Financial Planning Support
Financial Wellness Series
In conjunction with Stonebrooke Private Wealth Management Ltd.
Start with a Plan
The first step on the road to Financial Wellness is to know where you are going and how you’re going to get there. People rarely create and keep wealth by accident. A financial plan will give you the confidence, and a roadmap, to reach for your goals and dreams.
In this conversation, Dr. Adri-Anna Aloia, Founder & Director of IMG Foundation, and Craig Ripley, Financial Advisor and VP, Business Development with Stonebrooke Private Wealth Management Ltd., discuss the first steps for individuals to take on the road to Financial Wellness.
The ‘Money Talk’
Being in a committed relationship with your chosen life partner can be very thrilling - especially at the beginning when everything is new and exciting. Over time, however, issues may pop up that can make cohabitation uncomfortable. Experts will tell you that communication is the key to a happy relationship.Given that many relationships fail due to financial issues, good communication must include talking about money.
Moving on from a Financial Loss
The loss of income or a large sum of money can happen quickly and without warning. Losing a job or your business, suffering from illness or failing health, or going through a divorce are life changes that can devastate your finances. Even a regrettable investment decision can lead to a sizeable financial setback. Such a loss, however, can be temporary depending on how you respond. Running into money trouble is a lot less scary if you know how to recover from it.
Protecting your Greatest Asset
Your greatest asset is your ability to earn a living. All of us, at times, face challenges to our health and well-being. A serious illness or injury may make it difficult to continue to earn a living. Medical professionals are especially vulnerable to financial loss when unable to work.
Just because you are sidelined, doesn’t mean your lifestyle has to suffer.
When is the Right Time to Incorporate
Each stage of the financial life of your professional career has its own focus and associated needs. See Financial Life Cycle of a MPC image below. Similar to needing a financial plan for your personal life, it is important to utilize planning tools and wealth strategies for your professional practice in order to attain maximum benefits from all your long hours.
There are many opportunities to minimize taxes and maximize wealth creation within the corporate structure. Three of the most important reasons to incorporate are:
limiting personal liability,
reducing taxes, and
Many businesses incorporate to take advantage of certain benefits, but there’s more to think about when incorporating a medical practice. This is a good example of when seeking advice from a Professional Financial Advisor can be very beneficial.
Financial Independence and the Value of Financial Advice
The benefits of financial advice are well-recognized. Independent research and academic studies confirm that higher levels of wealth are achieved by those who use Financial Advisors on an ongoing basis. A study done by CIRANO* states that Financial Advisors contribute significantly to the accumulation of financial wealth. Individuals who work with a Financial Advisor have better savings habits and are more confident in their ability to meet their current lifestyle AND retirement income needs.
*CIRANO 2016 The Gamma Factor and the Value of Financial Advice
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