Let’s talk about money. And by that I mean, it’s time to have the dreaded conversation! When last have you discussed money with your Spouse, Partner, Kids, Grandkids, Parents, Students and the list goes on? We’ve all seen that ad on TV with the green couch (I won’t mention any names 😉) and while I might not be affiliated with them, they definitely bring up a valid point. Just how much do you know about your own financial situation? Do you and your partner/spouse have the same financial goals?
We learn about geometry and calculus in school but how many of us actually use it in our day to day lives? I bet the first time you ever learned about taxes was when you filed your first tax return. What about budgeting? Debt to asset ratio? Managing your credit score? How much is your debt actually costing you? We need to start talking about money and through talking, we will learn the necessary skills to manage our finances and be fully engaged in financial planning. I run into many people that are afraid or uncomfortable talking to a financial advisor as they might not know what questions they want to ask or might fear the cost they believe is involved is prohibitive or that they might not be “wealthy” enough for someone to want to help them. Let me debunk those concerns right now!
Here’s what a financial advisor can do for you:
- Ask the right questions to help you discover what your financial and non-financial goals might be.
- Create a dialogue between you and your spouse/partner/family etc.
- Review everything that you might currently have in place and determine if there are any gaps.
- If there are gaps, make recommendations. It’s important to note here, that they are recommendations and you as the client will make the final decision as to when, how and what you will implement, if anything.
There is no fee to meet with a financial advisor. The companies that they work with pay them a commission when products are purchased, helping you get the items you need without any additional upfront cost to you. The great thing about this is YOU get to decide with a professional guiding you. Think realtors, lawyers etc.
Financial Advisors adhere to high standards and are regulated by the province they practice in. Remember it isn’t one size fits all, so take your time finding someone you are comfortable with. It goes both ways – the relationship needs to be mutually beneficial for both the client and the advisor. That’s when the magic happens.
In the meantime, here are some of my favourite ways to get the conversation started:
- Credit Score : It is free to register and it doesn’t cause a hard hit on your credit report. If you aren’t sure what that means, then this is the perfect reason to start the conversation. Reach out to me.
- Budgeting & Managing Debt : Two words, Gail Vaz-Oxlade. I’m a big fan of the jar system and having a 5 year plan (or sooner) to payoff debt.
If you are looking for more ways to get the conversation started, I’d be happy to help.
Nicola
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Nicola Morgan is a Financial Security Advisor with Freedom 55 Financial, a division of London Life. Her passion lies in helping clients reach their financial freedom by creating a tailor-made plan based on personal goals and dreams. She is a proud member of Advocis®, The Financial Advisors Association of Canada and is currently working towards her Certified Financial Planner® designation.
When not focused on clients, Nicola is busy raising a spirited, independent 4-year-old and attempting to absorb every little bit of sunshine she can. Originally from Ontario, Nicola has called Fredericton home since 2008.
This is for information purposes only. Should you require financial advice, or have questions about your specific circumstances, please seek guidance from a financial advisor or accountant.
