Financial Planning Checklist.
It is always a good day to review your financial plan! Knowing what you have and haven’t accomplished is vital to reaching both your long and short-term goals.
Below is a list of financial priorities that should be reviewed regularly.
Insurance
- Did you buy a new house?
- Did you have a baby or add to your family?
- Did you get married?
- Did you take on new debt?
- Did you get a new job or have a change in income?
- Did you experience a marriage breakdown or divorce?
Liabilities (new or changed)
- Mortgage
- Business loan
- Student loan
- Line of Credit
- Credit card debt
- Car Loan
- Any other liabilities?
Assets (new or changed)
- Art
- Jewelry
- Cash
- Real estate
- Land
- Stocks
- Bond
- Life insurance policies
Short Term Goals (New or Changed)
- Save for a house
- Save for vacation
- Pay off high interest debt
- Start emergency fund
- Major house repair or renovation
Long Term Goals
- Retirement dates
- Education savings
- Mortgage elimination
Investments
- Adjusting risk tolerance
- Reviewing asset allocation
- Savings strategies
- TFSA
- RRSP
- RESP
- RDSP
- Unregistered accounts
Accounting for Big Changes
- Did You move?
- Did you sell major assets?
- Did you change jobs?
- Did you take on more debt?
- Did your family grow?
- Did you lose a loved one?
- Is there a critical illness in the family?
- Did you receive a gift or inheritance?
- Was someone in your family diagnosed with a disability?
Your financial advisor is here to help guide you through each step of the financial planning process. The above list should be used as a starting point to address basic financial planning needs. Let’s talk about what is most important to you right now.