Canadian financial planning and the Canadian economy appears to be turning a corner, however, in the aftermath of the worst downturn in decades the financial landscape has been forever changed leaving many people and companies in a state of confusion as to what the future holds.
The economy may be strengthening but it is also transforming itself in way that most people might not recognize which makes the need for thoughtful and deliberate financial planning more important than ever.
While no one can forecast the future, some new trends appear to be emerging which may require some new approaches to planning for future financial needs.
Here are just a few emerging trends that could affect the way people plan:
While there is still some uncertainty lingering in the economy, the environment is ideal for getting a plan in place that will enable you to more effectively respond to the ebb and flow of the economic tide.
The key is to remain flexible and nimble while remaining focused on your most important goals.
It is important to keep your money working hard for you, but it requires a strategy that takes advantage of fluctuating financial markets.
A well diversified and balanced portfolio is the prudent way to seek a good return on your money while minimizing all risks, including the risk of inflation.
Whether or not you have a plan in place, this is the time to assess your current financial position in relationship to your most important goals.
The two key factors for achieving your goals are time and money, and, if you have lost any amount of either of them, your goals may be further out than the last time you assessed them.
Time is your most important resource because you can never gain it back.
Either you will have to extend your time horizon for attaining your goal or you will have to make up the loss of time with more money, and that’s never a certainty.
There is a true cost to waiting in working towards your goals and each day of waiting increases that cost.
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