An estate plan helps you plan in advance what will happen to your money and property.

Why you should track your spending to the last penny

You’ve taken the first step and booked an appointment with an advisor. Nice! But, now what?

Here’s a rundown of how you can prepare – and what you can expect from your first meeting with your advisor. 

What should you bring to your first meeting?

1. Your goals.

Before you meet with an advisor, it’s a good idea to have your goals sorted out.

To understand what your goals are, think about things like this:

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The increasing costs of a university education is clearly recognized.

Many people would like to start setting funds aside as soon as possible for minor children or grandchildren. And, of course, they would like to use the most tax-effective savings strategy possible. The strategy chosen often largely depends on their financial means, the children's ages and the length of time left to save.

As a new investor you probably have a lot of questions.

When it comes to personal finance, being young has its pros and cons. On the one hand, you may be grappling with a lower salary than, say, your parents, as well as a shorter credit history, which can make it hard to borrow money easily. But on the other hand, you have your whole life ahead of you to make smart money-related decisions, and you have the ability to learn from your older colleagues, neighbours, and friends.

Mix risk-return

Different investors will need different investing strategies and a different mix of investment assets.

Consider Risk and Return: Diversify!

Remember there's no single investment strategy that will ensure success. Your results will depend on your goals, the time you spend investing and the resources you use. Here are examples of investment strategies that can help put you on the right track.

Your objectives may be many and varied.

Perhaps you’d like to:

• save for a trip you’d like to take 2 years from now
• save for your children’s education
• get ready to retire 10 to 15 years from now
• …be rich one day?

Whatever your project, no single investment strategy applies to all investors. A lot also depends on which life stage you are in.

When should I review my investment strategy?