Personal Finance

Advice and Help required for Financial planning

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  • Jun 16th, 2012 12:22 pm
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Newbie
Sep 16, 2009
73 posts
4 upvotes

Advice and Help required for Financial planning

Hi everyone. We are having a financial problem in that whatever we earn - we are more or less spending and saving hardly nothing. We know where some of the problems are but we procrastinate to do anything because we don't know where to start to reel in spending and saving money.

I will be honest and say that the hardest part is change....

I am trying to seek professional help from a Financial adviser/planner. Are there people out there that do this privately and are not associated to banks? The only advisers I have found work for Big Banks.

I need help for Retirement, RRSPs, RESPS, Debt...., Budgeting.....

Kind of don't know where to start...
6 replies
Deal Fanatic
Jul 23, 2007
5134 posts
4928 upvotes
AngelDelight wrote: Hi everyone. We are having a financial problem in that whatever we earn - we are more or less spending and saving hardly nothing. We know where some of the problems are but we procrastinate to do anything because we don't know where to start to reel in spending and saving money.

I will be honest and say that the hardest part is change....

I am trying to seek professional help from a Financial adviser/planner. Are there people out there that do this privately and are not associated to banks? The only advisers I have found work for Big Banks.

I need help for Retirement, RRSPs, RESPS, Debt...., Budgeting.....

Kind of don't know where to start...
If you want to know where to start, then start by reading "The Richest Man In Babylon". This classic book came out in the 1920's, and if people had followed it's advice, there would have been many who would have detoured around financial misery and sometimes ruin. If you can't live within your means, then you can't even begin to pay off any debts, let alone consider investing in RRSP's, RESP's, TFSA's or even a taxable account.

When you're ready to invest, instead of a financial planner you may want to consider doing it yourself, but that's up to you. I've been doing that for over thirty years without any specialized knowledge or education and we've done just fine with our portfolios.
Deal Addict
Aug 1, 2008
1554 posts
83 upvotes
Ottawa
Stryker wrote: When you're ready to invest, instead of a financial planner you may want to consider doing it yourself
+1

Another great book that I discovered way too late in life is "The Millionaire Next Door". As Stryker mentions it's all about
living within your means and building true wealth instead of acquiring 'things'. Best quote from the book "It isn't what you
make...but what you keep"

I've learned the following over the years (I'm 52)

1) Live within your means...even under your means (see 2)

2) Pay yourself first. Treat yourself like the gov't...they won't wait for their money your savings should not either. If
paying yourself first i.e putting 10% into savings off the top leaves you in a hole (it will) then SPEND LESS (everybody can)

3) The only person that cares about your money is YOU...invest some time in figuring out how things work and never believe
in people saying "this is a sure thing"

I would add a 4th "Never mix the words INVESTMENT and INSURANCE in the same sentence" but I'd be in trouble with the
FP's that make all their money selling insurance :)
Deal Addict
User avatar
Nov 28, 2010
1249 posts
42 upvotes
Remember to set a pre-authorized payment so that way it would be easier for you and plus you don't need to think about it. :)

I opened a RRSP with CIBC and set that up.. I don't even think about it.
:arrow: JussB
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Member
Sep 19, 2004
207 posts
44 upvotes
Edmonton
For budgeting you could give mint.com a try, its a free online tool to pool all of your bank accounts information and see where the money is going exactly. I use Quicken Home and Business 2012 and I'm really happy with it, but its $100 to purchase.

It can be really surprising to see some of the categories add up, our food bill is typically over 1,000 (for two people), gas and auto payments add up really fast too.

It can be a real eye opener doing it yourself and finding the leaks.
Deal Fanatic
Jul 23, 2007
5134 posts
4928 upvotes
David Chilton, author of "The Wealthy Barber Returns" gives ten tips for saving and investing here.
Moderator
May 28, 2012
12484 posts
5278 upvotes
Saskatoon
Learn to live more frugally and within your means. Ask advice from people who you know are financially responsible, who up until now, you might have scorned and called cheapskates and misers. I guess I'm showing my age when I say: you don't need it all at once, make sure you have the money to afford what you buy and separate your needs from your wants. I would suggest automatic monthly withdrawals into a savings account (which you do not use for everyday banking), but you can run into problems if you overspend and then are overdrawn on your primary account.

I agree with the poster who advised getting your spending under control before seeking a financial adviser...they will certainly have their hands out when the time comes.

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