Setting Goals
(and creating a plan to attain them)
I met Mary and Sheila in 2002, early into my wealth management career. They were partners. Mary was 38, Sheila was in her early 50's. Mary was working her way up the corporate ladder as a very capable marketing executive. Sheila was a senior administrator with a very good pension plan.
- They were both working hard to pay off their mortgage.
- Mary was an excellent saver and had built up he RRSP.
- Their goal was to retire together when Sheila had reached her maximum pension.
- They sold their home for over $800,000 recently.
- They have an investment portfolio over $800,000.
- They have Sheila's pension.
- They have a nicely compounding whole life insurance policy.
- When 2008 came along, it was a bit scary in Financial Markets, however a balanced and diversified portfolio helped to mitigate the downside impact on their portfolio.
- When you see your portfolio down 15%, it is not easy to stay focused on the long-term.
- They persevered and by 2010 were back on the growth trajectory that has given them 5 more great years of reasonable growth.
Make a plan. Stay with it.
.jpg)
The views expressed are those of the author, Scott Tomenson, a Raymond James Financial Advisor, and not necessarily those of Raymond James Ltd. It is provided as a general source of information only and should not be considered to be personal investment advice or a solicitation to buy or sell securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor's circumstances and risk tolerance before making any investment decision. The information contained in this blog was obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete. Raymond James Ltd. is a member of the Canadian Investor Protection Fund.
No comments:
Post a Comment