I have been working with Andrew for six years as his Financial Advisor. I met Andrew when he was a 24-year-old university graduate. Andrew had a large OSAP loan, a student line of credit and a credit card with a balance. He was recommended to me by his mother whom I had been working with for a number of years.
When Andrew and his wife Kathy came to see me for their annual financial check up and asked me the question “Are We Ready to be Long term Investors,” my reply to them was “Yes you are both most certainly ready to become serious long-term investors.”
When Andrew and I first met we worked on a Financial Plan. Preparing the Financial Plan took one month before we were certain that was what he wanted to achieve. During that period we met weekly. The following month we met every two weeks which we continued to do for one year. Soon after our first year of meeting Andrew introduced me to his finance Kathy. We had to revise the plan Andrew had as a single man to include his then fiancée Kathy. Kathy also had a credit card, student line of credit and an OSAP loan. For the next two years we met once a month and then switched to meeting annually. Working with a Financial Planner requires time and dedication. The planner will be there, but you will have have to also be present, and by present I mean do the things you said you would do and show up on time and keep your appointments.
Here is a list of Andrew’s and Kathy’s goals.
- Open an emergency savings account.
- Open two Registered Retirement Savings Plans.
- Make payments to credit cards and do not add any more purchases to the credit cards.
- Transfer credit card payments to the student lines of credit, once the credit cards were paid in full.
- Make regular payments to Student Loans.
- Save for their Wedding.
- Save to purchase own home.
- Purchase a car.
- Open a joint vacation account.
- Open a joint Long term Mutual Fund non-registered account.
Six years later Andrew and Kathy have met all of the above goals and now want to be serious long-term investors. They are well prepared, and understand the process of long-term investing. You will notice that Andrew and Kathy did not start long-term investing until they had achieved their short-term and some of their mid-term goals. Both Andrew and Kathy are ready to work with an Investment Specialist or Broker.
Andrew and Kathy wanted to know why I am referring them to an Investment Specialist. The reason for not getting involved in investments is because there are thousands and thousands of Investment Specialist all over the place, but very few advisors who are passionate enough to move you from where you are to where you want to go, or to get you ready to work with an Investment Specialist.
I have recommended Andrew and Kathy to an Investment Specialist who will work with them to build wealth.
My job as always is to enlighten, educate and encourage you at the beginning of your financial journey. I choose to help you to make the proper plans to manage your money and to stay out of revolving credit which will contribute to your financial success.
Andrew and Kathy are going to be in good hands and we will be meeting every year for a financial check up.
If you are ready for long-term investing, consider working with a financial advisor.