Role Play Investment Planning Coffee Meeting

Author:

Daniel Collison

Keywords:

financial planning,investment planning,financial education,role playing,training,coaching,mentoring,assets,strategies,knowledge

Subtitles:

[Music] right Tina thanks for taking the time to get together I know you've only got about half an hour or so this shouldn't take longer than 20 minutes but what I just wanted to do was show you how as a financial adviser financial planner I help my clients in all different aspects of their finances and achieving their goals so if it's okay with you I'll just kind of map out what it is I go through with my clients does that work great so I'm gonna start with the investment planning process and when it comes to investment planning there's two things I want to do I want to make sure that I've diversified your assets appropriately for risk management but I also want to diversify strategies for the goals you're trying to achieve so we're going to look at that but when we look at portfolio management and portfolio planning really we're talking six different areas that you have the opportunity to work with the first is what we call our short-term reserve and it's really not an investment per se it's having short-term cash on hand in case of emergencies or any buying opportunities do you keep money in the bank short-term not much yeah the the standard rule of thumb is about three to six months worth of expenditures or income I suggest expenditures it's a lot but it's something to build up to and what that does is it helps actually protect your mid and long term investments if anything happens the next is registered pension plans or individual pension plans if you're self-employed I know you're a professional do you have a pension plan that work no okay so that's that's off the table for you at least at your present employment but then next one pretty typical RRSPs you've done you're terrific and you've built a portfolio of RSP great great for long term retirement savings did you ever use it for the homebuyers or the lifelong learning homebuyers super so you've you've used a couple different aspects that's fantastic the next one is what we call the TFSA the tax-free savings account that came into play back in 2009 and what that does is allows us to invest after-tax dollars but all the growth in income will not be taxed if you use the TFSA super so you've got the IRS P's the TFSAs you've got the standard bearers for investment planning great then the next one is what we call our non registered portfolios these are the investments you even vested stocks bonds whatever but there's no registered program they're free of government intervention do you have non registered money a stock portfolio super and then there's specific registered programs that registered education savings plans registered disability savings plan have you ever used any of those types of programs at all use them for the kids terrific okay so really it's looking at which parts of this portfolio you should use you can use that helps us build out that diversity of strategies as well but this when we look at it gives us an opportunity to decide where the money is going to be a portion for your specific goals you're comfortable with that terrific [Music]