Happy New Year to all of my readers everywhere!!! May 2014 be the year that you are empowered to take control over your personal finances and find a better level of financial success, through better understanding and application of financial literacy, in your future. Now that we have exchanged pleasantries, it is time to get back to serious business.
With all of the questions I have been asking in the past few weeks, we come to a very important question. But before I ask it, there is something more important to review with you all.
I started my blog on www.youandyourmoney.ca just over a year ago and in my blog from January 3rd 2013 I talked about RRSP Season which we just happen to find ourselves back in again. You come to the realization and conclude that another year has passed and that you did not do any tax planning during the year, which is precisely when tax planning should be addressed. Now you find yourself at the same cross-road you were at last year when you just dumped some cash into your retirement savings plan. RRSP contributions made during the
first 60 days or so of a new year may be applied to last years income. However, you are going backwards. You are desperately trying to convince yourself that by making this contribution you are saving taxes and building your RRSP value. And you are, but you are probably not maximizing your efforts.
You are not maximizing your efforts because you have not been seeking alternative strategies for saving taxes and building wealth. And there are many options. The problem is not just yours alone, it is also the problem with financial professionals everywhere. If you do not ask your Financial Advisor to provide you with options of non RRSP tax saving solutions, you are being sold an RRSP. This is the point, we all want to take the path of least resistance but that path of least effort may not provide the necessary future results needed for a comfortable retirement. You do not want to wake up at 65 years of age and realize that your financial reserve is short on the funds required to provide you and your family with sufficient retirement income.
Here is the big question, are you directing your financial advisor to provide you with strategies outside of RRSP’s to make sure you will retire with financial dignity? Your advisor will most certainly not be dipping into his or her pockets to ease your financial burden. It will be your fault alone that you do not have enough money for your golden years and not your advisors. Is that
what you want to hear from your Financial Planner when you are 65, that YOU did not do enough? Start by asking better questions!!!
Copyright 2014 Richard M. Kiernicki. All Rights Reserved.
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