Saving for Long- & Short-term Financial Goals

Investing isn’t just for retirement – it can be a means to saving for your future. This post will help you understand how to begin your investor journey to reach your financial goals.

Short-term vs. Long-term Financial Goals

Your financial goals are unique to you, so whatever your financial situation, it’s important to consider where you are now, and where you want to be in your future. When thinking about an investment plan, it’s important to understand the difference between your short-term goals and your long-term goals.

A short-term goal may be something you want to achieve in the next year, such as, buying a car. A long-term goal can span over multiple years or even decades, such as investing for retirement. Both types of goals are important, however, you should identify and prioritize your goals, establish time horizons for each goal, and assess your finances honestly when making decisions that relate to short-term and long-term objectives.

Choosing a Registered Investment Advisor

A registered investment advisor can help you identify your financial goals, and assist you with your investment plan and portfolio development. A good advisor will ensure that they have a clear understanding of your financial situation and work with you to reach your financial goals.

Do your research before choosing a registered investment advisor. You should do a background check on anyone who claims they are registered to sell investments. See our Advisor Check page to find out how you can do a background check on an advisor in four simple steps.

Working with a Registered Investment Advisor

Before investing, it’s important to assess your investment knowledge and experience. Be honest with yourself – overestimating your investment knowledge will make it more difficult for you and an advisor to develop your investment plan.

Ask your registered investment advisor questions about unclear or unfamiliar recommendations, and be sure you understand the answer before investing. Avoid committing to investment products or strategies you don’t fully understand.

Next Steps: Increase your Investment Knowledge with these Resources

These resources will help you better your understanding of investing and saving:

Report a Concern

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. Subscribe to receive email updates from BCSC InvestRight.

Suggested Reading

CSA Publishes Final Amendments to Enhance Protection of Older & Vulnerable Clients

Back to School Series Part 1: Financial Goals

Investor Alert: B.C. and Manitoba securities regulators investigating Gold-Quest International

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