth Success Strategies
- 16. 1. Live within your means
- 17. 2. Pay yourself first
- 18. 3. Reduce your most expensive debts as quickly as you can
- 19. 4. Know how much you will need to retire and have a plan to get there
- 20. 5. Prepare for unexpected life events
- 21. 6. Take full advantage of Government tax breaks
- 22. 7. Have an Estate Plan
- 23. 8. Understand and avoid market risk My top 3 favourite quotes from Warren Buffett: 1. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. 2. Risk comes from not knowing what you're doing. 3. If past history was all there was to the game, the richest people would be librarians
- 24. 9. Get financial advice from an advisor who is knowledgeable and objective
- 25. 10. Start Today
- 26. Tim Weichel & Associates Your Financial Plan Your financial vision Your investments Projections What if scenarios Implementation Management and monitoring Progress reviews quarterly, semi-annually or annually Retirement Planning Estate Planning Tax Planning Education Planning Risk Management
- 27. Thank You Tim Weichel, MBA Financial Consultant to Individuals and Families Tim Weichel & Associates 416-230-2703 tim@timweichel.ca www.retireonyourterms.ca