Starting Out

Ages 25-40
Your 30’s are the years that you will set the foundation for many aspects of your future life, not the least of which will be your standard of living now and in the future.

Things to consider

  • Securing your standard of living and protecting your family.
  • Developing sufficient cash reserves to protect yourself so you can financially survive financial setbacks.
  • Initiating long term savings plans, even if modest, that will allow you to take advantage of the impact of compound interest and growth of capital.
  • Managing your expenses and debt so you do not become burdened by debt and find yourself working just to meet expenses.

Common sense actions you can take 

  • Develop a monthly savings plan. Even if that money is placed in a separate bank account and see it as an asset not to be touched except in case of a financial emergency. Most sources suggest no less than 3-months expenses should be held in such a reserve.
  • Investigate the protections that insurance provides. Life insurance is well-advised if you have dependents and need to provide an ongoing income. If you have more than one income provider, insure both.
  • Set aside a small percentage of income for long-term savings in such tax-preferred savings vehicles such as an RSP or RESP and the new Tax-Free Savings

Account (TFSA)

  • If you have to borrow, make sure it is for important items. Investigate your borrowing options and compare rates, terms and options. It is a competitive market place and just a small difference in the interest rate can have a big impact on your real cost of borrowing.

  • Develop a financial plan. Set your priorities for the short, medium and long term. Too often people fail to plan and simply respond to circumstances they are faced with.Know what you have. If you are an employee of a firm with group insurance and pension plan benefits take advantage of what is available. These plans frequently offer benefits at a cost well below what you can purchase individually in part because the costs are subsidized by your employer.

How can we help you?

  • Development of a sound financial plan that establishes goals, assumptions objectives and time lines. Provide objective third-party advice. Suggest savings and investment vehicles that will serve you well for the long-term.

  • Explain the tax benefits offered by a variety of tax-preferred investment plans and strategies designed to reduce tax and improve earnings.

What financial products should you consider at this point?

  • RESP’s to save for your children’s education that take advantage of Government Education Grants.
  • PAC savings plans and monthly investment contributions.
  • High-yield savings accounts, RRPS’s, RESP’s and TFSA’s.
  • Insurance to offer financial protection in case of death, illness or disability.

Securing your Family's Future

Following the advice of a trusted advisor is shown to be a significant factor in building wealth and achieving investment success. Our team can provide sound advice and a Personal Wealth Management Strategy™ to guide & assist you & your family at any stage of life.