Back to School Series Part 1: Financial Goals

It’s that time of year again. When the dog days of summer are coming to an end and you see the first leaf fall to the ground signalling the upcoming fall season, you know it’s time for back to school. To help you get back into gear, we’ve created a three-part blog post series.

Getting back into the swing of the school routine means shopping for school supplies, new clothes, and other school-related items. So, this is also a good time to take a look at your financial goals to see if they still align with where you want to be in the future – whether it’s for retirement or a rainy day fund. After all, life can get expensive, especially during times such as the back to school season. How are these expenses impacting your financial goals?

Assess Your Financial Goals

To help you assess, or create, your financial goals, here are some questions to consider:

  • What are you saving for?
  • What are your income and expenses today?
  • What do you know about investing?
  • Do you have any big expenses or major purchases coming up in the future?
  • Do you have a retirement savings plan or a registered pension plan?
  • Do you have any dependents? How will their needs change over time?
  • Do you have any important income tax considerations?

Talk to Your Investment Advisor

The back to school season presents an opportunity to discuss these and other questions with your registered investment advisor. They will want to ensure they have a clear understanding of your financial situation and your investment goals.

Take a look at our Know Your Advisor section to find out more about working with a registered investment advisor. You can also view the video below to find out what to expect from your registered investment advisor.

Resources

The British Columbia Securities Commission (BCSC) has resources to help you get into gear for back to school.

If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.

InvestRight.org is the British Columbia Securities Commission’s investor education website.

Suggested Reading

Madoff on Madoff: Claims others knew what was going on

Investment Caution List: 6 New Additions

BC Securities Enforcement Roundup – October 2012

More Resources

New fee disclosure required for mutual funds, scholarship plans, and other securities

As of July 15, 2014, under the Client Relationship Model 2, several new requirements apply to advisors in how they deal with you. What this means is that before accepting an order from you, your advisor must disclose the fees you’ll have to pay to buy or sell a security or a reasonable estimate of […]

IFRS Part 1: Introduction to IFRS for Investors

Over the next three weeks, we will discuss the changeover to International Financial Reporting Standards (IFRS) in Canada from an investor’s perspective. These posts are a starting point for investors, to increase awareness that some companies are now reporting in IFRS. Our goal is to point out a few things to be aware of, so […]