Your Financial Status

“If you don’t know where you’re going, you’ll end up somewhere else.”
                                                                                                         Baseball great Yogi Berra

Berra’s quote applies when it comes to investing. While research shows that most Canadians know they should have a financial plan, few actually do. So, wherever most of us are headed financially, it may not be the place we want to go. In investment terms, this can mean not putting enough (or anything) away for retirement, or not making the most of the savings we do invest. It can also mean losing every penny in an ill-advised or fraudulent investment.

Whether you’re planning your financial future for the first time or reviewing your current situation, it’s important to know your financial goals, the resources you need to achieve them, and how much risk glossary icon you are prepared to take with your money.

Ask yourself: 

  • What am I saving for? 
  • What do I own and what do you owe
  • What are my income and expenses today? 
  • What do I know about investing? 
  • What is my investing priority? 
  • On a scale of 1 to 10, how would you rate your risk tolerance
  • On a scale of 1 to 10, how likely are you to reach your financial goals based on what you are doing now to achieve them?

Test yourself to see if you're on top of your financial future.

Complete the Financial knowledge snapshot PDF document to rate your readiness to achieve your financial goals.

Use the Worksheet for your financial plan PDF document to help you get a handle on your current financial situation. 
 
To understand more about debt, see our page on Debt.