Developing a financial plan requires two preparation steps:

• Identify your income sources, calculate your total income for a certain period, and compare it with your total expenses. The expense list should include irregular expenses as well, such as vacations, car repairs, and holiday shopping.
• Make a list of all of your assets that can be used as retirement fund sources. This can include your RRSP, real estate, or other types of investments. Next, identify your current and future liabilities like mortgage payments or future caregiving expenses for your elderly parents.

As a result of this two-step process, you will receive the sum of your future expenses as a function of your currently-available assets that can be used to fund them. If you do not have sufficient assets to meet your retirement goals, there are certain steps you can take to get there before you retire.

Absolutely, and you should start as soon as you get your first job. Your early-life financial goals might include putting money aside for your wedding, saving for the down payment on your first home, or funding a trip around the world.

As you age, things will get more complicated, and your focus will shift to more long-term goals like funding your retirement. Once taxes, estate issues, business expenses, and investment decisions become rather complex, it is a good idea to turn to a professional financial planning company like Walton Financial Inc.

Financial certifications and expertise significantly vary in the industry, and there are many different certifications available for professional Advisors today.  While a financial planning professional or a Financial Advisor can have several designations or certifications, it is of the utmost importance that they are fully licensed and in good standing in your province.

At Walton Financial, our team includes the best of the best, offering over 200 years of collective experience. Our professionals rightfully hold a variety of recognized financial designations in Canada including QAFP (Qualified Financial Planner), CEA (Certified Executor Advisor), and RHU (Registered Health Advisor).