In this episode, we break down exactly what you need to prepare for a Financial Needs Analysis - whether you're working with Chris or just want to get your financial house in order on your own.

 

The 7 Essential Items You Need:

1. Monthly Spending

   • Pull 3 months of bank and credit card statements. Print them out and lay them side by side with a highlighter - you'll be amazed at what you discover about subscription services and spending patterns.

2. Investment Statements

   • RSPs, TFSAs, RESPs, pensions, LIRAs - gather everything. These are your money makers and your ticket to retirement.

3. Liabilities

   • Mortgages, car payments, credit cards, any long-term loans. We need the full picture of what you owe.

4. Insurance Policies

   • Most people have no idea what coverage they actually have, when it expires, or what it's worth. Time to find out.

5. Income Details

   • Know what you actually make weekly, monthly, or how you're taking money from your business. You'd be surprised how many people can't answer this off the top of their head.

6. Corporate Information

   • If you have a corporation or holding company, we need those details too.

7. Your Goals

   • What are you actually saving for? Retirement isn't one-size-fits-all, and your spending will change through different life stages.

Key Takeaways

• Not all debt is bad debt

• • We shared the conversation we had with our son Sam about his car payment and why paying off 0% interest debt early isn't always the smartest move.

• Healthcare costs matter

• • As we age, healthcare becomes a major expense. We need to plan for it now, not when we're already facing those bills.

• Time is money

• • Getting organized before your financial meeting saves everyone time and gets you better, more accurate planning.

• Couples need full transparency

• • Even if you keep some accounts separate, we need to see the complete picture to plan your future together.

Let's dive in!

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