The five worst money mistakes
By Keith Damsell
Seek the guidance of a good investment advisor. A qualified professional will work with you to develop a plan that will enable you to reach your long-term financial goals. If you don’t already have an advisor, websites like www.franklintempleton.ca can give tips on how to find one.
#2 No budget, no plan
Keep track of your spending and live within your means. Pay down debt and be mindful of borrowing costs. Plan ahead for extraordinary costs and major purchases like vacations and cars.
#3 Not thinking about the long-term
Open a Registered Retirement Savings Plan (RRSP) and make monthly contributions. An RRSP will help trim your tax bill too. “Make your money work for you,” says Don Reed, president and CEO of Franklin Templeton Investments Corp. “Investing for the long-term in a prudent mix of equity and fixed income funds will help you achieve your future financial goals.”
#4 Thinking that “it won’t happen to me”
If you have a family, it’s essential to have insurance. Ensure that your plan will take care of the people who depend on you as a chief income earner.
#5 Living paycheque to paycheque
The future is unpredictable. It makes sense to build an emergency fund and be financially prepared for unforeseen events like unemployment, illness and death.
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