7 Pillars of Personal Finance

CommonWealth Financial Strategies > Blog general > 7 Pillars of Personal Finance

We routinely cover the following topics with clients because they can significantly affect their personal finances. This  framework can help prepare you for financial success. Let us know if you have any questions and we can set up a time to discuss your financial goals with you.

1. Budget and Balance Sheet Issues

Taking periodic snapshots of your net worth and your cash flow is a valuable tool to help you progress towards reaching your financial goals. The ability to regularly save for future needs and/or meet current needs brings you peace of mind. As well, securing access to emergency funds should you experience an unexpected urgent financial need is recommended. 

2. Considering Insurance

Protecting yourself and your loved ones against various types of loss is an important part of successful financial preparation. While we do not sell insurance we help you consider your needs. 

3. Understanding Pensions

Understanding corporate pensions, the Canada Pension Plan (CPP) and Old Age Security (OAS), and how they can all work together is complicated. Determining your eligibility and potential benefits and learning about topics such as indexing, survivor benefits and numerous other factors provides knowledge that is crucial for you and your family’s financial well-being.   

4. Retirement Strategies

Planning for retirement is the number one reason clients seek out financial advisors. Drawing from each of the 7 pillars of personal finance, we explore together what is desirable and what is possible in designing your retirement lifestyle. We encourage flexible thinking and entertain various “what if” scenarios with you, such as income splitting, early retirement, working part-time, downsizing, travel, and funding your life goals. We help you to find balance and peace of mind.   

5. Investment Management

Our pension-style portfolios are designed to meet your long-term needs. Our clear, straightforward financial advice reduces the stress of investing so you can enjoy life more fully. Please visit this page on our website for more information regarding our pension-style of investing: https://cwealth.ca/what-is-our-pension-style-of-investing/

6. Tax Planning

We provide tax-favoured investment strategies such as income splitting to help you maximize your income. We do not provide tax advice but can work with your tax advisor to take advantage of important benefits. We use tax-advantaged investments that provide important benefits.   

7. Estate Planning

Properly executed Wills and Powers of Attorney are very important. We strongly encourage clients to seek professional legal assistance in these matters. In addition, there are estate planning techniques you can employ within your investment accounts, including named beneficiaries, joint with right of survivorship accounts, and other mechanisms that can form part of your estate plan.  

We invite you to set up a time to discuss your personal finances!

Your CommonWealth Team

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Disclaimer

Any opinions or recommendations expressed herein do not necessarily reflect those of Queensbury Security Inc (QSI). Information and/or materials contained herein or attached hereto are for informational purposes only and do not constitute an offer or solicitation by anyone in any jurisdiction