Video Series
Many Canadians have no idea of what to do because of all the options that are available.
 

There are a few questions that typically come up and they are as follows:

•·    Should I invest in an RRSP or a non-registered account?

•·    Should I invest in individual stocks, bonds, Exchange Traded Funds or mutual funds?

•·    Should I invest in a rental and buy an investment property?

These are all good questions and unfortunately not easily answered. Each individual is very unique and their circumstances are all different. My answer to these questions is usually let`s sit down and figure out what their current situation is and really figure out what they are trying to attain in their life.

Sounds a little boring but let`s put it into perspective. If you do not know where you are going, how do you know what path to take??

A financial plan is simply blueprint of what you are trying to attain. We need to figure out the answers to a couple of questions. How much income would you like to have during retirement? When do you want to retire? Once we answer these two questions then we have to figure out what is the strategy for getting there.

One other thing that is never mentioned by investment professionals is the strategy of creating another income stream for yourself. The biggest challenge here is for most of us to get up off of our buts and do something about it. Most of us are to scared and much more interested in watching TV at night then figuring out how to create another stream of income.

All investors should be taking advantage of the tax savings that they get in their RRSPs and their Tax Fee Savings Accounts. They should be investing in the stock market and they should be buying a rental property. Having a rental or investment property is very important because you are having someone else create an asset for you. Having a property may require some extra work on your part but get over it! Having all your assets in the stock market is probably not a prudent strategy. Considering the past volatility in the stock market I think most investors would agree with me. Don`t forget that it is equally as important to create another income for yourself. You can then use this income to buy more properties or invest it in the market.

There are six steps that people should take when planning an investment strategy:

•1.       What are they trying to attain?

•2.       What is their current situation?

•3.       What are they willing to do?

•4.       Create the plan

•5.       Implement the plan

•6.       Monitor the outcome and change if necessary.

Interested in buying an investment property? Contact us.