Topics discussed in this podcast include the role and types of financial planners, finding the right planner, fee structures, benefits of having a financial planner, specific life stages for financial planning, saving and spending in retirement, answering listener questions, and resources for finding planners. The hosts also talk about their own financial situations and emotions, the importance of short-term goals, and tips for the current economic climate.
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Quick takeaways
Having a clear financial plan is crucial for making informed decisions and setting achievable goals.
Seeking the help of a financial planner can be beneficial when managing finances after a messy divorce.
Combining finances in a relationship can lead to greater simplicity and shared responsibility, but it's important to find a system that works best for both partners.
Deep dives
Common Mistakes with Money
One common mistake that I see people make with their money is not having a clear financial plan. Without a plan, it becomes difficult to make informed decisions and set achievable goals. Another mistake is trying to do too much too fast, such as saving for multiple short-term goals while neglecting long-term retirement savings. It's important to find a balance and make trade-offs to ensure financial stability and future security.
Managing Finances After Divorce
When it comes to managing finances after a messy divorce, it's crucial to reassess the current financial situation and create a new plan. This may involve taking stock of assets, determining new goals, and making adjustments accordingly. Seeking the help of a financial planner can be beneficial to navigate this new financial landscape and ensure a successful financial future.
Combining Finances in Relationships
Combining finances in a relationship can lead to greater simplicity and shared responsibility. While it's important to maintain individual accounts, having a joint account for shared expenses can help in managing finances effectively. It allows for open communication, division of bills, and guilt-free spending money for each partner. However, every couple is unique, and it's essential to find a financial system that works best for both partners.
Considerations for Finding an Advice-Only Financial Planner
When looking for an advice-only financial planner, geography is not a barrier as most planners conduct meetings via Zoom. The exception is Quebec, which has its own unique regulations. Various directories and websites can help you find advice-only financial planners, such as adviceonlyplanner.ca and resources provided by financial bloggers.
Prioritizing Goals and Optimizing Finances
When it comes to financial planning, it's important to prioritize goals and focus on what matters most. Maximizing contributions to tax-advantaged accounts such as RRSPs and TFSAs is key. Short-term goals should also be considered. Finding the balance between funding retirement accounts and achieving other financial goals is crucial. Additionally, it's essential to address the root causes of financial challenges and seek advice from accredited professionals when considering credit consolidation or other financial decisions.
Your finances change a lot, as do the major milestones you continue to hit. So, when do you reach out to a professional for guidance? Let's discuss this and more in this week's episode of Money Feels!
We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance.
In today's episode, we discuss the following:
What do financial planners actually do?
What type of financial planners exist, and how do you find one?
Fee structures and transparency
The benefits of having a financial planner
What education and credentials should you look for?
Thanks for listening to today's episode! If you want to keep listening, we've now launched our Patreon! You can subscribe for bonus episodes and extra content from your hosts. Thank you for listening to today's episode! Join us next week for a new one. Until then, follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we’ll see you next time!
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