MAKE FINANCIAL FITNESS ONE OF YOUR NEW YEAR'S GOALS
FPSC AND CFP Professionals offer tips and insights on how to get started
New year. New goals. After the holiday splurge, many Canadians vow to shed some pounds and get into shape. For those who over-spent, this is also a great time to evaluate their financial situation and make appropriate changes.
"A New Year's resolution to get into financial shape is one thing; making it happen once the new year begins is another," says Ann Bowman, Vice President, Communications and Corporate Relations, with Financial Planners Standards Council (FPSC). "FPSC's research confirms that despite best intentions, people often procrastinate because they don't know where or how to start, or they think financial planning is going to be too much work. Many Canadians remain stuck in a mire of misconceptions about what financial planning is, how it works and who it's for. Taking that first step puts you on the path to taking control of your finances, and your life. Inch by inch, it's a cinch."
FPSC and the Certified Financial Planner® professionals who have met FPSC's rigorous standards in financial planning competence, practice and ethics, offer some thoughts to help people get started with financial fitness:
Reflect on your current life goals. Goals inspire. Balance sheets don't. Since financial planning is about the right mix of financial strategies to meet your life goals, a good place to start is clarifying what's most important to you. It could be saving for an education, buying a home, planning for 'what if' situations, dealing with a significant life change (e.g. marriage, new baby, loss or change of job), planning your estate, charitable giving or something else entirely. Most major goals involve some sound financial planning.
Get engaged by learning a little more about financial planning. You don't have to be an expert and learn it all. But learning a little will make you a better consumer of financial advice. Start with the areas that interest you. There are magazines, books, newspapers and informative articles and information available online. See FPSC's website and Learning Centre.
Start the conversation with a CFP professional. Sometimes taking the first step is as simple as having a conversation.
Don't worry — financial planning doesn't have to be done all at once. Many people mistakenly believe financial planning deals with everything all at once. That can be overwhelming. While planning can be comprehensive, it also evolves over time. Financial planning happens over your lifetime taking into account your changing goals, circumstances and needs. So whatever your current situation, it's a good place to start.
Think beyond 'RRSP season" — but get going now. This time of year ("RRSP season") gets a lot of people thinking about their finances. This is good if it gets you started, but know that financial planning is about more than RRSPs. Financial planning also deals with estate planning, tax, planning, handling/managing risk, saving/planning for all kinds of life situations, dealing with change, elder care — and much more.
Break down large goals into smaller, actionable steps. Small steps can make big differences over time. Whether it's increasing your savings or reducing your spending, small changes can reap large benefits over the long haul.
GOT QUESTIONS ABOUT FINANCIAL PLANNING? — WE CAN PUT YOU IN TOUCH WITH CFP PROFESSIONALS WHO CAN OFFER EXPERTISE AND INSIGHT.
FPSC is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the highest standards in financial planning competency and ethics for individuals who hold CFP® (CERTIFIED FINANCIAL PLANNER®) certification in Canada. There are currently more than 17,000 CFP professionals in Canada and more than 100,000 individuals who have earned CFP certification in 20 countries around the world. See www.fpsccanada.org for more information.
NOTE TO EDITORS For further information on FPSC and the CFP designation, please visit our online media kit.
-30-
MEDIA CONTACTS
Rick Doust FPSC at 416.593.8587 ext. 231 or e-mail rdoust@fpsccanada.org
Eileen Chadnick/Chadnick Communications for FPSC at 416.631.7437 or e-mail eileen@chadnick.com.
CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
are certification marks