Take Financial Stock to Make Change Happen

January 25, 2023

Whether brought on by a financial milestone or just a new life stage, many of us are looking at major changes like early retirement, moving to a new province, changing careers, or starting a business.

If you’ve done the hard work of deciding what change is right for you, how do you go about understanding the financial changes that are required? Here are three things you can do now to understand the numbers behind any change:

  1. Determine where you stand today. Your current financial status is the foundation on which you’ll build your next life stage. Creating a net worth statement is a great place to start. A personal net worth statement is a snapshot of an individual’s financial health. It is a summary of what is owned (assets), minus what is owed to others (liabilities). Another example: if you are considering early retirement, request a pension statement from the Government of Canada or Retraite Québec to see an estimate of your likely benefits.
  2. Get a realistic view of the financial costs of your new life. The next step is to put some hard figures to your thoughts and dreams. Start with some research. Whether you’re looking for house prices in another province, tuition fees for a degree or a training program, or costs of running a small business, a little online digging will bring up the information you’re looking for. Put that newfound knowledge to work by creating a blueprint such as a moving budget, a business plan, or a regular savings program, if you need to build some capital for your plans.
  3. Seek professional financial advice for all scenarios. There is seldom just one way to reach a goal and professional advisors can help you explore the options. Professional accountants, for instance, can run multiple financial scenarios evaluating alternative approaches. Experts, such as business advisors, can also help with knowledge you may not be aware of such as funding sources, grants and tax breaks. And don’t forget to speak to us about savings and investment plans to help you reach your goals.

Your investment plan should always reflect your goals so if they have changed, let’s talk soon. We can  help you align your assets to your aspirations.

Insurance products and services are offered by life insurance licensed advisors through Chevron Wealth Preservation Inc., a wholly owned subsidiary of Echelon Wealth Partners Inc. This material is provided for general information and is not to be construed as an offer or solicitation for the sale or purchase of life insurance products or securities mentioned herein. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please seek individual financial advice based on your personal circumstances. Please note that only Echelon Wealth Partners is a member of CIPF and regulated by IIROC; Chevron Wealth Preservation is not.

Forward-looking statements are based on current expectations, estimates, forecasts and projections based on beliefs and assumptions made by author. These statements involve risks and uncertainties and are not guarantees of future performance or results and no assurance can be given that these estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements.

The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Echelon Wealth Partners Inc. or its affiliates. Assumptions, opinions and estimates constitute the author’s judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. These estimates and expectations involve risks and uncertainties and are not guarantees of future performance or results and no assurance can be given that these estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements. Echelon Wealth Partners Inc. is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund.