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Planning for the future

1024 553 Nisha Muire
Whether you own a Toronto home or not, it is never too early or too late to plan for your future. Sometimes planning for your future means outlining how you will gather the downpayment you need for your first home; if you are passed that stage you might be planning on how to move to a bigger place; and if your kids have already flown the nest, then you might be now in need of mapping out your golden years. Planning for the future is the only way to ensure that you will have the resources you need to succeed at your goals.
Before you can sit down and start truly laying the groundwork for your financial future, you do have to be on the same page as your significant other. If you envisioned a condo in the heart of the city as your first home and your partner always wanted a townhouse in a suburb, then you have to figure out a compromise before you can make any kind of realistic financial plan on how to achieve your goals. Likewise, if your ideal retirement involved selling everything off and traveling the country in an RV and your partner never planned on stopping work, then you might run into difficulties down the road. It is important to know exactly what the other plans and wants so that you can build your future together.
Regardless of the stage of life at which you find yourself, a good plan starts with a good budget. Only when you sit down and outline what you have, how much you spend and what needs to be achieved will you be able to draw up a realistic game plan on how to get there. Naturally, the hardest hurdle will be saving up for your first Toronto home. After that, moving up the ladder is easier as property values will rise and you will be able to roll that increase in value into your next home. Downsizing when you are older is probably the easiest financial transition you will make, but it will have its own unique set of challenges – including seeing how to let go of memories and mementos built up over a lifetime. If you are unable to draw up a financial plan by yourself, it is advisable to seek the assistance of a certified financial planner. You can find planners through your bank or via independent fund companies.
Being financially secure at every age is possible – as long as you have a plan in place and you stick to it. Life is understandably unpredictable and the best laid plans are never fool-proof, but having one will help you weather the unexpected far better than if you have nothing on which to fall back.


Nisha Muire

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