10 Things You Can Do Today
Many will remember the tv commercial of the mechanic who looks up at the owner of a car and says, “you can pay me now or you can pay me later.”
The commercial was for Fram and the inference was that a small investment in a new oil filter and change could prevent a costly engine repair down the road.
In that spirit, here are 10 things you can do today;
1. Review the asset mix of your investments to ensure that they are onside with your present situation. No one can predict when this bull market will end but end it will.
2. Increase the amount you are saving every month if only by a small amount. People with money have created and constantly hone their money habits.
3. Increase the amount you are paying down debt. The more equity (ownership) you currently have the more flexibility afforded when life gets in the way and interest rates rise.
4. Understand the details of your employer benefits. Life insurance, disability, extended health and dental benefits and even RRSP matching programs should be known.
5. If you’ve never budgeted, track your spending for 1 month. Too easy? Make it a year.
6. If you struggle to make ends meet you must align your monthly spending to coincide with your pay periods. Ie. Don’t opt for bi-weekly payments when you get paid twice monthly.
7. Make giving to charity part of your plan but only give what you can afford. While the charity benefits those that give benefit even more.
8. If you are starting out, the best offence is a good defence. Think Team Canada (men’s or women hockey) at the Olympics. No point starting a RRSP for retirement if you don’t have adequate life insurance for your dependants today.
9. Seek help if you need it. We live in a time and place where plenty of help is available if you choose to ask for it.
10. Share your knowledge by helping others. A financially successful client of mine and I were talking recently and his largest fear is that a significant portion of youth and young adults are entering the real world with limited understanding of money habits.
p.s. The best time to do something is before you need to.