Durham Region Real Estate Blog

Planning for your future involves more than just money. It involves you, your needs, values and dreams. Your financial planner should learn more about you and what’s important in your life. This understanding, along with a review of your financial situation, your investing preferences and your tolerance for risk, will guide your chosen planner as they recommend strategies and provide solutions that will help you achieve your goals.

Whether you’re saving for a rainy day, for retirement, for your future or to send your kids to college, there is a saving plan for you. There are four registered savings vehicles available to you. Registered retirement Savings Plans (RRSPs), Tax-Free Savings Account (TFSAs), Registered Education savings Plans (RESPs) and Registered Disability Savings Plans (RDSPs). You need to work with a planner who fully understands you and the programs available. Helping you get to where you want to be in 5, 10, 25 years.

Planners can also help you achieve your home ownership dreams. They know what it takes to get you into a home, one that you can afford and that will allow you to sleep at night, knowing that you can afford the payments and the maintenance issues that come with owning a home. The other great thing is that if you have been working with a planner for a while, you’ll have a healthy amount in your RRSP and you can take advantage of the Home Buyer’s Plan. You can borrow the funds from your RRSP to help you purchase your first home (you and your spouse can each withdraw up to $25,000).

Financial planning may not be the funnest task you do, but it is one that you should not put off for tomorrow. You want your tomorrows to be full of financial freedom, so you’ve got to start today! Do you need a recommendation to someone great who can help you? Let me know and I’ll recommend some names.

Tags: financial planning, first time home buyer, home buying, house buying, how to buy a house, Refinancing my home