Take Action - Map Your Financial Future

If you know your destination, it’ll be easier to get there, right? Well, without a map, you might find yourself going around in circles. Sometimes it’s hard to ask for directions, just like financial planning isn’t something we like to talk about. But, having a clear idea of where you want to go financially can be very useful, and 86 per cent of New Brunswickers agree.

If you are planning your financial future for the first time you are not alone: 70 per cent of New Brunswickers do not have a financial plan. It is important that you take the time to assess your current financial situation. Knowing where you are going financially will help you make better investment decisions and in the long run, will help you achieve your financial goals.

What are you waiting for? Let’s get started.
The Investment Planning Worksheet on the New Brunswick Securities Commission’s website is a great resource to help you start planning for your future.

When writing your financial plan, you’ll want to identify the resources you have available to achieve your goals. This might include pension plans, personal property, liabilities, income, and expenses. You’ll also want to write down your financial objectives like buying a home, saving for retirement or paying for a child’s education. And, you should question your comfort level with the value of your investments over time. Although it’s likely you’ll hit a few bumps in the road along the way, it’s important not to lose sight of your long term goals.

You should think very carefully about how much risk you are prepared to take with your money. Remember, there is no such thing as high-return, no-risk investments.

As part of your financial planning process, consider how much time you are willing to spend monitoring and researching your investments; you may want to work with a financial adviser to help you navigate your way. In this case, they will use your financial plan to suggest the right financial products for you to achieve your goals.

For more information about investment and financial planning, and working with your financial advisor, contact the New Brunswick Securities Commission. As the provincial securities regulator, we provide access to free, impartial resources and tools for New Brunswickers. Explore our website or call us toll free at 1 866 933-2222.