FOUR MORE YEARS

On November 6^th the people of America voted President Obama for another term in office. President Obama knows he has four years to implement all the promises he made to the American people. Some of those promises date back to four years ago.  Although those promises are four years old he does not plan to give up on them.  His slogan during this election was FORWARD.  That is a powerful word, FORWARD. It makes you know that you cannot stop where you are,and that if you do you will not be able to attain your goals.  Using the word FORWARD gave you the impression that he did not plan to pack his promises aside, he intends to make them become a reality for the American people.  This time he might have to change the ways he tried the last time.  He will have to look at things from another stand point.  We all know that there are several ways to get to a certain destination and we have the choice to choose how we want to get there.   President Obama has to make some changes to his method of getting what he wants, for the American people.  He has four years and they started on the 7^th of November 12.01 am.

I have given myself a challenge and I am hoping that you too will give yourself a challenge for the next four years. If you had four years to attain some of your financial goals and the clock started ticking today, what would you do to reach those goals in four years?

Do you know what financial goals you want to achieve in four years?  Here are a few ideas of the goals you could attain in four goals.

1. Go to University or College and get an education.
2. Upgrade your credentials to get a better paying job.
3. Work with a mentor to help guide you to reach a career goal.
4. Pay off all you credit card and line of credit debts.
5. Stop using your credit cards impulsively.
6. Open a Registered Retirement Savings Plan and keep the money in the plan.
7. Create a Spending Plan that suits you.
8. Take advantage of a Tax Free Savings Account by opening one and save automatically in the account.
9. Save for your children’s education, open an Education Savings Plan.
10. Have money saved in a “God only knows what will happen account.”
11. Save to buy a home.
12. Save for a vacation.
13. Always shop with a list.
14. Avoid impulse shopping.

You might have goals not listed above which can be met in four years or less, add them to your list and share with us.  This list is just an example so create your own keeping in mind they need to be accomplished in four years.

Four years is not that long so you will have to get going immediately.  All goals cost money and I know, you might be unemployed at the moment but that should not stop you from preparing for the day when you are employed.    Your first goal could be FIND A JOB WHERE I WILL BE EMPLOYED FOR 5 OR MORE YEARS.

The first step in making your goal a reality is to write them down.  Begin by doing the following:

• Get yourself a note-book about 13 x 18 cm
• Write the date and your name on the first page.
• Write the date four years from today, when you will have achieved your goal or goals.
• Compile a list of the goals you want accomplished and when during the four years, is it in year one or two.
• Write what is your next step, what can you do now to make it a reality.
• Follow through with what you can do, stay focus.
• Write your progress down and keep tract.
• Reward yourself along the way.

I want to remind you that if your goal is to pay off your credit card, you should not be going out to dinner to reward yourself or attaining your goal by using the credit card to pay for dinner.  You should use cash you have saved to pay for dinner.

Share this blog with your friend; ask them to share it with their friends.  Start a four-year club it could be lots of fund.  My friends and I have created a Four Year Club; we are going to meet monthly to encourage each other to stay focus on reaching our goal in four years.

Tessa- Marie

ARE WE READY TO BE LONG TERM INVESTORS?

I have been working with Andrew for six years as his Financial Advisor.  I met Andrew when he was a 24-year-old university graduate.  Andrew had a large OSAP loan, a student line of credit and a credit card with a balance.  He was recommended to me by his mother whom I had been working with for a number of years.

When Andrew and his wife Kathy  came to see me for their annual financial check up and asked me the question “Are We Ready to be Long term Investors,”  my  reply to them was “Yes  you are both most certainly ready to become  serious long-term investors.”

When Andrew and I first met we worked on a Financial Plan.  Preparing the Financial Plan took one month before we were certain that was what he wanted to achieve. During that period we met weekly.  The following month we met every two weeks which we continued to do for one year.  Soon after our first year of meeting Andrew introduced me to his finance Kathy. We had to revise the plan Andrew had as a single man to include his then fiancée Kathy.  Kathy also had a credit card, student line of credit and an OSAP loan.    For the next two years we met once a month and then switched to meeting annually.  Working with a Financial Planner requires time and dedication. The planner will be there, but you will have  have to also be present, and by present I mean do the things you said you would do and show up on time and keep your appointments.

Here is a list of Andrew’s and Kathy’s goals.

1. Open an emergency savings account.
2. Open two Registered Retirement Savings Plans.
3. Make payments to credit cards and do not add any more purchases to the credit cards.
4. Transfer credit card payments to the student lines of credit, once the credit cards were paid in full.
5. Make regular payments to Student Loans.
6. Save for their Wedding.
7. Save to purchase own home.
8. Purchase a car.
9. Open a joint vacation account.
10. Open a joint Long term Mutual Fund non-registered account.

Six years later Andrew and Kathy have met all of the above goals and now want to be serious long-term investors.  They are well prepared, and understand the process of long-term investing.  You will notice that Andrew and Kathy did not start long-term investing until they had achieved their short-term and some of their mid-term goals.  Both Andrew and Kathy are ready to work with an Investment Specialist or Broker.

Andrew and Kathy wanted to know why I am referring them to an Investment Specialist.  The reason for not getting involved in investments is because there are thousands and thousands of Investment Specialist all over the place, but very few advisors who are passionate enough to move you from where you are to where you want to go, or to get you ready to work with an Investment Specialist.

I have recommended Andrew and Kathy to an Investment Specialist who will work with them to build wealth.

My job as always is to enlighten, educate and encourage you at the beginning of your financial journey.  I choose to help you to make the proper plans to manage your money and to stay out of revolving credit which will contribute to your financial success.

Andrew and Kathy are going to be in good hands and we will be meeting every year for a financial check up.

If you are ready for long-term investing, consider working with a financial advisor.

Tessa-Marie